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29A - Venture Concept No. 2

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1) Venture Conecpt: I noticed an opportunity to improve the wait times at food establishments everywhere and to save time in the everyday live's of people who frequent these establishments. The combination of the need for more time in the day and a need for fast, convenient food options led me to believe that this opportunity existed. I believe that busy college students, families and the typical workaholic are all great examples of people who possess this need more than others. This opportunity stretches globally and, but is restricted to those who are looking for a way to save time and that eat out. The long wait times in drive-thrus and restaurant waiting areas are made longer by the fact that people are constantly looking for convenience and are mostly on the same schedule when it comes to meal time. This makes the wait time issue even more relevant and it will only become a more widespread issue as populations grow. The innovation I came up with to satisfy this unmet need is a...
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28A - Exit Strategy 1) I plan to sell my app after about 5 years of perfecting the layout and gaining success in the industry, so that I can move on to my next business venture. This is not something I see as a long term position for me, rather a way to work on my entrepreneurship and business skills, so that I can move on to something that I am truly passionate about. 2) I plan to sell my business in a relatively short period of time, because I believe that the app will either reach success or prove to be a failure rather quickly. While, this app is something that interests me, it is not a true passion of mine to run an app and that is why I would like to sell it in the early stages.
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26A - Celebrating Failure  1.) Over the past two semesters I failed to acquire a summer internship. Starting in the early winter of this past year, I began my search for an internship with extremely limited work experience. I began searching and applying for internship positions that I was highly interested in all across the country, from San Diego to New York City. I was applying for positions that had hundreds of applicants and that offered the best benefits and experience for a college student. After weeks without hearing back I began applying to less competitive internship positions that were local to my hometown. I began hearing back from recruiters and gaining more and more hope for an interview. After a couple months never making it to the final interview, I began applying to almost any internship within a 100 mile radius that I was even somewhat qualified for. With the start of the pandemic underway, there weren't many companies looking to spend money hiring young, inexp...
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25A - What's Next? Existing Market: The customers that I interviewed are all users of food delivery apps, discount apps and other similar apps. I explained to them that I believe the fast food industry and thus the need for faster service will grow substantially over the next 10 years. Everything seems to revolve around convenience these days and that is why my app will be aimed at providing the most  convenient experience for restaurant goers. While apps for food delivery services already exist, there is nothing that exists to save time for those who choose to eat out, either out of convenience or because that is just what they prefer. Reducing the wait times for these customers will bring an added benefit that other apps in the market currently do not offer. The customers I interviewed had some suggestions for me as well, which could help my app stay relevant within this market. One of their main suggestions was to eventually add a food delivery service on to my app and us...
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24A - Venture Concept No. 1 I noticed an opportunity to improve the wait times at food establishments everywhere and to save time in the everyday live's of people who frequent these establishments. The combination of the need for more time in the day and a need for fast, convenient food options led me to believe that this opportunity existed. I believe that busy college students, families and the typical workaholic are all great examples of people who possess this need more than others. This opportunity stretches globally and, but is restricted to those who are looking for a way to save time and that eat out. The long wait times in drive-thrus and restaurant waiting areas are made longer by the fact that people are constantly looking for convenience and are mostly on the same schedule when it comes to meal time. This makes the wait time issue even more relevant and it will only become a more widespread issue as populations grow. The innovation I came up with to satisfy this unme...
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23A - Your Venture's Unfair Advantage 1) Attention to detail - Having and valuing close attention to detail, as the owner of this app, will allow me to direct the company in a way that leads us to success. I believe that paying attention to the little things is important in running a company and launching a successful app. I believe most companies choose to only focus on the obvious, large issues and forget to address the "little things" that could make your company sink or swim. This can be hard for other companies to imitate if they don't have the time or resources. 2) Experience in/importance placed on customer service - After working in customer service for 5 years, I understand the importance of taking care of and listening to your customer's needs. It can take a lot of time and resources to invest in a high quality customer service department that works cohesively with other departments in the company. This makes it both rare and inimitable. 3) Valuing q...
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20A - Growing Your Social Capital 1.) The first person I contacted as a domain expert for my industry is a restaurant owner/family friend. As Restaurant owner of 20+ years, Christina knows a lot about the value of time and how important it is in creating value for your customers. Adding convenience to people's everyday lives is a crucial part of running a restaurant, especially a fast food restaurant. I reached out to Christina after reading over the assignment to gather her thoughts on my idea for an app that would inform people of wait times at restaurants in their area. We exchanged emails for a few days and she offered some ideas on how to improve my app and add value to my product. Including her in my network will help me to exploit this business opportunity by adding an experienced opinion to my idea. 2.) The second person I contacted as an expert on my market is a friend of mine that works for Uber Eats, another app-based service that creates value for people by saving t...
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