Assignment 29A
Opportunity:
Now more than ever, the world is full of “what ifs” and thinking
about what you could have done differently.
Additionally, the world we live in now is a transformative world;
everyday everything changes. Those who do ask “what if” include older
people and younger people alike, but the need is unmet by mostly
millennials. My potential customers are definitely technologically
literate, but the product won’t call for you to be that advanced in terms of
its use. The nature of the need is a little different; it’s for
those that with to see what the past was like, as well as what the present and
future would have been like if different steps and actions were taken.
Additionally, the forces/changes in the environment creating
this opportunity is virtual reality and augmented reality becoming more and
more prevalent and the “future” of today’s world. Furthermore, the
market isn’t contained geographically, but demographically it’s for all those
“tech” nerds out there (I’m one so I’m allowed to use that
term). It’s basically Apple’s demographic. Also, I think
this could be a teacher’s product that makes learning more fun. Customers are
currently satisfying their need through movies, television and video
games. They also used textbooks, which are boring. They are not
loyal as they switch between these things very often.
This opportunity is HUGE. The window I imagine is
open for a while until the next big thing comes out in terms of new technology,
but I don’t think that will be soon as VR is the future right now. Unless the
world takes another turn I can’t foresee at the moment.
Innovation:
Just really quickly, I want to make sure that you
(PROFESSOR/TA/FELLOW STUDENT/RANDOM DUDE READING THIS IN A COFFEE SHOP… I SEE
YOU) are not stealing my idea. So to make sure you don’t take this,
I am not going to share in detail what my product is. Instead, I’m
going to dance around it and give you the bare minimum. My grade
doesn’t mean that much to me if you steal my idea and take it as your own! You
can’t fool me professor!
But seriously, I’ll give some detail. First, my idea
is a virtual reality time machine that shows you history, alt-histories, and
new realities based on your what ifs. I’m still thinking of names
for it, but right now I think I’m going with VirTiMa or simply
Virtima. It works by using virtual reality spaces that simulate time
pieces (the White House, 1963 after Kennedy’s assassination for example) and
shows you how people acted and the things that went on to help get a better
understanding of history. It’s a software so selling it like a game
or app to go with a VR headset is how I’ll make
money. I’m still working on the pricing. I want the
packaging to be an experience itself too, coming in a red telephone booth or
other time machine type of packaging. That’s all you get to wet your
beaks for now. Ask me questions you feel that are relevant or help
give ideas about the pricing or anything else. Thank you.
Venture Concept:
My innovation will solve and address my specific opportunity in
many ways. In the past, textbooks have done a lot of the work in
describing history. It’s more or less an oral history, instead of an
experience. By making history more entertaining, it will create a
better experience for kids if it’s more of a video game than
textbook. The reason to switch to this instead of everything else is
because it’s more interactive than the previous things and therefore more fun
and fulfilling.
There don’t appear to be any competitors right now, nor are
there any weaknesses or vulnerabilities that I can think of right
now. What are the weaknesses of Fortnite? Of Call of
Duty? They don’t really have any until people start playing, which
are patchable on the fly. The role of packaging will be an
experience itself, along with the customer experience of being
entertained. Pricing will be competitive. Distribution,
customer support, and location all don’t really define my business concept
except that I want it to be the highest level of execution as possible.
Organizing the business would be fun. I would
probably get a few software engineers and designers to help, as well as people
like myself to help with the stories that we could tell. I would say
a total of 10 employees to start out, half to business/advertising and the
other half to production.
The three minor elements:
My most important resource is my imagination. It will
be hard for competitors to innovate and create in the fashion, manner, and
timeliness that I can. I’m the Elon Musk of entertainment.
Next, what’s next for the venture is to create time frames that
people will want to explore in.
Lastly, what's next for me is using my fame and fortune to make
the world a better, happier place. Also, I want to use my capital to
start creating other things for people to explore and be entertained
by. This first venture will help me become a name that people want
to see what the next thing I create is and get that going as much as possible.
Summary of Feedback and
Change:
I only received one comment, telling me I had a pretty sound
idea, but there was some inspiration from it.
The comment said that today is a “transformative world,” which I think
is something I have to consider. Today,
the “future” might be VR, but what about tomorrow’s future? What does that
include? So I took that into account and
redid some of my information in my venture concept.
