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.
Hey Sam,
ReplyDeleteI definitely think your best advantage is that there really isn't anything like your product and thats great for you. I think your only problem with that is once people start realizing how effective your app is, there may be others who try to copy you and come out with other similar apps.
I agree that people would get this app because there is nothing like it. As technology progresses, so do viruses that can break into these new technologies. Eventually, there will be a program that can interfere with the IPhone's security. The added security that comes from your app will definitely put people at ease once this happens.
ReplyDeleteInternet security is very important nowadays. i would encourage you to keep up with this idea, and i believe that it will be successful Scammers are everywhere nowadays, and can even be a life threatening for people. Good job Sam.
ReplyDelete