19A- Idea Napkin No. 2

19A- Idea Napkin No. 2

1) You. I am Drew Lindbeck, a freshman Business Management major at the University of Florida. I had been involved in multiple clubs and activities such as Student Government in the past, and continue to stay involved in college in various ways. I am originally from Tampa, Florida where I have lived my entire life. Besides being involved in the business school, I participated in UF’s Young Leaders Conference where I had the opportunity to go through several unique workshops alongside high school students, where I was able to teach different aspects of leadership and what it means to lead others. I want to live a life full of financial freedom and have a healthy and loving family along my side. I am very hard-working, and tend to be busy a lot. This sometimes makes me forgetful, which is why my business idea involves a bug that I have in my personal life.

2) What are you offering to customers? My product/service is an app in which users with an iPhone can track lost/ missing keys or their wallet. Using GPS technology, I will make it possible for keys and phones to be tracked, and send a message whenever the user is moving far away from the item. This would help my day run smoother, and I am sure that people have had the same problem.

3) Who are you offering it to? I am basically offering my product to anyone who can drive a car and has an iPhone. While my customer base is quite large, I have targeted certain markets such as college students to make sure I am reaching a market that can relate to my product.

4) Why do they care? My customers would care about this product because I know college life moves very quickly, and sometimes a silly mistake like losing your keys can be a huge pain. Having a way to easily track your keys/ wallet can save a lot of time and make peoples days more productive.

5) What are your core competencies? Throughout my life, I have always been a pretty busy person. Whether it was driving an hour back and forth from football practice, or working a job while maintaining a good grade point average. In doing so, I am always forgetting something. Having the technology to have these silly mistakes removed would make my days a lot easier, and I’m sure others can relate.  I believe my business concept is good, and can help a lot of people. I know companies like this may already exist, but there are always places for competition, especially when you have something unique about your idea.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I think overall my business idea is good, but I know it has been replicated before. I think the unique aspect of my idea is that my app would have the ability to reach out to the user before the incident happens. This relieves the problem before it even occurs, which removes stress and makes the user able to have a productive day.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

Well, my situation is a little different because the last time I did this assignment it was with a different idea, but I found ways to incorporate feedback from previous assignments into this one. Using the feedback, I made sure to really emphasize how my product stands out from the rest, as well as making sure I have a target customer base, rather than a general group of people.