Venture Concept No. 2

Samantha Twohig
ENT3003
Venture Concept No. 2
4/19/20

Opportunity: Social media platforms are the leading thing in society at the moment, and they will just become even more popular as technology continues to enhance. With that being said, the ongoing issue of data privacy violation will only get worse. Unless we step in and change this; and that it was I am going to do. This is a big opportunity because so many people experience this when making accounts for these platforms and it is not okay. No one's privacy should be violated. With technology continuing to advance, new social media applications surface which means that I believe this opportunity will last for awhile.

Innovation: I am designing a product that will reduce this issue. When making accounts on the social media platforms, they require you to input a lot of personal information that is seemingly unnecessary. With that being said, what I am going to do is create a set of required personal information, but less than already required, that are in fact necessary in order to actually get the accounts started. Then I will market my product and explain all the benefits it will have on the platform’s business as well as the customers that use it. 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. Once I have the social media businesses on board I will implement it into their platform so that this will be the new way to make an account.

Venture Concept: My product will make it not only easier to make an account but also safer. Implementing this will also make people feel safer when giving these social media platforms their personal information. Social media platforms will want to buy my product because it will make their customers want to use their product more. If consumers do not feel safe they will not make accounts with these social media apps. I do not think it will be hard to switch either, not only because it is in the best interest of their audience but also because with all the new technology, it will not be hard to implement. Additionally, packaging really does not have a big effect 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.

The Three Minor Elements:

1. My unfair advantage will be my hard work and determination. I strive to overcome all obstacles or any mistakes that might stand in my way and I will bring that with me into this business and into the real life business world overall. This quality will help me succeed as many obstacles may stand in my way in this industry as it is constantly changing.
2. After I sell and implement my product into one platform, I am hopeful that we will see great results. With that being said, I will strive to implement my product into all social media platforms so that they all will adopt this change.
3. In five years, I hope to have helped both the social media platforms with their businesses as well as the consumers in feeling safer when plugging in their information. This venture has given me the perspective of an entrepreneur and has taught me skills that I will be able to take with me in future endeavors.

Feedback: I got very good and positive feedback from my last venture concept. I realized from my feedback that my product is very much needed and will make many people feel safer. Additionally, due to my feedback and the interest already in my product after the previous one, there was not much I changed going into this one.