25A What's Next?
Mark Candela
25A What's Next?
What's Next?
Existing Market:
The next step I would like to approach with my product is in a similar field. I would like to get into the taxi-type business, similar to that of LYFT and UBER application. Transitioning from a parking application to a bus type system that could pick up individuals and drop them off an locations of their choice for a fee seems like a logical next step. In figuring this out, I spoke with 3 people who already acknowledged their agreement with my product and are supporters of it. Along with that they are frequent users of UBER and LYFT and 2 of them are drivers for the companies. I asked "what aren't we doing that we should be" to which the 2 drivers responded, that it takes a lot of capital and trust to operate this way. Allowing random strangers into your vehicle while you are focusing on driving could be dangerous, so they recommended implementing an insurance policy just in case for the safety of employees. I told the interviewees about my ideas on how to combine my 2 concepts into a full functioning product around the world with specifics in different areas such as "bike-style" in New York where traffic is an issue or "boat-style" for locations in Miami if someone wanted to reach a sandbar off the coast. The majority thought this could be a good idea, but one of them didn't see how it could be applied logistically.
Based on the feedback, i think it could be a prosperous idea with the help of some investments. The concept makes sense and the market is ready for something of this nature to appear alongside LYFT and UBER in an effort to end the monopoly that exists. Along with my technology for parking assistance i believe my product could be the next big thing.
The next step would be finding people who are as passionate as I am about helping the community and making money in a legal and efficient manner. I think this plan has all the makings of the next conglomerate. If someone liked the way they used the application they would be keen to return to utilizing it and even telling their friends and family about it. That is how the good news can spread, via positive feedback from those who enjoyed the my product and all it offers.
New Market:
Another market I have considered becoming involved in is Real Estate. With my parking application technology and the success that I believe can come from it based on the feedback I have received, I would be interested in the parking lot market for garages. If I had my own garage and parking location than I would be able to regulate it to the best of the applications abilities and get the most out of it. People who believe in my application and what it offers could be regulars and even potentially invest in the product themselves should they see fit.
I was able to reach out to friends if mine and colleagues from the past who regularly park in garages for their work and school. I asked them how they felt about my idea and if they thought it could work with my parking concept to which they both said yes 100%. They told me about the difficulties they often found in trying to find parking in a jam packed and limited garage. They complained that if they were just 2 min behind schedule, they would often be forced to pay extra to park on the ground level or have to be sent all the way to the roof of the lot which was very out of the way.
They believed that the adaptation of the parking technology from my product could work wonders as it would tell you where free available parking spots were and if you passed one. With its predictive nature it could also give you a timing aspect on when you should arrive approximately.
I learned through this new market idea how many people my product could potentially help. Individuals who i figured would have no need for my application are some of the people begging me to bring it to real world as fast as I can. This was truly a shock to me. I believe it can be as successful as my original idea if i get the correct investment and team behind me.
25A What's Next?
What's Next?
Existing Market:
The next step I would like to approach with my product is in a similar field. I would like to get into the taxi-type business, similar to that of LYFT and UBER application. Transitioning from a parking application to a bus type system that could pick up individuals and drop them off an locations of their choice for a fee seems like a logical next step. In figuring this out, I spoke with 3 people who already acknowledged their agreement with my product and are supporters of it. Along with that they are frequent users of UBER and LYFT and 2 of them are drivers for the companies. I asked "what aren't we doing that we should be" to which the 2 drivers responded, that it takes a lot of capital and trust to operate this way. Allowing random strangers into your vehicle while you are focusing on driving could be dangerous, so they recommended implementing an insurance policy just in case for the safety of employees. I told the interviewees about my ideas on how to combine my 2 concepts into a full functioning product around the world with specifics in different areas such as "bike-style" in New York where traffic is an issue or "boat-style" for locations in Miami if someone wanted to reach a sandbar off the coast. The majority thought this could be a good idea, but one of them didn't see how it could be applied logistically.
Based on the feedback, i think it could be a prosperous idea with the help of some investments. The concept makes sense and the market is ready for something of this nature to appear alongside LYFT and UBER in an effort to end the monopoly that exists. Along with my technology for parking assistance i believe my product could be the next big thing.
The next step would be finding people who are as passionate as I am about helping the community and making money in a legal and efficient manner. I think this plan has all the makings of the next conglomerate. If someone liked the way they used the application they would be keen to return to utilizing it and even telling their friends and family about it. That is how the good news can spread, via positive feedback from those who enjoyed the my product and all it offers.
New Market:
Another market I have considered becoming involved in is Real Estate. With my parking application technology and the success that I believe can come from it based on the feedback I have received, I would be interested in the parking lot market for garages. If I had my own garage and parking location than I would be able to regulate it to the best of the applications abilities and get the most out of it. People who believe in my application and what it offers could be regulars and even potentially invest in the product themselves should they see fit.
I was able to reach out to friends if mine and colleagues from the past who regularly park in garages for their work and school. I asked them how they felt about my idea and if they thought it could work with my parking concept to which they both said yes 100%. They told me about the difficulties they often found in trying to find parking in a jam packed and limited garage. They complained that if they were just 2 min behind schedule, they would often be forced to pay extra to park on the ground level or have to be sent all the way to the roof of the lot which was very out of the way.
They believed that the adaptation of the parking technology from my product could work wonders as it would tell you where free available parking spots were and if you passed one. With its predictive nature it could also give you a timing aspect on when you should arrive approximately.
I learned through this new market idea how many people my product could potentially help. Individuals who i figured would have no need for my application are some of the people begging me to bring it to real world as fast as I can. This was truly a shock to me. I believe it can be as successful as my original idea if i get the correct investment and team behind me.
Hi Mark! I think the idea of implementing an insurance policy is a really great consideration and I think you have some really interesting further ideas on this product. From this post, I can really see a lot of potential in your business idea and think that it could be very successful. Overall, you did an excellent job explaining the existing and new market.
ReplyDeleteHi Mark,
ReplyDeleteI think that approaching the idea of the type of taxi in your business is a great idea because in the United States there are many people who do not have a car and always have difficulty getting around. For example, foreign people who want to settle in the country but for economic reasons or while waiting for their immigration documents have these difficulties, those people would be in your segment. Excellent work!