24A

Opportunity

The opportunity for my business idea is one of the strengths of my product since it deals with a universal need. Anyone who owns a cellphone has faced the issue of having their phone dying due to low battery, which makes everyone who has a phone a potential customer. The nature of the need is that people want convenience and fewer problems in their life. The environment and society is becoming more technology-oriented which is creating a huge opportunity for my business idea. New phones and technology are getting released every day. However, there has not been a phone with a self-regenerating battery yet. The product is innovative enough where people will show interest but not overwhelmingly innovative where people would be intimidated by it. The market for this product ranges widely but is probably more attractive to younger people who are more used to adapting to new technology. However, since this is not a new technology that requires a lot of learning, it could also appeal to the older generation. Currently, customers are satisfying this need by having to physically plug the phone into a charger all the time or carrying around a portable charger. They are loyal to them having chargers around because they have not experienced not having to charge a phone yet. They think that having to carry around a charger is necessary and therefore sacrifice their convenience for that. I believe this opportunity is huge and will last as long as companies produce phones that require physical chargers for their products.

Innovation

  My business idea is a phone with a self-regenerating battery. I first got this idea when I was replacing my car battery. I realized that a car battery only had to be replaced once every two years because it generates energy by driving the car. Since a majority of the people in this society are on their phones all the time, and if the energy for the battery is generated through using the phone, batteries would not die and people would not have to worry about their phones dying anymore. Just like a car battery, as you turn on the phone, the battery will also be activated. Then every time you tap on the screen, it will generate energy and increase battery life. Since people are constantly on social media and texting, having a fully charged phone every time would not be hard. You would have to buy a new battery every two or three years for the price of about 100 dollars. However, this should not be a problem because most people get new phones after their two-year phone contract is over. I will mostly market big companies such as Samsung or Apple and try to build a business partnership with them. I will earn a copyright license for the technology and release the technology for a multimillion deal for one of the major companies.

Venture Concept.

My innovation will solve the problem of people having their phones die due to the low battery because they forgot to charge their phones or forgot to bring a charger. Customers will buy my innovation because a cell phone is such a crucial part of most people’s daily lives now. From texting to having calendars, a cell phone is crucial on a personal and professional level. This is why people would buy my new product. Another strength of my innovation is that the transition process from a regular phone to my product is smooth. There is nothing you would have to learn or adapt to my product. My competition would be the regular phones that do not have the feature of self-regenerating batteries. If my innovation costs too much to produce which will lead to high prices, people might stick to the relatively cheaper phones and disregard my innovation. This is why my innovation must be reasonably priced and advertised enough. There would need to be multiple employees that are able to design and manufacture the technology.

1.     My most important resource would be that I am Korean-American. I was born in Korea and lived there for 9 years and also lived in the US the rest. This means that I am comfortable in both cultures which increases my market globally. Sometimes companies need to hire translators and different representatives of different countries. However, I would not have to spend extra expenses and spend them on developing technology. Not having to spend extra expenses would be a significant strength for me.

2.     The best way to successfully market my innovation is to make it part of the lifestyle of my customers. Products that defined our society and had success in marketing such an iPhone or Airpods were because more people incorporated those products in their lifestyle. If people start to get used to not having phone chargers around or not having to charge their phones, my innovation will become very successful. The transition from regular phones to my product would be smooth and positive since there aren’t any new skills or ways that customers would have to learn.

3.     In five years, I want to be partnered with major companies such as Apple or Samsung as their only supplier for self-regenerating batteries. I would like to have my technology copyrighted and really grow the company with the funds from that. Eventually, I want my company to grow and start entering other fields than batteries. I would also like to start a new brand of phones which incorporates my innovation for a lower price than other competitors. My first venture will help me accomplish my ultimate vision because it will act as a gateway for me to enter the already competitive market.