24A – Venture Concept No. 1
Major Elements
OpportunityThe opportunity for the proposed business idea arises from the fact that parents who have children that need speech therapy have to spend hundreds of dollars (if not thousands) every years in their children speech therapy needs. If they have insurance they only need to pay a small portion, however, for parents that do not have insurance, they have to pay out-of-pocket.
There are no specific geographical location for this unmet need. It cover the whole US and other countries abroad as well. Customers do not have another alternative at the moment, they are obligated to pay for the high cost of speech therapy. This is a very big opportunity with lots of potential for growth. This opportunity will be "open" until I create this business, other companies copying this business model will probably follow along. If I can plan it correctly, I must build it fast and continue to innovate so I can stay ahead in the market.
Innovation
This is a innovation as no other company in the market offers what I plan to offer. Other companies offer speech therapy games (which I plan to include in my business model) however I will offer much more than that.
This will be a web and mobile application where parents will be able to access and follow procedures of speech therapy at the conform of their own home, and not have to pay for speech therapy weekly sessions for their children. By doing so, they will be able to save hundreds of dollars. Parents will only pay a fee of $15.99 every month in order to have complete access to the mobile and web applications.
Venture Concept
Speech Bubble, will be the name given to this application. I believe customers will want to switch to my product/service as they will be able to save money by doing so. It will take them a bit of adjusting the the new model of speech therapy, however, given the amount of money they will save, I believe they will see the value of switching in a small period of time.
There are no competitors at the moment. The possible weakness are the parents who do not have a lot of time, they might struggle at first to get used to it. There is no packaging or distribution for this service, however, customer experience is very critical and will need a very structured system to accommodate new users of this service.
I will organize this business by hiring a couple speech therapists to help me create the therapy sessions and how they will work. I will also need someone to manage the finances of the company since I will be focusing my efforts on the application development.
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Minor Elements
Secret SauceMy secret sauce is my knowledge of building mobile applications combine with my wife's knowledge of the speech therapy field.
Next Venture
My next venture my be developing targeted game apps for speech therapy needs.
In 5 Years
Assuming I launch this project, I do not foresee in selling in the first 5 years. Maybe later, but I would like to grow it and improve it to the point I can manage it at a certain "distance". Meaning that I will no longer be needed for the day-to-day operations of the company.
Hi Arthur,
ReplyDeleteI think your post was fantastic. You really have something here that could be beneficial to countless people. I really like the fact that it is something that can be utilized from the comfort of your own home with people you trust like family members and friends. I rely heavily on providing my services remotely for convenience as well as saving money for myself and my clients.
Hi Arthur,
ReplyDeleteI liked your section on innovation the best on this post. I think your idea is really innovative and has not been done before. There are not a lot of options on the market for speech therapy and I think your idea could revolutionize the industry. I also liked the name that you gave your business; I think Speech Bubble is a cute name and people will remember it.
Hi Arthur,
ReplyDeleteLike Kori, I love the Innovation section of your post. The fact of improving our ideas will make the venture to be more prosperous than expected. Nowadays, it is common that most of the kids would need speech therapy, and, unfortunately, the interactive games are not always suitable for their needs. Speech Bubble is a unique venture, and it will be a revolutionary product within the market and the industry.