Venture Concept

Opportunity:
The opportunity that my venture is based off of, is basically the need for having free hands or the need to be able to multitask. There are several groups that fit the need. This includes: the technology savvy, parents with young children, the disabled and/or the elderly.

Then changes in the environment that create this opportunity is the fact that people’s lives are constantly getting busier and busier. We are expected to work more and/or later and always be able to be in contact with the outside world from our homes. The potential customers are those who need to keep children occupied while they get work done and/or cook dinner, whether it be at the same time or not, or maybe those who cannot easily move around as well as they used to.

Geographically I think this is a big city type of a product. While anyone can find it useful, it will do best in places where the majority of people will want it not just a few here or there. Demographically, I believe the younger/middle aged group will realistically want it more. While I personally can see a use for it for the elderly generation, it is technology and it tends to gear more towards the younger crowd.

Currently, customers are satisfying this need with universal remotes. However, voice activation will increase their ease of living because even without the remote (what if the dog eats it) they will still be able to access all of their equipment they want. Many people I have spoken to have never even thought of a voice activated TV system, despite the recent increase in “assistant” technology.

I believe this is a fairly big opportunity. I would personally want it with how often I find myself running around the house cleaning or doing homework and then I cannot find the remote.

I think the window of opportunity is fairly small to break into this market. The release of my product would have to move fast.


Innovation:

I do not see my product as radically innovative, I think it definitely plays off of other technology out there right now however, many other products do as well. Whether they last a long time is another story. My product is a voice activated remote that controls the TV and all inputs that may be associated with it. All too often I get frustrated with the 3 different remotes and 2 console controllers laying around that each control a different aspect of the entertainment center. Why isn’t this easier by now? My product will solve that. It will work as an assistant does, picture an Alexa or the Google Assistant. There will be a key word or phrase to “wake it up” and it will be able to control all devices connected to one’s television in the home. I do not see this product being expensive, as the technology is already out there in other ways. I will make money by selling the remote as many ways as I can. First, with a website then trying to get into brick and mortar stores and electronic stores. Commercials and a good marketing team will be key. Obviously, Amazon is the hot spot right now so trying to get on there would be ideal but fighting price point will be tough. I think that somewhere around 40-50 dollars sounds suitable. Depending on how much cost per unit actually turns out to be.

Venture Concept:
This concept solves the problem by allowing people to control their devices via their voice which in
return, frees up their hands. This may sound silly to some but to others it is priceless. I believe
certain people will eat this up immediately while others will be skeptical and will take a while
with proof that it works and is valuable for them to participate.

The competitors are definitely the ones out there who already possess this technology in their own
ways who are giant companies with many followers. Once they develop their own version my
product is sure to disappear.

Packaging and price point will be vital, I’m sure. We are all human and are drawn to attractive packaging and a “valuable” price point. Trying to find that price point will be tricky, as for any venture. Also, I have never organized a business before so creating that hierarchy and finding the right people for each job role will be a new experience. I do, however, have experience in running a restaurant and I hire people in that aspect so I just have to figure out how to translate my knowledge into the business side of things.

The three minor elements

I think that my most important resource will be my ability to network and make connections. I am pretty resourceful at getting things done through others as well. I believe this comes from all my years of management experience.

If this product were to work how I envision it, and become successful as well, I think that I would follow this line of technology into other areas of daily life. I'm sure that other giant companies are also doing so as well though.

If this venture were to launch, I would want to be working closely with my employees to make sure that things are running to optimum efficiency so we can expand. Then I would want to venture out even more and create new concepts. My main goal in life is growth and I never want to stop growing!