24A - Venture Concept No. 1

Venture Concept No. 1

• Opportunity:
• Distracted driving is dangerous and potentially deadly for both drivers and passengers on the roadways. Distracted driving can be defined as: driving a vehicle while engaging in an activity that has the potential to distract the driver from the task of driving.
• 391,000 injuries were a result of distracted driving in 2015. Of those injuries 3,477 were death. These numbers are all too high for something that can be 100% preventable.
• The need is for people to drive and get from one point to another. Where it goes wrong is when drivers become addicted to using their phones or become bored when driving and thats what causes them to pull of their cell phones and use them behind the wheel.
• The forces that allow this to occur are a lack of awareness of the potential dangers and consequences associated with distracted driving. Although it is illegal to use you phone while driving in the state of Florida it is only a secondary offense, which means that you can not be pulled over by law enforcement for solely using your phone behind the wheel. As a result, a huge window of opportunity is open for my product to come in and take over them market.
• There is currently no satisfactory resolution to this need. A vast majority of the people that I interviewed admit to using there phone while driving. However, if there was a technology that allowed for them to stop using their phone behind the wheel without even having to think about it they would. Assuming the interviews that I conducted all display an accurate depiction of the mindset of my target market population, no one is satisfied with the current solutions available, which is good for my company.
• Potential customers: Drivers between the ages of 15 and 70 who have smart phones and desire to be safer behind the wheel of their vehicle. Additionally, parents with teenage children who drive fall into my target market population.
• Innovation:
• For individuals with a desire to be safer while driving, I will make my app available through both the Apple app store and the Android app store. It will be easily accessible for them and the download process should require very minimal involvement. The price will ranger from $0.99 and $4.99 depending on the research
• For businesses with a larger budget, I would like to try and license my product out to them. This will lead to the technology being placed on every phone as soon as it is activated by the customer, which will insure that my technology is in their hands and saving more lives.
• Initial profits with so many drivers across the United States I think the initial profits have a good chance of being high early on in the process. This will most likely be due to the innovation of the product and the lack of competitors in the market.
• Venture Concept: 
• Individuals will buy my product if they are concerned for their safety or the safety of others. I would say that most people are to some extent. They will be able to purchase the app right on their phone so it should be pretty easy to do.
• Businesses will buy my product to because of the desire to market the latest and greatest technology to their customers. Additionally, the fact that this product can keep their customers safer than the competitors product should be a marketing strategy that will work in my favor.
• I think the term “Switch” is a useful in my situation due to the fact that there is not really a commonly used alternative that is currently available.
• Besides the customers putting their phone on a do not disturb setting while driving there is not really another major competitor to my product. I do not regard the do not disturb setting as a major competitor or threat because it is quite inconvenient and requires a lot on the customer each time they get in the car.
• Price points: Price point is somewhat important to this product. For an app the price of $1 or $5 is a very minute change and still is very cheap in the grand scheme of things. I believe that customers would be willing to pay at either price point.
• Customer Service: For almost any company quality customer service is essential. Providing the customer with a quality experience is what will keep them coming back time and time again.
• Location: Since this product is a software product it does not have a physical but rather a virtual location, which would be the app store.
• Packaging:  The visual experience and user friendliness are the two things that are the most important for my "packaging."
• Employees:  I’m estimating that my company will start with around 5-10 employees.

• Software creators
• Marketing specialists
• Customer service representatives
• Salesmen
• CEO

• Unfair advantage: My unfair advantage is my companies lack of competitors because our product will be the first of its kind to hit the market. This will be essential for us to kickstart the safety trend but also to build brand recognition that should help to keep us at the top.
• What’s next: The next step in the process would be to meet with the software creators and let them begin the initial stages of development for the product.
• For Me: I would love to begin of the networking, marketing, and hyping up of the product. Creating buzz around the product and meeting the right people will help to get this business started.