29 Venture concept 2

Opportunity

The opportunity of my idea is to focus on cities like Gainesville who have strict laws on plastic straws. As most know, Gainesville has a ban on plastic straws. There is a huge market for paper straws but most know how inferior they are to plastic straws. The only benefit of paper straws is that they are good for the environment. My product would capitalize on the need of companies and regular customers who want the best of both worlds. My biodegradable plastic straw would not only be good for the environment, but it would also be stronger, longer-lasting, a superior in every aspect of paper straws.

Innovation

My innovation is biodegradable plastic straws. As stated before, nothing is worse than a straw that falls apart or breaks in half as you put it into a lid. My biodegradable straw would be strong and long-lasting like a normal plastic straw but be good for the environment like paper straws. They currently make them but they are not used anywhere in Gainesville. I believe my product could be sold at smoothie places and other similar places to appeal to companies that want higher customer satisfaction.

Venture Concept
Customers and big companies would buy my product because it is superior in every way to a paper straw. A straw that dissolves in a drink is no straw to me. People find that paper straws are awful for smoothies and milkshakes because they do not hold up. My product would not be cheaper, it would serve as a premium to paper straws because it is more durable and will serve a better experience. People will pay for my product because it is superior.

Three Minor Elements

The advantage I would have over companies is that I am the first to market the idea. I would consider my marketing my "secret sauce". People are unaware of the product and if I brought it to these companies and people's attention. My marketing could bring awareness to the product and they would want to buy it from me. I firmly believe that it is innovative to sell to cities with strict laws on straws because the market is so small yet dense. After targeting big corporate companies in places in plastic straw bans, I would focus on all companies to maximize profits. After a couple years I would like the business to run itself or sell it. I would like to move on to another project. I get bored quickly with most things I do and have to do new things to keep myself interested.

Feedback

The feedback I got was very supportive and reinforcing. People agreed with me and I am glad to see my product is well thought out. I have spent lots of hours planning my project and I think it could take off it I put forth the effort. Most people are unaware of biodegradable straws and I believe we could bring it to the market successfully. There was a lot of support to sell to restaurant chains. I think it is important to have big customers because they could be what my company heavily relies on.

Changes
I listened to my feedback and it led me on focusing heavily on who to sell my product too. My feedback was very supportive but not I would not consider it constructive criticism. I appreciate all the support but I did not change much because my feedback was so minimal. I changed my elements but not much more passed that. I am proud of my venture concept.