29a

1.      Venture Concept

Opportunity

There is an opportunity that exists in the world of travel, specifically applying to airports; even more specifically applying to the efficiency of their security systems. The ones who are in need of this opportunity are airport travelers. They need the efficiency to be on point, because they don’t have any time to waste. The customers would be the actual airports themselves because they would be the ones buying the product in order to make their customers happy. So to recap out customers are the airports, and their customers are the airline passengers.

The nature of the need lies in the fact that we don’t have a minute to spare. The world is becoming increasingly globalized and we need to make sure our systems can handle the influx of travelers. These people have probably been walking all day and they have somewhere to be as soon as they land. They might have a reservation to meet someone. It could be an important business person with a meeting at a specific time and if they are late they will miss everything important.

Changes in the environment don’t really affect the inside of airports and their security systems, other than the fact that globalization is increasing so there are more people to accommodate to. Geographically, airports all over the world have different security systems so it will be interesting to see how my product compares over there. Demographically, we are accommodating for anyone and everyone going through security at the airport. Currently the need is being satisfied through manually picking up the bins and not through an automated system. They are pretty loyal to this option because there aren’t really any other options on the market right now. This is a big opportunity because there isn’t anything like it out there. I would say it’s huge because airports are in need of keeping their customers happy. We need to bank on this window of opportunity soon because we don’t know if someone is working on something like it right now. I would say we have a small window of opportunity.

Innovation

The product is an automated bin loop in the security system at the airport to make going through security more security. The goal here is not to necessarily just make security faster but to make it more efficient. What I mean by this is that we are not trying to make is less secure in any way. If anything we are aiming to make it more secure by creating a more fluid and easy to navigate process. It works by keeping the bins on a loop system so that people don’t have to pick up a bin to put their suitcase in it and put it back again. This process creates a hassle and a lot of commotion. That is what we are trying to avoid ultimately. In summary, I am selling an entire automated belt loop process for about one thousand dollars each.

Venture concept

My innovation will solve this opportunity need by filling in the gap airports have been missing in their security systems. They will be better able to serve the customers this way and increase overall customer satisfaction. Customers (the airports) will buy this product because they need better efficiency in their operations.

Customers will switch to this new product because they need to keep their passengers happy or they won’t make any money. I don’t believe it will be too hard to convince them to switch. The competitors are the other security systems creators that think they can also automate this process. Packing and distribution will be very difficult to navigate because the loop would be so large and heavy. I would organize my business with a solid team consisting of a marketing team, engineers, finance team, logistics crew, accounting squad, and salesmen. The roles overlap and work together to deliver the product at the highest possible quality.

Three minor elements

My most important resource is the aspect is the idea of the product. We need to sell the fact that this will better their lives and they need it more than anything else. So we need good salespeople. If we don’t have good salespeople we are not going to do well.

The next thing for the venture is to get the sales and marketing team on it to advertise it to the max. The product needs as much exposure as it can get. The airports need to know there is a better option out there, and so do the passengers. The marketing should first start with gathering investors so we can make quality advertisements. Then target the airports. Talk to everyone at the airport about how amazing this new system could be for them. The next opportunity we should take should be extending our efficiency to other systems in the airport and start to build a brand for ourselves.

After the launch the next place we need to be is across the pond. In five years we need to be hitting the European market and then the Asian market. In a decade as an entrepreneur, I would like to have my own business. I hope it will run smoothly and making enough profit to sustain my team. Ultimately, I want to be my own boss working on something that I am passionate about so that I can remain happy in my elderly life. I hope to be helping young entrepreneurs start their own businesses. This first venture has helped me think out my very own business plan and shown me what works and what really doesn’t work.

Overall, this class has helped me to see the subject of entrepreneurship in a whole new light. I was able to analyze what a rea need is in the world and how we could fix that through innovation. I am excited to go forward in my career and take these skills that I have learned to the next level.

2.       Feedback Summary

The feedback I received was very positive and encouraging. She said that my product could be all over the world. One of her concerns was where I would start. I think I would start out with small airports just to test it out and make sure the product works and then move to the larger airports to actually increase the efficiency.

3.       Changes in Venture Concept

Some of the changes I made to my venture concept included the fact that I changed a minor element. I said that it most important thing is to sell the product well and make them believe in it.