29 A

1) Provide, again, your venture concept description, using this form. We understand it will be extremely similar to your first Venture Concept and do not expect you to re-write your entire Venture Concept. Don't worry about self-plagiarism for this assignment. However, make sure you do provide some type of change based on feedback and personal growth. You will describe this in part 3. 

The world is changing! Change is all around us. We don’t write letters anymore, we write emails. We don’t go to buy DVD’s anymore, we watch Netflix. We barely go to stores anymore, we buy on Amazon. Humans creates robots to help them and soon it will be us, humans, who will help the robots. Two months ago, during a lecture of my Entrepreneurship class, the teacher said something that I will never forget. He said that you do not need a revolutionary idea to succeed. In fact, ideas that are too advanced or required too much of a change, often fail due to their incompatibility with society. What humans want are the “small changes” that do no not required too much effort and it is the succession of those small changes that creates big changes. The hours my mother spent cooking and serving us the same dishes made me think of an opportunity for a “small change “ idea” . In fact, it was the whole society around me that made me think of an idea, an idea that could become one day business.


Opportunity 

Too many people from all ages and sexes face a common problem when it comes to cooking: they do not know what to cook. This result in many people ordering food online or go to restaurants. This is not only a western developed countries problem, it is a world problem. Because people do not know what to cook, they often eat the same exact things which is not always healthy for our body and which makes us pay more money on additional ingredients. The opportunity to find a solution is huge here but as soon as someone will come up with a solution, the “window of opportunity” may not be open for a long time. Even if someone comes up with a solution, they have to really understand every aspects that customers need.



Innovation

This wide range of opportunity is the reason why I believe, our society needs an application that will analyze the components we have in our fridges and send us the options we face. Let’s have a concrete example. You have eggs, meat and cheese in your fridge, you are home alone and do not know what you cook based on these three ingredients you have in your fridge. You take your phone and take a picture on my application. My application will recognize these three ingredients and thanks to the internet, it will make connections with different dishes. From there, the application will send you the different options you have with these three ingredients. The application would cost a total of $5 with a monthly fee of $1 to be able to use it. If anyone wants to have a more advanced level of cooking, they could be the “chef gold ” option for $ 20 with a monthly fee of $2 a month. This “chef gold” option will give more details than the regular option as the customer will also receive options with additional ingredients they could buy. For example, the customer could put on the application that they want to spend a maximum of $10 dollars on new ingredients in order to make a meal based on cheese, meat and eggs. The application will then give the customer the option of food they can buy within the range established by the customer with the meals they could cook with this additional ingredient.


Venture Concept:

There are two reasons why buyers would buy my application and they are pretty simple. The first reason is that it will save them money! On the long term (and even short term for some people), this application will prevent them from buying expensive ingredients for no reasons and go to restaurants because they couldn’t come up with ideas of dishes based on what they already had in their fridges. The second reason is time. It will save them some time, there is no doubt about it! Knowing what to cook and the length of it will save you from countless hours of indecisiveness. You will have clear choices and the customer will be able to choose accordingly. In this case the competitors would be the restaurants and delivery places. It could hit them in their pocket if my project picks up. The fact that the monthly fee to connect with the application is only a dollar could crush their market. Who wants to pay extra money for products when you know exactly how much that meal you are getting could cost you if you did it by yourself? I do not know many people who would pay twice or three times to price difference between cooking home and going to a restaurant if they knew how to cook those meals with the same quality and for a lower cost.


The three minor elements

What my most important resource will be? What’s my secret sauce? My most important resource would be the human capital on technology who will help me develop this application. This whole project is based on the foundation of this application. Without the people creation this app, my project will never be more than an idea. Other important elements would be the different versions this application offers and also the different variety of dishes offers by my application.



What’s next for my venture?

Once this project becomes a reality, I would then sell it to a bigger corporation and “ cash out “ quickly. Life is short, it’s time to enjoy it.



What’s next for me?



I want to be a successful man in the silicone valley, I want to be able to live and breath innovation. If this project is the success that could lead me to my dream then I’m ready for the challenge. I can see myself live in the Valley in the next couple of years and develop other projects, invest in VC companies. It’s been a childhood dream that I want to exploit. I am sure I will do it ,I am just unsure on how I am going to get there . Only god knows.

2) Provide a summary of the feedback you received from your previous venture concept description. You certainly want to include the student feedback, but you may also include the feedback you received from others during the "What's Next" exercise. You want to summarize all of the feedback, but be sure to place an emphasis on what people recommended you change about your idea. (In other words, don't just describe the positive feedback.)

Since I did not receive any feedback on my venture project, I can only talk about the feedbacks about my “what’s next assignment”. They told me that my project may not succeed in the long term and to an extent, I agree! I changed my mind on this concept! I would sell my start up quickly if I ever get to that point. Everything other comments I received were positive. I received extremely positive feedback about my idea, about my development strategy and about my possible future partnership strategies. The comments were so positive that it gave me the confidence to go ahead and actually look into developing this business ( not only for this class but in real life).   

3) Describe how you changed your venture concept, based on what you learned from the feedback.

I have to be honest, I barely changed anything from the venture concept. Not because I am closed-minded but because I haven’t been challenged once by any of the feedbacks about the nature of my business. If this project ever becomes a reality , I am sure I would have to make a couple adjustments in order to maximize my profit and satisfy the customers. The only venture concept that I changed is my exit strategy which went from a long term project to a “start up” kind of business.