Week 12- Venture Concept No. 1

Venture Concept:

Opportunity:

I first came up with my “Snack Pack” idea when I had to come home early one day from swim practice simply because I was hungry. The problem I am aiming to solve is mid workout hunger. Often time’s people will become hungry during an intense workout, and this hunger leads them to suffer and for their workout to suffer. When an athlete is hungry they cannot perform at the same level as when they are not hungry and satisfied. I want swimmers to be able to fuel up during a workout so they can keep pushing through and reach their goals faster than they would have before. The good part about my product is there is nothing like it, so no one has it, yet there is always a need. The closest thing to my product is a Ziploc bag, but there are chances of your snack getting lost or dirty or broken. Another good thing about my product is that just about any athlete that trains for long periods of time would benefit from a snack.

Innovation:

I have created a product called the “Snack Pack”. The Snack Pack is a small reseal able pouch that is waterproof that holds a small snack. The snack is intended to be eaten mid-way or after a workout. The pouch is easily attached to a water bottle, bike, or bag and can be easily accessed during the workout. I will be selling the actual packs themselves, the water bottles, and other various mounts. I intend to sell the Snack Pack for about $10 with the water bottle-Snack Pack combination for about $15. All other mounts I expect to be about an extra $5.

Venture Concept:

Right now, the only thing close to my Snack Pack is a Ziploc bag. Ziplocs can be easily lost and/or broken, that is why people will buy my Snack Pack. My product attaches to a water bottle or bike and is therefore easily identified. It will also be made of extremely durable waterproof plastic, so it will not break. The biggest designing factors of my business are the production areas, packaging, and shipping. My product will most likely be sold on websites like Amazon, with no physical stores. I will have to find some place to produce, package, and ship my products out of. I will then need to set a price based on the cost of making my product. I would start off very small, with only a few employees, then I would grow as demand grew. I would employ people in every segment of the production process and I would also hire people to work customer service so I can make sure people are happy with their purchases.

3 minor elements:

·         My most important resources right now is my human capital and my networking. I have lots of experience so I can relate to my customers really well. I also have a lot of connections in the athletic industry such as swim teams, varsity teams, and club teams. I will use both of these resources to market and sell my product.

·         The next thing I want to tackle with my product is the problem of snacks not being warm or cold when you get to them. If my Snack Pack is successful I want to add a feature that keeps warm food, warm, and cold food, cold. It would be like a lunch pack, but on a smaller scale. It allows the athlete to pack fresh or frozen food in their Snack Pack without the worry of it going rotten during the day.

·         In five years I hope to have my business up and running and I hope to have a pretty solid customer base. If I could be in a position where I have a small area for production and I am selling my product to most of the athletes at UF, I will be satisfied. After that, I can take things to a bigger scale.