Idea Napkin No. 2
1) I'm a junior majoring in Finance. I'm very dedicated and hard working and could see myself being an entrepreneur one day. The only thing that would hold me back is that I hate being unsure and taking huge risks with my career and life. I have a very set plan for what I want to do and entrepreneurship is not set or guaranteed at all. That's why my product would probably never become a main part of my life, if I were to do it I would most likely have it be a subsection of what I do. I'm starting my Masters of International business program next Fall and Spring 2018 I'm studying abroad in Dublin so I can gain relevant knowledge for my masters program.
2) I'm offering a way to improve campus and increase student and faculty satisfaction with the University. My product is fans that attach to pre-existing poles and structures on campus and are solar powered. This makes the walk to class more breezy and keeps students from sweating and getting gross on their way to class. In turn, more students would choose to walk rather than scoot or drive which would increase the health of students and alleviate traffic on campus.
3) My customer group is unique in that the target users are not the one's buying them. I would be selling my product to universities to add to their campus, but the students and faculty would be the one's benefitting from it.
4) Universities strive to be the best so more students and faculty will want to go there. This product would increase satisfaction with the campus and help encourage more students to choose their school over somewhere else.
5) What makes my product unique is that it solves an issue that people didn't really realize they had. Additionally, since it's solar powered and made to attach to pre-existing poles on campus it won't add to electricity bills or clutter the campus.
I think that these do fit together well. If it's marketed well, universities will see what they can gain from buying this for their campus. Also, after one university starts using them others will follow if they see students and faculty enjoying them and wanting them at their own universities.
My feedback from my last idea napkin was mostly positive. One thing that was consistent was that when I originally discussed my target market I only talked about students and faculty. Those are in fact the users but not the purchasers. This time I focused more on the universities and how they fit into my target market.
You sound like a very well rounded student. I am sure that you are going to have a great time studying abroad in Dublin. I am sure that you will learn a lot of valuable skills when you are there. It is good that the feedback that everyone left you helped you realize what your target market consists of, and that you are not in fact selling to individual students, but are selling to Universities. You would probably have to sign contracts with various schools in order to distribute your product to the entire campus.
ReplyDeleteIt seems like you did a very good job answering all these questions. Your product is very interesting because your users are not actually your target customers. I think it is interesting that you must convince the purchaser to buy your product so that the students and faculty can enjoy it. I think you did a good job also learning from your last idea napkin by talking about those who will actually purchase your product.
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