Venture Concept No. 1

Venture Concept: TechFriend

Opportunity:

In any city, especially a college town, there is a large demand for repair personnel to fix broken laptops and cellphones that have succumb to the various aspects of life. This need is unmet in most cities because of repair time or costs that customers cannot meet. Laptops and similar devices are vital to the learning experience in college because they help us research and complete assignments that we would otherwise have to do at the library and set aside time for. These devices are more convenient for us and simplify our lives thus reducing our overall stress. Having them in working condition is vital to our daily routines. Currently, to get your devices repaired, you have to contact one of the few repair places in town and because they are so limited you have to usually pay their high prices. Loyalty to these places is low because many people do not like the prices they charge and only resort to these options as it is the only option available. This is a big opportunity for us because the market for electronics is increasing dramatically which means the number of broken devices is increasing as well. The focus area for TechFriend is currently Gainesville, but can easily be branched out to other major cities based upon the success of the launch of the app. 

Innovation:

My idea is to create an app called TechFriend and bring it to the people of Gainesville. The idea behind my app is simple: bring together customers looking to get their devices repaired and those who are looking to further their repair experience. I want to create a place that someone can go to and look up someone who specializes in a particular type of repair, negotiate a price, and have their device fixed in a timely manner without having to deal with the high price and long wait times that many of those repair shops come with. I also want to create a place in which up and coming technical personnel can further improve their skills just by setting up shop on the app. Many people cannot afford the overhead it takes to run a repair shop or the advertising required to make it successful, which is why TechFriend will do all of that for them.

TechFriend will generate revenue by charging a subscription for the service for both repair personnel and the customer as well as the initial cost of the app. Repair shops around town have to heavily markup their services to not only account for their rent, but also utilities and even advertising which can substantially increase the price and really hurt the customer. TechFriend strives to eliminate this problem by using an app so that rent, utilities, and even advertising won't be a problem for our technical personnel. 

Venture Concept:

Why do people want to purchase our app? It is one of a kind. There is no app out there like it that will offer it the same benefits that we do. Getting the customer to switch will be easy because they have to choose between high prices and long wait times or low prices and quick repair times. Which would you choose? With this in mind, our only competitors are the local repair shops. It is clear that the major flaws of our competition are their inability to charge lower prices and lower their turnaround times. Capitalizing on this will seal the deal for us and establish our brand.

The good thing about working with an app is that there doesn't need to be as many employees as a typical business. The only employees we will be needing are coders for the app, customer support to resolve any issues between clients and repair personnel, and a small advertising team. With most places currently relying on word of mouth, the marketing budget for our app will be very small and almost non-existent. This means that we can focus our profits on other areas such as developing a stronger technical team to constantly update and enhance the app. Customers want to see updates for their apps because that shows them they are supporting a product that the company itself supports. 

Minor Elements:

Just like Uber has down to revolutionize the taxi industry, TechFriend will do to the repair industry. Our advantage over any competition will be getting in on the ground floor and establishing loyalty to our app and service. Once we have done that, we don't need to worry about competitors attempting to steal our customers because gaining trust from a consumer is not an easy thing to do.

My goal for the next five years will be to release the app and start developing customer relationships. I want to spread the word that TechFriend is the place to go and get people talking about it. I want to follow the same path that Uber has and make TechFriend a common phrase that everyone uses when talking about getting something repaired. 

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

How diverse the different types of value are. I never realized that to achieve the different types of value would be incredibly different from one another. To focus on multiple at a time can really hurt a new business and cause them to lose sight of what their original goal was.

2) Identify at least one part of the reading that was confusing to you.

The architectural and disruptive portions of the landscape map were very confusing to me. I understood all the other parts but determining what is or isn't architectural was the most confusing part for me.

3) If you were able to ask two questions to the author, what would you ask? Why?

What would be the number one value to currently focus on? It feels that we go through different periods that focus more so on certain values than others because that is the "norm" at the time. Some times it might be wiser to focus on reliability rather than on price.

How can a company protect itself in the beginning from succumbing to competitors entering the market? There isn't a simple answer to this, but I am sure there is some strategy to ensure your product or service is vague enough to not be replicated as it will be protected.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

With this article being a bit more difficult/confusing than others and the fact that I do not have any prior experience with this subject matter, I cannot seem to find anything that I would directly disagree with the author on.

Amazon Whisperer

• Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

Currently, my revenue drivers will be the percentage cut that we receive from all repair personnel using our app. Just as Uber does with its' drivers or Youtube with its' content creators, we will take a cut from them because they are using our platform. Our platform allows them to "setup shop" and we provide the customer base that will use their "shops" for their services. 

• Describe what kind of product offering you believe should be next. What's the next thing your customers want?

With my last "product" being a service, my new idea will not be an extension or a part of it. Instead, for my new product, I want to design a product that will help with lost cellphones, keys, or just about anything else. Just like Tile is right now, I want to have a small device that is easily attachable to any product that can be controlled via an app on your smartphone or tablet to locate. 

• Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

This product will be independent of my previous service as I can't find many things that will fit in well with the app that I am looking to develop. 

• Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

Tile is a small, discrete device that is easily attached to almost any product that allows you to use their app to locate the product in the event that it is misplaced or potentially stolen. You can also use Tile to find your phone just by tapping the tile itself. 

• What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

For the most part, the reviews are relatively positive. The biggest drawback that I saw and most commented negative part of the device, was the fact that it wasn't always accurate and the device has a poor range. What good is a product thats sole purpose is to locate lost items when you almost always have to be within reach of the lost item? I want to fix this issue.

• Describe what design/usability changes you'd make to the product.

The major design change that I want to make to Tile would be the ability to activate through a major cellphone carrier to attach a SIM to the device which will allow it to have a more accurate, and constant GPS signal. Just like some smart watches now, cellphone carriers are expanding on their SIM ready products. Implementing this feature with a Tile-like device would improve the product immensely.

• Describe why you think this product would make a good addition to your current product/service offering.

As stated before, my original service is very specific and doesn't have a lot of room to grow in terms of complimentary products.

Week 10 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Nothing was surprising to me as all of this isn't new to me. I will say though that I did learn a little bit from the pro forma statement section as I have never gone over those before and have no experience with them.

2) Identify at least one part of the reading that was confusing to you.

Fortunately, nothing was confusing to me as not only have I recently taken accounting and have reviewed all of these terms and concepts, but I also work in retail and know many of these terms already through my job. The one thing that was new to me was the part on pro forma statements as I have never covered that concept before.

3) If you were able to ask two questions to the author, what would you ask? Why?

Should a starting entrepreneur be expected to know all of these terms and how the different worksheets work? I feel that some times the entrepreneur needs to focus more on their product/service and have someone else to do budgeting and inventory tracking.

I don't see any other questions that I would ask the author. As I stated before, nothing here is new to me and I have gone over it before. Any questions that I've had on this subject I have asked before.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Since the author is covering mostly technical terms, I don't usually find anything wrong or anything that I would question. All of these terms are used within the industry and are pretty standard so I don't see a way in which the author could be wrong about them.

Elevator Pitch No. 3

Reflection: 
Based on the feedback, it seemed like I was heading in the right direction with my idea. The one thing that I decided to change was to focus in on more specific devices rather than trying to hit every item possible. With a more specific app that focuses on tablets, cellphones, and laptops, I can make it easier for users to find someone to repair their device and I can weed out any users that won't be bringing in traffic to the app as no one needs their services. This also cuts down on how many personnel are listed.

Week 9 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Everything that marketing consists of was incredibly surprising to me. I understand there is a lot to know about your market and how to target the right individuals, but I was surprised especially when it broke it down into different types of philosophy; it seemed so in-depth and on a completely different level than anything you will encounter in a new business.

2) Identify at least one part of the reading that was confusing to you.

I was confused by the act of acquiring secondary data BEFORE actually going after primary data. If in every circumstance you should exhaust all your options in secondary before primary, wouldn't that be considered primary then? 

3) If you were able to ask two questions to the author, what would you ask? Why?

Why is secondary data always collected first? It would make more sense to reclassify that to primary as it is the first set of data you should go for.

Will advertising be mostly done online in the future? It seems to be a much cheaper and easier method to reach the masses and would make the most sense to pursue. 

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I don't really disagree on anything that the author went over. Things such as the secondary/primary data confused me but I don't see that as something that I would disagree with the author on. 

Idea Napkin No. 2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I have spent most of my life working with and repairing various electronics. My hobbies mostly include electronic equipment and I am surrounded by technology every single day. I see various issues that people have, and have found what seems to be the most common factor between them and know how to successfully repair them. With my app, I see all these skills that I have coming together to create an environment that is catered to the customer which makes it easy and affordable for them. I also know the other side of things with regards to repairs, and know what the technologically inclined person looks for and needs to succeed. 

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

I am offering a way to not only save time for customers, but the ability to gain experience as repair personnel and strengthen their technological skills. I offer a solution to a big problem which is broken technology and the high repair costs associated with them. My idea is to bring together those looking to gain knowledge and experience as repair personnel and those looking to get their devices repaired for an affordable price.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this app (service) to anyone in need of repairs to their broken electronics. All of my customers have a few things in common: They want to save money and they need their devices working. With my main target being college students, my app speaks to them in many ways including being budget friendly, fast, and convenient. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

My customers care because I am providing an easier way for them to get their devices repaired. Currently, it takes a lot of time and research and even money to do simple fixes to their phones and computers. With this app, this will cut down on all of that and bring together everything on one platform.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

The specialization that my app brings and the convenience will be what sets me apart from everyone else. Given the feedback last time, it seems that if I focus in on one or two areas of repairs I could save my app from being too spread out in terms of repair types. While I won't focus on bigger repairs such as TVs or monitors, I will instead focus more on laptops, desktops, tablets, and cellphones. These seem to be the biggest areas for people and would let me focus all my attention and efforts on them to perfect it.

I feel that I have a much clearer idea of where I want my app to go. I was focusing too much on the bigger picture before and needed to narrow down exactly what my app can accomplish. With focusing on just a few items, it will be easier for people to actually find someone who can get the job done as they won't have to search through all the personnel that don't specialize in their field. I feel that I now have a much better business model and something that will actually work and succeed. 

Feedback Memo:

After looking at the feedback that I received, it was mostly all positive with a few points that I could add on or change to make it better. From this, there were two takeaways that I could work with to be more successful:

1. Have a way for my clients to communicate with the repair personnel to relay important information that sometimes can't be done over email or a phone call.

2. Focus on more specific repairs such as cellphones. This was one that I missed before and didn't realize would actually help my app. Instead of focusing on as many electronics as I possibly could, limiting the app to just cellphones, computers, and tablets would allow people to find someone faster rather than having to search through all the personnel that didn't have those qualifications.

Aside from these two points, the other feedback showed me that I was on the right track for a good business model. I took the two points that were given, and changed the idea with how my app and business will work to better suit the customer's needs.