29A – Venture Concept No. 2

OPPORTUNITY

     The product that I am offering with this venture is an application service that provides a more efficient way to save customers time when doing laundry duties around campus. With my product, people will be able to have a productive way to perform their laundry duties through incentivization tactics of offering a point based system for use that users accrue and eventually use for free laundry. This also include status updates to laundry cycles as well as any errors. The forces changing this opportunity are the laundry vendors and the institutions like universities for which they are held. Customers are satisfying this need currently with stopwatch applications on mobile devices. They are loyal to their product yet can be enticed with a better, more efficient product. This opportunity is potentially massive if properly capitalized on. This window of opportunity will be open for another 5 years until all laundry machines are integrated with more advanced software.


INNOVATION
   
     My application service will give users the critical power of being able to check the status of laundry on university campuses and potentially worldwide. Not only this, but there will a point-based system that incentivizes uses by the user. In this fashion, using the product will pay for itself and save customers the most valuable asset, time. I plan to offer the application on a free basis with a premium of $5 a month to use.


VENTURE CONCEPT
    
     The opportunity that I have focused on is the unfortunate byproduct of using university laundry machines for which there is no advanced system in place to alert a user of its laundry status. My service will save the user time and subsequently money with its incentivization aspect. The users will switch to this product because of this. Virility of the product will ensure that it becomes a paramount aspect of student culture. There appear to be no competitors in sight, with the only weakness being gatekeepers. Price points are fairly reasonable and customer experience will vary depending on laundry usage. I would organize this business by having it backed by vendors. A maintenance and marketing crew will be needed to ensure success.

THREE MINOR ELEMENTS

     The most important resource of the service will be its accessibility and marketability to college students. With my experience as a college student, I know my customer well. Also the product's novelty makes it hard to compete with. The next opportunity with my innovation will be its expansion to all laundry machines nationwide. Current customers will receive more benefits until its practically your job. In five years I want this venture to be a global pandemic level organization. I want to be all powerful. I want to rule the world. This is aligned with my vision since my conception.


REFLECTION

      I have made the decision to not revise my venture concept as my original one was already solid. Hope everyone enjoys the changes.