29A - Venture Concept No. 2

SO CIAL

Opportunity

• Newly college students come to college and realize that it is difficult to make friends due to the fact that they moved from their region to a more diversified region filled with many other students. They would be able to get to know each other through social media, but it is really hard if they do not have the foundation
• The main forces consist of
• Clubs are not recruiting hard enough for the students, especially when their social media is outdated.
• People are hesitant with adding strangers on social media because they are not sure if they can interact with them properly. 
• Applications are not only for the college student located on campus, it is more of a mixture for everyone
• Market Defined As
• A segment where students want to get to know each other, but are not sure how to get involved.
• University of Florida college students and the Alumni (so far only one college)
• Customers Currently Satisfying Need
• They are trying to join social media applications to get to know the organization and people. They are flyered through certain areas on campus which is how they get involved.
• Opportunity
• Opportunity is really huge in the sense that college students are really trying to get to know each other and get involved. They want the connection and college experience.
• Window of Opportunity
• This Window will always be opened until an application comes out where college students are able to interact with each other safely.
• Innovation
• Students would sign in and authenticate themselves with their Gator ID. This application would organize their life in terms of social, academic, and professional life. This application would allow students to go to organization chats and pages and see the updates. It would also allow them to interact with other students.
• We would be making money through the students. I think a form of advertisement fee would be needed unless the college can give the money to keep the application running. It would be a huge dependent on our interact with the college.
• It could be based on a subscription for students like how Zoom has for the colleges.
• Venture Concept
• The innovation would connect people together. It would bring them together in a more dated fashion due to the fact that technology is coming into the trend of interaction. It would prevent awkward interaction and allow us to grow stronger as a university nation.
• People would switch to this new product  when social media are not able to satisfy their needs. Due to the fact that people have multiple social medias, they tend to ignore certain ones which causes some pages to be outdated and not reach the target audience that they would like.
• The competitors are nothing too big except for the big ones established. However, it is not that much since they do not reach the college audience as much and focus on a huger demographic. 
• Geographic location and customer support are the two key essential part of our business concept. If we did not have that, we would not have a business at all. Our business wants to grow with the college students and help them discover themselves as well as grow.
• I would organize the business by getting students at the college to help out as they would know what is best for it compared to other people. We would establish a sponsorship with the university, and the employees would be a small group of people. 
• Most Important Resource: We are catering towards the college students that we go to school for. We have previous experience compared to an application that draws forth from other colleges. Not all colleges are the same, and if we are able to change how we view the application in terms of the university it supports, it would tremendously do well!
• What's Next for Vneture: I would like to expand the application to more than just the school that we are targeting. I think it would also be cool if we tackle some businesses and see how we can customize our application to business culture. 
• What's Next for Me?: I would like to grow this business for a few years, and then pass it down due to the ever changing culture of technology and social media. I would like to use that money to further create another experience and grow out my business independently. 

strongerfamilies.com - Noel Meador

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1. I did not receive any feedback from the assignment except for What's Next. The person who responded to it liked the idea, as it involves social capital and communication. 
2. Since I did not receive any feedback, I adjusted my whole experience by rereading my previous post and explaining certain points again. I feel like I was able to connect more with my entrepreneurship by self-reflection, and I was able to reassure myself that certain points are correct.