Venture Concept No. 2

Venture Concept

            After a struggle to come up with which opportunity to pursue, I decided to clear my mind and go out for a run. There’s just something about running outdoors that a treadmill can’t compare to. It just so happened that a few minutes into my run, I began to cross paths with several bees. The average person would continue to run and hope to avoid them; I am not the average person. I have a level 6/6 life-threatening allergy to bees. If I do not carry my big, bulky Epi-pens—plural since I require administration of two doses upon reaction—I risk my life within minutes of a bee sting. And then it hit me: I have an opportunity to change the lives of people with life-threatening allergies.

            My opportunity begins with a clear target customer: those with severe allergies whom require epinephrine in order to prevent fatal reactions from anaphylaxis, a deathly reaction due to the release of histamine in the body after coming into contact with a specific allergen. These reactions occur to each and every age group, gender, race, etc., and are due to venom reactions such as bees, or food reactions such as those from peanuts or shellfish. Although the cause differs as well as the target consumer (allergies do not discriminate), the opportunity is based on one great similarity: any fatal allergic reaction can be stopped by only one specific drug: epinephrine. This drug is often seen in the form of an auto-injector, a long, bulky needle encased in a large plastic container, which requires you to release a cap before jabbing the needle into your own outer thigh. If that’s not scary enough, oftentimes people with 5/6 and 6/6 allergy levels require 30 mL of epinephrine, meaning two injections, because each epinephrine auto-injector only holds 15 mL of the medication.

Currently, Epi-Pen is the leading brand of this auto-injector, with sales of over 60 million units since 1987. Their followers are loyal, but to the extent that they believe the Epi-Pen is the only product available to save their lives. If they knew there was another product that could save them faster and more efficiently, I believe they would revert sources. My belief would not normally be a strong determinant, but I am my own consumer of a very particular life-saving product, so it does hold some ground.

What I am offering is a new and improved epinephrine auto-injector—the EpiBand—that will not require you to stab yourself in case of emergency. Instead of the manual injection of an extremely large needle, a needle will be encased within a very small device. This device, about 3 inches long and 1 inch in height, will contain the needle that will painlessly be placed in the thigh (think: insulin auto-release devices, but slimmer). It will also hold a very small microchip that’s sole purpose is to detect histamine levels in the blood stream. The chip will be connected to an app on smartphones, but doesn’t need to be. The app will display current blood detail level related to allergies (i.e. histamine levels) and will be a second place of alert if epinephrine is released from the device. The app is not necessary, however, because the device itself will beep repeatedly before and during administration of epinephrine. The small device will be encased in a very slim and flexible waterproof band that can be worn 24/7 around your thigh. In summary, it’s as easy as 1. Putting on the band, 2. Reacting to an allergen, and 3. Getting saved by the EpiBand. This sounds expensive, however, I plan to either sell it through medical companies which often are paid for through insurances. So, it has the potential to cost way less than it seems.

Although this product may need positive reviews to drive customers away from Epi-pens, I believe it has the potential to be life changing. The benefits that EpiBand provide are enormous. Consumers will no longer be afraid of walking the streets, hiking, eating at restaurants, etc. without feeling that their life is at risk. In the case of food allergies, the EpiBand may actually know you are having an allergic reaction before you are. Because it reacts instantly, you don’t have to run around looking for a large needle to inject yourself with while your throat is swelling shut, a main effect of anaphylaxis. No longer will consumers miss out on opportunities, especially as young children, who can’t bring parents along and cannot obtain consent to be somewhere because an Epi-Pen administrator is required and unavailable to come along. No longer will consumers have to be for immense hospital bills and near-death sentences because they couldn’t find their Epi-Pen in time and the ambulance took too long. This product won’t just change the life of someone in one instant, it will change their quality of life all of the time. No packaging, marketing, or input cost can put a price on the variable of someone’s life.

Epi-pens' main weakness is human error. Humans misplace items, no matter how important; humans fear needles, no matter how necessary; humans make mistakes. Machines do not make mistakes, and so my machines will be machine made and operated. Though I don’t know how many employees will be required to make inventory, Epi-pens have sold over 60 million, so I’m definitely going to need quite a few hands. I need someone to develop the design perfectly, and I need someone to help me get patent approval and approval to sell medication. I have a lot of work in store for me, but as we’ve learned, sometimes it’s whom you know, not what you know.

My most important resource is my knowledge of my consumer, because I am one, unlike developers of other epinephrine auto-injectors. I know what exactly needs to be developed, because it has to change my own life as well. When I am using the product, I will know the exact quirks and kinks that need to be adjusted in order to be the best possible design on the market. 

My next venture will be the encasement band. I will create different patterns and designs to appeal to all ages. They can also range from waterproof designs to more comfortable and sleek textures. This band cannot be placed anywhere other than the thigh, due to the large size of the muscle. Because it is the largest in the body, it spreads medication the fastest, ensuring efficient and immediate delivery of epinephrine throughout the body. If it were placed anywhere else, it would not be as effective and would be a potential risk, not a safety element. So, due to the placement of the band, my expansion is very limited. I do want to take advantage of this, however, because people will crave a unique design, whether it be for fashion, comfort, or lifestyle.

A decade from now, I hope to be sitting pretty on a lump sum of cash from the profit of my design.  I have all the comfort in the world saying that, because If I’m sitting pretty, that means my product has been a success; I’m saving lives.

Feedback Summary

The only opposing feedback I received was on my "What's Next" assignment. Students agreed that my venture indeed can be expanded through the bands I am offering. However, I think if they read my full project potential, or read my venture first, they would realize that my bands are very limited. This is mainly because they can only be around the thigh, the largest muscle to receive and immediately spread epinephrine. Any other placement of the band around the body would prevent my device from offering its full potential, and I want to save lives, not risk any! So, I decided to add on a little bit to my bands, but generally kept my venture the same. Other feedback insisted this was my best assignment yet, which I really appreciate!

Have a wonderful summer, everyone!

Final Reflection

Looking back at my posts from the past 12 weeks, I can definitely recall the emotional rollercoaster. The first few weeks really stand out to me as the most transitionary. Recalling my post, "Bug List" (http://kinetikbalance.blogspot.com/2016/05/bug-list.html) I remember initially looking at the assignment and scoffing to myself at how easy it seemed. I think I was into my fifth or sixth bug when I thought, "Well, I either am really low maintenance or my brain is not thinking out of the box." I went with the latter, mainly because I wanted to believe I had room to grow.

Fast forward to my first interviews, and boy was I nervous. It seemed almost impossible that people would allow me to just walk up to them and ask them questions that may or may not be kind of personal. But then I was interviewing nurses and really enjoying it. By the end of the class, sort of now, I feel like a pro. I love talking to people and I can honestly thank this class because it turns out a silly fear is something I'm really good at it. The worst thing that can truly happen is rejection. Some people say no, and that's okay! That doesn't mean the world is over, that means that people are different, and if nobody was different, all of our ventures wouldn't exist or be profitable. These interviews are definitely my proudest accomplishment (unless I decide tomorrow to be part of the extra credit presentation projects... then that will be my proudest accomplishment).

I do see myself as an entrepreneur. I no longer thing of ideas and feel silly when explaining them. I now can back it up by describing everything I've learned in the class when I describe it, especially through a VRIN analysis. However, I mostly see myself as an entrepreneur because I've already done it. I basically have created an entire business without launching it, and that is pretty impressive.

My final statement to the future ENT students: DO THE ASSIGNMENTS! It sounds pretty silly and like a syllabus statement, but it's true! Just do them. Why? Because you can. Because these are not outrageous assignments and nobody is asking you to bare your soul and run naked around the world. Dr. Pryor is just asking you to step out of your safety zone, take off those training wheels and discover what you can do. You will, and this I promise, be amazed at what you are capable of doing. Once you do each assignment, the realization at what you can achieve will be the mindset that fosters the drive to complete the class with a big, fat A. So go on, and as Shia Le'Bouf says...

Reading Reflection No. 3

The other day someone mentioned to me how funny it seemed to them how we can look at words and see places rather than definitions. The way we talk about eating at Friendly's, and think of ice cream rather than a friendly person. Or how we talk about going to "Fats" and think of a bar rather than anything to do with weight.

This is how I saw Chanel. I saw Coco Chanel as the letter 'C' on my handbag. I saw Coco Chanel as the No.5 perfume so often adorned in high fashion. Truthfully, I didn't even know Chanel was the name of the person behind the designs. It was "Chanel." That simply meant chic to me.

And so I read of Gabrielle (Coco) Chanel, and boy, could I have been wrong about her. Not only did she create an empire that reigns 100 years later, but she did it coming from nothing. Her father was a wretched man who abandoned her family as often as he could, and finally (from what Chaney believes) for good once they left to Aubazine, a commune for girls who were orphaned or could not afford to be cared for by family. According to Chaney, this fact resonated deep within Gabrielle, and caused a lot of her need to hide her past and drown her appearance in pride.

What shocked me the most about this woman, however, was the person she was before the fame. Coming from nothing was common in those days, and people generally stayed in their social class of which they were born. It shouldn't have shocked me that leaving Aubazine, Gabrielle worked lowly positions, often taking on a part time job as a prostitute of some sort. I say some sort because in that time there were various levels of prostitutes, ranging mostly in the level of respectability. And by the time Gabrielle was a young woman, she herself briefly aspired to be a courtesan, the most respectable prostitute title of all. Still, however, these occasional lovers she held did not hold a ring to the fire that burned inside of her to be powerful. And so although I was shocked at who she was, I admire it the most as well. She would be nothing today without her lowest lows to shape it. Instead of allowing those to bring her down, she used it as inspiration to rise even higher than anyone in her family before her. I also admired so much how as soon as she believed she would do something, she would set out and do it to the fullest, whether it be the most adorned prostitute, the most famous singer/performer, the best female horseback-rider or the most famous designer, she took it all the way.

Although I did admire so much about her, I least admired how she handled herself around men. It seemed that for a while, she either used them or allowed them to use her. For years she just lived with a man, unmarried and allowed for him to spoil her with riches while she accomplished almost nothing. She also allowed him to tell her she could not do so.

However, she did learn from those least admirable traits.

Coco's competencies were unlike many women I've ever encountered. She was very observant and rather quiet, but she knew the right moments to speak loud and be heard. This was especially important while she dated Arthur, because his lifestyle made women less dominant when the couple was not married. Her other greatest competency was her pride. She never allowed Arthur or any many to pay for anything without accomplishing exactly what she set out to do. When she found out a man was paying for most of her endeavors, she was furious, and paid him back. That is very noteworthy and respectable, especially in a time where promises are taken by their word.

What confused me in the plot was more of Gabrielle's personal life. Chaney describes Gabrielle's living situation for a while as almost child-like. She was fed, taken care of, and barely taught. However, she seemed to galavant around and eventually left her caretaker for his best friend, and it seemed just fine. I'm sure there was more to the story, but it was not explained very well.

I would ask Gabrielle, "What was the greatest thing you ever learned that inspired you to always find success in each endeavor?" and I would also ask, "How do you overcome your greatest fear?" Mainly because it seems as if she never had any. I have a fear of failure, and I wonder if her fear was the same.

I believe that Gabrielle saw hard work as necessary. It didn't seem like she chose between work and life, it seems that her life was her work. She always found a way to take something and turn it into something desirable and trendy. She also turned her daily life into her work designs. For instance, she loved to wear manly clothes that were flattering enough to fit her in a feminine way but still be accessible to wear on a horse. Women loved it! It's exceptional, the things she saw while looking at something else.

Making it Real

My Exit Strategy

My business idea is very complex, but in the next five years, I hope to be the go-to prescription when a child or adult finds out they have a life-threatening allergy. If this is the case, it means that my product was a great success.

It took Epi-pen over 25 years to sell over 60 million units, meaning that year 5 was just their beginning. That may just as well be the case for me. But i'm still hoping all 60 million people order one of my products instead of the Epi-pen at all. Again, if this is the case, I will have no intention of giving up or selling my company.

This potential for great earnings has really pushed me to follow through to the end of my venture in as much detail as possible. I've learned so much about myself as an entrepreneur, and as a girl who struggles every single day with a life-threatening allergy. Now that I've created it, I know that there is potential for improvement in our lives, and I don't plan on stopping anytime soon. This product has become my baby, and I want to see it physically made and ready to work.

Venture Concept No. 1

            After a struggle to come up with which opportunity to pursue, I decided to clear my mind and go out for a run. There’s just something about running outdoors that a treadmill can’t compare to. It just so happened that a few minutes into my run, I began to cross paths with several bees. The average person would continue to run and hope to avoid them; I am not the average person. I have a level 6/6 life-threatening allergy to bees. If I do not carry my big, bulky Epi-pens—plural since I require administration of two doses upon reaction—I risk my life within minutes of a bee sting. And then it hit me: I have an opportunity to change the lives of people with life-threatening allergies.

            My opportunity begins with a clear target customer: those with severe allergies whom require epinephrine in order to prevent fatal reactions from anaphylaxis, a deathly reaction due to the release of histamine in the body after coming into contact with a specific allergen. These reactions occur to each and every age group, gender, race, etc., and are due to venom reactions such as bees, or food reactions such as those from peanuts or shellfish. Although the cause differs as well as the target consumer (allergies do not discriminate), the opportunity is based on one great similarity: any fatal allergic reaction can be stopped by only one specific drug: epinephrine. This drug is often seen in the form of an auto-injector, a long, bulky needle encased in a large plastic container, which requires you to release a cap before jabbing the needle into your own outer thigh. If that’s not scary enough, oftentimes people with 5/6 and 6/6 allergy levels require 30 mL of epinephrine, meaning two injections, because each epinephrine auto-injector only holds 15 mL of the medication.

Currently, Epi-Pen is the leading brand of this auto-injector, with sales of over 60 million units since 1987. Their followers are loyal, but to the extent that they believe the Epi-Pen is the only product available to save their lives. If they knew there was another product that could save them faster and more efficiently, I believe they would revert sources. My belief would not normally be a strong determinant, but I am my own consumer of a very particular life-saving product, so it does hold some ground.

What I am offering is a new and improved epinephrine auto-injector—the EpiBand—that will not require you to stab yourself in case of emergency. Instead of the manual injection of an extremely large needle, a needle will be encased within a very small device. This device, about 3 inches long and 1 inch in height, will contain the needle that will painlessly be placed in the thigh (think: insulin auto-release devices, but slimmer). It will also hold a very small microchip that’s sole purpose is to detect histamine levels in the blood stream. The chip will be connected to an app on smartphones, but doesn’t need to be. The app will display current blood detail level related to allergies (i.e. histamine levels) and will be a second place of alert if epinephrine is released from the device. The app is not necessary, however, because the device itself will beep repeatedly before and during administration of epinephrine. The small device will be encased in a very slim and flexible waterproof band that can be worn 24/7 around your thigh. In summary, it’s as easy as 1. Putting on the band, 2. Reacting to an allergen, and 3. Getting saved by the EpiBand. This sounds expensive, however, I plan to either sell it through medical companies which often are paid for through insurances. So, it has the potential to cost way less than it seems.

Although this product may need positive reviews to drive customers away from Epi-pens, I believe it has the potential to be life changing. The benefits that EpiBand provide are enormous. Consumers will no longer be afraid of walking the streets, hiking, eating at restaurants, etc. without feeling that their life is at risk. In the case of food allergies, the EpiBand may actually know you are having an allergic reaction before you are. Because it reacts instantly, you don’t have to run around looking for a large needle to inject yourself with while your throat is swelling shut, a main effect of anaphylaxis. No longer will consumers miss out on opportunities, especially as young children, who can’t bring parents along and cannot obtain consent to be somewhere because an Epi-Pen administrator is required and unavailable to come along. No longer will consumers have to be for immense hospital bills and near-death sentences because they couldn’t find their Epi-Pen in time and the ambulance took too long. This product won’t just change the life of someone in one instant, it will change their quality of life all of the time. No packaging, marketing, or input cost can put a price on the variable of someone’s life.

Epi-pens main weakness is human error. Humans misplace items, no matter how important; humans fear needles, no matter how necessary; humans make mistakes. Machines do not make mistakes, and so my machines will be machine made and operated. Though I don’t know how many employees will be required to make inventory, Epi-pens have sold over 60 million, so I’m definitely going to need quite a few hands. I need someone to develop the design perfectly, and I need someone to help me get patent approval and approval to sell medication. I have a lot of work in store for me, but as we’ve learned, sometimes it’s whom you know, not what you know.

My most important resource is my knowledge of my consumer, because I am one. I know what exactly needs to be developed, because it has to change my own life as well.

My next venture will be the encasement band. I will create different patterns and designs to appeal to all ages. They can also range from waterproof designs to more comfortable and sleek textures.

A decade from now, I hope to be sitting pretty on a lump sum of cash from the profit of my design.  I have all the comfort in the world saying that, because If I’m sitting pretty, that means my product has been a success; I’m saving lives.

What's Next

Existing Market:
What's Next?

I believe there is huge potential in store for my product. I hope to develop and secure a patented design, and earn approval to sell epinephrine. One this is guaranteed, I can either go right into the market, or offer my idea to a company. Regardless of what I do, I believe that it is extremely profitable. However, I'm not just out for the profitability. I hope that what is next is a solution for my own life struggles. I hope that one day I can wake up without the fear of running outdoors, vacationing, hiking, biking, traveling, etc. and dying from an allergic reaction.

My product does not have much of an extension, besides the interchangeable bands that encase the automatic needle. It is not a solution to an average problem, it is a specific design for a specific consumer base.

Interviews

https://youtu.be/sd3o_GiiD4s

New Market:
What's New?

Because my existing venture pertains only to a specific consumer, my next venture will extend to all consumers. Well, practically all: anybody with a cell phone.

New Venture:
Application development to allow cell phones to create multiple profiles, similar to logging into a computer. For example, many people I know currently have two completely different cell phones, 1 for work and 1 for personal. This means you have to hold TWO devices on you at all times!

What if you could hold down your power button and simply be offered the opportunity to switch profiles. Each profile could hold completely separate phone data, i.e. Photos, contacts, messages, etc. this could maintain complete organization with one simple handheld.

The best part is that it could be completely customizable. If you'd like to receive notifications for messages and phone calls from one profile while on the other, you can set your phone to receive them so you can know to switch over and deal with it. If you'd like to go on vacation and turn work notifications off, more power to you!

This venture really takes the power to control your own life into your own hands (well, one hand).

Interviews

https://youtu.be/YhnCiaUeHzk

After interviewing Maria, RayC and Evan, I got a lot of great feedback. They explained that this is actually a big problem in their everyday life that they have! The best feedback is to ensure: it can cross between carriers, could hold a lot of storage, and that it would be fast enough to avoid any glitches.