Venture Concept No. 2

Opportunity

Most people in today’s society are connected through social media. Either through their phones, watching TV, surfing the Internet, or viewing advertisements. In doing so, celebrities pop up frequently. Since there are so many celebrities these days, it is very difficult to keep up with their names and people tend to draw a blank. While the need to know celebrities names may be more important to people ranging from ages 10-30, middle-aged people care as well. It can drive anyone crazy, no matter the topic, when someone’s name is on the tip of their tongue but they simply cannot remember it.

Some of the forces or changes in the environment that are creating this opportunity are:

• ·      Social Media (Facebook, Twitter, Instagram, Snapchat, etc.)
• ·      More TV series (due to platforms such as Netflix)
• ·      Movies
• ·      Advertisements (in newspapers, commercials, billboards, etc.)

Customers are currently satisfying their need of knowing who is who by either asking the people around them or searching on Google. However, there is always room for improvement.

Innovation

My business, CelebMe, is an app that allows you to take a picture of a celebrity (either in person, off a TV screen, from an advertisement, etc.), upload that picture to the app, and the app will identify the name of the celebrity for you. Many people say can’t Google do this for me? While yes, you can try and think of things related to the celebrity and type them into Google, my app is much simpler. Lets say you don’t know anything about the celebrity. You happen to see their face and are curious what their name is; my app will have an answer for you while Google will not. On the app store there will be two versions of CelebMe. One version of CelebMe will cost $1.29 and advertisements will pop up every now and then. The second version of CelebMe will cost $3.99, and no advertisements will appear. This way, I make money off both options and allow my customers to choose their preferred version.

Venture Concept

CelebMe will solve the opportunity listed above by quickly providing people with answers. Many people these days are focused on convenience. My app can provide you the answer you have been thinking about for an hour, in one minute.

I believe customers would switch to my app from Google because my app is easier. Instead of having to type a bunch of key words into Google so that it can recognize whom you are talking about, you can just simply upload a picture to my app. Since convenience is currently such a high priority in society, I definitely think people will switch over.

I think my price point is very fair and that people will be willing to spend that amount of money. People spend $1.29 for songs and games all day, so I believe they will be willing to spend that same money on an app that can provide them answers quickly. From personal experience, and those I have interviewed, it can drive you crazy when you cannot think of someone’s name. Therefore, spending $1.29 on something that can quickly provide you the correct answer is definitely worth it.

In order to support my business, I will need a few staff members. I will need someone in charge of the finances, advertisements, marketing, and the coding of the app. Having strong employees in those four areas will aid my business in success.

Three Minor Elements

Most Important Resource:

            I believe my most important resource will be my technology team and coder. Without them, my app is just an idea. This team will make my app come to life and give me the ability to turn CelebMe into a real company. In order to make it difficult for people to copy my business, I will file for a patent on the technology. Therefore, I will at least have a period of time without many competitors. However, if the patent does not go through, hopefully by the time competing apps come out my app will already be successful so that it is the highest rated on the app store. Therefore, if someone types in my app, mine will be the first to pop up as opposed to my competitors. I know from personal experience, that I typically buy the first app that comes up from my search as that usually means it has the highest ratings.

What’s Next For The Venture:

            Next, I want to add more features to my app so that my customers can use the app for more than just identifying celebrities. I want my app to be able to recognize brand logos, famous landmarks, famous artwork, and more. This way, my app is even more convenient for more people and my market of customers can expand.

What’s Next For Me:

            In five years, I hope to have successfully programmed my app and launched my company. Although CelebMe will most likely be in the beginning phases, I hope to have a decent amount of purchases and downloads. Additionally, I hope to sell my company. While I hope CelebMe is successful, I do not see this venture as my life long goal. Therefore, I hope to sell my company and continue with my career.

            As an entrepreneur, I simply hope to be successful. While I hope to be successful from this venture, if I am not that is okay too. I am determined to do whatever it takes to succeed regardless of what business or venture concept my success comes from. 

Feedback

Students that commented on my Venture Concept No. 1 really liked my idea and how I explained it. Some, however, believe that my app may not be used too often because of google. Hopefully after re-reading my venture concept people can see how google and my app differentiate. Additionally, students also agree with me that it is a smart decision to sell CelebMe within the next 5 years.

Changes

I updated my venture concept by further explaining how my app differentiates from google. I also expanded upon my "what's next" strategy. Hopefully these clarifications and changes help explain my venture concept better.