24A- Venture Concept No.1

Opportunity: My idea to create the reverse microwave will appeal to middle class families and college students around the nation. Most people have no way of cooling down food and drinks in an efficient way. As our society continues to improve on its technology, we are finding ways to make our tasks simpler with the use of modern innovation. I feel that the ability to cool items down just as a microwave heats things up will be a breakthrough in the American household and households worldwide. My market can be located anywhere, but I will be targeting people with a demographic between 21-50 years old. This includes college students as well as individuals who have families. Customers are currently solving this issue by placing food or drinks in the refrigerator and waiting for 30 minutes or longer for these items to fully cool. All of these customers own a refrigerator and is a necessity in any household. This is a huge opportunity that can be located in houses worldwide just as microwaves are in the household now. This window of opportunity will be open for as long as individuals need items cooled down and have appliances in their household.

Innovation: My innovation is to create a product that looks exactly like a regular microwave in the average household. However, instead of heating up food this appliance will cool down the food or drink of your choice. This product could help you un-melt ice cream, make ice quickly, or cool down something that is extremely hot. The opportunities are endless! This item will work just like a normal microwave and will cost about $120. This is what people would normally pay for any average microwave.

Venture Concept: Customers would love to buy this product because I am solving an unmet need in a way that no other company has ever seen. When any item is placed into the Reverse Microwave, there will be different settings for if you want something either cooled or frozen. Also, you will be able to set the timer like a normal microwave to determine how cool you want your item. Customers would buy this product because there is no other product on the market that will cool items like the Reverse Microwave. It will be easy for customers to switch since there isn’t even an item like this in the first place. Competitors could potentially be companies like GE and Samsung, who currently only produce regular microwaves. They have a major disadvantage, however, since I will be specializing in the Reverse Microwave and am dedicated to reaching this new market. Distribution and packaging will be extremely important when it comes to the exposure of my product. I will need to get this product to appliance stores around the nation such as Best Buy or Sears and the packaging will be important for customers to notice the product. I would organize my business by starting with a team involved in Research and Development. This would ensure that I have the proper technology and that my product works effectively. There would be about 15 employees to work on this project and I will create more departments for my business once the product is built.

Minor Elements: My most important resource will definitely be my creative thinking. By creating this new market and coming up with innovative ways to advertise, this project has the potential to be a huge success. Anyone can be creative, but coming up with new ideas that are effective is extremely difficult. I feel that this project will increase my personal skills as well as change the average kitchen across the globe.

              The next opportunity that I would like to tackle with the Reverse Microwave is introducing it to countries across the world. If my product is a huge success in the United States, I could definitely see it changing the world. I will have to work extremely hard for this to happen, but this could be accomplished in the future.

              In 5 years, I would like my product to be in appliance stores across the nation. I want to make deals with stores such as Best Buy to reach my target market. As in entrepreneur in 10 years, I want to improve on my creative thinking and management skills. I will learn how to successfully run a business and come up with more ideas to help change our society. This first venture will be great hand-on experience with a product I truly believe. This could be the start to a successful career in entrepreneurship.