24A – Venture Concept No. 1

Those who grocery shop themselves or have a diet predominantly of fruits are faced with their fresh fruits constantly expiring before they have a chance to eat them. This opportunity is created by people having various things to remember, and forget the food they bought and placed in the fridge, where it is out of sight. It is especially affecting young people who just moved out, like college students, as they still are not used to having to go grocery shopping themselves. They are also not knowledgeable as to how long a fruit might last, as they did not have to pay attention before. For those who are older, this problem still exists, although they might have more success in remembering to check the fruits before they expire since they have more experience with food. This market is not defined geographically, as it is dependent on having fruits in their diet. It is not restricted to any district or area. The demographics of the customer are not restrained either. It is not largely constrained by age, and neither by education, gender, or socioeconomic status. Rather, it starts at those who are in their teenage to early 20’s, and have begun to live alone and do their own household chores. The market encompasses any age after that which still needs help remembering what they bought, or which shop for their household. Currently, customers have to attempt and solve the problem themselves. Some either place the fruits in the fridge for it to last longer- which sacrifices the ability to see and therefore remember them. Others, meanwhile, place them on the counter to be able to see them- which makes the fruit expire faster. The most extreme solution is made by those who experienced the problem so often that they now view buying fruits as a waste of money, as they were rarely able to eat them. None of the groups are loyal to their methods, as they rarely work or remove a large part of their diet. This is a large opportunity, as the market includes many people who buy fruits. The window of opportunity will be open for long, as it is not dependent on trends, technology, or fads. It is based on a needed and popular part of people’s diets.

The innovation is a magnetized calendar which has smaller magnets with the images of different fruits. It also has a key on the side which lists how long each fruit lasts for. People then are able to place the magnet of the fruit they bought on the date bought, and slide it until the expiration date. This lets them see, each time they walk into the kitchen, what fruits they have and when they will expire. It will sell for $15, with the accessories of the smaller magnets included.

Customers will switch to this product because there is currently no effective alternative. It will not be hard to get them to switch, as their current solutions are more difficult. They have to remember themselves, ask others to remind them, or buy the fruits knowing they will most likely be thrown away. Competitors include apps or assistants such as Siri or Alexa. People use them for reminders, and they can be used in this case as well. However, many people will not buy an expensive Alexa simply to be reminded of their fruits, or download an app they will forget to update. All possible competitors have to be adapted by the customer as it is not their purpose, and none are constant reminders placed in the kitchen. The customer has to actively seek or ask for the information, which if they would be able remember to check the app, they would remember they have fruits and simply eat it then. My price point is low, as at a high price point, customers would refuse to pay for a non-essential item. At $15, they would see it as a convenience and helpful tool around the house. This defines my business concept, as it keeps it centered on the average customer and household. The business would be organized by having a small number of 5 employees. One would perform research on what customers prioritize and which fruits are most common, another would collect data on the design visuals that best appeal to the target, another employee would be in charge of social media and advertisements to publicize and sell the product. The business also needs an employee in charge of finding suppliers and selling the products to them, and another whose role is customer service and reporting any complaints in the product itself to redesign. It will make it hard for other competitors to copy the business’ success, as I am a college student viewing how other students are adapting to this problem they just found. Those who are older do not see how they react or try to find the solution. College students are still learning the household chores, and complaining about the difficulty. They also shop for their apartment or dorm prior to moving in, and buy everything new. The next opportunity I would tackle with my current innovation would be an additional accessory that lets you know how much of food you have left. This number system would solve the question of whether your fruits are about to expire, and if you have enough or not. A customer would then be able to make a more informed decision on what to buy at the grocery store. 

In the next five years with this venture, I would be introducing new accessories for the tracking system in order to provide more detailed information. This first venture is a simple product that would allow me to start as an entrepreneur with a business concept and design that does not require extreme technology or laborious research. As such, it helps in understanding how to begin without the added stresses of a product that would have to be continuously replaced, involves other corporations, or is made of advanced technology.