Venture Concept No. 1

Opportunity, Innovation, and Venture Concept:

Hi, my name is Justin Schlakman and I'm offering a solution to having to sprint across campus to make it somewhere on time. My program consists of installing bike docking stations all across campus and replacing the normal clutter of dormant bikes racks.  UF bikes would be available 24/7 365 days per year, and would allow service at a quick swipe and touch of a button.  Rather than students having to rent a bike for a whole semester, to hardly ever use it, UFBIKE would give every student the opportunity to use a bike whenever most convenient for them, at a low trip, or semester price. On campus, bikes would be available at every docking station in which they can then be returned to any docking location.  For students, who already have a bike and do not live on campus, additional docking spaces will be available for regular bikes, so students would no longer have to bother with normal bike rack and locks.

 In addition, I would like to introduce an app in which students would be able to log on to view a record of their bike history that would allow them to report maintenance problems with their bike. The app will also allow students to avoid the kiosk line by allowing you to directly sign up for a bike through the app. The app will also provide a feature that allows users to view which biking stations have available bikes.

To address the problem of bike theft, bikes responsibility would be primarily up to the user in which they must ensure that the bike is properly docked/locked up, like any other bike. A potential solution could be a tracker to find bikes after they are reported stolen. Because bikes are not traveling large distances, mileage is not too much of an issue and would not create many maintenance problems. In order to maintain all bikes, we can expand the bike center here on campus and partner with them and their department and allow students a chance at work. 

            The UF student population is similar to other schools in the fact that we are just a group of students trying to learn and get an education. In other words, we are all just a group of normal young adults striving to do something better with our lives. With the daily struggles of everyday student life, there are plenty of times when students run late, or need a better method other than walking or taking a bus to get from point A to B on campus. The current bike system is practically non-existent, and the bikes that UF has for rental are sub-par. In addition, UF doesn’t have any opportunity for student to use a bike on demand for even just recreational use. Out of these primary factors my opportunity has manifested itself.

            My market demographics include not are not limited to the following groups: faculty, staff, students, and visitors. In addition, my market includes people of all ages who know how to ride a bike or wish to learn how to ride a bike. My market additionally includes people who currently own a bike and do not have access to a bike. However, the primary target for this program will be new students who are going to be living on campus and do not want to buy or bring a bike from home to school. If new students no longer have to buy bikes as freshman, they would no longer have to maintain it for the next few years and UFBIKE’s would eventually see a steady increase in use.

            Customers currently satisfied their need for travel by either walking, riding a bike, or taking a bus, and driving. Generally, people use the most convenient method of transportation available to them, so I want to integrate my system so that its readily easy and convenient for those traveling on or through campus. This opportunity has the potential to be quite large, in that I would want to incorporate it throughout the entirety of the UF campus centralizing in the more populated regions but spreading out to the outskirts as well. This window of opportunity has the potential to last for many years as long as bikes are maintained and updated as needed to accommodate student’s needs. Because I want to focus my market by targeting new students who don’t have a set method of transportation yet, I do not think it will be hard for students to switch to this new method.

            Now you may be wondering how much my idea will cost and how the bikes would be made. Here is a brief description of how I envision the bikes to be made from a Wikipedia article from a similar idea currently in place in NYC: “The bicycles are utility bicycles with a unisex step-through frame. Their one-piece aluminum frame and handlebars conceal cables and fasteners in an effort to protect them from vandalism and bad weather. They are equipped with a Shimano Nexus three-speed, twist-shifter-operated internal geared hub, full mudguards/fenders and chain guard. The heavy-duty tires are puncture-resistant and filled with nitrogen to maintain proper inflation pressure longer. Twin LED rear lights of the pre-2015 design are integrated into the frame.” Because many bikes need to be produced, I imagine the startup cost would be a few million dollars. Semester bike passes will cost around $40 and individual trip prices will be based off of time used.

            To increase my market base and create opportunities for additional revenue my new innovation includes creating a partnership with Fitbit, in which students can now track their bike mileage, calories burned, heart rate, and other features that Fitbit offers via the Fitbit Surge. Depending on the features that students desire these can range from $100-250, and are not limited to cyclist users.

            Since at its core, UFBIKE is just another transportation service it deals with a lot of competitors such as SNAP, Busses, Cars, Scooters, and all working pair of legs. However, both busses and SNAP take forever at times, and not everyone can afford access to cars and scooters.  In addition, the role of packing, price points, distribution, customer support, etc. is very important in my business concept because without these guidelines to maintain, my product will not be used or readily available. Lastly, I would organize my business by utilizing sponsorship and branding to make my idea reality. Working with other companies that have already made this system possible will provide me a base and a resource to ensure success in my venture. To get the staff we need, we can prioritize on giving students an opportunity to work on our maintenance team. The primary roles include: maintenance, distribution, and customer service. By partnering with other companies, I'm hoping that the university could reduce the startup cost and have student government use their funds to supply the rest of the budget needed to cover the expenses.

Three minor elements:

1.  One of my top strengths is communication. I love surrounding myself with people and I have no trouble presenting myself in front of large groups or audiences. I'm get at presenting and just being myself even when I'm surrounded by strangers. Using this strength of mine I’ll be able to actively work with other companies and the different branches of the school to make this opportunity possible.

2.    2.   My next venture markets my idea as a fitness product. Please see above in the innovation section.

3.     3.  With this product, I want to leave my legacy here at the University of Florida. I want to be able to see students going to class and traveling throughout campus on my bikes. In addition, I want to see the current disaster of the normal bike racks solved. For the next 10 years and as an Entrepreneur, I could see myself working alongside some of these other companies who sponsored my idea and continue to implement this system in big cities across the world. This opportunity will have given me the experience needed to do just that.

Amazon Whisperer

1. The primary revenue drivers for my rentable bikes via the docking stations are UF students who need to cut through campus to get from point A to point B in a timely manner. In addition, other revenue drivers include students, faculty, and anyone else who wish to use the bikes for recreational or fitness use. With this, people can pay by either buying a semesterly pass or by paying per trip.

2. The next product I'm offering is an attempt to expand my customer base by marketing my product as a fitness device. The next item I'm offering stems from a partnership and sponsor that's similar to a Fitbit, in which students can now track their bike mileage, calories burned, heart rate, and other features that Fitbit offers.

3. As previously mentioned, this new product will enhance my existing market by allowing users to track their fitness stats as they ride throughout campus. Since customers will now have access to view their fitness stats, the user experience will improve and customers loyalty will increase as they continue to seek positive results.

4. http://www.amazon.com/Fitbit-Surge-Fitness-Superwatch-Black/dp/B00N2BWF6Q/ref=sr_1_2_a_it?ie=UTF8&qid=1457541459&sr=8-2&keywords=fitbit+surge

The Fitbit surge is perfect for the cycling industry allowing users:

• GPS Tracking- See distance, pace and elevation climbed & review routes and split times
• Get continuous, automatic, wrist-based heart rate and simplified heart rate zones
• Track workouts & view workout summaries; plus all day activities including steps, distance, calories burned, floors climbed and active minutes
• Monitor your sleep automatically and wake with a silent alarm
• See call and text notifications on the touchscreen display
• Sync stats wirelessly and automatically to your computer and over 150 leading smartphones
• Utilize the sizing tool in Product Details below to ensure proper fit

What Customers like:

1.Accurate Heartrate Tracking

2.Functions as a sleek, comfortable watch

3.Large Battey Life

What Customer don't like:

1. Alarm must be set on the app

2. Lack of a stopwatch feature

3. Manufacturing issues upon arrival

5. With it being an electronic watch. The company has already gone underway and provided numerous updates to features such as the stopwatch and cycling tracking. Because these changes have already been made, I have nothing more to add.

6. This product will allow customers to directly view the positive and healthy contributions my product offers as a bonus benefit while using it on a regular basis. All other information has been previously mentioned.

Week 11 Reading Reflection

1. The idea that I found most interesting was the idea of Routine Innovation in which companies continue to build upon their technological competences and fits with its existing business model—and hence its customer base. With routine innovation, companies are constantly producing better models of their products.
2. I found the supply-push approach to be slightly confusing. When innovating or creating a new product, I would think you already have a market base in which you are trying to make their lives easier.
3. Which method of innovation is best for start-up companies trying to expand their brand? What are some examples of companies that have used and benefited from crowdsourcing?
4. This chapter was straightforward, and I did not think the author was wrong.

My Unfair Advantage

My Resouces:

1. Location - Efficiency

VRIN - With locations all across campus and a plethora of bikes ready for demand, bikes are always available on demand and ready to get you to where you need to go on time and as fast as you can peddle.

2. Social Capital - Theft Prevention

VRIN - With these new bikes, people no longer have to worry about having their own bike stolen. With the docking stations, bikes will be extremely secure and bike theft rates will see a decrease.

3. Financial Capital - Low-cost travel service

VRIN - Students will no longer have a need to purchase a bike and maintain it for the next four years. Instead students will be available to buy a semester pass or pay per trip.

4. Human Capital - Leadership skills

VRIN - Being able to communicate well and interact with others has helped me become a leader. Using my leadership skills, i'll be effective in managing my company and working with employees.

5. Social Capital - Customers can update the company through our app to report bike problems

VRIN - Implementing an app into our service allows us to receive direct feedback and work directly with customers to provide speedy mechanical and customer service.

6.  Financial Capital - Industry sponsored

VRIN - Getting sponsored by bike company will cut start-up services immensely. Working directly with a bike company, will allow us to meet the large demand for bikes.

7. Social Capital - customers will be able to see at which bike stations will be available

VRIN - With our app, customers won't have to worry about running to a station to find out no more bikes are available. Instead, customers will be able to directly view where both pick-up and parking locations are available.

8. The ending of dormant bike-rack clutter

VRIN - By implementing this new program, we can say goodbye to normal bike racks. With the removal of the normal bikes racks, campus will no longer be cluttered with old bikes that have been left and compiled over the years.

9. Social Capital - Fitness alternative

VRIN - Remaining fit seems to be very important on college campuses. Implementing this program would allow another option for students to remain fit rather than going to the gym and walking to class.

10. Market Research

VRIN - After doing research and interviewing customers, This opportunity for students seems to really be in demand. Having this research and potential market base ready and available will allow our company to succeed. 

The most valuable resource that our company possesses is the efficiency that we provide to students. Our platform is based off  students being in a hurry when running late and needing a speedy option to get to class. Having many locations with lots of bikes available will allow our customers to make it to the places they have to be on time. 

Growing My Social Capital

Domain Expert:

1. Assistant Manager at the Reitz Bike Repair, he works with the dealing, buying, selling, and repairs of different bikes.
2. He is filling in as the domain expert.
3. I walked to the bike repair shop at the Reitz and asked to speak with whoever was in charge to ask a few questions.
4. I asked different questions about what are the popular bikes brands that are cheap for students but are also durable and can sustain a long life. He also gave me his opinion on my idea of installing bike stations, and possible ways of how I could partner with the school and the on-campus shop. There was no return expectation.
5. Having this person would give me a sponsor and co-partner to turning my idea into a reality on campus.

Expert on the Market:

1. Manager of Chain Reaction Bicycles. He manages and runs the store that sells bikes primarily to UF students.
2. Filling in for the Market Expert.
3. I walked into the shop and requested to speak with the manager to ask some basic questions.
4. For this interview, I wanted to know who they primarily market too, which was UF students. In addition, I wanted to find out what techniques they used to market their product line and how they reach out to their market via advertising. In addition, I asked how they can continue to grow their market and gain interest. There was no return expectation.
5. This person was able to give me ideas to expand my market and continue to advertise my products.

Important Supplier:

1. I spoke with a representative of SCOTT Sports biking department one of the suppliers for Chain Reaction Bicycles.
2. Filling in for important Supplier.
3. While at Chain Reaction Bicycles, the had someone representing SCOTT Sports, so I approached him and asked him a few questions.
4. I asked about their different models and the different styles of bikes that the supply. I asked about the style of bikes that students typically prefer. In addition, I asked how cost plays a role into bike model and durability that students choose.
5. Having this person as a contact will allow me to supply bikes for my idea, if it was implemented here at UF.

Reflection:
After participating in this assignment, I am no better at going out into the world and talking with strangers. This assignment requires you to make contacts and put yourself out there. Having connections allows you to really start focusing on your ideas and begin the process of bringing them to life. It also supplies you with a support line for if you are having trouble or even beginning to fail. In addition, these connection provide you with a basic guideline for success.

Week 10 Reading Reflection

1. The most surprising thing to me was the amount of detail that companies need to have on their money in the forms of charts and budgets. I am unfamiliar with the amount of charts and work that needs to be used to ensure that all gains/loss are recorded and accounted for.
2. Having little knowledge of accounting, I found the section on capital budgeting methods to be very confusing. I have trouble grasping when to use each method, and how each method actually works and is implemented within a company.
3. Which kind of capital budgeting methods work best for which kinds of companies? How is the information for these charts and data gathered?
4. I did not think the author was wrong.

Elevator Pitch No. 3

As always, to be successful and act professional, you have to dress the part. One important thing when giving a good pitch is being able to stand still and not shift your weight and move from side to side. In addition, this time, I made sure to be more audible and clear while being more engaged with the audience. I still need to work a little of memorizing my idea completely, but I'm still able to perform it 50/50 perfect without the notecard. I had no negative feedback and made sure to make the necessary adjustments to improve my performance. Because my feedback was very complimentary, I did not change my pitch very much but worked on the attributes mentioned previously.

Week 9 Reading Reflection

1. One thing I found surprising was the amount of factors or areas of market research data needed to effectively market products. There are so many different areas that have to be assessed before a product can be released or for it to bring in the largest amount of possible revenue for a company.

2. One confusing thing I read was the idea that "Buyers expect to pay even-numbered prices for prestigious items and odd-numbered prices for commonly available goods." This idea seems very strange to me, and I do not understand how or why this became an actual marketing principal.

3. Which ways to research the market are most common, and how is the data then organized? Which techniques are more expensive, and are the more expensive techniques worth investing in?

4. I did not disagree with the author.

My Secret Sauce

1. One of my top strengths is communication. I love surrounding myself with people and I have no trouble presenting myself in front of large groups or audiences. I'm get at presenting and just being myself even when I'm surrounded by strangers.

2. Another strength of mine is that I'm very personable. I love being able to connect with others, so I always try to spread myself and reach out to new people and try to connect with them. This also plays a large role in my happy-go-lucky type personality.

3. I also pride myself on my drive to get things done. Whenever I want to do something, I always put in 100% effort until the job is fully complete. Having this drive also keeps me from procrastinating and staying on top of my work.

4. In addition, I do not really care what other people think about me. I'm very in-tune with myself and my abilities. This allows me to live my life freely and allows me to be happy with my choices.

5. Lastly, I'm very focused on details. This skill allows me to be very organized in group settings and helps set a path to get things done on time and correctly. Having this strength also contributes to my abilities as a strong leader.

Here is what my friends thought of me:

This is Malik. He says I stand out because I enjoy dressing professionally wherever i go, I stay on top of my work, and I have a lot of charisma in my voice when i speak.

This is Kennedy. He says I stand out because I'm very personable, friendly, and that I also have no trouble putting myself out there. In addition, I'm always the first person to offer help whenever someone is in need.

This is Brandon. He says I stand out because I'm hard working, a great leader, and that I am good with people.

This is Eric. He says I stand out because I'm not afraid to be myself. I do not care about what other people think, so I am able to enjoy the things that I like to do. In addition, he says I am a happy-go-lucky type of person and a good leader.

Matt says I stand out because I am hardworking, friendly, and dedicated to whatever I set my mind too.

I see myself in the ways I mentioned above about my strengths. Generally, I am just a really friendly, happy person. As mentioned this is the same way, I come off to a lot of other people. I never really considered myself a good leader, rather I just see myself as someone who likes to get things done. Being in charge and proving myself to some of my friends has showed a lot of them that I am a good leader. I agree with everything said about my interviewees. I think my list still accurately portrays me.

Idea Napkin No. 2

1) You. 

Hello, my name is Justin Schlakman and I'm currently a first-year Finance major. One of the main talents and strengths I possess is being able to communicate easily with strangers. As far as UFBIKE goes my experiences include renting a bike and having to walk all across campus to get from point A to point B. My primary aspirations in life are to be successful and to also be happy. If I were able to start this business it would personally affect me because I would have another convenient way to get across campus. It would also make me happy knowing that I was able to make an impact and leave the University of Florida with a part of me by leaving my legacy. It is also reassuring knowing that I would be providing an eco-friendly way to travel and that I would be making other students lives more convenient. 

2) What are you offering to customers?

I'm offering students a new innovative system to traveling on campus.  UFBIKE is a designed program that consists of installing bike docking stations all across campus and replacing the normal clutter of dormant bikes racks.  UF bikes would be available 24/7 365 days per year, and would allow service at a quick swipe and touch of a button.  Rather than students having to rent a bike for a whole semester, to hardly ever use it, UFBIKE would give every student the opportunity to use a bike whenever most convenient for them, at a low trip, or semester price. On campus, bikes would be available at every docking station in which they can then be returned to any docking location.  For students, who already have a bike and do not live on campus, additional docking spaces will be available for regular bikes, so students would no longer have to bother with normal bike rack and locks. In addition, I would like to introduce an app in which students would be able to log on to view a record of their bike history that would allow them to report maintenance problems with their bike. In addition, the app will also allow students to avoid going to a kiosk and just sign up for a bike through the app. Also, the app will show students if bikes are available at every docking station. I'm hoping that the university could co-partner with a bike company to reduce the start up cost and have student government use their funds to supply the rest of the budget needed to cover the expenses. To address the problem of bike theft, like any bike would be primarily up to the person renting the bike to make sure that they dock the bikes properly/use a bike lock. A potential solution could be a tracker to find bikes after they are reported stolen. Because bikes are not traveling large distances, mileage is not too much of an issue and would not create many maintenance problems. In order to maintain all bikes, we can expand the bike center here on campus and partner with them and their department and allow students a chance at work. 

3) Who are you offering it to? 

The customers I'm trying to market to include any person who is currently on campus and needs a quick form of transportation to get from point A to point B. These people include but are not excluded to faculty, staff, students, and visitors. In addition, my market includes people of all ages who know how to ride a bike or wish to learn how to ride a bike. In addition, my market consists of people who currently own a bike and do not have access to a bike. This program will also primarily target new students. If new students no longer have to buy a bike as a freshman, they would no longer have to maintain it for the next few years and the bikes would eventually see a steady increase in use.

4) Why do they care?

I initially asked customers this question as a platform for my idea, "Have you ever been running late and began to feverishly hurry to try to make it somewhere on time on campus, and then thought to yourself “Oh man I wish I had a bike right now to use?” People are not always on time and don't always have access or do not wish to use uber, take a bus, or sprint across campus to get to the places they need to be at. UFBIKE offers solutions to customers: a quick, efficient, and easy way to travel. With this program, students would never have to worry about running late and people will now have another way to go directly through campus rather than just going around the major areas of campus. 

5) What are your core competencies? 

I admit, my idea is not entirely unique. It's already been established in many major cities across the world. Instead, I'm mainly looking to incorporate this system here at UF or maybe even the city of Gainesville. From the system already in place here of either renting a bike for a whole semester or buying a bike permanently yourself, UFBIKE would allow you to rent a bike at whenever most convenient instead of having to be in a long-term relationship with your bike.

I do believe these elements fit very well together with the model I have created. I feel as though my idea is both well rounded and complete that has the potential for a large market base that would actually use them. Unlike some others, I feel like my idea has the potential to actually become a reality and benefits students. 

Feedback Memo:

1. Putting in place a large-scale project like this will be very expensive, so I figure that we can afford this by either through a partnership or student government.

2. "How will you know if bikes are available?" Setting up an app to display where bikes are available would be very helpful.

3. How will we control maintenance? We will expand the bike center here on campus and employ students to cover the wide-scale maintenance.  

4. Do bikes have to return at the same station in which you got it? No, bikes can now be returned to any docking location. 

5. Will people actually use this service, since a lot of people already have bikes? Maybe not initially, but if we cut down a number of bikes people have to buy as a freshman, then eventually bikes the bikes would gain more and more popularity.