Opportunity: The opportunity that is out there for the future customers is the chance to enhance their driving experience. There are vehicles out there today that have really bad blind spots and that makes driving dangerous and stressful. With offering a device where there be alerted of vehicles in their blind spot is would make the driving experience much more pleasant. The need is really any driver out there with a vehicle that doesn’t have blind spot sensors already on their vehicle which is millions of drivers in the U.S. alone. This window of opportunity will be open for many years to come until it becomes a basic part of vehicles to include blind spot detection.
Innovation: This idea of mine is not exactly new, it has already been done in a way. The issue is that it hasn’t been marketed in a way for it to have success. It has not been taken out and shown to people about it and how it can enhance their driving experience. The product is out there and for a while now, it just has not been presented in a manner yet where people feel that this can be a benefit to their lives. It is applying sensors on the blind spot of the vehicle so that the driver and feel confident and comfortable driving at all times. The price of the sensors will be determined on the manufacturing of the product as well as the amount of sensors that are bought, they will be sold in packs of two for the customers.
Venture Concept: Customers would buy this product because they will realize a way to benefit their life on the road in a way they never realized they could. And anything that makes life easier and better is a life that many people would want. For that reason people would by the product and the way to keep them is by keeping the product high quality and consistent in its use and experience. Competitors are already out there and that is where the idea came from in a way.
Minor Element
My secret sauce would have to be the connections that I have already made of individuals in the automotive industry. This would definitely help with getting my foot in the door and in the right direction to make this all happen.
The next opportunity for the venture would be making improvements to enhance the experience of the customers who are already using the product and finding ways to bring new customers in.
In five years of launching I would like to have the company to be self-sustaining, making its own revenue to run on. And in the next decade make a contract with a major automotive company to put the product into mass production in all vehicles.
Hey Louis, a device where drivers can easily install on their vehicles to notify them of vehicles in their blind spot seems like a pretty good idea. It could be optimal to market it to commuters who drive on major highways or interstates or even those who are new to driving. Because there are already competitors out there in the market for this kind of technology, either unique engineering design or lower prices would be the ways to differentiate your venture from competitors.
ReplyDeleteLouis,
ReplyDeleteI like the idea of your venture, it helps meet a need and keep people safe. I think some of the newer cars are being made with blind spot monitoring, but many of the cars in the US are older and will be on the road for many years. These older cars would be a great target. Also, if you made the product easy for drivers to install themselves, I think it could help boost sales. I like how you would transition from B2C to B2B further down the road.