Venture Concept No. 1


OPPORTUNITY
  •  The opportunity I have identified is the need for a small business/start-up incubator in Volusia County. The potential customers, or who has the need, would be young entrepreneurs who have their own idea or opportunity but do not know where to start. The nature of the need is a low-cost space to work that also includes access to resources that a small-business or start-up needs. The forces creating this opportunity are what seems to be a cultural upswing and idealization of entrepreneurship. It seems like no one wants "to work for someone else" and many people I have talked to while researching this venture concept have their own idea for a business.
  • The market would be geographically defined to include Volusia county. Surrounding metro areas already have access to at least one business incubator (Orlando, for example). The target demographic would be from 20 to 30 years old, often a recent college graduate.
  • Customers currently satisfy their need for a start-up workspace by working from home or places with public Wi-Fi. If they need to connect with a professional to get something done, then they must seek that person out and form a relationship on their own. I don't think they are loyal to this method of getting their business going since it's difficult to do something like starting a business alone. I believe that many young entrepreneurs would welcome the chance to have workspace and a support staff.
  • I think this opportunity is very big and has a high chance of being successful if approached the right way.
INNOVATION
  • I am offering an inclusive incubator service for start-ups in Volusia County. It will consist of a furnished workspace (300 sq ft), WiFi, utilities, 3D printer access, and a support system of professionals that offer their services to entrepreneurs at a reduced cost. I researched several different business incubators and found that the costs vary greatly. I would charge $12/square foot/year for space. Fees for using 3D printer would be based on what the client wants to print. The fees for additional consultation services will be at the discretion of the professional partners.
VENTURE CONCEPT
  • Customers will switch to my product because my target customer doesn't currently have a substitute for what I am offering. There is no access to an incubator like this for start-ups (outside of tech) in Volusia county.
  • There are not any competitors. There is only one incubator in Volusia, and its services are only available to tech start-ups. That is a weakness because it is excluding many other kinds of kinds of start-ups that could be possible customers.
  • The customer experience is the core of my business incubator venture. I will be providing a package of services that my customers will need as well as creating an environment that is supportive and fostering. My price point is competitive (UCF's incubator rates range from $18-$28/sq. foot). Customer support is the focus of the incubator: accessibility, encouragement and variety. There is no physical "packaging" per se, but the incubator will be presented in an eco-friendly, progress-forward way. The location will be central (by the colleges on the main throughway in Daytona Beach)
  •     The organizational structure will initially consist of just myself and the professionals I recruit as resources for the incubator. I will physically open/close the incubator daily as well as handle all licensing, paperwork, regulations, etc. I will work with each professional on an individual basis to determine the rates they will charge the entrepreneurs for their services.
ADDITIONAL MINOR ELEMENTS
·       My most important resource is my personal experience with starting a small business/launching an entrepreneurial venture. My customers will need access to a workspace, resources, and an understanding and supportive figure at the incubator.
  • Once the incubator is established, I would like to work to create a networking group to supplement it. The incubator will already offer an established relationship with professionals, and discounted services to entrepreneurs. I would like to form a large networking group of all different entrepreneurs, business owners, and even government officials (it's about who you know!)
  • Five years after starting this venture, I would like to have a full staff, much larger location, and whole new crop of entrepreneurs. I would limit entrepreneurs to renting for five years. By that point, they should also be ready to move forward and expand their business.   

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