24A – Venture Concept No. 1

Opportunity:

            For my venture I have specified a relatively direct demographic that has an unmet need I could accommodate. I think that adults moving towards their real lives while finishing going through college or directly after college in the age group of 18-25 would be the main group I am accommodating. I think that the nature of my venture is pretty fluid. It could be used in general medical situations but definitely for situations in which people are not sure how to deal with a situation that might be an emergency. It’s essentially a question base that would provide more information to users about their selected medical situation.

·      Environment:

o   The world today is very fast paced and we definitely live in a time where people are undoubtedly looking out for their own wellbeing regardless of whatever scenario they’re put in. With this being said. I think that there are a lot of times in which people become injured or sick and the person accompanying them has to make the decision or whether or not to take that person to the hospital. Often times this can result in some sort of legal reprimanding for one or both of the parties involved and I think this app could clarify whether or not taking emergency precaution is necessary; especially if the judgement is clouded with legal thoughts.

·      Market:

o   The market is demographically constricted to be catered towards Americans in the 18-25 age group. However, this app could definitely be used for many people across the world regardless of age. Geographically, since this would be an app offered on general app stores, I think it would be accessible to everyone across the globe with access to internet.

·      Current Options for Customers:

o   Currently, most people with uncertainty regarding medical situations usually resort to the emergency room or 911 (in the US). I know that often times people take their friends or loved ones to the emergency room or call 911 and rack up unnecessary medical expenses especially if the injury isn’t as serious as previously believed. I believe there is some sort of loose loyalty involved because people are definitely more inclined to go to professionals whenever in distress, however, they often complain about the service they receive.

·      Opportunity Size:

o   I think that this opportunity is relatively moderate and needs to be taken advantage of very carefully. I don’t think that going with a purely economic approach would be effective because it would focus more on profits rather than the wellbeing of the customer, and often times that is what start-ups tend to do. I think it needs to have a modest start and keep the customer close in mind in order for this opportunity to continue to be possible.

·      Window Length:

o   I’m really uncertain about this topic because it depends on how long it takes for someone to create this type of interface. I would assume it is close to being developed because there are more and more apps coming out regarding virtual doctor visits to receive prescriptions for injuries or diseases.

Innovation:

·      My venture is relatively innovative and could expedite a multitude of processes for a large amount of people. If created properly my venture would make it a lot easier for people to figure out the severity of their medical situation. My venture would encompass a personalized set of questions after former selections are made regarding the specific type of medical situation that is being encountered. Afterwards, they can answer questions that would help them understand the severity of their situation. I would attempt to make money off of advertisement revenue as I would be making this app free to the public.

Venture Concept:

·      Switching to my product:

o   I think that it will be relatively easy to get people to switch over to my product as there isn’t really much involved with getting started. The app would be free and would only be used as a preliminary action to an ER or 911. If customers are unsatisfied with my app then they can still seek an ER or call 911. I think it would be very harmless to utilize my venture and when performed properly would only be able to produce benefit.

·      Competitors:

o   Currently the competitors that I face are relatively weak competitors. They’re not exactly in the same type of venture as I am and serve as different legs to the end goal, which is medical safety. My venture would be primarily used as a service to find out whether or not the other steps are necessary. These competitors are things like the Emergency Room and 911.

·      Packaging and Organization:

o   These parts are very minor for my business as I would be creating an app. I would have a small team regarding medical information and another team invested on the technological portion of the app. I would focus on the most user-friendly interface possible and try to integrate other aspects that allow my venture to be as broad as possible.

Three Minor Elements:

·      My most effective resource will most likely be my ability to reach almost every demographic. I won’t be constricted to a certain group of people because my venture can grasp everyone.

·      I think the next step for my venture would be for me to incorporate more aspects of the medical market into my app.

·      I think I would like to either move further into the medical market or create more ventures similar to the one I have already created but for different branches of the economy.