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.