Venture Concept No. 2

I have not received any feedback on my venture concept, or on "What's next?" I have not received peer feedback from any students this semester. To complete this assignment, I will have to self-analyze and come up with some improvements. There's plenty of flaws within this venture concept, but I did feel that I was able to further develop my concept through this assignment. I've put my latest venture concept below with changes made in bold.

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 low-income, perhaps older residents of our area. 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 the number of adult education classes in the area, the number of low-income residents, and the median age in Volusia county.

• 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.

• If I were to change my target customer to an older demographic, I would say they don’t currently have their needs met at all. I imagine that many older adults interested in furthering their education might be interested in running their own business but currently have no resources.

• I think this opportunity is very big and has a high chance of being successful if approached the right way.

• 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.

• 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. I have since found there is one business that seems to be providing resources to low-income people trying to start a business, but the website does not have much information.

• 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.

• 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. I would eventually like to sell this incubator to a local university or the county as it could be seen as in investment in the community.

·  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.

Overall, the main thing I changed in my venture concept is who my target market is. Originally, when I thought of this concept, I was thinking of my target customer being someone like me: fairly young, college-student, ambitious, with a business idea. As I worked through more assignments it started to occur to me that there is a market with an even greater need for this type of business incubator services. The changes in my venture concept reflect the change in my target demographics.