29A – Venture Concept No. 2

  Technology has been advancing at a very alarming rate which can really help small businesses grow through the use of e-commerce. However, a huge consequence of the use of online selling are the risks of cyber threats hacking transactions and stealing very important assets and information. This type of risk yields a need for protection and an effective plan to stop these things from happening. This is a need for both the small businesses themselves and the consumers that shop with those businesses. These include fairly new businesses who cannot afford the biggest security measures and are constantly threatened by cyber threats. The customers include everyone who shops at these small retailers and wants to keep their money and information safe. Cyber threats are able to monitor screens and actually view information and assets being transacted. This gives basically every online transaction a form of risk no matter how big or small it may be. Large businesses are usually able to afford huge firewalls that don’t allow malware. These can include Best-Buy, Walmart, and even Old Navy. The market that is really directed to is the businesses that are trying to grow but cannot due to poor security measures. Customers think they are currently satisfying the need by downloading protective software to detect threats. However, those software programs downloaded to a computer are only the tip of the iceberg. The threats are more advanced and tend to target the businesses before harming the customers themselves. This makes the opportunity much larger than most basic consumers believe. A lot of them do not care about the risk until they wake up one day and realized they were harmed. The window for this opportunity is actually growing with technology in that it is constantly increasing the threats.

     Addressing the problem really motivated me to create a solution to this opportunity and need. I have decided to innovate an application that will change the safety of online transactions for the better. This innovation will take form of an app that can be downloaded on any mobile device. The app will have two sides to it: 1. The business side 2. The customer side. With the help of an important engineering team, my product will link both businesses and consumers together to provide mutual protection. First, the app will be linked to the cyber security plans that the businesses have as well as to their accounts. Secondly, the consumer choses to link themselves to the accounts that they tend to use when making these transactions. After the accounts are linked, the app will unite both sides together whenever a transaction is made. The consumer can also choose to link to a business beforehand by searching that specific business up in the app. Once a transaction is made and the two sides are connected, the device really starts to work its beauty. The cyber security system that is implemented will detect any potential threats and notify both sides when it happens. In the consumers’ perspective, when someone makes a transaction they will receive a notification on their phones on how safe the transaction is. If something bad happens and the security is breached, the app will automatically notify the customer and he has a chance to take certain steps to prevent losing anything. The small businesses will invest for the protection plan and the customers will need to pay a small one-time fee for the app at around $3.99. If demand is high enough these charges will cover all costs and create profit for my firm.

     With this innovation all planned out and ready to use, it really is ready to fulfill the opportunity that these small businesses and consumers have. I will first like to talk about the benefits to the consumer. This innovation will be beneficial for multiple reasons. Firstly, it will help consumers manage their transactions effectively and efficiently. Secondly, the layer of protection it provides can really help the consumers become more confident with their purchasing decisions. Finally, this application can save customers a lot of money in not dealing with potential losses. For small businesses there are also multiple benefits. Firstly, the app comes with a cyber security plan that is up to date and can create extra layers of protection. Therefore, the business is able to operate safely and can take some important “risks” as needed. Secondly, the business has another way to promote and find new customers through the app, bringing more business. Finally, the business will seem more safe to consumers, which can really help with growth. I believe that a good way for consumers to switch to this product would be a trial of the product itself. I will release the product early and offer trials for businesses and consumers before I launch this product. When the customers figure out how well it works they will be attracted to the product and will want to continue to have it. Competitors include the software programs that both businesses and consumers have to protect themselves from cyber threats. Their weaknesses are that they are not able to connect with each other just like my innovation does. The goal of this venture is to give safety to customers and businesses. That is why there will be a 24-hour customer service line that may be called which will be uses to assist customers and assure them that they will be helped in their best interest. In making this product, I will start with use a cross-functional team of about 25 employees and hoping that number will steadily increase over the years. I will have a marketing team, sales team, engineering team, finance team, and a customer service team that will all work together for this venture.

     This venture’s most important resource are the connections that I am able to maintain from family and friends. Building relationships brings in extra knowledge and experiences that can really assist in the development of a product. I want this venture to grow large enough that even large businesses around the world start using it as a means of cyber protection. In five years I want to be sitting in my office watching my business flourish and expanding into a global marketplace. I want to be known as the guy that developed the most successful cyber security measure in history.

Feedback: I did not receive any feedback regarding potential corrections in my venture concept. The feedback I received regards the perceived benefits that are created through the use of my application. The main think I changed was that I included an actual price for the app. I feel like this was beneficial because it gives my consumer a approximate amount to pay.