29A- Venture Concept No. 2

My Venture Concept:

1.     Opportunity: I first saw an opportunity to exploit my product and create something meaningful when I realized how much people of my same demographics who went to UF valued the environment and practices that supported the planet. The people who have the need are majority college females who tend to be more politically liberal and partake in daily practices that help reduce their carbon footprint on the Earth. The nature of the need is not urgent, but if it were available it would definitely be exploited. Creating the need for a retractable, reusable straw is the absence of straws that keep people happy without using plastic, taking up a lot of space, and provide satisfaction. This market is spread out as far as every college is spread out throughout the United States, so I would say a few separate segments every state. Currently, customers are using paper straws which 99% of people absolutely hate, or they are using reusable metal or rubber straws. Since this is the best alternative to plastic and paper straws, I know people would be quick to switch over to my product if it was introduced. I believe this opportunity is fairly big because of the amount of people who it could appeal to. The best part about this opportunity is that the window of opportunity only seems to be prolonged as climate change becomes worse. As the situation escalates, people are more dedicated to buying products that are more environmentally friendly.

2.     Innovation: My product is a reusable, retractable rubber straw. This straw is going to be about 7 inches long and will be made out of rubber, yet it will retract into a smaller form so that it is easy to store in the case. The case will be a small plastic box and will allow people to carry the straw with them anywhere they would like to go. The straw will come in red, orange, yellow, green, blue, purple, and pink and the case will come in those colors as well. When you are using the straw, you can pull it so that it extends to its full form. Once done, you can stick it inside the case and into your purse, or wherever else you would like to store it. The case will have tiny air holes so that if the straw is wet when it is placed inside the case, it will be able to dry. What I am selling is the absolute best alternative to any sort of paper, plastic, and previously introduced reusable straw in the market. I will sell each straw at a price of $4.99, and that includes the straw and case of your choice. This is a product that many people would love to get their hands on and it does not exist yet, but it is incrementally innovative because it enhances the rubber straws that are currently on the market.

3.     Venture Concept: The creation and introduction of a reusable rubber straw will finally put together the best things about the reusable straws currently on the market. The worst thing about paper straws is that they break. The worst thing about metal straws is that they are too hard. The worst thing about rubber straws is that they are too large to carry around. My straw is rubber so it will never break, it is very soft, and it is retractable and brings a case, which means you will never have to worry about any of the problems that previously arose when using any other sort of reusable/environmentally friendly straw. All of the problems are solved with my product. The competitors would be any company in the future who decides to release a straw that is similar to mine or uses the same concept or design. Their weaknesses are that they may have to use more expensive products to fulfill that sustainable image, but my business is skilled with this so we know which suppliers to use in order to keep costs at a minimum. In terms of my business concept, the main goal is that people feel as though they are making a difference by purchasing our products. It is important that we locate our factories in places with close proximity to our target markets. It is crucial that our suppliers and our production of the straws are completely environmentally friendly in their practices and that our customers can see that.

The Final Elements:

1.     My most important resource will be me! I decided that this is the most valuable resource I can have for my business right now because of the people who I know, all of my experience, and my passion for the business. I am extremely familiar with the primary target market because I lie smack in the middle of it. I am surrounded by the target market day in and day out, and this knowledge is crucial to my business. I have friends and contacts who I know will love this product, and I have people who will help me get there.

2.     Next, I would like to begin to introduce a variety of other products that are substitutes for products that currently have a huge carbon footprint on our planet. I want to create reusable grocery bags and maybe cups that compliment the straws. Whatever it is, I want to replace the use of plastic products with more sustainable products that deliver the same function.

3.     As I take my opportunity to new heights, I hope to see my business flourish within the next few years. I hope to see profits that will allow me to breakeven with all of the money I have spent. I also hope to grow my business and be able to have a team of 20-50 people who I work with closely. Also, I hope to have alliances with a variety of large retailers and coffee shops who will carry my product, such as Walmart, Target, Starbucks, etc.

Summary of Feedback

Fortunately, a lot of the feedback I received was positive. They said how it was a very good idea and how all of the parts of my venture concept flowed very well. One of my comments was very smart when they said to add some sort of keychain so that it can just clip onto keys.

What I changed

I decided to change the first part of the final elements of my entire venture concept. Everyone said that the rest of it looked really good, so I thought that I could definitely change my most important resource. I have extremely unique human capital, and I am a resource that no other company will have unless they hire me. That is valuable! I realized that although at first, I put my network as my most valuable resource, I was the best resource this company could have because I include the network I have AND all of my personal skills and experience.

Picture of my product