Venture Concept No. 1 for iGator1

Brittany Traynor

ENT3003 Venture Concept No. 1

Due: 11/17/17

Putting It All Together for my business, iGator1

Opportunity:

The opportunity I have identified in this course is that students need a more convenient way to ensure that they have their student IDs on them at virtually all times. The people who have this need are undergraduate college students, typically ranging from the ages of 18-22. The nature of this need is society’s desire for convenience.

·      Society is experiencing drastic technological innovations and movements. This societal change helps create my opportunity because more and more items are transitioning from traditional to electronic form, and my product idea nurses this transition for student IDs.

·      Geographically, this market exists among all college campuses throughout the United States, and potentially even other nations. Demographically, the market encompasses all college students, which is usually restrictive to a general age group (about 18-22 as I mentioned before), but is not restrictive to any specific gender/race/social class, etc. Students who either live on campus, or eat on campus meal plans, or otherwise use their ID on a very frequent basis, have the strongest need for this product.

·      Students currently have physical forms of student identification, and I think there are some benefits to that that will cause them to want to keep the physical form. However, rather than substituting the mobile form for the traditional form, I would simply add it, so they could use both.

·      This opportunity is not big in the sense that students have a dire need for it, but it is big in the sense that they have a desire for convenience and would more than likely use the mobile ID on a daily basis if it were to be implemented. I predict that almost all colleges would implement the use of a mobile ID if it were to be created, and if Universities were purchasing this product in bulk, it would result in a large profit for the company or entity selling the product.

·      I would say that there is not a super specific “window” of time that this opportunity is limited to. However, the sooner the better because technological innovation is occurring so unbelievably fast, that it is important to attempt to keep up. If the opportunity is not taken advantage of within the next 3 or so years, I predict that someone else will take advantage of it.

Innovation:

My product idea is definitely incrementally innovative. It is not creating an entirely new product, as student IDs obviously already exist, but it is creating a new form of the product in order to create more convenience for users. It is precisely a mobile application, that could be downloaded on any smart phone/smart device, that would contain a copy of the student’s ID. It would contain all of the components of the ID, including the picture, student number, and bar code so that the ID can be scanned right from the mobile phone. Students could download the app and sync their ID to it at their college’s orientation, and then they would have their ID on them anytime that they have their phone on them, which as we know, is virtually all the time. The app would be inexpensive, probably about a dollar or two, and the schools would embed the cost into student tuition, so that it is required for all students and also not felt as much.

Venture Concept:

My product creates convenience to college students. In addition, it keeps up with other trends, such as technology enhancements.

·      Students would gladly use this product because they would never have to worry about having their ID on them when they do something small or last minute, like run across the street to the dining hall for a quick meal or snack. I am not fully asking them to switch from a traditional ID to a mobile version, but simply adding the mobile form, so I think getting them to use it would not be difficult at all.

·      Competitors are people who create the physical ID’s, or other companies who wish to create a mobile application similar to mine.

·      There would not really be a location, rather just an addition to the existing student ID sections of college campuses. I think that selling it to the students would be important in the beginning phases, because colleges would be more inclined to adopt and use this idea if they had reason to believe that it was something that students would really want and use.

·      The business would contain individuals who create the app, including graphic designers and technology experts. In addition, I would need about 1-2 employees on each campus that could implement the use of the app. They would help students download it and use it.

Three Minor Elements:

·      The venture’s most important resource: I think that my most important resource is the fact that we live in a society that revolves around technology and increased convenience. That is the reason why my product has such potential for success. Keeping up with these trends/desires is important and is what will allow a business to be successful. Many businesses struggle with innovation and keeping up with technological advancements, and my product is a result of that trend.

·      What’s next for the venture: I think that the next step would be to incorporate more into the app, like features that allow it to sync to a debit/credit card. At UF, you have the option to connect a Wells Fargo card to the Gator1 card, so I would want to have my app be consistent with that.

·      What’s next for me: For me personally, I hope to be selling to colleges across the country within the next 5 or 10 years. I hope to make my product better with time as well. I would even consider the possibility of penetrating a new market, such as High School or Middle School students.