29A- Venture Concept 2

My innovation is the Fruit Calendar. It is a magnetized calendar that includes smaller magnets which have images of different fruits. It also has a key on the side that lists how long each fruit lasts for, so people don’t have to guess when it expires and throw it away too early, or wait too long until the food is expired. People then are able to place the magnet of the fruit on the date it was bought, and slide the magnet 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.

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 affects all of 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 includes young people who just moved out, like college students, since 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. However, the market is also made up of those who are older and may need help remembering such small details as the fruit they have and when it was bought.

This market is dependent on having fruits in their diet and 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.

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.

Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea.

I received positive feedback. My product was seen as useful, and that customers would utilize it. My business model also received positive feedbacks.

 Describe how you changed your venture concept, based on what you learned from the feedback.

I continued with my business model, but clarified or provided more detail. I didn’t completely change my market or product, just ensured that it was more specific and provided more information.

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