Assignment 24A - Venture Concept No. 1

     
OptiPanel Venture Concept Write-Up


         After extensive research, I believe that an opportunity exists to help people obtain a better and more fulfilling sleep each night with only the use of one product. Windows currently let in too much light for people to sleep well. By optimizing this and preventing all light from entering, nightly sleep can be optimized. The people who have this need are aged from 18-30 and are looking to maximize every single part of their lives. These people are often working multiple jobs, or taking more classes than they can handle. They need to squeeze every minute out of their days. These customers shop at budget minded stores because they are focused on getting every little bit they can squeeze our of their paychecks. This opportunity is prevalent across the nation for people this age. People currently use curtains or blinds to cover their windows however these products are inadequate. They let in light during the night time which can affect people's well being and circadian rhythm.

        The solution to the opportunity proposed above is a specially crafted foam panel. This panel would be pressed onto the window which would seal out all light. This prevents unwanted external light from entering the house and waking/disrupting anyone sleeping within. These panels would come with velcro patches that would help it affix itself to the window. This allows the panels to be removed and stored when daylight is desired. This product has an incredibly low production cost because it is only shaped foam with velcro affixed to it. It would sell for $20 and therefore profit margins would be very high.

        My foam panels will effectively eliminate all light entering through a particular window. When this is done to all of the windows in an area, complete darkness will occur. This will result in a much more fulfilling sleep for the individuals in that room. An increase in sleep will improve a number of things including overall well being. This will help people optimize their lives. I think when people see the product and experience it for themselves, they will switch. This will be accomplished with targeted and successful marketing. Blinds and curtains are the current competitors. While this product is more efficient, the other competitors have already established themselves in the market. Therefore, getting started will be difficult but not impossible. Our packaging and customer support sections will be rather limited in cost. Our product only needs a simple cardboard box. While for customer support, the product is only a panel with velcro straps. Extensive customer support should not be needed.


1st - My most important resource is my experience with social media marketing and event planning. Throughout high school I took a number of courses and have hands on experience with both of these categories. Brand recognition is such an important topic when it comes to this space. Making sure that people recognize my brand as the leading competitor is an important task.

2nd - After completing this venture I would like to grow this company or start a separate company that focuses on exploiting opportunities like this one. This company would target budget-minded people with a number of products that can help them optimize their daily schedule and lives. These products would make sure they get the most out of every second of every day.

3rd - After 5 years I would like to be fully funded and in a stable position in the market, preferably at the top. I would like to use the profits from this company to launch my next company focused on optimizing daily lives. Eventually I would like to start a number of businesses and oversee all of them.

Comments

  1. UnknownJuly 20, 2018 at 11:51 PM

    This is awesome. Sleep is such an important part of our daily lives. I view our brain as a computer that needs to recharge, your solution seems highly effective in combating the lighting problem that we face with getting ample, quality sleep. Good to see that you have transferable skills that will help benefit your company's success. I feel like starting a separate company will be hard without brand recognition though.

    ReplyDelete
  2. UnknownJuly 23, 2018 at 1:49 PM

    Tucker:
    Although I do not fall into your proposed market by age; I am very interested in your product due to squeezing every minute out of my day. I don’t remember if I had mentioned this in an earlier post, but there are some aesthetic window panels on the market that are similar. However, they are very expensive, thus is why I would not buy. I found this assignment to fairly simple to compose because it appeared that it was a summary of our previous assignments.

    ReplyDelete

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