Venture Concept No. 2

Summary of Feedback: Aubrey highlighted the organization of my venture concept and the characteristic that I identified as my critical advantage. Sydney highlighted the clarity with which I presented the Venture Concept, as well as the critical advantage. Grant highlighted that the passion I have for this venture came through in the Venture Concept. None of the feedback I received was negative, nor were any significant changes recommended.

Summary of Changes: Although all of the feedback was positive, I still used this praise to determine which features of my venture warranted the most emphasis. However, because no changes were suggested in the feedback, my Venture Concept No. 2 is very similar to the original version. I have made some slight modifications to add clarity in certain areas, and the revised version is produced below:

I. Opportunity

I believe that there exists a need for a wireless, Bluetooth-enabled headset designed to fit underneath a motorcycle helmet. This product would be designed to connect to a smartphone and deliver helpful audio inputs to the rider. These inputs would include navigation, music, communication, road hazard information, updates on weather conditions, etc.

Those who would benefit from this need include all motorcycle riders; however, there is a focus in this venture on the particular needs of young (ages 18-35) motorcyclists. Research via ENT3003 experience exercises has indicated that younger, more tech-savvy riders would most benefit from this product. Additional findings have further suggested that the needs of younger motorcyclists are likely to be different from those of older motorcyclists, and these specific needs can be addressed by the product put forward in this venture.

Currently, no single product exists to service this need in its entirety. Many motorcycle riders attempt to use a variety of non-specialized products, such as exercise/fitness headphones, Bluetooth earpieces, and even ordinary (i.e. with cord) headphones. Another significant concern is the likelihood of non-specialized headphones becoming dislodged during operation, endangering both the motorcyclist and other nearby motorists. These alternatives not only fail to address the full scope of the need, but also present self-evident safety concerns.

Additional opportunity considerations include the following: This market appears to be primarily domestic; further research is needed to determine if this need also exists internationally. This market may be concentrated in the Southern United States, as weather conditions allow for riding a motorcycle year-round. Experience exercises throughout ENT3003 have indicated that although Millennials (those born between approx. 1980 and 1998) are less likely to own a motorcycle than Generation X, those who do own one tend to ride much more frequently, with some even purchasing a motorcycle in place of a traditional commuter vehicle; however, the small sample sizes of these exercises may warrant additional research.

II. Innovation

This product will feature a minimalist design with around-the-ear “grips”, allowing the headset to stay in place when subjected to the forces present when operating a motorcycle (vibration, wind, etc.). Additionally, the product will employ Bluetooth technology, thereby rendering it cordless and allowing for hands-free use.

Accompanying this product will be a small device that mounts onto the handlebars of the motorcycle. This device will feature volume control buttons, as well as a mute button that will stop all audio when pressed, and the audio will remain muted until the button is pressed a second time. Although a variety of smartphone applications already exist to provide some of these functionalities (e.g. Spotify, Google Maps, etc.), I also envision the development of a companion application that will feature GPS navigation, traffic conditions, and weather updates within one interface.

This product will be sold in a package containing both the headset and control device. Although it is difficult to predict a selling price without having defined manufacturing costs, given that I will be operating in a niche market that provides no adequate substitutes, I expect that this product would sell through successfully at a price of approx. $55. The smartphone application will be a paid app, and I expect its price to fall within a range of $0.99 to $2.99. Further research will be conducted to determine if other pricing models may be more appropriate.

III. Venture Concept

This product addresses the aforementioned needs by creating a “personal assistant for motorcyclists.” Motorcycle riders tend to have a strong emotional connection to their motorcycle and the feelings prompted during a ride. As such, customers in this market tend to be much more willing to invest in a superior motorcycle riding experience and are therefore likely to purchase this product. Additionally, the lack of competitors currently offering a perfectly substitutable good will allow this venture to quickly gain a favorable competitive position in this market.

Findings from experience exercises have indicated that Millennials strongly prefer online ordering over traditional shopping. Given this, I expect that entry into online marketplaces such as Amazon will be critical for the success of this venture. However, the value that retail stores can provide in this market should not be discounted. Most motorcycle dealerships also operate a retail store where customers can purchase a wide variety of motorcycle gear, and these stores would be an ideal avenue through which to sell my product. It is worth noting that most motorcycle gear is bulky and demands substantial shelf space in retail stores, making this product’s comparatively small size a critical strength in retail sales.

IV: Additional Elements

1.     Critical Advantage: My critical advantage will be my intuitive understanding of the needs encountered by its customers. I am not only the entrepreneur behind this venture; I am also its prototypical customer.

2.     Next Steps for this Venture: A next step for this venture would be to capitalize on the rapid growth of technology and focus on ways in which new developments could be integrated into the motorcycle riding experience – in other words, a “lifestyle brand” for young motorcyclists. 

3.     Next Steps for Myself: In five to ten years, I hope to have done at least one of the following: 1) Grown this venture into a viable and profitable business, or 2) Learned from this venture in a way that will make my future ventures more likely to succeed.