Assignment 29A - Venture Concept No. 2

   

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.


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2 Feedback - Most of the feedback I received on my first venture concept told me that the people who commented had a use for the product. Besides the mention of some expensive, aesthetically-focused windows panels on the market there was not much constructive feedback for me to work with. This other type of panel would not compete much with my market because of the product's different functionality. This would hinder the possibility of my company entering an aesthetic-focused window panel business. This was one possibility for the company's future growth and expansion.

3 I think that without much feedback it is difficult for me to think of ways to improve my venture concept. I could add the Aesthetic panels currently on the market as possible competition if we were to enter that market. I think that creating a line of products focused on daily optimization should be a priority for the company now instead of just the panels. This would give us multiple streams of revenue, but we would have to be careful about overextending.

4 Curtains, a primary competitor