Venture Concept No. 2

Introduction

Just wanted to give you a quick idea of what my product is before I tell you why I have the opportunities I have and why it’s innovative. Basically, I want to build off the idea of the steering wheel quick release you see in race cars and incorporate it into cars right off the factory lot. I believe this idea will help promote less vehicle thefts in the country and even around the world.

                                

The pictures above are of the aftermarket steering wheel quick release, where I would be using a similar idea and building my product around that idea.

Opportunity

An opportunity is a group of customers with unmet or under-met needs. I believe my customers that have this unmet need or under-met need are basically anyone with a new vehicle and a used vehicle as far back as 5 years. The customers have this need because there is an exceptionally high number of car thefts a year. I think the force in our environment that creates this opportunity is the economy. Some people have to resort to these types of behaviors, so they can make money by stripping cars. The market opportunity is really for anyone who wishes to buy my product. Speaking geographically, my market would have to be mainly in California, because seven of the top 10 cities with the highest rate of vehicle theft in 2014 were in California, according to the National Insurance Crime Bureau. The only way the customers are satisfying the need they have at the moment is really only through anti-theft alarms and some use tracking devices, but it doesn’t keep your car from being drivable. There is also the aftermarket route, but this route gets rid of the factory air bag, which creates a definite safety issue. I believe this opportunity came be very big if it’s pitched and marketed right, because there is a very large market of new car buyers that are not going anywhere.

Innovation

An innovation is defined as a new or creative service, product, or process that addresses the customer’s needs. I believe my product will be innovative because a motor vehicle is stolen in the United States every 46 seconds, and no one has thought of putting my idea in a vehicle right off the factory lot. As you saw above in the pictures, my idea revolves around an aftermarket steering wheel quick release. What I plan to do is design my own quick release to avoid any issues and work with different car manufactures to build their factory steering wheel around my product. As I said earlier, if you buy an aftermarket steering wheel quick release the only option you have is an aftermarket steering wheel that loses the airbag. So, working with the car manufactures to build a product that retains the airbag and all the safety features, could lead to a very innovative product with a lot of opportunities. Also, the steering wheel you get with the car is the only one that will work for your car. All of this will lead to me making money, but at the moment I’m not sure how I will charge the car manufactures as I will be working with each one them to build my idea around their factory steering wheel. My product would most likely be an option like a special feature where every car sold with my product, I will receive a certain percentage of the amount extra for the added feature of the car.

Venture Concept

A venture concept is defined as the application of a specific innovation to address a specific opportunity. So, with the application of my innovative idea to put a factory steering wheel quick release into cars right off the lot, will definitely reduce the amount of car thefts throughout the country and eventually the world. It will reduce the amount of car thefts, because if a car thief decides to walk up to your car in the middle of the night while your sleeping and sees that your car doesn’t have a steering wheel, it will most likely deter the thief. I think customers will want to buy my product because there is no other product like it at the moment that comes as a factory option from the dealer and since there is no other product like it, I will not have too much to worry about when it comes to bringing customers over to my product. Although, I do have a little competition when it comes to the aftermarket steering wheel and quick release, but like I said there are no options out there that retain the airbag. As a business, I would locate my offices in high theft areas where manufacturers will be interested in my product and possibly work with me to create other anti-theft products for their vehicles.

Three Minor Elements

·       I believe my most important resource is my ability to create great customer service. There are so many bad and negative reviews about businesses out there, but it’s because of their customer service and not the product itself.

·       For my next venture, I would create another theft deterrent that a car manufacture could incorporate into their vehicles. The idea would consist of posts like a jack that lift the car when you park and lock in place to keep your car from being movable. These post will extend and retract into the frame of the car with a hydraulic system.

·       Hopefully in five years, I would successfully get my product in the market and creating a profit to help research new ideas. As an entrepreneur, in the next decade I would like to have my next venture be a success as well, to create an ultimate car theft deterrent. But it all rides on how successful I am with my first venture, to determine if my visions can come to light.

Feedback

Based off the feedback that I received from my fellow classmates, it did not lead me to changing much on my concept. The feedback I did get, had to do with the fact that customers that use my product will not want to carry the steering wheel around with them wherever they go. I believe this is more of a personal preference and if you want that extra blanket of security, this will be a product to invest in. Most thefts of vehicles happen in residential areas where people get too comfortable or on side streets out side of their home. So, even if you don't want to carry it with you into the store, just having it available to take inside with you when you get home, even if it means taking an extra trip, could definitely benefit you.

- William Garlock