Assignment 29A - Venture Capital

1.       Venture Concept Again with Changes –

Opportunity-

            The need for my product, which is a reusable straw phone case, is a necessity for not only the Earth but several market-groups that rely on these straws. The use of single-use plastic straws is something that is engrained in the minds of people today however, it is something that can be easily stopped. The need for this product lies within those who already use reusable straws or those looking to break into the market. The current market for products such as this one contains small cloth carrying cases or nothing at all, which leads to a lot of people using reusable straws to forget or lose them constantly. I am a perfect example of someone who constantly loses their straw because I can never find out which pocket or bag I put it in. However, if I was to have a phone case that I was able to store my straw in I would not have this issue. This would be huge for those who are already environmentally conscious but especially those within the community of people who have disabilities who require straws in order to drink. The need is significant because people do actually need to use straws and in cities like Seattle or in major corporations like Starbucks, single-use plastic straws will no longer be available which could pose major issues for them. This need would allow my organization to do a lot of good for both the environment but also people who need plastic straws. Which is why I would sell my straws at a relatively low price point because my business, for me at least, was not created to maximize profit, I wanted to make this product so I could continue to do some good. I would take advantage of this opportunity by not taking advantage of those who really need the product and therefore sell the product at higher margins; I would sell at margins that were enough to keep myself and the company afloat.

Innovation-

            The product would simply be a phone case, or an assortment of different styled phone cases, that have a spot where you can slide in your reusable straw and a place for a small cleaning wand. The phone case would allow you to essentially carry and clean your straw no matter where you go, allowing you to never forget or lose it again. I am unsure of the numbers behind the product currently because I do not know the logistics and numbers of producing the actual raw product. However based on these numbers like stated above, I would work on making sure that the product is sold at affordable rates for those in the disabilities community who may not have access to large sums of money. In terms of more innovation, I would use the Tom Shoes approach and would donate straws back to the community for every case bought so that I am really taking advantage of my ability to make a difference.

Venture Concept-

            With major cities and companies deciding to stop giving away single-use plastic straws this is the perfect time for a product like this to hop on the wave. This movement has grown past Starbucks to McDonald’s and all the way to Disney and it does not show any signs of stopping. The use of reusable straws is something that is growing more and more everyday especially within the sustainability and disable communities. The market requires something better than a cloth carrying case that no one wants to lug around. Customers would switch to this product because it allows them to never forget or lose their straw because it will always be with their phone something people today will never leave or forget.

2.       Feedback –

a.       In regards to feedback on my venture capital post I only received two comments on my post. The first one spoke on how early I hopped on the wave to making companies not use single use plastic straws. The first comment did not give me a ton of new information to work with. However, the second comment I received was very helpful for a couple of reasons. First, she talked about how many people not just big corporations are starting be become more environmentally friendly, which would allow my product to thrive. She also talked about how in order for my product to stay competitive I would need to make sure my price was low enough to guarantee customers. I have though a lot about this and have since made changes.

3.       Venture Concept Changes –

Based on the comments I received above I have added to my venture concept by including more of my marketing strategies I would hope to use. Those include making sure my price margins are not marginalizing any communities that has a need for these straws. Therefore, I would sell my line of products at a relatively cost affordable price point to guarantee my business would stay competitive while not excluding those who may not have the capital to pay for expensive products.