Week 15 Venture Concept No. 2

My venture concept description:

Product: temperature-regulating cell phone cases

1. Opportunity
-The forces in the environment creating the opportunity are very hot and very cold climates
-Geographically, the market is defined as those living or who frequent southern or more temperate climates in the United States like Florida, Georgia, Texas, and Southern California.
-Demographically, the market is defined as teenagers and adults.
-Currently, when people receive the "error" message on their phone when their device becomes overheated, most people have to put their phone in a cool place for a few minutes to be able to use it again.  Those at the beach try to avoid the issue by putting their phones under a towel.  Similarly in cold climates, when people's phones shut off due to extreme coldness, they have to put it in a warm environment like a bag or step inside a warm building for a few minutes.
-The opportunity is very big.  Many people experience overheating or freezing of their phones while outside.
-The window of opportunity will probably be open for a little while longer.  I haven't seen anything similar on the market yet.

2. Innovation
- I am selling temperature-regulating cell phone cases for Android and Iphone users.  The case lets customers use their phones outdoors in extreme temperatures (hot and cold) and blocks the heat or cold from entering the phone. The phone case will be competitive with other popular brands such as LifeProof and will be waterproof as well.  I hope to capture LifeProof's market share and offer a unique product that meets an unmet need as well.  LifeProof phone cases sell for around $80-$90 so my price would be around this number.  I would probably sell them for just under $100 since my case offers other features.

3. Venture Concept
-Customers would switch to this product so they could use there phones outside in summer and winter no problem.  With proper marketing, it will not be hard to get customers to switch from their LifeProof or other phone case.
-My main competitor as mentioned before is LifeProof, but their weakness is that they don't offer my temperature-regulating feature.
-Packaging and price points are definitely key in defining my business concept.  The packaging has to be eye-catching in order for people to notice my products on shelves.  My product needs to be advertised well all around.  My price point should also be right around the price of LifeProof; however, I would want to price my case a bit higher because of the additional features offered.
-For my venture, I would want to sell my product in stores like Best Buy and Apple Inc.  I would need a production crew and a team of planners.

I think the name of my product "TempTec" will stand out and will capture a large audience.  I think with a solid brand name and by capturing a lot of people at the get go, this could be my secret sauce that would make it hard for future competitors to reach my success.

The next thing I could add to my venture would be creating temperature-regulating cases for Ipads and tablets.

In five years, I will have probably sold the rights to my product.  Though I am passionate about it now, I do not see myself sticking with it long term, as I have other passions as well and I am constantly creating and starting new things.

I wasn't able to submit my previous venture concept, so I do not have any feedback to share.  However, I feel like with all of the elevator pitches, interviews, idea napkin write ups, and experiences I gained from this class, I was able to create a great venture concept that I can use as inspiration to actually start this business.