Comp Hub
Opportunity:
Do you believe that you have a talent to be showcased? Do you feel you have no time to compete in competitions to show the world how good you are? Are you bored staying at home during the quarantine? Then my innovation called compete and win is the perfect platform for you. It is a website where you can compete against others all around right from the comfort of your home either for a prize money or just to experience the thrill of competing. This will provide you with the exposure of competing against others and also give you an opportunity to develop your skills and also find new interests. It will also allow you to show how good you are to colleges, your employer and the world in general. Currently, I feel my potential customers are students who are getting ready for college and about to graduate from college. This is because the students who are currently getting ready for college would like to show their skills to the college admission officers to standout from the crowd. The students who are going to graduate from colleges also, in the same way, would like to showcase their skills to potential employers and show them where they stand in comparison to the rest of the world. In the present situation of quarantine due to coronavirus, I also believe all the children would be my potential customers as most of the children are at home just wasting time. So most of the parents would like their children to do some activities to keep the children engaged. Currently, I believe that the customers are satisfying this need by competing in regional competitions. I believe this is a big opportunity given the present situation and once people see the real benefits of the service, I feel it would be a huge success. The window of opportunity will be open as long as mankind survives.
Innovation:
I believe that the service/product I am providing is innovative if not radically innovative. It is not a groundbreaking revolutionary project, and it need not be. For a business to be successful, it is important to solve a problem in the easiest and most effective way possible. So, coming to what my service is exactly is that, it is an online platform where a person can compete and collaborate with others around the world. The service is divided into two parts. Competing and collaborating. Coming to the competing part, users can either take part in existing competitions or start their own competitions and invite their friends to join the competition. Take the case of a photography competition hosted by X. If Y would like to join the competition, he/she should enroll in the competition before the deadline for enrolling. Then Y is given a set amount of time to capture a picture based on the topic provided after the start of the competition. Y then should post the picture on the page before the deadline. After the deadline is passed the host gets to vote and choose the winner. Coming to the collaborating part, the users can join with their friends and form groups to learn new skills or compete together as a team. The collaboration part is still under development and not completely done. The way service is going to make money is by placing a minimum fee to host competitions on the website. Initially, users would not like to pay for hosting competitions, but as the scale of the platform grows, I could include premium options. Also, if the competitions are held with an entry fee, I will take a percentage share from the host of the competition. And in the long run, advertisements will be a major source of income. Another way of making an income is by putting an entry fee for the competitions held by the company itself. These are various ways in which income could be made.
Venture Concept:
So basically the opportunity that I have identified is the lack of platforms to compete against others right from one's home. My service is also a great way to get rid of boredom during the quarantine. So my innovation exactly addresses the problem by providing the users to compete in competitions right from the comfort of their homes. My customers would like to buy my product mainly because it gives the comfort of hosting, competing and collaborating right from their homes. Also, it is a platform where you can actually test out where you stand in the real world in comparison to others. So, the ones who take their skills seriously would like to pay for getting the exposure of competing against others all around the world. I don't think there are any services like my platform to compete as far as I am aware of. So, I believe that my users need not switch from any platform, taking out the concept of getting them to transition. My potential competitors would be social media sites as it would be very easy for them just to provide an update to host competitions. But I am confident my service would be different as my service would not have any age restrictions to use and parents wouldn't mind their children using my service for that reason. Price points will play a crucial role in the success of my business. If the pricing is too high, users will not be willing to use the service and will try to find alternatives. The pricing should be reasonable and the service should provide them with unique features that justifies the pricing.
My most important resource will be the determination and grit that I possess to make my business idea a success.
The next thing I want to tackle in my service is the collaborating part. It is not completely developed and the idea is being constructed.
Assuming I have launched the service, I would like to sell my company to a huge social media/ online platform for a good amount of money. As it will be a tough thing to compete with such competitors and selling it off would take the burden off to compete against such huge guns.
