Venture Concept No. 2

Venture Concept

Opportunity:

I do believe there is a need for my product. I created a camelbak water bottle made with a thin layer of cork outside the bottle. This thin layering of cork will prevent condensation on the outside of the bottle when there is a cold beverage inside.  I think that anyone could have a need for this product. But, when coming up with a product, I thought about college students specifically since I am able to relate to that demographic the most. There are products on the market that can prevent condensation like covers for the camelback or the bottles made from metal. But my product is unique and there is nothing out there like it so I think it will appeal to consumers. I think college students are pretty loyal to the products that they use so if they found that they liked my product, I think they would stick to it. New products and inventions are constantly being created so the window of opportunity for this product is probably not that big. I think it would be a matter of time before someone came up with a product similar to mine.

Innovation:

This product is not meant to be very expensive. Because I wanted to cater more to college students, I am pricing my product around $14.99.  This is a camelbak that is unique because the outer part is made of cork, which is cheap to buy when making these products. It will work like any regular water bottle but will prevent condensation from forming on the outside.   

Venture:

 I think customers will like that the product is different and that there is nothing like it. I hope that because of its uniqueness, people will be curious to try it. I think the switch will be easy once customers see that it is a good investment and that it works. My competitors will be any companies that sell camelbaks or bottles you can fill drinks with. Their possible weaknesses or vulnerabilities could be the price they charge or the fact that it does not prevent condensation. I want price point to be a big part of my business concept. Usually camelbaks are more expensive than what I would charge and I want consumers to take note of that. I want to start my business of very small to determine if I would make a profit or not. If I found that people liked the product and that it was growing, I would expand to two or three employees and take it from there. I would definitely need someone to help me handle the finances and then someone else to assist me in getting suppliers to make the product as well as carrying out the whole process.

Feedback: I did not complete the first venture concept so I did not receive any feedback.