Venture Concept No. 2 - Week 15

My product Wheel Watch, was created for one purpose, protection. Protection from theft, which is an unfortunate occurrence in this day and age. What my company aims so sell goes beyond the system that includes our bike lock, GPS tracking device, and corresponding app. We are giving people back their peace of mind, and allowing them to let go off the fear of having their personal property stolen from them. Bikes can be taken from anyone, you don't have to be a professional athlete with a bike over $5,000 for someone to decide they want to take it from you. Bike theft can happen on college campuses with bikes that range from $50, to even $5,000 like the high end athletes, there's no discrimination. Which, unfortunately, puts many of us at risk. 

Therefore, I engineered the idea for Wheel Watch, a problem solver for people in need of protection and confidence that their items are safe and secure. Our system is easy to operate, but that doesn't mean that the technology is of any less quality. Our locks are made of the same materials as seen in common Kryptonite locks, our GPS tracking devices are weather proof, and our IOS/Andriod App is up and running, ready for those who interested in buying our system. The use of our products is easy enough for a toddler to operate, but offers the security that you know you can trust. In addition, we offer excellent costumer service and offer a warranty for all of our products in case you run into any issues. I am working to keep the costumer happy, and whatever we can do to improve their experience with our product, we will try to incorporate. 

Many people have asked, "What is it, that makes Wheel Watch different from any other lock system on the market?" Well, I have many answers for you. First of all, as I have perviously mentioned this system includes three parts: the lock, the GPS tracking device, and a code for a person to download our app from their respective app marketplace. Wheel Watch is offering this system at an incredible price of $75. I think that because we are able to keep the price low, while offering so many products at once really allows the costumer to feel as though they are getting the most for their money. I aim to make my product as affordable as I can possibly make it, while also incorporating the highest grade materials for it's market. As a college student myself, I want to be able to buy a product that offers me security without robbing my bank account. Aside from the price, there are multiple other bonuses that will make prospective buyers choose our product. Our bike locks have trip wires and heat sensors inside of them, meaning, once you have indicated from your app that you are "away" from you bike and someone tries to tamper with the lock, a silent alarm will be sent off sending you a notification on your phone by the app. Additionally, I have brain stormed the idea of even having a sound alarm in the future to further deter the thief. In the event that the thief has made it away with your bike, there is still the GPS tracking device which is securely mounted to the frame of your bike allowing you to see where it is headed in real time. From this point, the bike owner can make the necessary arrangements to alert the authorities and retrieve their property back. 

For these reasons, I think costumers will be willing to try our systems and see how their experience is with it. At it's beginning I hope to travel and give demonstrations of our products, allowing costumers to interact and try the product for themselves before committing. I have even considered the idea of allowing some people to use Wheel Watch for a "trial period," and coupling with them to hear their reviews and how we can improve on our design, function, and overall experience. We want the costumer to feel at ease knowing they have Wheel Watch. I don't doubt that there will be a lot of skepticism with people who are first introduced to my concept, but I hope that by allowing them to see our device "in action" they will consider it a purchase worth investing in. There's no secret that a standard bike lock would be less expensive, but it can't offer the added bonuses that come with the Wheel Watch system. We hope by being very interactive with our costumers that we will be able to close any gaps of weakness of vulnerability that are seen with our concept. There may be products that exist with a GPS tracking device, or even an app, but there is not once that bundles all that Wheel Watch has to offer, especially for it's affordable price of $75. Other systems of this nature can run into the hundreds, my business is about protection, not running costumer's bank accounts dry. 

Hopefully, in time Wheel Watch will reach the point where we would need to relocate into a larger space. Therefore, I would hope to hire an entire team of workers who share the idea of providing protection for the personal items of people who own bikes. We might even need a space similar to a warehouse, to store materials, manage them, and package them ourselves. I don't feel as though we need to take the direction of our sourcing our products and production. I want there to be as much as a connection as there can possibly be between our products in the "warehouse" and the products in the hands of the costumer. Cutting out the middle man, and not having a big factory handling all of this can be one way in which we do so, even if we expand beyond the size of a small scale warehouse I would want to preserve the feel and attention to detail that a personal touch can give. 

2. 

"Hey Kristiana,

I think you have a great idea going and I love how you know what your business holds. I think there's a lot of potential and the alarm system would really make your product stand out. Keep up with the great work and hope your business succeeds."

"Your venture concept was rather interesting, Kristiana! I really like your product of the Wheel Watch. You hit all the points of the product’s materials and any questions a potential consumer may have. I really like that how you explained the different materials that went into the product like the waterproof tracking device."

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

All of my posts were positive - there was nothing that I could change. I'm being honest! They all told me my post was well thought out and showed the vision for my business. (AKA I'm not trying to get out of writing a new venture concept idea.) I did take a fair amount of time writing it out, and I'm glad that people liked it.