Here's what you need to do for this
exercise.
2)
Provide a summary of the feedback you received from your previous venture
concept description. You certainly want to include the student feedback, but
you may also include the feedback you received from others during the
"What's Next" exercise. You want to summarize all of the feedback,
but be sure to place an emphasis on what people recommended you change about
your idea. (In other words, don't just describe the positive feedback.)
3)
Describe how you changed your venture concept, based on what you learned from
the feedback.
4)
Include a picture (for illustration!), please include the phrase "Venture
Concept No. 2" in the post title.
1) Revised Venture Concept
Opportunity
My
product is an app that will help people choose where to go eat. It will focus
on restaurants around the University of Florida campus with an emphasis on
local or family owned restaurants. The app will break down all the restaurants
by type of food, as well as, deal of the day – a function that will show all
meals for under seven dollars on that given day.
The
need for a product like this is had by college students (the eighteen to
twenty-five-year-old range), which is why I would focus primarily on
restaurants within a fifteen-mile radius of the University of Florida campus.
The need is not critical, however, the college-aged demographic is often missed
by other similar applications. Many apps focus on an older demographic or to
families. The University of Florida has over 50,000 students, many of whom are
living on a budget. This environment has created the opportunity. The
opportunity would be limited at first to major universities because these are
the areas where the most people fitting the demographic live. College campuses
also tend to host some of the best, local restaurants. Customers currently use
word of mouth, the internet, or another food app, such as Yelp!, to meet their
needs. I do not think they are extremely loyal because none of these solutions
are great at finding the best, cheap and local restaurants. This opportunity
could be huge if one or two college campuses took, but gaining that kind of
foothold could be tough with populations that move so frequently.
Innovation
Like
I mentioned in my first paragraph, my innovation is an app that will help,
mainly college students, choose where to go eat on an evening out. It will have
two main features: type of food and deal of the day. The type of food option is
nothing innovative, it will simply break down the restaurants in Gainesville by
what cuisine is served. For example, it would break it down by Mexican,
Italian, American, Sandwiches, etc. This would be useful because many people
tend to go to one restaurant for each type of food they eat. Meaning they will
go to Chipotle for Mexican food, Leo’s for pizza/Italian, Subway for
sandwiches, and so on. This leaves people roughly five to seven places they eat
at and they never expand their horizons because they do not know of other
alternatives. By listing each restaurant by type, people could go beyond the
one or two places they know under each food type and expand their horizons. The
deal of the day function is what will make my app stand out from competition.
This will focus on meals specials/ deals that are under seven dollars. Many restaurants
have promotional activities for given days of the week. For example, you have
the classic taco Tuesday and slice of the day, but there is also $3 Burger
Monday’s and Wednesday’s, Throwback Thursday’s, Wing night, BBQ night, Irish
Sunday, and a plethora of other local deals in Gainesville. Many students who
do not expand their horizons miss out on all of these possible deals at various
locations and find when they leave after graduation, they only know where the
chains are.
This
won’t be a huge money making idea. I plan to make enough money to keep it
running by selling ad space on the app, as well as, promoting special events
for venues. This will both gain usage of my app because people will be able to
see what is going on this week/month but it will also boost attendance to these
venues. If they agree to give 10% of the profits for that night to me, I would
need to have the highest attendance possible. With an increase in downloads I
would also gain more profits from ad space as I would have more traffic on the
app.
Venture Concept
My app will solve
the need for the demographic I am aiming at because they will now have an app
that directly relates to their lives, instead of a partial solution that
occasionally meets their needs. Since I am offering an app, and the app store
and Google play are difficult markets in themselves, it will be free to
customers. This is why I would need to sell ad space on the app. Due to the
fact that it will be free, I believe, more people would be willing to download it
and tell their friends to do the same. This will be necessary because it will
be hard to gain awareness, as a result, I will need word of mouth to help gain
popularity. Once people have heard about my app it will be easier to gain
adherence, however, separating myself from all the other apps may be difficult
in the beginning. My main competition would be Yelp!, simply because of name
recognition. By focusing on only one market, I think I would be able to take
some market share around UF.
I
think once I have gained traction with restaurants I could easily transfer over
and do the same thing with bars and clubs. This is another area that would be
specific to college students that is currently be under represented. There is
already an app that does this in Gainesville, as a result, I could partner with
them to combine apps, or sell my app to them, to further take over the market.
After
launching my app, I would hope to move to a few other college campuses and gain
popularity around the state of Florida. I do not want to hold on too long
because I would not have the capabilities to monitor all these locations for
changing deals. As a result, I would try to exit in roughly five years after
gaining popularity around UF.
2 + 3. Feedback and What I Changed
The feedback I received was slim. One comment told me to include a breakdown of deals for the restaurants. This is basically the foundation of the app. So I figured based on that comment I would keep that in there and not change the app. The only other comment did prove to be useful. This comment mentioned that there is already an app in Gainesville that focuses on bars. Based off of this, I edited my venture concept to potentially include partnering with this app or buying/selling. That was the main piece of feedback that I based my revisions off of.