Opportunity
I have identified an opportunity that is important to me and many other fellow students on my hall and in my life. The opportunity that has risen for me in finding my venture concept helps the needs of college kids, gym-goers, and fitness enthusiasts around the country. The potential customers are basically anyone that lives in a dormitory in the United States and anyone who showers at their fitness center. This is a large consumer market base and I think it is very vital to tap into each sector I can find. The need arises from the problem of shower shoes not being suffice. The demographics of this market is generally healthy, young, elderly folks who are willing to pay a premium for a product that will be more convenient, cleaner, and cooler than the original shower shoe. This is a huge opportunity that has not been tapped into, and after hearing feedback from multiple customer bases, I think that this opportunity is a viable source of income for our company. This window of opportunity will not be open for long, considering that the idea may come about if action is not taken soon.
Innovation
This is a product that has never been invented. The technology is present, but it has not fully been put together to solve the issue that I am trying to solve. I believe that my product is unique, proprietary, and is something that nobody else has ever come up with before. It is taking a simple product and twisting it into an innovative, more helpful product. The formula in the bottle will spray on to people’s feet and will protect their feet from the ground, against bacteria and will give them the peace of mind knowing that their foot is not touching the dirty, gross shower floor. I would sell this product in a can for $15/can and the can would have about 45 uses out of it.
Venture Concept
My innovation will solve the problem of stinky gym bags, athlete’s foot, toe fungus, stinky cars, and wet gym bags. Customers will buy this product because it will save them time, energy, and from having to buy a new gym bag that does not stink. My competitors are the shower shoe people who will try to knock me off. Packaging, price points, and distribution will play a huge role in my product. I plan to have a sweet logo and will license my product to colleges, gyms, and fitness centers around the country.
Minor Elements
My most important resource will be testing. Getting this passed by the FDA will be a tough feat, but will definitely have to be done. I have to get this blend tested to make sure it is safe on the feet and does not cause any harm to the user. Our next innovative product will be a traction shoe for the pool that people can use to play pool volleyball, aerobics, or work out in the pool. I want to create this product relatively soon after my first product in order to create a strong backing from both the swimming world and the gym world.
Summary
I received feedback that my product is versatile, has a wide customer base, is unique, and could be very profitable. I did not receive any negative or helpful criticism, which is upsetting because I do not think that my product is perfect. There is always room to improve and I wish that students would be more blunt with me and tell me what I need to do to create a better venture idea.
Change
I did not change my venture idea a whole lot. The few minor changes that I did implement was a lowering of the cost and a stronger emphasis on the cleanliness of the product itself and its array of benefits.
