Geolink is my innovation and it will serve a purposeful function to society by being a new emergency/safety wearable device that will save and connect people all over the world.
Wearable technology is the future of the accessory and clothing industry. Due to the fact that my innovation will be cost-effective, energy-efficient, and stylish; my innovation has the potential to be as ubiquitous on people's wrists as rubber bands, hair ties, and various types of wristwear that will be outdated in the near future.
My prospective competitors would most likely be FitBit and perhaps even LifeAlert. I aim to differentiate myself from my competitors by offering a more cost friendly device than FitBit and by being more stylish and mass appealing than LifeAlert.
I would like to organize an entire organization with various products and solutions to energy systems and pursue better interactions between humans and the Earth. It will be mass appealing to populations of people who are highly concerned and involved with the state of the planet.
Critical factors for aiding the success of my venture would definitely be related with packaging, price, branding, and location. My packaging should be just as eco-friendly as my company and I will aim to use recycled and low-waste packaging. My price should be globally feasible to various socioeconomic classes, I would like to have one extremely low cost design, and one that is a little more advanced. Branding should be stylish and popularly appealing. Lastly, my location should be in a position that has a strong population base that supports eco-friendly movements and where environmental disasters exist; so California, Washington, New York, and Colorado would be better locations to work in instead of Arkansas or New Jersey.
Feedback that I have received on my venture concept in prior projects have given me increased momentum and desire to pursue positive missions that benefit people on a global scale.
Alex, this is a very organized venture concept. Your idea is particularly interesting so it is interesting to see how it compares to fitbit and life alert. As these are serious competitors, I believe you truly have something valuable. Good luck.
ReplyDeleteHey Alex! I think you did a great job adjusting your venture concept according to the feedback you received. In identifying who your top competitors are, I think you can see what differentiates you from them and you can point out those qualities to your customers. It’s great that through this class we have been able to encourage and inspire one another to more momentum!
ReplyDeleteHey Alex! I enjoyed reading your venture concept, it was very well organized and it is clear that you understand what you want to do and have a plan. It is interesting how there are other products similar to this, such as fitbit. So you would be in a competitive market, but if you distinguish your product from the competition you will do well. I think this is a great product, best of luck with you business venture.
ReplyDeleteAlex, I think you efficiently incorporated feedback from your prior venture concept. Getting a clear understanding of your market and competitors is a priority for implementing a product. I am also appreciative of your kind words and thoughts regarding feedback. It can be difficult to incorporate feedback.
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