Venture Concept 24A

Assignment 24A:

Opportunity:

A daily struggle that people around the world have is finding a parking space in rather crowded areas. Here at Smart Park you are able to know where an open parking space might be and if its legal to park in that space. Customers will no longer be strolling around looking for a parking space. In addition, smart park will eventually be installed in most modern vehicles as well as scooters! My target audience would be those who live in overpopulated areas, college campuses, and businesses with limited space. The reason I came up with this idea in the first place was because I noticed the lack of parking and constantly heard complaints about students on UF’s campus not knowing where they should park. One thing that every customer will have in common is the unmet need of quality parking for their car or scooter.

-       The forces in this environment that create this opportunity are my customers as well as their surroundings. College campuses and living on one helped me quickly realize the opportunity at hand and really brought together the overall plan for this unmet need.

-       This market is defined based upon college campuses as well as rural cities that have limited or seem to have limited parking space.

-       Currently, customers are satisfying this need by finding parking spaces on their own which takes longer and can sometimes be stressful. Being that this is the only method of parking, customers are loyal to this current method.

-       This opportunity would be huge to implement into society as it would help people move swiftly onto their destination.

-       No one yet has created this version of a navigation app, but I am sure someone else out there is also closing in on making this come to life.

Innovation:

Smart Park is a newly activated navigation device that has the option to bring users directly to a legal parking space instead in front of the destination. As you would with any other navigation device, simply put the address to where you would like to go, and Smart Park will show you how to get there AND will bring you directly to the easiest parking spot available. Never worry again about being in a crowded lot looking for a spot. With Smart Park you will be given various open spots to choose from and then once chosen, the spot will be taken off the map so other users do not drive to the same area. This app will also let you know about hazards, faster routes, police detections, etc. on the way to your destination. The app can be installed at a low cost of $10 per month and can be eligible for your first two months totally free! In addition, Smart park will also be able to be installed in newer vehicles to make the hands-free process easier.

Venture Concept:

-       I believe that customers will switch to this product because of its low cost as well as other small features involved. For those who purchase new vehicles, an easy installation package will help them more than likely to switch over.

-       My competitors are those who already have well known navigation apps like Apple Maps, Google maps, and Waze.

-       A 24/7 customer service hotline will always be available, and this can be found on our website as well as on the app itself. A technological information guide will also be helpful for common mistakes the product or the operator may come into.

-       As of now this business will not need a flurry of employees besides those on the hotline, building the product and maintenance on the product.

Three minor elements:

-       My secret sauce will be coming out with this type of navigation system before everyone else. No other navigation app or installation kit has the ability to tell you an exact open parking space.

-       Next, I want to make this involved with scooters, motorcycles, and also expand this to other countries.

-       In the next 5 to 10 years I hope on being the role model for all navigation systems. While current ones today share the same qualities but different displays, I would rather be known for different qualities that everyone is trying to combat.