29A – Venture Concept No. 2

Opportunity

• Many people struggle to find open seating at places like coffee shops or libraries when they are trying to study/get work done. Thus, the need exists for a service that can let an individual know where they can find open seating. This need had by anyone who uses space outside of their homes to get work done, especially students who study much of their time studying. The nature of this need is the need to be efficient and maximize the value of one’s time.
• The changes in the environment that are creating this opportunity is the presence of wifi in public places. This allows people to study at public locations which creates an increased demand for seating, and a need to be aware of where to find these seats?
• This market is primarily defined demographically and geographically in college towns with college students
• Customers are currently satisfying this need by driving to multiple locations to find open seating. They are not loyal to this strategy because it is a time-waster.
• This opportunity is huge because it is not limited to merely one city or one state, there are college towns all over the world.
• This window of opportunity will be open as long as long as people study in public places which could be forever.

Innovation

• My product allows users to know if a location has adequate, available study space before an individual arrives at said location. This product will allow students to see how many seats are available at certain locations. All they have to do is input the number of seats they are looking for and the app will generate all of the locations in their area that have adequate seating. 
• I am selling access to an app with a full database. This will be sold primarily to universities and the price will depend on how many students that university has. For example, if a university has 50,000 students. They could purchase a year long subscription to the service for 1 million dollars. To break that down. A year long subscription for each individual will be $20. 

Venture

• I believe it will be relatively easy to get people to use this product because right now, no service exists that addresses this need. Thus, I have no competitors.
• Price points play a role in my business concept because the service is relatively low cost and affordable for customers. Additionally the cost varies by university because of the differing number of students.
• Customer support will also be crucial because since this is a service on an electronic it is bound to have technical difficulties. 
• I would organize my business by having a CEO, product development team, marketers to speak in front of university officials, and customer support staff. I imagine that I have upwards of 75 employees at the peak of the business.

Secret sauce

• Absence of competitors is my secret sauce because it allows my business to fully stand out. The lack of competition exaggerates the need because currently there is nothing to satisfy the customer need.

What is next?

• Right now my product is solely available to universities and local businesses. I think making this product accessible to individuals is next for my venture. I think I could also expand by having a focus on people in the business industry.My product might be useful to business teams looking to for available conference space.

What’s next for me?

• In the next five years, I would want to be nearing the peak of the business. This is a concept I expect to blow up in within a few years, so within five years, I should definitely have a lucrative business. 
• In the next decade, I would like to be starting another venture and also helping other people to put the ideas into practice.
• This first venture helps me achieve my vision because it will be my guinea pig venture! Here is where I can make mistakes I can learn from, while still having a successful business.