29a

Andrew Lanza

ENT3003

Prof. Pryor

12/6/17

Venture Concept No.2

For my entrepreneurial studies this semester, I have formulated a hypothetical business that sells car cupholders. These aren't just any cupholders though. These cupholders are designed to meet the needs of a market that was yet to be touched by a major retailer. My product was inspired through the opportunity of the need for a secure way to transport beverages of all sizes in one’s car cupholder. The opportunity, from my perspective, is just as much the unmet need as it is the customer. Through this opportunity, I found the chance for innovation. Enter the Secure Carry Cupholder. This innovation is the answer to the question. The point of innovation is to fill an unmet need, which is exactly what my product does. The reason I pursued creating the Secure Carry Cupholder is because I saw the opportunity, and I empathized with the target market, as I myself have desired a product like this for some time now.

            My idea for the Secure Carry Cupholder actually stemmed originally from my need for a product that prevented my tumbler from tipping, falling, and, as always, spilling while I drove. Interestingly enough, in this case, I was the opportunity an entrepreneur would be looking for. Ironically enough, the opportunity became the entrepreneur. To be considered a member of the target market (opportunity) in terms of people besides myself, one would have to commute by car daily, or be in the car very frequently. Although this isn’t 100% necessary to be someone who would use this product, so to speak, it would be the user I would find most likely to find this product beneficial. The need these people have is to stop spilling their coffee on themselves on the way to work, or any drink, in any cup-type container, on the way to anywhere in their car. Most consumers are complacent with the way they currently transport beverages in the car: in three year old thermoses with chipped paint, cradled hastily between theilr legs, praying hot coffee doesn’t burn them or stain their freshly pressed slacks. The example I give exaggerates the current climate of cupholders in the United States, but I say it to highlight how desperate we are to get some drinks from place to place. Furthermore, it shows how difficult it is to ensure that these drinks stay upright and not spilled. For this reason, coupled with the sheer amount of commuters in the United States, I would venture to say that this opportunity is huge.

            The innovation this opportunity has brought to fruition is my creation, the Secure Carry Cupholder. This device is the answer to the opportunity, as it suits all your cupholder needs. Its base is cylindrical, and rubber coated, and designed to fit in any existing car cupholder (usually for smaller, thinner cups). It has a seven pound weight in it to ensure that no spilling can occur, as it is heaviest at the bottom of the weight. The base has extensions which exude from it, pushing up against the interior existing cupholder walls for additional balance. The part that holds the beverage folds open, and has adjustable rubber grips that can hold drinks as large as a 44oz big gulp. The plastic is very durable, so despite the weight of your drink and the speed of your turn, the cupholder stays still. Once you enter the car, place the Secure Carry Cupholder in the existing cupholder and deploy the balance grips. Then, press the red button on the exterior, which opens the adjustable cup grips. Once you’re done putting your drink in the grips, press the black button on the cupholder. This snaps the adjustable grips tight and into the locked position. To remove your drink for a quick sip during the drive, simply press the yellow button for a release, and then once again when you place it back. The grips will automatically readjust and lock. The product costs 18$ to make, and sells for 35$, making our margins almost 50% excluding distribution fees. With great margins and a unique product, the Secure Carry Cupholder is a practical product, both for a business to sell and a consumer to utilize.

            The Secure Carry Cupholder is a product I originally thought worth developing because I found the need for a product like this. The product I designed will fix the unresolved need of increased security for beverages in a moving vehicle. It will do this with the revolutionary technology it is equipped with, such as the Secure Carry Grips and Secure Carry Weight. When I looked deeper, not only did it seem like the product was in an unexplored market, but the market (commuters/drivers) is huge. People will want this product because it is heavy duty and it works. It’s well made with quality materials, and it’s affordable. Part of the reason why it’s so affordable is because our market is relatively untouched by other businesses (no competition), meaning we set the price for the product because it is ours and unique. The relationships we have with our suppliers and distributers has made for a business match made in heaven, keeping ours and their prices low, meaning the consumer gets it for the least amount of money possible. The company does most of its sales online, so an employee base would largely consist of product specialists (salespeople) who would market it to car stores (Advance Auto Parts, etc.), computer technicians, who would keep our online marketplace running smoothly, and executives, like myself, who keep the operation together in all its scope.

            What makes the Secure Carry Cupholder so unique is the patented technology it uses that no other product has. Additionally, the relationships our company has with our partners has made our business difficult to copy in terms of success. Although the Secure Carry Cupholder is a durable, practical product, there is always room for improvement. That is why we will continue to improve the materials in our product, in addition to the product’s functionality (seamlessness of use). In five years, I would like to see my venture in every “As seen on TV” section in every store in the United States. This product has indelibly helped me further my entrepreneurial career, and will certainly provide me more than enough capital to pursue whatever other ventures I see fit going forward.

The feedback I received doing this assignment was minimal, but positive. I was told that my descriptiveness was very useful in envisioning the product, specifically because it was this sort of product (i.e. basic consumer good).  I missed 25a, “what’s next”, so I did not receive feedback for my (lack of) work on that. My venture concept is mostly all the same, with just the exception of the quality of products used, which should only affect the cost to make a Secure Carry Cupholder. This however, will not cause a rise in the price for the consumer.