29A - Venture Concept #2

Opportunity

o   People with alcohol dependency would benefit from this service, but medical physicians would be potential customers. They would implement the product/service in their work. 

o   This is a service that could be implemented nation-wide, even globally if successful. 

o   Currently, some physicians might prescribe Disulfiram (medication given to alcoholic) but haven’t been extremely successful in the long-term. 

o   It is a pretty big opportunity because it could help people trying to get better. 

o   The window of opportunity will be open for a long time. Alcoholism is a large problem in the United States that has unfortunately been increasing over the years. Because of it, this service will be in need for a long time. 

Innovation 

o   Product: A software that would allow physicians to mark a person with alcohol decency’s ID. That way when their patient tries to buy alcohol the cashier can scan their ID and see if they have the marker

o   Service aspect: The marker would limit and place a fine on the alcohol they purchase. The software would protect the user’s information and keep everything private and possible employers would not be able to see it. 

o   Can be sold to medical institutions or government agencies. The average cost of software is around $50,000. Since this would be a simple application with limited features it would most likely cost $80,000.  

o   It would be inexpensive to those who really need it and could be used alongside other methods used to combat alcoholism. 

Venture Concept 

o   Medical Institutes/government agencies are probably likely to switch to this new product. However, might be somewhat difficult at first for people who have alcohol dependency to switch over. Some people are often in denial and refuse to get help. But for those in search for a way to get better would most likely switch to this product.

o   No major competitors, but these products/services can be used side-by-side:

·     Company that makes the medication Disulfiram

·     AA services 

·     Alcohol therapy/psychiatrists

o  Would not require packaging, but would require a technician to download the software. 

o  The product would require customer services to guarantee an assistant on how to work the program. 

o  The business location would be in large cities across the US where there are large medical institutions. Washington D.C. would be an essential city because of all the government agencies located there. 

o  Price point: Software can be expensive but will be bought by a large institution. It is crucial that the product is inexpensive to the people with alcohol dependency so that way they are much more likely to use it. 

o  Employment: Require to employ people to make the software and distribute it. It would also require to have a customer support center and technicians that can help run the program smoothly. 

Minor Elements

o  My most important resource will be having connections to people who work in the medical field, specifically large hospitals or practices. 

o  In the future, after implementing the product/service, I would want to evaluate the results and from there work to keep improving it. 

o   I would like to come up with ways to finally combat alcoholism and other serious addictions. 

Reflection 

Since I received positive feedback on my first venture concept assignment, I didn’t make too many changes. They mentioned that I gave great insight into each section and that the product was innovative. I made sure to try to give as many details as I could the first time around. On my “What’s Next” I hadn’t received feedback, but by reading other people’s plans, I realized we all had pretty similar plans for what’s next.