Opportunity.
·
There is an opportunity with wait times for the
check at restaurants. The unmet need is that the wait for the check at the end
of the meal is too long. This is focused on all customers and servers at
restaurants. Servers sometimes do not know when the customer is finished or are
caught up with other customers.
·
This need has always existed but the changing
environment of people rushing around with busier and busier lifestyles, such as
for work, children, or activities, and it puts pressure on time. Now people don’t
want to waste time whenever possible.
·
The specific market for this opportunity is
Students at the University of Florida due to busy class schedules and other
extra curricular activities. However, this can be expanded to any university
town and also to anyone with a busy schedule.
·
Customers currently avoid certain restaurants as
they believe the wait time is too long. Some only go to places where they can
order and pay before getting the food. They
also go to certain restaurants where they know the wait time is quicker, such
as places with tablets at the end of the meal or kiosks on the table where you
can order and pay there. From my interviews, I have discovered that people like
these new methods but are not fully loyal to them as they also try and go the
easier route of not having to go to a sit down restaurant at all. However, in
this case they miss the restaurant experience.
·
The “window of opportunity” will not be open for
long as other companies are slowly starting to try and compensate this need
with new technology with things such as tablets and kiosks.
Innovation.
·
My innovation is an application that can be
downloaded on cell phones and the restaurant would be connected to this app.
Customers would be provided with an order number at the start of their meal
where they would enter it into the app and it would sync with the restaurant
ordering system. They can then have credit card details attached to the app and
pay for their meal when they have finished eating, resulting in no wait time
for the check.
·
I will make money from this innovation as it
will have to be downloaded from the app store. Each download would cost $1.99
from the app store and restaurants would need to be sold the software for their
company computers too.
·
Therefore, I am selling the software to
restaurants and individual customers.
Venture Concept.
·
My solution of an app which can be used to pay
for meals whenever the customer wants will solve the opportunity of long wait
times for checks in restaurants. This is because if they pay as soon as they
finish their meal then they can leave straight away.
·
Customers will buy this as it is a way to save
time for them; they can then carry on with their busy schedules while still
enjoying the restaurant experience.
·
Restaurants will also be interested in this as
it can benefit their servers too. It can allow for servers to focus more on
paying attention to food ordering and service. It also means tables can be cleared
faster and new customers can sit down more readily. This increases customer
flow and production.
·
Customers and restaurants will switch to this
app as customers only need their phones to operate this and the saving of time
benefits their lifestyle. It may be a slow transition as they would need to
become familiar with the system and advertising would need to be effective
enough to get the word out. Enough restaurants would also need to be involved
in this system to make downloading the app worth it. After a few people understand
its use, they will spread the news too.
·
The competitors are restaurants with
compensations all ready in place such as kiosks or tablets. Their weakness is
the time it still takes with tablets, as the server is still involved. The restaurants
also have to purchase these items, like kiosks, for every table. The customers
can bring the app with them, which saves the restaurant.
·
In terms of distribution, the app would need to
be created so it could be uploaded to the app store and then advertised so
people are aware of it. At the start of the venture, customer support will be
crucial in getting the system running. Their experience will also affect what
they pass along to others and if people keep using it. If it gets good feedback
and can be used in multiple places over town, then customers will not mind
spending $1.99 to download the app, therefore, the customers are key.
·
The business would be organized in a way so that
there are technicians and developers constantly working on it and improving it.
There would need to be at least two technicians, one to focus on creating the
app for apple, and the other for android. There would need to be a development team
to develop further key qualities and improvements in the app or expand the
business. There would need to be a Head Advertiser in order to get the word out
to customers. There would need to be a sales representative to sell the
software to restaurants. Finally, there would need to be a CEO or leader for
the venture.
Unfair Advantage.
What makes it hard for competitors to copy my success is my
social capital of having direct communication with a start up business and
entrepreneur. This is my top resource as it provides me with insight as to what
makes a business work. I can also learn about their technology and what works
and what doesn’t, meaning I have a constant feedback advantage. However, my experience
as a persevering and hardworking athlete also means that I will not give up
easily and push ideas to their potential, which gives my venture a uniqueness.
What’s next for the
venture?
I want to focus on athletes or students with busy lifestyles
and saving time for them, but also being able to help others. I want to focus
on saving time or effectiveness in a day, therefore, including things such as efficiency
with ordering food.
What’s next for you?
In five years’ time, I still want to be involved in the
venture. I want to have expanded it to the fullest potential and see if there
are other pathways to explore, such as other apps. As an entrepreneur, I want
to be able to continue to develop and grow this venture as well as others.
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ReplyDeleteHey Georgia, your venture concept is really well published and I can really see your product really generating success. I also believe that the fact that you are part of the market can really help you since you deal with the same needs regarding ordering food as a student. I really think that your product concept will be really accessible and easy to use as a customer and that is very important.
ReplyDeleteHi Georgia,
ReplyDeleteRecently I went to lunch with a group of people at Satchel's Pizza and as we waited for the bill and figured out how we would each pay, I actually thought about how convenient it would be to have your app. Not only would it give the power to leave to the customer when they are ready but it would make paying easier as well especially when the bill is between several people. I genuinely think you have a great idea and it would be a great improvement in the food service industry.
Tess
Hello Georgia,
ReplyDeleteI see your app becoming very useful to people that are on the go. Having to wait for a bill, especially in a restaurant filled with people, might mean that there is a significant amount of your time being wasted. However, I worry that making the app a paid download would very much scare away your potential clients. I'm sure people would be willing to use it, but I'm not sure if they would be willing to pay to use it, at least at first.
I Think your opportunity window is pretty large seeing as we're shifting more and more towards not wanting to waste time the only potential threat you have is that you have an issue with someone else creating this product before you. But with the shifting times and people wanting to waste less and less time so it's going to be a huge success in my opinion.
ReplyDelete