· What I think is next:
o I think that the next step in my venture would be creating a platform where my product can be further utilized in a more effective manner. Since my product utilizes technological capabilities that allow authorities/emergency contacts to be alerted with your live location in times of emergency, I think a smart continuation in the venture would be to create an application that allows the consumers to be more engaged with the product. Having the application and running it similarly to “Find My Friends” will allow for more widespread coverage that can offer additional insurance in cases where the “panic” button is not utilized.
· Existing Market Interviews:
o The 1st interviewee that I selected is a 2nd year female student here at the University of Florida. When I presented her with my product concept, she seemed very interested and intrigued about the idea. She gave me some suggestions on how I could design the accessory aspect of my product so that consumers are more attracted to the product and more likely to actually utilize and wear it. Other than some suggestions on how to improve the designs/variations of the accessories, she thinks that I am on the right track in developing a product to combat a very serious issue.
o The 2nd interviewee that I selected is a 4th year female student here at the University of Florida. I asked her about my product concept and as to what I can improve with the idea. She stated that having the product connected to an application would definitely add some credibility/legitimacy to the product and give consumer’s piece of mind that this product will work. I had thought about potentially adding an application so that consumers could directly interact with the product and it would be an interesting way to differentiate from other personal safety devices such as the LifeAlert.
o The 3rd interviewee that I selected is a 2nd year female student here at the University of Florida. She mentioned that with the accessory/microchip versions of my product that I should consider adding a microphone/audio recording piece to the product as well. This could allow victims to directly speak and be heard through the product, giving authorities/emergency contacts a better understanding of the situation. Having an audio recording piece within the device can also help capture evidence against criminals discreetly and allow authorities to know exactly who is responsible for the crime.
· Reflection:
o After conducting these three interviews, I think I have learned a lot about how I can continue to improve my product and advance my venture. Talking to consumers provides me with feedback that I can utilize to improve my overall idea. The 2nd interviewee’s suggestion to create an application to interact with the product is smart in boosting consumer interaction with the product. I think that if consumers are able to see the product work right in front of their face and know that they have an application that works side-by-side with the product will give them more assurance and peace-of-mind. I also am very excited about the 3rd interviewee’s suggestion about adding a microphone/audio recording feature to the product. I hadn’t really thought about how useful this could be in serving as evidence in these crimes and helping put away these criminals. Since sexual assault cases can sometimes be seen as “she said, he said”, the audio recording feature could be a significant tool in deciding these cases and making sure that victims stay safe. I think that is probably the most insightful piece of feedback I have received since it goes past crime prevention and revolves around serving justice once the crime has occurred.
· New Market:
o Instead of targeting B2C, I think a new market that I can target is B2B. I think that I can go directly to clothing manufacturers and offer them the opportunity to possess “smart clothing”. “Smart clothing” is already becoming more popular and I think that by adding the technological capabilities of my product and offering it to these clothing manufacturers, they can utilize that and market their product as clothing that keeps you safe. Clothing brands will be more receptive to the idea as a way to stand out even more against competitors, which I think provides a lucrative and exclusive opportunity in targeting B2B.
· New Market Interviews:
o The 1st interviewee that I selected is my friend from high school that has started his own personal clothing brand. I presented him with my product concept and the goal of my product, explaining how it can be utilized with what he is offering. He stated that it was definitely a smart idea and that the microchip version of my product is something that he would be interested in since it can be hidden within clothing easily. He also mentioned how targeting B2B will work much more effectively for smaller brands looking to gain an edge on other competitors and make themselves stand out.
o The 2nd interviewee that I selected owns his own online business creating and reselling custom accessories and sneakers. He was also excited about the technological capabilities of my product and can see how they can be paired with what he is offering consumers. He suggested licensing the product to major clothing/accessory brands as that would save me a lot of money in manufacturing the nonessential parts of the product and focus solely on the microchips that make the technological aspects of the product possible.
· Reflection:
o What surprised me the most was how receptive businesses were in collaborating and utilizing my product. I think I just underestimated how businesses would use this to distinguish their brand among the multitudes of clothing manufacturers. I think that the B2C target strategy is a little more attractive because of how big the market is and because I am more confident that I have identified the people facing the need for my product. However, I do think B2B offers more growth opportunity long-term since I wouldn’t have to manufacture the accessory aspect of my product and could focus on simply developing the technological aspect of my concept, which would decrease costs and increase my overall margin.
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