24A Venture Concept 1

Venture Concept

            The opportunity that I have focused on is the idea of internet security. As a consumer of the internet myself, I myself see the need for better security as have my friends and acquaintances. This window of opportunity is big and keeps growing as technology keeps evolving to be faster and better. As technology increases, the ways to scam people online gets larger as well, so tech advances and scammers both rise together creating this opportunity. The need for more security when transferring money online is the opportunity. The target consumers are college students between 19 and 25. From personal experience and interviews, I have learned that 90% of students at this age do the majority of their transactions online with apps like cashapp, venmo, apple pay, and more. This window is fully open right now to take advantage will keep being open for the foreseeable future as new tech is made every day. Right now, all these transaction apps have a general security system, but people still get scammed out of their money and information with the rudimentary security.

            The innovation that I am proposing is a third-party app, called AppSafe,  that works with the transaction apps as an extra layer of protection. The general transaction apps are more worried about getting their transfer fees than about security, and in contrast my app will be 100% about security. I will have to negotiate with the transaction apps to get them to accept the service and I will only talk with reputable apps. The way I would create profit is that you sign up for my app and make an account and then once you have an account it links to all the accepted transaction apps that I have made a deal with. There will be a monthly fee of $10 to be a member and receive the benefits of my service.

            The reason that people will create on accounts because they aren’t switching from an old provider to a new one this is a totally new product. There are other security apps like MacAfee, but they focus on protection from viruses on a computer. There is no other app that works on your phone and focuses on transaction apps as my does. The only competitors are the transaction apps themselves, but as I will be working with them there are no real competitors. As there is no packaging and selling involved the most important part of the app will be customer support. Customer support is a very important part as the customer needs to know about the security of their sensitive information and money. If my product launched today, In 5 years I would like to have saved up some money from this venture and start a new and bigger one. I would give up the control of the original app but keep stock and royalties and use those to invest in more projects and too start new ones. This venture would be the starting point that launches me to invest in and create many new projects in the future.