Venture Concept No. 1

Assignment 24A

Opportunity:

Now more than ever, the world is full of “what ifs” and thinking about what you could have done differently.  Those who do this include older people and younger people alike, but the need is unmet by mostly millennials though.  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.

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.

To be continued…