24 - Venture Concept No.1
My venture concept consists of a
windowsill planter for indoor plants, made of recyclable materials that adapts
to smaller living arrangements and busier life schedules. In the following
paper I will explain how this concept arose, the concept itself, and how this
concept will succeed and ultimately grow.
OPPORTUNITY
The main cornerstone for the
opportunity of this project arises from the move to urban environments. With
growing populations, homes are smaller and many people choose to live in
apartments rather than houses. Because of this, backyards and gardens are
becoming less common despite people still finding interest and use in plant
life. Another aspect that comes hand in hand with modernity is the business of
everyday life. People don’t have as much leisure time to spend time gardening
and if one is prone to travel, indoor plants without proper care will wither
and die. This problem will continue to grow, accentuated by climate change
affecting outdoor temperatures and weather. Currently, people either don’t solve
this problem at all, by avoiding plants entirely, or have to take elaborate
steps to provide solutions, like getting others to take care of plants for
them. I think this opportunity is pretty big; the customer base can include
college students to working families. Because this product caters to multiple
purposes, it can further expand its customer base. This window of opportunity
will be available for the foreseeable future.
INNOVATION
My planter idea has a few elements
that make it particularly distinct. First, it has a built-in water dispenser
that only needs to be filled once every two weeks, less if the plant in
question has less water needs than normal. It can be adjusted to dispense the
necessary amounts. Second, an adjustable cover prevent mess from scattered dirt
and due to the water dispenser, it keeps from any overflowing. As for the
design in and of itself, it will have an adjustable grip (that is removable if
desired) that allows for a strong hold onto windowsills or balcony rails. This
makes sure that the plants have easy access to sunlight and this does not
become a problem for the grower. The different sizes can be connected and
rearranged to have multiple layouts of your indoor garden and if you are in a
space with multiple windows that face different areas, you can optimize your
plant layout if you have ones that prefer direct versus indirect sunlight. The
aim is to produce it in three different sizes, a small 6x6x6 inch, a medium
12x6x6 inch and a large 18x6x6 inch, and seven different colors; cream, storm grey,
matte black, light blue, pastel yellow, sunset orange, and forest green. By
keeping the garden beds on the shallower side, this keeps the planters
relatively light weight (even though they will still be filled with dirt and
the plant itself), so they can still be moved around comfortably, by people of
different abilities, strengths and ages. The aim is to price the smallest
around $10, the next size at $18, and the largest at $26.
VENTURE CONCEPT
The value of the combination of the
opportunity and the product arises with its multipurpose abilities. First of
all, it appeals as a simple decorative object. With a nice design that doesn’t
take up much space and provides greenery while keeping uptake at a minimum,
this product can appeal as nothing more than an aesthetic choice. It can house
perennial flowers or decorative ferns or even small cactus. Secondly, it has
practical uses. Herbs can be used in cooking or to make teas. Small fruit or
vegetable plants can be grown, like bonsai berry bushes or cherry tomatoes. It
can also grow plants that are good for our pets like catnip or grasses. Customers
with interests in cooking or with pets of their own will easily find the appeal
in these uses. Thirdly, there is a therapeutic aspect to growing plants. Seeing
something grow from your hands is a profoundly rewarding experience, one that
will be lost if urbanization creates the loss of green spaces across our
communities. In an attempt to combat against this, the use of recyclable materials
keeps this product eco-friendly and brings people close to nature once more. It
also creates the opportunity to have family bonding; teaching children from a
young age to cultivate and appreciate nature while also providing invaluable
family time. This can also spark their creativity and lead to different plant-based
projects over time. Because of all of these uses, the business opportunities
this planter can provide are far beyond a single target market; while advertising
or branding could target a specific audience to maximize interest in a single
group, it can also be interesting to different individuals. The lower price
range also accommodates to the unfortunate trend of lower income. Money saved from
the functional purposes is an added bonus.
VALUED RESOURCE
My most important resource is an entrepreneur
that I can directly speak to give me insight as to my project. He has his own
experience with risk and reward that can help me define what aspects of this
project are worth taking a chance on and what aspects would be best avoided.
With access to capital, this could also be a potential investor if I am able to
convince him that my project is worth a shot.
NEXT STEPS
The next innovation could extended
designs, perhaps made of different materials like glass or metal. Or, with
enough research, a simple book with a guide for which plants are the most
recommended and how they can be used and cultivated in your household. If this product
ends up appealing to more professional gardeners, larger or more specified
planters could be created.
WHAT THE FUTURE HOLDS
I would like for this project to do
well enough to later sell the project and client base to another company and
have enough money to perhaps start a new project. I think it would be fun to
try a different idea in the future with the experience of already having a launched
product and knowing what to avoid and what to do.
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