Venture Concept No. 1

Samantha Twohig
ENT3003
Venture Concept No. 1
4/9/20

Opportunity:
With social media platforms continuously growing, the problem of data privacy violation is also growing. With that being said, the changing environment of these platforms is what creates this opportunity and the individuals who use any form of social media are the people who have the need. These people are the potential customers for the product that I have created in order to increase the safety of people’s privacy within these platforms. Demographically this product will make users of social media apps including instagram, facebook, snapchat, etc., feel safer when they make their accounts. Geographically speaking, the location will not have much of an affect. Customers are very loyal to their social media accounts as it is now what most people rely on to communicate and keep in touch with friends and family. This is a big opportunity, therefore, the “window of opportunity” will be open for a very long time as the popularity of all social media platforms is still growing.

Innovation:
When making an account on these social media accounts, they require a lot of personal information; information that is not always necessary. I am creating a set of required information that will be implemented into all social media platforms. This set of information will require less personal information that will hopefully make people feel safer when they create these accounts. By setting one set of standard requirements that all social media apps will use, will not only increase security in the industry but will also increase the amount of individuals that use these platforms. I would like to create a partnership with these different apps, as well. I will sell my product for 50 dollars and will ask for 10-15 percent commission for a certain amount of times my product is used.

Venture:
My product will make creating on an account on these social media platforms easier and safer as well as making users feel safer when sharing certain information. All social media should buy and implement my product for many reasons, however, the most important one is in order to stay in business and to make sure that people are still using their services. If customers do not feel safe with a social media platform and are scared of data privacy violation, they will not want to continue using it. I do not think that it will be hard for them to switch to this set of required information becuase it what is best for their market audience and will all the new technology it will not be hard to implement. Packaging really does not have a big affect as it is technology, however, customer support could play a big role in customer experience and further affect the success of my product and the services provided by these social media platforms.


Three Minor Elements: 

1. My most important resource or my “unfair advantage” would be my confidence. In order to be successful in the business I have to be confident in my product and believe that my product will help not only the social media platforms in their industry but also the customers making these accounts feel safer.

2. After I sell and implement my product into one social media platform, I strive to implement it into all platforms. I believe that all apps should to adopt this upgrade in order to keep thier loyal customers.

3. In five years I want this venture to have helped as many people as possible feel safer and more aware of where their personal information is going. I want people to feel comfortable and not be scared to make accounts. This venture has allowed me to understand the perspective and steps of becoming an entrepreneur and I hope to use these skills to continue to create products and services that will benefit large populations worldwide.