Opportunity. An opportunity may be defined as a group of customers with unmet or under-met needs. When you describe the opportunity you have identified, you need to be sure to describe both (1) who has the need (i.e., who are the potential customers?) and (2) the nature of the need. Other questions you should address in this section:
The customers that have this potential need are those in areas where plastic straws have been banned due to environmental concerns. This need is physical, as a substitute for a plastic straw is required. The immediate alternative is a paper straw, which is incompatible with the plastic lid. Because of this, there is a need present for a lid that is compatible with both plastic straws and paper straws while also being able to function as a sip-style lid.
This is a geographically defined market as it is determined by location. Counties that have banned plastic straws have a greater need. This is a medium sized oppurtunity that will only grow with time. This window of oppurtunity will be open as long as there is a need for a plastic-straw alternative.
Innovation. An innovation may be defined as a new or creative service, product, or process that may be applied in the marketplace to address customer needs. The service, product, or process you develop in this class may be radically innovative or it may be incrementally innovative. In this section, I would like to you discuss your innovation in moderate detail. Explain what it is, what it does, and how it works. You should also describe how you will make money – in other words, what, exactly, are you selling and for how much? For instance, if I was starting a business to teach people how to play the piano, I would be selling an hour of my time for $50.
This lid works as a complement to both paper and plastic straws. Its unique keyhole design allows for three variations of sipping. This product would be marketed towards small and large business that are under the plastic straw ban or are eco-friendly. I am selling lids, in bulk, for approximately $5/100 lids. This provides a large margin of profit while still being feasible for the small business.
Venture Concept. A venture concept may be defined as the application of a specific innovation to address a specific opportunity. In this section, describe how your innovation will solve or address the opportunity you identified. You also want to explain why customers will buy your innovation. In describing the concept, you also want to be sure to cover issues such as:
It wont be difficult for most companies to switch as they will look for an alternative when they are under the ban. The unique design and function of the lid will attract most buyers. Its recycleable nature, and elimination of single use plastic products will be favorable to environmentally conscious business. Other competitors are big plastics companies. The plan is to copyright the design and then sell it to the highest bidder after some small-scale successes. Location plays a large role in the business. This does not require a large number of employees nor a complex business mode.
Hi Kelly! I enjoyed reading your blog post for your second venture concept. I live in a community that recently banned plastic straws and Styrofoam, so I am familiar with the need you discussed. I like how you incorporated a design of your lid because it allowed me to easily visualize your product. My only piece of constructive criticism is that your venture concept does not include the “three minor elements” component that is required in the assignment. Otherwise, good job!
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