Venture Concept No. 1

Venture capitalism, where opportunity meets innovation. In this piece I will be describing what we have done so far, what we are taking advantage of in the business world, and where we will be moving forward as we progress in the development of our application. Lets first talk about opportunity. Opportunity is defined as a group of customers with unmet or under-met needs. Well our customers had previously been living a life without the opportunity to receive what we are now trying to give them. There had been no application yet out on the market like bar cam. We are now finding opportunity where many people had yet to look and that’s what makes our venture so great. So who has the need? People in Gainesville, Florida are looking for an outlet to find out what is going on at the bar scene. The nature of the need is inspired by the fear of people wasting their time before going out on the town and discovering what is to come and how they are going to spend their nights. The forces in this environment that will be driving my success is the driving will of people in Gainesville to want to be out in the night scene in midtown and downtown areas of Gainesville. The market is defined and specifically different because of the age demographic of people who are going to want to use the app. Ages 18-22 is the average age of college students. This is the age of people who are going to be going out as well as the age of people are going to want to use our application. The thing that is so fantastic about bar cam is that the customers are not being able to fill their need currently. There is no application anywhere near the same as ours. We take cameras and put them outside of bars to see if there are crowds and people in the area can see if they want to go get food and or drinks at different bars of choice in the area. I think this application is going to bring s loyal following, because college students have a loyal following to bar scenes. When people using our application find out that they can help themselves, they will become and stay loyal to bar cam as we continue to grow and improve our app. Our opportunity is big, and has the potential to grow to major cities if we can get bars and restaurants on board with our application. The window of opportunity needs to be hit during the prime seasonal time and most impactful time for the bars at the beginning of the year right around new years. What better way to kick off the bar application than to have people using it to see if they are wasting their time waiting in line on a busy new years. It can be a great way to showcase the application.

Our innovation is great, we have combined social aspects of life with technology in a great venture of entrepreneurship. We will be asking bars for a fee to put a camera in their bar, in return we provide advertising to them allowing people to see what deal specials are for each bar. They are getting a return investment while advertising and bars are able to pay us for our services. Our venture concept is in tact because we do not have a real competitor. We are a one of a kind application who can continue to grow as long as we keep pushing, Our app will be successful because this is something that the people want from us.

Week 11 Reading Reflection

So do I need an innovation strategy? I believe that this article states we need to plan ahead before we can have success. I was very surprised at how they conveyed that we can not be so cut and dry when it comes to being innovative.

I think that's what makes entrepreneurship so interesting, there are so many ways to be successful. I don't necessarily disagree with the author, it just took me sometime to realize what is going on. Things that companies that may be successful like google, apple, kodak may work for them. They may not always work for me so I have to find my niche and what entrepreneurship details and what I should be paying attention to.

Amazon Whisperer

So what's next for bar cam? We have already started a successful business in Gainesville, Florida showing people the images of the bars they want to access on the app. It is time to expand, we want to move to different cities and see how we can continue to grow our application. We will use mistakes that we have made along the way to help us grow in nearby cities such as Jacksonville, Orlando, Tampa, and Tallahassee.

The revenue drivers with our product is produced by a vicious cycle. First we need interest from bars to want to use our camera. Once we get advertising an acceptance from bars we can turn to the users to increase interest in night life at the various cities we choose to operate at. The cycle for us is positive when we can get more bars and people on board. Bars will start to pay us more when we bring more people out.

The next thing we will be adding with be the "specials section" where we meet with bars to give exclusive deals for food and drinks when they use our app. This will increase user demand therefore helping us in the cycle to make money with the bars.

Users have liked what we are doing and will be grateful that we now provide a deal option. The app will be simple and easy to use which is one of the best parts of this.

My Unfair Advantage

My Unfair Advantage Resources:
-Demographic
My app is designed to target college students. Luckily for us we are in a market with loads of people in that age group.
-Access
Normally rare. The amount of bars that I am looking to place my product is helpful thanks to a great bar scene in the city.
-Involvement
Plenty of students have already reached out to me wanting to help. It is abundant
-Funds
Advertisements paid by bars is slim but prevalent in Gainesville.
-Employees
Until we begin to expand we do not need an abundant amount of workers for the app.
-Social Capital
It certain areas this is large and concentrated like it would be in Gainesville.
-Capabilities
For me and my app it is simple to place cameras and get bars on board.
-Culture
We are changing the way people look at the bar scene. Items like this on the app store are limited.
-Location
Starting the app in Gainesville, FL looking to expand to cities such as Tallahassee and Orlando is a great breaking point.
-Human Capital
It will help me that i need limited amounts of employees.

My most valuable resource is my demographic and location. People around this area have been wanting something like this. It can be a springboard for my company.

What's your secret sauce

As you can tell from my friends I have a pretty motivated sauce. I am going to continue to work hard at what I am doing in order to make sure I pursue my goal as an entrepreneur. I am going to take the feedback from my friends as well as the comments in this class.

Napkin post

What I am offering to my consumers is the app idea to ensure that they know what bars look like in different cities before they actually go out to the selected location. It's a product that would be funded by the bars and advertisements. It brings good advertising to the bars and will help them in that aspect. 

Concerns: some people were concerned with privacy issues. 

Solutions: the camera quality isn't to the level that you can see exact faces and it would be hard to make out exactly who is at the bar more just tell the population of the bar.

Feedback:

They want the app to be easy and accessible and cheap.

Users want to have their concerns addressed above.

The feedback has been positive 

Many people said they would use the app on a regular basis

They want it to be simple