Venture Concept No. 1

The potential customers for my product are those that tend to lose their phone, keys, wallet, or other household items like the tv remote or even your dog or cat. This is a very large demographic of people which means that the opportunity is very big. The need is always there which means your window of opportunity will keep growing. The demographic ranges from college and high school students as well as parents or other adults.

The innovation I have is a product that helps you find any of your lost items. The innovation starts as a small tag with a button that goes on your key ring. Once you purchase this, you download the corresponding app on your phone that allows you to find either you phone or keys if you have one or the other. So, if you lose your phone and you have your keys, you push the button on our key chain and it makes your phone start to beep loudly until you find it. If you lose your keys however, you can use the app to either make it beep loudly, or you can use the locating service that shows you the exact location of your lost item. The next part of the innovation is he small dots that you can also purchase and place on other items you may lose. You put their serial number into the app and it allows you to also locate the item with the map. These dots can be placed on items like your wallet, tv remote, or even the tags of your pets. We would make money on this product by first having the customers purchase the key chain finder and then the dots as secondary products. The key rings will cost more, this being $30. The secondary products, the dots, cost about $10 each.

This innovation will solve the problem of losing important objects that you need. It will make finding your lost items easier when you're in a hurry. People will want to buy this product because it will make their lives easier in case they lose things or their children like to hide things. The other thing is pets can run away or be somewhere in the house or yard you don't know about, by putting the dot on their collar, you can track and find them easily. This can make it easier than putting a chip in the animal and not being able to track them from your phone. We do have competitors but they do not have the dots like our company would have. This makes it more likely for people to switch to our product because they leave more options for usage. The only strength that they have is that they have been around longer so they do not have to build up their customer base.

My most important resource would be my determination and creativity. This makes it easier for me to come up with new ideas and designs and follow through with them. To continue with my services, I will plan on finding a way to make the app work through an account on the internet so that you can find things without the app on your phone in case you lose your phone, keys, and wallet on a night out. In five years, I would like to be successful with this product and making a profit. As an entrepreneur, in ten years, I would like to be coming up with more venture ideas and following through with them.