24A – Venture Concept No. 1

Today, I will discuss my brand-new venture concept. Under the special times, we are all staying at home and taking a class via Canvas and Zoom online. I feel it is a tough time for both students and colleagues. The restaurants in town shut down, and we are not able to stay outside unless necessary. I sometimes ask myself what can I do when staying at home and what other people do when they stay at home? As I know the Nintendo Switch is all sold out national wide, and the exercising game on the Nintendo Switch, Ring Fit Adventure, also all sold out. Therefore, I will talk about the opportunity I found behind this phenomenon.

Opportunity

1)      who has the need?

a.       People who are “forced” to stay at home for safety and public health reason. I also stay at home and keep studying. But after study, I still got a bunch of free time to do something. Maybe gaming, studying, chilling, exercising, cooking, watching, reading, etc. I believe all others are the same as me. We need some fun when we are staying at home.

2)      The nature of the need.

a.       Even though we need to go to the grocery store, bank, gas station, or maybe hospital but people spend most of the time at home. So, people need entertainment.

3)      What are the forces or changes in the environment creating this opportunity?

a.       COVID-19 is the primary background that put all human in the world on the same side. Emergency order 2020-09-Stay at home in Alachua is the hand push people to stay at home. However, the main reason is for everyone’s safety to stay at home. When people cannot go to the gym, bar, school, nightclub, and, workplace, they feel boring. People need entertainment at home.

4)      How is this market defined geographically and demographically?

a.       Mainly focused on North America because most of Americans and Canadians are staying at home now during this special time. And if the concept is doing well in North America market, I would like to consider developing it in Europe because European and English are also in danger. Most of them also stay at home for health safety.

5)      How are customers currently satisfying this need? And how loyal are they to whatever they use now?

a.       From the market research, I think people are highly satisfied with the in-home entertainment solution. From the Nintendo Switch and its game selling trend, I can feel many people are gaming when they are staying at home. And they would like to play more games because they have a lot of time to spend on it.

6)      How big is this opportunity?

a.       The market has huge potential. Like Sony Play Station, Microsoft Xbox, Nintendo Switch, PC Steam is the winner during this season. They offer a digital edition of gaming that people just click to buy and install immediately without go out. With a little bit of discount to encourage people to pay for the games.

7)      How long will the “window of opportunity” be open?

a.       Be honesty, this window of opportunity can remain at least half to one year. From the current situation, people cannot control this virus spread without any other ways except let people stay at home. The window will keep if the COVID-19 is not eliminated totally. I know it is brutal but like what I said before, all humans need to stay on the same side and beat COVID-19. The vaccine is still under development. And no one knows how long this situation will remain. So, I guess around 6 to 12 months.

Innovation

1)      Innovation of consoles

a.       Most of the consoles on the market have controllers that gamer use to control the player. Most people can easily accept controllers; therefore, I would like to make a new console also with the controllers. But the size can behold by users like iPhone SE. Light, dynamic sensor, ergonomics, a future-tech design that gives the best reaction and gaming experience to the player.

2)      Innovation of the game.

a.       Basing on the existing consoles, generate a new style game on it with multiple family members in front of the television. Comparing to create a totally new console, this innovation is much more fast, low cost, and profitable.

Venture Concept

1)      My game will let people spend time unconsciously. During the game, people will feel time past fast. I want to create a healthy addiction to my game. After people finish their daily study or work, they want to open the console and play my game. But I want to make it healthy. People learned, exercised, and felt happy after the game. And I want to make people positive and happy when they are staying at home. My venture and product solve the question of when people do not know what to do. Therefore, reduce the possibility of people stay outside and can keep their physical and mental health.