29 - Venture Concept No. 2

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. A cornerstone of this project's purpose deals with the environment, it is important to the company to create products out of sustainable and recyclable materials that promote these ideals.  

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. This will be placed along the side and can be adjusted onto either side of the planter, as well as shared with another planter attached to it. 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. In addition to the colors, there are three different patterns to choose from, which involve different shades of the base color for the design; dots, stripes, or leaf print. 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. An alternate material that may be included later are metal or ceramic planters. The price for these would be adjusted. 

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. There are seven different colors which can fit with many inside layouts, with patterns and maybe even different materials. 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. We have found that interested customers have interests like cooking, gardening, health, conservation, animal rights, and design. 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. This is someone who I have already worked with, has given me a temporary investment and that I have returned it with interest. Therefore there is a level of respect that further helps this.

NEXT STEPS

The next innovation could extended designs, perhaps made of different materials like glass, ceramic, 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. Currently, there are only seven colors and seven patterns available. More of these could be created, especially with environmental themes tied to certain organizations or celebrations like Arbor Day or World Nature Conservation Day. 

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.


For the What's Next assignment, I received feedback for the pricing of my product. I agree that in order to appeal to college students, the price should start out low. I think I will keep that price until I have established a market and from there will provide more "artisan" designs. It is always better to increase the quality rather than decrease it.

I changed the venture concept to include the idea of patterns and other materials, as well as expanding on my Valued Resource and my Next Steps. Additionally, I refined what type of interests my customers have within my Venture Concept.