24A – Venture Concept No. 1

Chill Out

The Cool Company

The Opportunity 

Beach goers and constant travelers are the primary targets of my company. There is a need for a way to control the temperature of a drink to achieve satisfaction with the item being consumed and for this item to be easily transportable. The certain reason people need this is because people are constantly doing these two activities and have to either face room temperature to warm drinks or deal with things that are heavier than necessary to control their drinks temperature. This market is primarily target geographically to beach goers as this will be where most people will benefit from this product. It may expanded later on to airports as it can also help those who are constantly traveling throughout the country. The customers are currently satisfying this need by dealing with the inconvenience of just not having a drink at the correct temperature or carrying bulky containers that can be displeasing. The biggest loyalty customers may have to what they use now is if they have a family the bulkiness may not be significant enough to repel them from this process and go to my product. At the moment this opportunity is not that big because of coronavirus but after the fact it may become bigger as more people will want to go to the beach and travel. The window of opportunity will open shortly after the pandemic starts to subside and will only last for a certain amount of time.

The Innovation 

My device is creating a simple device that can hold a cup or any random sized container and then control the temperature that cup contains. This device will be manually controlled by the user using buttons that will then control software to change the temperature of the drink. For this product several goals will be met one of them being transportability. This product will be small enough to fit in a backpack, but it will also be capable of expanding to larger sizes that will fit anything that the consumer may want to use. The device will also come in several colors to attract as many people as possible and have different themes that can relate to the beach or any important events that are occurring at that time. This device will also have special material that will be sand resistant to not fall apart and break on the consumer that purchased the product. There will be three possible products that the consumer will be able to decide between. The first product will be $10 and will be able to only hold cups that can fit into car holders. The second product that will be an option will be $15 and will be capable of holding cups and larger containers such as bowls, this product will be expandable but still be able to be used in tasks such as traveling and beach going. The third product that will be obtainable is a higher quality design that can be controlled by a phone and will cost $35. These three products will allow people to decide what product will best fit their lifestyles. 

Venture Concept

The reason that this device will allow people to switch to the new product is because this product will meet two of the needs that these people need, one being the need of a drink's temperature that a consumer can control and the other need having a transportable and easy to use device. It may be hard for some people to switch to my device as people like to stick with things that they have always stayed with so a large cooler may be something they see as more appealing, but if this device is marketed enough, I think that it will be amazing in bringing and attracting more people to the product. The competitors would most likely be companies that create coolers and other similar companies such as yeti. Thee most possible weakness of all this would have to be that they do not target beaches like my company would. As this is marketing towards the beach, packaging will be simple which will also lower the cost of creating this product. The price points I have explained before come in increments to allow people to be able to have choices between how much they want to spend on this product. Customer support will be important in helping people with products that are broken and the customer experience is just as valuable as we would need to know if the product is good enough quality to last the beach environment and also easy to use for everyone. These customers will allow for the business to be better shaped to increase customer happiness. I would organize this business to have four to five different teams each specializing in their specific field. The three core groups would be marketing, software, and human resources. These teams will allow for the company to have specialized people that can work together and produce a good item that will please several consumers. The number of employees would differ per each team but at the moment the entire team would be around 10 people and then grow as the company grows. 

The Three Minor Elements

The most important resource I think will be the experience that I have. The experience I have will allow for this product to be created at a low price using the software knowledge I have and will also allow for my experiences with going to the beach so often to be used. The experience I have will not be as common as not everyone knows how to code and not everyone goes to the beach so often. With this, the product I can create can then have things that stand out from the rest as they will be specific to the beach. 

The next opportunity I want to tackle with my innovation is going to the traveling business. Not only will it be useful in going to the beach, but it can be useful for people who are on the constant go and need smaller things that will allow them to still be happy with their travel. The next thing for me is to have a running company that will be selling in both sides of the country in every major beach area to maximize the reach the company has. This will most definitely be a 5 year goal if not longer as it will take time to start off in Florida and then grow on the east side of the country and then the west side. I think that after this I want the company to start creating more products to expand their reach even more in other markets and things that a person may need. This first venture will allow me to get to new ideas that will allow me to invest in more things and really help me grow more businesses.