Venture Concept No. 2

Part 1: Venture Concept Description
Opportunity

• The potential customers are essentially anyone who eats at a restaurant or visits a retail store.
• The nature of the need is customers are currently not getting the type of technological experience that they desire when visiting restaurants or retail stores. Technology is increasingly being integrated in our everyday lives and this is increasing the desire for people to use technology wherever they go.
• There aren't any environmental changes effecting the need for my product.
• The market is defined geographically as the entire US, but starting more in bigger, urbanized cities.
• The market is defined demographically as basically anyone who is old enough to buy food or products themselves and operate basic technology effectively. 
• The opportunity is huge and has continued to grow since expanding my product from solely restaurants to also incorporate retail stores.
• The "window of opportunity" is definitely prime right now and will continue to decrease slowly as more competitors enter this field, which is why I need to act on this as soon as possible.

Innovation

• The innovation of the product has stayed the same for the most part, however, it has changed in regards to the expansion of the product from solely restaurants to also being incorporated into retail stores. The price that people will pay will cover the price of designing the system for that particular business as well as the implementation and customer service. This price varies per business depending on how many employees, restaurants there are.

Venture Concept

• The opportunity presented from the implementation of my product includes lowering wait times and increasing rewards for customers.
• Customers will not exactly have a choice to "switch" to this product, because the business will ultimately decide whether or not to utilize this service/product
• The competitors for this product will be any other company that uses touch screen interfaces in restaurants or stores, however, my product will have a competitive advantage because it will be consistent among all platforms.
• Customer support will be a huge advantage to using our product/service because we pride ourselves on having the best customer care and ensuring that the businesses and customers are fully satisfied.
• My "business" to promote customer satisfaction will originally consist of a team of about 25 people who will travel to the businesses who implement our product and ensure that there are no glitches and that everything is working properly. From there on, the number will increase as necessary.

3 Minor Elements

1.  Our most valuable resources will be our employees and their knowledge consistently being up to date.
2. The next step for our venture is to expand into more restaurants within the US and even outside of the US depending upon our level of success.
3. What's next for me? I will hopefully be still working with NoWait and helping it to continually grow and be successful.

Part 2: Feedback Summary

Most of the feedback that I received consisted of concerns for how I will differentiate myself among competitors. People also seemed to be very concerned how my product will effect available jobs for humans.
Overall, however, I received mostly positive feedback and people seemed to mostly agree that they would find my product helpful and would use it.
People said that if they could change anything about my product they would include more options to leave feedback and to expand on the mobile application that coincides with my product.


Part 3: Impact of Feedback

Due to the feedback I received, I began to emphasize more and more how my product will not decrease jobs, it will only increase efficiency. This helped people not to be as concerned about this. I also decided to talk more about the mobile app that I plan to make as a compliment to my product. I addressed in multiple assignments what my intent for the app was and how it would enhance my product overall.