29A Venture Concept #2

Mark Candela
29A Venture Concept #2


Venture Concept 2:

Throughout the course, I have seen the positive changes in myself that I believe it takes for one to become a successful and passionate entrepreneur. Growing up in a home with a father who started his own business, and a grandfather who did the same, I have seen countless examples of the hard work and determination it takes to really make one’s passion into a business plan to support a family. My product that I am offering is a wonderful and accessible product that I think can benefit many. My product is a parking application that connects to where one is located and scours the region for parking lots and locations. One can then rent a parking spot for a limited time and reserve the spot for whenever they arrive at the location for a fee.

I believe that many people would be attracted to my product and it can appeal to demographics of all ages. The elder, youth, and middle-aged people can all find uses for it and I believe they will appreciate it over time. Based on my research and findings, I believe that the market in need for my product are college students first and foremost. Students here at UF have a very difficult time finding available parking spots. That could be the fault of the university’s lack of parking, the fault of other drivers, or the fault of the students themselves. But these will be worries of the past. My product allows students to be able to see a map of their parking locations before they even leave their homes, this way it can assist them in deciding whether they would rather drive, walk, or potentially take a scooter to class that day. Scooters and scooter parking also work within the application. One can differentiate between scooter and car parking on the app as the parking features, spots, and locations differ for each vehicle. College students across the country complain of limited parking everywhere, thus this method of finding parking is a convenient alternative for those who need and want it. Elder residents would appreciate the application as well as is allows them to choose where they would prefer parking without having to deal with the difficulties of fighting off younger drivers.

I believe that the window of opportunity is different for different regions. In heavily populated and condensed areas like New York City where many people walk or take the subway, my product may not be as successful as it would be in say Los Angeles, California where driving cars is more common. Demographics that enjoy driving their vehicles, be it cars or scooters are more than likely going to be my hotspots for success. I believe that my opportunity is monumental. As of now there are no other products on the market like mine. I have found a unique niche that I believe can be exploited for the benefit of millions across the globe.

My application develops an algorithm that follows your recent stops and predicts where you prefer to park and in what areas. It then gives you advice on when/where to park. It also gives you a feature to see how packed some parking areas are before you leave so you can consider parking elsewhere or changing your means of travel. I plan on bringing in the finances for the application through advertisements, similar to how other social media conglomerates operate. The choice for a free download is there but option to donate to improve the app is available as well. I will charge advertisements fees and banners will be on the sides and top and bottom of the picture.

Customers will switch to my product because they will see it as a win-win. My application is a free and easy way to make their own lives easier, and conversely, they can trust my application. Users have the option to put their money into the application for superior usage, but the product as a whole is charge free. Our team will filter out false or incorrect information almost immediately in an effort to keep everything 100% organic. As well as this, our market is primed for an application of this sort in order to make driving and parking less difficult and tedious. We plan on turning an annoying task into something that doesn’t even cross your mind because it is that simple.  

Feedback: 

From previous posts feedback and my interviews, I have learned to be more clear. Some of my descriptions of my product was unclear and confused my fellow students. I went back and clarified some of my initial points in n effort to make it easier for the reader. Much of my feedback was very positive as my commenters encouraged me to pursue my goal as they believe they are achievable with hard work. They believe my product has the potential to be a success.