29A - Venture Concept No. 2

Opportunity: The main thing that my company, "Bingo", will focus on is the saving of money in very small and incremental amounts that aren't always too noticeable but can make a big difference over time. This app is going to be mostly tailored to college students demographic and will most likely not be used by people with higher personal income and net worth. I think that the apps that are currently trying to satisfy this need are not specifically tailored enough towards the college student demographic and therefore, are missing out on a major part of the incremental savings market. I think that this is a major opportunity for growth because the people who want the app are all clamoring for it. This market mostly exists in low income areas and in college towns near college campuses. These people are most likely to use my app because they are from lower income areas and do not necessarily have a lot of money to pay for a financial advisor. I think this opportunity is absolutely major because these people really need a low cost opportunity to make good financial decisions and my app is specifically designed for them. I think that this window of opportunity will continue to stay open for a decent amount of time because of the fact that many people are currently in this financial state and will continue to be in this financial state for a long time. Also, people enter this market all the time when they go off to college and are cut off from their parents money forces.

Innovation: My app is innovative because it is the first of its kind. There are not many apps that cater to low income individuals and this app is specifically designed for that. The app will be free on the app store to encourage people to download the app and start using the app to save up their money so that they can buy things that they want that they would not usually be able to afford. It is really important to remember your test market and the people that you are trying to cater to so that you can fine tune your apps services to them. I am not exactly sure about how my business will make money but I am assuming that I will have percentage fees on all savings accounts.

Venture Concept: My venture concept is that I am specifically tailoring a savings app towards a demographic that typically does not receive any credit or recognition for their financial hardships. I think that my main competitors will be big banks that have savings programs for low income individuals. My app being free will have a major impact on the number of downloads that my app receives and that the app will help people to make better financial decisions.

My most important resource for the company will be human capital/customers. These people are so important because they are the backbone of my entire operation. These people are are going to support and download the app.The company has a bright future and I think its super important for everyone to listen to customer feedback.


-- I really didn't feel the need to change anything about my venture concept. All of the feedback that I received was fairly positive and did not provide many suggestions about how to fix my product.