24A- Venture Concept No. 1

Opportunity:

·     My opportunity lies with people who work (specifically outside) for long periods of the day and brings their lunch, people who go on outdoor adventures, long car rides, adults that go to college, and kids that go to school.

·     My opportunity can stretch farther than the needs of those people depending on who believes they need my product.

·     This market is suited for anyone around the world who needs to keep their food cold for long periods of time.

·     This opportunity is very big, because there is nothing like it on the market yet.

·     This “window of opportunity” will not be open for too much longer as technology is taking over and more advances are arising.

Innovation:

·     My innovation is LunchPro.

·     LunchPro eliminates the need of icepacks and ice for your lunchbox.

·     It is a portable refrigerator that is about the size of a lunchbox. It is also relatively light. This allows anyone to pick it up and take it with them without the trouble of it being too heavy or too big. 

·     It is battery powered and has a solar power capability. The solar power allows LunchPro to be on when the sun is shining, while charging the batteries in it. The batteries allow it to be on when the solar power is not on due to not enough sunlight. This allows continual power that can last for days. It also comes with a charging cable to allow batteries to be plugged for recharge if both the batteries and solar power turns off. The batteries will be able to keep LunchPro on for up to 12 hours alone.

·     Food can become dangerous if left out for too long due to dangerous bacteria that gets on it. Therefore, people are worried about food being left out. My product allows people to keep their food cold for as long as they need.

·     Lunchpro would cost around $115- $300. My company would make money selling Lunchpro.

·     Lunchpro would come in 3 sizes depending on each individual’s needs: Small (17” x 17”), Medium (27” x 27”), and Large (48” x 48”).

·     Lucnhpro would come in 5 different colors. These colors are White, Black, Forest Green, Sky Blue, and Salmon Pink.

·     This product will also have the capability to have a lock on it. So, an individual can put their lock on it to lock up their food in the lunchbox. This prevents thieves from taking their lunch.

Venture Concept:

·     People will buy my product if their food becomes bad during the day.

·     People will buy my product if they believe icepacks and ice do not work for them.

·     People will buy my product if they are scared about getting sick due to food going bad because it was sitting out too long.

·      I believe it will not be hard to get people to switch over to my product due to how unreliable ice and icepacks can be in heat.

·     My competitors are people who sell icepacks, ice, and lunchboxes. My competitors’ weaknesses are that my product will eliminate all needs for ice packs, ice, and lunchboxes.

·      I would have a main distribution facility and various customer support offices. I would start off with limited employees and add employees as the business grew.

Minor Elements:

·     FIRST: My most important resource, as stated in my previous assignment, is paid time off. I believe not very many companies offer paid time off. Paid time off allows the employee to be off work and still get paid, which is a huge incentive.

·     SECOND: If LunchPro is a success, then I will try to tackle new products within the company. One new product would be a drinking container that could keep that individual beverage cold all day.

·     THIRD: Due to this venture, I see myself as a successful entrepreneur. This venture allowed me to see a need that certain people need in their everyday lives.