Venture Concept No.1

Venture Concept No. 1

Opportunity:

·      When coming up with a business idea for this course, coming up with an idea that has opportunity and great potential was challenging, but once the idea occurred to me, I knew it well worth it to stick with it

·      The opportunity to create a booth to implement inside Library West on each floor, both the single both and the addition to the collaboration booth, will address the needs of students who find like to find comfort and space when having to study for hours

·      The potential customers for my product are UF students who choose to go to Library West to complete their homework and studying

·      The forces that have created this need for students is the lack of booths there currently are. With UF accepting thousands of students each year, the potential for more booth space in Library West is growing

·      Customers for this product are currently dealing with the limited booths that they have and waiting around the area to see when a new one comes up, which is highly time inefficient

·      I think this is a big opportunity because this will satisfy the need of thousands of students who have expressed to the happiness and motivation it would bring to them knowing they would be guaranteed a booth every time they went to Library West to study

Innovation:

·      What this product is takes two different products types to explain

·      Initially, the overall product in which I am creating is a booth that comes in two different forms: the classic collaborative booth that is large with all the gadgets and the single-seated booth that is long overdue to be created

·      How the collaborative booth works is simply the classic wide booth that will have a table and plug in outlets for charging and initially can sit up to three people comfortably

·      To avoid the frustration that people get when they see one single person sitting in a large booth, I have decided to come up with a single-seater booth that works becauseit will be enough space for one person to sit with the same outlets and table presented, allowing that one person to work comfortably

·      I would be presenting my product to Library West and sell the collaborative booth for about $1,500 for one, and I would present the single-seater booth to Library West for about $750 each

Venture Concept:

·      The business will purchase my product because it’s a complaint shared amongst the majority of students who choose to go study at Library West already so it would be a rather easy decision

·      There currently are no such competitors, because if that were so then the implementation would have occurred a long time ago with this high need 

·      The customer support is my biggest advantage because this opportunity alone was created solely on the fact that this need was very prevalent and therefor will have a great turnover time for usage 

·      The location for the product is also another great factor when determining the success for this business venture because the most ideal spot for this would be Library West, the most popular library on campus which host students for many hours studying for hard exams

·      After I see the implementation for the booths in West go smoothly, I will definitely start to offer the product to other library locations on campus, and from there on other universities/workplaces across the state

I am a student at the University of Florida who has experienced this issue firsthand, therefore I would like to make a solution to this ongoing need

1.    Unfair Advantage: the amount of support from the UF students would definitely be my unfair advantage because they have had the need for a long period of time and finally, I will be the one to act upon it

2.    What’s Next? The next opportunity I want is to be able to expand my client list and sell to more libraries and universities across the state

3.    For Me? In five years, I want this venture to be widespread to all the universities in the State of Florida and within the next decade I want it to become popular enough to where I start selling out of state and to universities all over the country