Assignment 24 - Venture Concept No. 1
In developing this concept for my venture, the Sustainable Manager, throughout this course, I have been able to analyze several elements of the concept to allow this venture to thrive. Through this course, I've developed a clear perspective on the opportunity that my idea possesses, the innovation of the product that I want to deliver, and have built a venture concept to fine-tuning the innovation to the opportunity. The following describes my analysis through the course:
Opportunity
The first element that was assessed through this class was Opportunity. Through this analysis, I was able to determine that the need relies on contractors, architects, engineers, and Owners that partake in LEED or other sustainable certification practices within the construction area. I was also able to see that there was also a need for an improved method of communication between manufacturers and these parties when it came to relaying the correct information to provide for these certification practices.
The idea was originally intended to reach contractors to get documentation for items that they were responsible for, such as recyclable content, regional materials, FSC certification, product certifications, and material costs. It then came to my attention that the product could also cater to the other parties such as architects looking for energy efficiency ratings for products like glass, and R-values for the skin of the building. It also could integrate interactive maps into the software that could assist owners in attaining credits by analyzing their local surroundings for the project.
The forces behind all of this change to where my product would be required are how the construction industry is transitioning to a point where these sustainable certifications are more of a benchmark than an added option. The world is demanding greener practices, and these certification processes ensure that this takes place within our industry. The market can be defined geographically as a worldwide software interface that utilizes manufacturers and locations across the board to provide the same service no matter the location.
Currently, customers are spending a large surplus of time working on gathering documentation and information for their specific product when this software would streamline this process. The opportunity is one that hasn't been fully exposed yet, but we could likely see a small window of opportunity for this type of software service before its a commonality.
Innovation
My product would be a subscription-based website that would provide services to all parties as noted above. It could reach contractors to get documentation for items that they were responsible for, such as recyclable content, regional materials, FSC certification, product certifications, and material costs. This information would also rely on manufacturers that would submit their documentation on the software, which would then be reviewed and formatted for LEED certification. It would likely need to be a quick operation so that manufacturers would not view the software as a hassle, and possibly offer some incentive to have them upload their info. The product would also cater to the other parties such as architects looking for energy efficiency ratings for products like glass, and R-values for the skin of the building. It also could integrate interactive maps into the software that could assist owners in attaining credits by analyzing their local surroundings for the project. All of this documentation would be maintained by the software and provided at the end to the users for submission to the respective sustainable certification process.
The product would be available to contractors, architects, and owners on a project-subscription. Due to the higher demand for this, a one-time project subscription would start out at $1,200. This would be subject to change (likely less in the initial stages of the software and grow as the software evolves. An annual subscription would be available to a party that would carry multiple projects requiring this certification for an annual fee of $3,000. Over the course of multiple projects, this cost would be viewed as negligible and would be easily agreed upon for parties.
Venture Concept
I believe that a customer would switch to using my product because it is a new service that serves a unique purpose for many within the particular industry of construction. It would be relatively easy to get others to switch so long as I am able to get the product in front of their face. There are currently no known competitors that provide an all-in-one service like this. The only real competitor would be contractors not wanting to spend the extra money and do not view the time savings as valuable enough.
Price points play a large role. Project budgets can typically afford a higher dollar than a single individual private client (not really catered to this) but would likely need to be developed proven before it can charge the desired price point mentioned above.
I would organize the business to provide customer support and consultation. This could ultimately evolve into hiring certified experts in the individual fields to provide real consultation to provide an all-enhancive experience to deliver a LEED project successfully.
Opportunity
The first element that was assessed through this class was Opportunity. Through this analysis, I was able to determine that the need relies on contractors, architects, engineers, and Owners that partake in LEED or other sustainable certification practices within the construction area. I was also able to see that there was also a need for an improved method of communication between manufacturers and these parties when it came to relaying the correct information to provide for these certification practices.
The idea was originally intended to reach contractors to get documentation for items that they were responsible for, such as recyclable content, regional materials, FSC certification, product certifications, and material costs. It then came to my attention that the product could also cater to the other parties such as architects looking for energy efficiency ratings for products like glass, and R-values for the skin of the building. It also could integrate interactive maps into the software that could assist owners in attaining credits by analyzing their local surroundings for the project.
The forces behind all of this change to where my product would be required are how the construction industry is transitioning to a point where these sustainable certifications are more of a benchmark than an added option. The world is demanding greener practices, and these certification processes ensure that this takes place within our industry. The market can be defined geographically as a worldwide software interface that utilizes manufacturers and locations across the board to provide the same service no matter the location.
Currently, customers are spending a large surplus of time working on gathering documentation and information for their specific product when this software would streamline this process. The opportunity is one that hasn't been fully exposed yet, but we could likely see a small window of opportunity for this type of software service before its a commonality.
Innovation
My product would be a subscription-based website that would provide services to all parties as noted above. It could reach contractors to get documentation for items that they were responsible for, such as recyclable content, regional materials, FSC certification, product certifications, and material costs. This information would also rely on manufacturers that would submit their documentation on the software, which would then be reviewed and formatted for LEED certification. It would likely need to be a quick operation so that manufacturers would not view the software as a hassle, and possibly offer some incentive to have them upload their info. The product would also cater to the other parties such as architects looking for energy efficiency ratings for products like glass, and R-values for the skin of the building. It also could integrate interactive maps into the software that could assist owners in attaining credits by analyzing their local surroundings for the project. All of this documentation would be maintained by the software and provided at the end to the users for submission to the respective sustainable certification process.
The product would be available to contractors, architects, and owners on a project-subscription. Due to the higher demand for this, a one-time project subscription would start out at $1,200. This would be subject to change (likely less in the initial stages of the software and grow as the software evolves. An annual subscription would be available to a party that would carry multiple projects requiring this certification for an annual fee of $3,000. Over the course of multiple projects, this cost would be viewed as negligible and would be easily agreed upon for parties.
Venture Concept
I believe that a customer would switch to using my product because it is a new service that serves a unique purpose for many within the particular industry of construction. It would be relatively easy to get others to switch so long as I am able to get the product in front of their face. There are currently no known competitors that provide an all-in-one service like this. The only real competitor would be contractors not wanting to spend the extra money and do not view the time savings as valuable enough.
Price points play a large role. Project budgets can typically afford a higher dollar than a single individual private client (not really catered to this) but would likely need to be developed proven before it can charge the desired price point mentioned above.
I would organize the business to provide customer support and consultation. This could ultimately evolve into hiring certified experts in the individual fields to provide real consultation to provide an all-enhancive experience to deliver a LEED project successfully.
Hi Jason,
ReplyDeleteWith the way your company is laid out, I liked how you considered all the factors surrounding the cause and effect of both pricing of the service and the possible competitors within the surrounding market. With keeping these points balanced, I can see where your pitch and overall idea helped to demonstrate the full extent of the business.