29A – Venture Concept No. 2

1)    Venture Concept 1 (with changes)

My idea is revolved around a new product-based idea. The idea is a carry-on bag that has an electrical scouter attached on it. I had the idea sitting at an airport with my family, after four connected flights we had to take and attempting to find our next terminal in the vast new airport of Istanbul. By looking at the model carry on luggage bags with manual scouters, I came up with the idea of an electrical scouter carry-on bag. My customer profile is individuals aging from 24-50, with a passion for traveling, or traveling as a requirement from their jobs. They could be single or have a family, traveling alone or with family. My consumers will also demand a certain degree of style and class and put a lot of emphasis on the “look” on my product. I believe that even though Covid-19 virus has influenced traveling a lot, in a negative way, travelling will once again become a commonality in a year or so and that is the time to develop this project. Currently, customers are using golf courts offered at airports, but with an expensive outlook, or by walking to their terminal, often using the metro, common among large airports. I also believe that this opportunity is of a grand scale and I am confident that the need exists and can be manipulated into an opportunity. I think that the window of opportunity is currently closed but will reopen once the fear of travel is in the past.

The innovation of my new product-based idea is going to be an electrical scouter attached to a carry-on bag. The carry-on bag is going to be as stylish as possible, with designs from simple colors , for more middle-aged, business crowds, to more colorful and with greater design detail for people in their 20s. The scouter itself is going to have a an attachable / detachable motion controlled folding device that will allow it to fold out of the carry-on bag. The bag will have a button that will allow the scouter to de-fold and drop out. The carry-on bag will have to vertically standing and will have two wheels plus 3 wheels on the scouter for special balance. The electrical circuit of the scouter will be on the side of the scouter that is attached to the bag so it will be barely visible. The price of my product will be from 500-800 USD at first until an easier way to construct the scouter exists. The price is based on an normal electrical scouter ranging from 400-600 USD and a stylish carry on bag, ranging from 100-300 USD. The packaging will only revolved around the electrical aspect of the carry-on bag scouter for safety purposed but the bag will be open from upfront for customers to be able to have a clear view of the product. I will allow for online orders as well payed with credit card through a website I am going to construct.

The need exists. Travelers are becoming more and more lazy and enjoy technological innovations that facilitate their lives. Convenience has become the new trend, and everyone is looking for a way to “get out” of physical labor. People also require products to have a certain “look” that will make them trendy and give them special socioeconomic status. I will solve this need and trend by creating a device of convenience and style. It will let customers to get from one point to the next with an absence of physical labor and in the peak of fashion and style. I believe that establishing brand equity will be very important in this project idea and it will not be easy but necessary for my idea to be established and successful. I think, however, that once the technical aspect of the my concept is resolved, my customer will switch to my product really fast. My competitors are inferior carry-on bags that may have a scouter attached which requires physical work to put into motion (e.g. Amazon carry-on scouter bags). However, I believe that this product hasn’t been on the market yet due to everything that is taking place due to Covid-19. I think that my competitors will resurface after the virus is over and the fear factor has been reduced but traveling businesses will have struggled. My product is going to be sold using B2B marketing and customer support and experience will not be huge factors but still important for the businesses I service. Packaging and distribution will place key roles in modifying the product to be appealing and distributing it through the right channels. I will start with a small team of technicians and market experts and work on idea generation. After evaluating and screening the product, I will build a prototype and test it on the market. I will see if the product succeeds and based on the results, grow my business to further extend my reach and grow my market. I will also grow the company and add more employees where I deem necessary.

               I believe that my most important resources are creativity and knowing my customers. I have travelled my whole life and experienced different countries, cultures, and most importantly, weary travelers. Wherever I have travelled, the need does not change. Everyone is tired of long airports and those you are not, will realize that they are once the product is introduced to the market. Creativity will also play a really important role in my venture as most new product-based ideas, start through the idea generation process, which requires strong creativity. For my “follow-up” step, I would like to enter a new market with the same product. The next market will be for children and I believe that once the parents have tested the products and deem them safe, they will be ecstatic to purchase one of the rest of the family. The goal in 5 years will be to have a few travel based products on the market and for my ideas to become a success. I would like to facilitate traveling for everyone and become a successful entrepreneur. Of course, this is all assuming that traveling will be an option in the next couple of years due to everything going on. I am taking a risk chasing this idea and it will not be easy. Covid-19 virus has established itself as persistent and restless and it might not be a long time until customers feel safe to travel. Even after the virus is over, the stigma left by corona virus on the market and consumers, will not be gone for some time. The channels I will be using will also have suffered a lot, so it will be tough to convince them to partake in the selling of a new idea (as new ideas are risky and a lot fail).  

2)    Unfortunately, I did not receive feedback on my last venture concept. I have, however, gotten some feedback from friends and my parents. They all mentioned that I should be a little more specific of the segment I will be targeting. They also mentioned that I should establish an estimated price for the product at which it will be selling for. Overall, they enjoyed the venture concept and mentioned that I was clear and included a lot of details.

3)    I decided to revise the feedback and received and realized that I had left out a few things that my reviewers mentioned. For example, I included a brief and precise description of my prototypical customer on the organization aspect of my venture concept. I also included an estimated price for my product looking up the prices of a regular scouter, a stylish carry-on bag, and a few other key technical aspects.