Assignment 29A - Venture Concept No. 2

OPPORTUNITY

1. Who? Students who are bored with their routinely-structured classrooms.
2. The nature? Lack of advanced technology within classrooms make class structures and therefore the material being taught to be mundane and less retainable to the modern student.
3. Forces, changes? Technological advances that have the potential to enhance classrooms are being made daily, yet aren't being used to their full advantage.
4. How a) geographically? b) demographically? a) This market is defined geographically by initially being tapped within the Alachua County region, then branching out to other 'college-towns' around the nation. b) This market is defined demographically by targeting students of fairly larger public universities.
5. Currently satisfying? How loyal? Currently, students are bringing in their own technology into classrooms as a substitute. They are usually very loyal to them, as most pay for them out-of-pocket and even decorate their respective products.
6. How big? This is a pretty big opportunity, as it could increase student engagement within classrooms and increase student performance. This could then result in a domino effect in increasing the ranking and credibility of the University of Florida.
7. How long? This "window of opportunity" will only be open until the implementation of advanced technology becomes the norm across the nation.

INNOVATION

• What? The technology brought into classrooms would enhance the learning experience of the consumers (students). Such technology would include VR headsets, use of Biometric technology, and much more.
• How? VR headsets would provide in-field interactions without the need of going out in the external environment. Biometrics measures the disposition of students within a given classroom and tailors the course to those deficiencies.
• How much? I am selling the key to the future. Gone are the days of staring at professors write sloppy notes on decaying chalkboards; now are the days of interactive learning that uses all aspects of a classroom and allows the student to physically feel themselves absorbing the material being taught. For this kind of pioneering venture, I would ask for around $10 million to implement it within classrooms across UF.

VENTURE CONCEPT

1. Solve, address? This innovation would address the boredom students face within their classrooms by engaging them within interactive and attractive technological tools.
2. Why buy? Customers will buy this product because they care about their education and will try out anything that would make the process of learning easier and fun.
3. Why switch? How hard? Consumers will switch because they no longer have to purchase their own technological complements for their courses. It may be hard at first, but once students realize how valuable it is to have this technology readily available to them everyday, they will make the switch.
4. Competitors? Weaknesses, vulnerabilities? Competitors include other universities across the nation. Their weaknesses are not enough funding going towards the enhancement of their classroom learning experiences, not-as-eager students, and not-as-willing faculty. Their vulnerabilities would be to not invest in this pioneering market venture.
5. Roles? Packaging, price points, distribution, customer support, the customer experience, and the business location all play the roles of being what ultimately sells the product the consumer. It defines my business concept in making sure that each component reflects the deficiencies met by each student within their classrooms.
6. How organized? Roles? I would organize my business into departments. Each department would have their own role and market focus. However, we would all have the mutual goal of implementing advanced technology within today's modern classrooms.

The most important resource for this particular venture would be the precise structuring of it to UF's classrooms. In having a Gator-specific composure, it would benefit Gators entirely and ensure that each consumer is aware that this product is produced with Gators in mind. The next opportunity for this current innovation would be a national expansion within public universities. A product extension could also be considered. In five years, I would like to have implemented this technology in at least 25 public universities. In ten years, I would like to have implemented it in 75-100 universities, with some being international. This first venture helps me achieve my vision by allowing me to create a foundation for the ultimate potential of this project. A change I would make is adapting the technology used to fit within each culture of the institution of implementation; because this could have international applications, it would be wise to implement the technology in ways that reflect our personal appreciation of the environment it is to be implemented within. For example, in technology-sensitive communities, the technology would not be implemented in a way that would be deemed inappropriate or invasive. Rather, I would make sure that the installation of this technology reflects an amicable and accepting culture between my firm and the community receiving the technology.