Assignment 29- Venture Concept No. 2

Opportunity: 

• Who has the need? People who regularly buy fresh food items and want to save the most money possible. Specifically young adults and parents.
• The need is specific to produce items, butcher items, and bakery items. These are items with price that fluctuate weekly so customers never know where and when to get the best deal. These items also often become discounted the longer that they are on shelves so their prices can fluctuate throughout the week.
• Geographically the initial market is the Gainesville area. The target demographic is younger adults who shop frequently and are looking to save money in the area. Eventually the market would expand to Alachua County, then Florida as a whole, and then go nationwide.
• Customers currently satisfy this need with coupons. The coupons for these items, however, are limited and expire quickly so I think they won't be all that loyal.
• This opportunity is a nationwide problem and everyone wants to save money. There is a lot of competition in the market for saving people money so the window may not be open for long.

Innovation:

• My innovation is an app called "Bananas." This app analyzes your shopping list and tells you where you should go shopping to get each item (specifically the produce, butcher, and bakery items). The app will compare the prices of each item you entered at all of your local supermarkets and farmers markets. It will then calculate how much you will spend in gas to get to each store. The app will then run a cost-benefit analysis to determine the best places to shop for each item on your list.
• The app will have a 30 day free trial. After the trial expires the customer will move to a $5 a month subscription. 

Venture Concept: 

• This app very easily allows the customer to see where they should shop for their food. Customers will download the app because they don't really have any reason not to at least try it out. The app doesn't exactly rival coupons, but more so works with them. There are really no competitors for this product other than some shopping list apps that don't do nearly the same thing. Marketing for this app is going to be the most important thing. People need to be aware of it and download it in order for me to generate money. 

The Secret Sauce:

• Competitors will not be able to easily copy the apps algorithm. The algorithm will be patented so that only I can run the calculations.

What's next for the venture?

• Honestly, the next step for this venture would be to sell the app to another, larger company who could implement the algorithm into their company. I want an easy out and would like to take the money and pursue a new venture.

What's next for me?

• In five years I want to have sold this venture for a large enough profit to fund my next venture, but at this point I don't know what that'll be.

Feedback:

• I didn't get too much feedback the first time so I just made my opportunity and Innovation sections more specific as well as the what's next section.