24A Venture Concept No. 1

Opportunity

My product gives those who use it the unique sense of peace of mind that is not largely found in today's society.  When hardworking students go to the library, the last thing that should happen is for their belongings to get stolen when they leave to use the restroom or get a drink of water.  My product, a locker that attaches to the bottom of desks, would mitigate this issue by enabling people to get up from their study area without being fearful of the looming threat that is theft.  The people that have this need could really be all ages because people of all different ages use the library.  However, I am targeting my product more towards college-aged students because the library is most frequently used during that age.  This is a big opportunity and the window of opportunity will be there for a long time because as the digital age continues to develop, more and more students will adopt using expensive computers that could be easily stolen.  This small change to libraries will protect students from losing potentially thousands of dollars and sensitive information that can be found on computers.  Customers are currently satisfying this need by studying with someone else so that they can watch their things or they pack up all of their belongings and bring them with them everywhere they go, even in the library.  Other customers just leave their things and hope for the best while taking a quick study break.  This market is not really defined geographically but it is defined demographically by primarily being catered towards academically inclined young-age students.  

Innovation

My product uses a simple combination locker that enables students to leave their belongings in a protected area for a temporary period of time while they use the restroom or get a snack during a study break.  This locker attaches to the bottom of the desk and is big enough to hold computers, phones, textbooks and any other expensive school materials.  I would make deals with the administration of universities to have them installed in all libraries and study areas.  I would price them at $75 per locker to make them affordable for large universities and institutions.  The cost to make this product would not be over $25 and installation will come at an added fee as well. 

Venture

I think I could get customers to switch to this product because it is unlike anything they've ever been exposed to before and it would drastically help them decrease the fear of theft and they would be able to keep their belongings secure.  It would be on option that they didn't have access to before so I think they would definitely be interested in using the lockers.  There are no competitors which makes this product a gold mine and there aren't any weaknesses either.  The way my product will be presented will be custom for each university with their university colors and symbols.  They will be installed by one of my technicians at a certain labor fee and can be attached in whatever way that the university wants.  There would be employees dedicated to installation and repair of the lockers and then there would be employees who make sales calls to universities and libraries.  As that company increases in size, I will add more and more employees. 

Three Elements

My secret sauce is the fact that my product helps people protect their assets and gives users one less thing to worry about while studying and trying to further their academic success.  

The next step for this venture would be to expand this temporary locker concept to all areas of society, including gyms, music festivals, sporting events, etc.  The possibilities are truly endless!

In the next five years, I hope this product is adopted in many different institutions and that it has evolved into something bigger than what it started as.