Venture Concept No. 1 - Assignment 24A

Opportunity

• The opportunity I have been presented with is unique because the potential group of customers is made up of a group of students at the University of Florida that desire to meet fellow classmates that are willing to help them with schoolwork.
• The forces in the environment that have created this opportunity is the fact that students often don't know other people taking the same classes as them; therefore, it is hard to reach out and ask for help from fellow classmates.
• Geographically, the target customers are located around the city of Gainesville, Florida since they attend the University of Florida. Demographically, the students are males and females between the ages of 18 and 22. Demographics vary other than those factors, and some online students may not actually live in Gainesville.
• Customers currently attend professors' office hours or they will pay for Study Edge which is a local tutoring service. These students swear by Study Edge, but they are looking for more. They are looking to be put in touch with fellow classmates as well.
• The opportunity is huge because the app could appeal to every student at the University of Florida that is looking to expand their academic network.
• The window of opportunity will be open until someone else develops such an app that will connect students who are taking the same classes. The opportunity to develop such an app is unique and has never done before.

Innovation

• The innovation I have come up with is a social media app that will connect users at the University of Florida to one another based on their class schedule for the particular semester. Students will download the app for free and then create an account by inputting their contact information and then their class schedule for the current semester. The app will automatically connect users that are enrolled in at least one of the same classes. The app will serve as a networking platform for students to help each other out with assignments and studying habits. 
• Even though the app will be free, I will generate revenue by placing sponsored ads on the app. Any business that wants to market its products/services to UF students will do so by paying me to post their ads on my app.

Venture Concept

• My innovation will solve the opportunity I identified in that students will download the free app in order to connect with fellow classmates at the University of Florida and these connections will produce relationships that will further people's academic efforts.
• Customers will download my app because it is free and easy to use. Students are accustomed to social media apps; therefore, it won't be a huge step for them to learn how to use the social media app I have developed.
• The current alternatives, Study Edge and office hours, are costly and burdensome. Study Edge charges a hefty monthly subscription fee and most students are on a budget; therefore, students would much rather save this money and spend it on other things throughout college. Attending professors' office hours is inconvenient because it takes a lot of time to commute to the buildings where the tutoring is held.
• I don't have to worry about packaging. The price points only matter to businesses trying to advertise on my app; the app is free to download for users. Distribution is easy because people simply have to download the app right onto their phones. Customer support will be vital because if customers have issues using the app they will be entitled to call a customer service number on the app. Good customer support will make users' experience with the app stand out and these students will keep coming back for more. Everything will be taken care of using computers and phones; therefore, the business location doesn't matter.
• The business concept is self-sustaining because it will require very little upkeep since the nature of the app is simple. Each year, as high school students come to UF, they will be introduced to the app via word of mouth and marketing efforts. We don't have to recruit new students to UF, all we have to do is market the benefits of the app to students. The company will be ran by me and all the marketing efforts will be ran by me as well. The one person I would take on my team is my sister who develops social media pages for a living. I could use her help in making my app appealing to people's eyes.

The three minor elements

• My venture's most important resource will be my sister since she develops social media platforms for a living. Having her on my team will enable me to cater my app to a variety of students because of the simple, yet effective design she will help me come up with. The simplicity of using my app will keep users coming back and it'll help my app stand out over inconvenient alternatives.
• The next venture I would like to pursue is taking my app internationally and also expanding it to big high schools in the United States' biggest cities. There is a great opportunity to exposing my app to users at a younger age. Also, offering my app to users in other countries will only boost the publicity surrounding my app. It's also very easy to use and most countries are used to working with social media platforms already.
• In five years, I would like my app to be a household name in the Gainesville area and I would like to begin expanding the app to colleges and high schools throughout the United States. It would most likely take more time to expand internationally considering I would have to deal with international laws and regulations at that point. As an entrepreneur, I would like to be more aware of international business practices in ten years so that I am able to successfully launch my app internationally.