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.
You are just full of great, creative ideas. I am really impressed that you were able to come up with a completely new venture so quickly. I also think this venture has the potential to be a great hit. However, most companies give their employees cell phones when they are in need of a business phone. This would make this entire cell phone the company’s property so even though there are different profiles, they would have access to all the information on the phone. This could be a potential problem and a big reason why people have two different phones. If you keep your personal information separate, your company cannot touch it. With regards to your other idea, I think you can expand a bit more on the band designs and really grow your product this way. There are so many different types of bands you can create and with this, you can even expand into the cell phone industry by creating the best cell phone brand. There is a lot of potential here with both ideas. Great job!
ReplyDeleteThank you so much Samantha. I've really valued your opinion over the past few weeks, and have admired your project! I appreciate the response and just wanted to explain that the reasoning behind the new venture is because the band can't really be expanded. It can only be placed around the thigh, as that is your largest muscle in the body which reacts the fastest in emergencies. Thank you so much for all the help and feedback :)
DeleteJosephine,
ReplyDeleteI love how you developed ideas that are so different and useful over the semester. You are so passionate about entrepreneurship and I really admire it. The fact that with each passing week, you have found a way to better really shows your commitment. I really like your idea about the phone profiles. I think it would be very useful but I'm curious about how the security and privacy would work. You can create a profile for work and a profile for personal use but if for example, the police get a search warrant for your phone, does it count for both?
Erika, thank you so much! I definitely have a lot to think of for this new venture because it is so new, but you have some great things to consider. Privacy is one of the most important issues and I'll definitely have to think of a way to get around that.
DeleteHi Josephine!
ReplyDeleteI have been reading about your concept throughout the semester. I hope that you have been getting some good feedback for you epi-band.
I agree with Samantha that it is impressive that you have come up with another venture so quickly, but at the same time, there are always opportunities, as we have learned. :)
I imagine that this assignment was difficult for you since your product is so specific. I certainly struggled with finding a radically different market for my concept. I almost didn't complete the assignment. Luckily I found a local business owner who agreed to speak with me over the phone and she had amazing ideas. I took one of her ideas and ran with it. I would have liked to have seen you come up with something that related to your current concept instead of a new venture, but I do think you came up with another good idea.
Good luck with the rest of the class and have a great rest of the summer!
Thanks so much Carolyn! As I told Samantha, my product is really limited to placement on the body. Unfortunately, it is the one muscle that can allow for immediate displacement of epinephrine which makes for a very restrictive band :/ but I appreciate all of the feedback and look forward to reading yours as well! Have a wonderful summer!!
DeleteHi Josephine,
ReplyDeleteGreat job on your What’s Next blog post! I really love your new venture idea! (How could I not have thought about that!?) I do notice that some people have to carry two different cell phone devices because one is considered work phone and the other is considered a personal phone. Being able to switch between two different profiles sounds like a great idea that a lot of users would enjoy. Here is the link to my post: http://yessiblogging.blogspot.com/2016/07/venture-concept-no-1.html
Josephine,
ReplyDeleteI really enjoyed following your idea this semester. Your new market idea is awesome. I currently have two phones due to my work phone and personal phone and it’s a pain to carry them bother around. The biggest concern for me is the company tracking everything I do on the phone. My personal phone I use for banking and sensitive information so I wouldn’t want them to have access to those things. Great post! Unfortunately I did not have time to complete this assignment so I do not have a link to post.
Josephine, you did a great job with this post. I can see how you cannot really expand your first venture and you did an awesome job creating a new one. I always have two cell phones on me too, work and personal, and it is such a pain. Not only do you have to physically carry two phones but you have to make sure both are charged and constantly backed up. Many people could use your idea and can save companies a lot of money on new phones.
ReplyDeleteI thought you had a great idea from the start. Your epinephrine solution does tailor to a very specific group, but in this situation that is unchangeable and not an issue. The cell phone idea is something that should definitely be looked into further. I believe the technology exists to do this. It sounds like you would need a phone with 2 SIM cards and separated memory storage.
ReplyDeleteJosephine,
ReplyDeleteI have been following your progress throughout the course. I believe that your idea is not only great but also profitable. You are attempting to solve a problem that affects millions of people. It is time that something like this reaches the market. It will facilitate the lives of those that live with severe allergies.
Josephine, I think you have done a great job of developing and refining your concept into something that can genuinely make a huge difference. This idea seems plausible, attainable, and logical for people who require epinephrine. Particular for absent minded people like me, this would make the process far more simple. I hope you continue to pursue this idea.
ReplyDeleteHi Josephine,
ReplyDeleteI really like both of your ideas. You really come up with very useful concepts. I think that the epinephrine band is not only logical but could be life saving as well. The bands could be made to also be personalized which I think younger people would really like that. I also really like the your "what's next" idea. We can change users on some many things now why not cell phones too. Great job.
Hi Josephine. I think the suggestions you have made to the existing product are excellent. There are many individuals who have a limited quality of life because they are worried of what might happen should they get stung by a bee. It has been great to read your ventures throughout the semester.
ReplyDeleteI think that this was a great post! I think that the new invention that you thought of is excellent. It has never made sense to me that people have to carry two separate cellular devices all of the time. A log in system would be able to take care of this issue altogether. I think that you should definitely try to pursue this idea because it really has a lot of potential.
ReplyDeleteHi Josephine,
ReplyDeleteGood job on completing this assignment! I had a rough time finding people to interview and this ultimately made me unable to complete this assignment. I like how you recognized that there is no real expansion possible for your original product so you decided to think of a new idea. The new idea is very interesting as well. With current technology, i do think it is possible so I am surprised this has not been developed yet. Good luck!
Josephine,
ReplyDeleteGreat work for this week's blog posts. I really like your new venture. My father has two phones, just like you, and hates having to carry them around everywhere. No one wants to be that person with two phone holsters on their belt.
This new idea is actually really cool and well thought out. Being in college right now I personally have never thought about this inconvenience but have witnessed this struggle. I see my dad and brother-in-law currently having to deal with the hassle of having a work and personal phone right now. As if it wasn’t already hard enough keeping track of one. There is great potential in pursuing this idea.
ReplyDelete