Venture Concept No. 1

Opportunity

Have you ever chewed mint gum and quickly after taken a sip of water? It tastes weird, doesn’t it? It's almost like the water tastes cold, but still lingers with an odd accompanying mint flavor. Wouldn't it be cool if this aftertaste didn't exist?

This market has a major opportunity for saving freshwater while making money, and this is only going to become a more viable product with a bigger window as we continue destroying our planet.

Innovation

My business concept is to develop and distribute a substance, similar to that of a mint strip, that makes what you are drinking taste cold; I think it could consume my financial prosperity adventures if I were to carry out the idea. Not only would I be making money, but I'd be assisting the planet by allowing more fresh water (less wasted in iced drinks) to be utilized for consumption. The product would serve as a similar effect, a strip that you put on your tongue before drinking, that would make room temperature drinks taste cold. However, the strip would be tasteless and not have any other effect on the beverage.

Venture Concept

People have been fans of cold drinks for years, and this product could revolutionize the market. These people can now enjoy their favorite cold soda without experiencing the side effects of melted ice watering away the taste of a sip. Environmentalists could also jump on the wagon, seeing as this frozen and often wasted water that is used in ice can now be distributed to other people who need it.

Competitors to my product would be companies that sell bagged ice, or companies supplying restaurants their ice. I think their weakness is a lack of sustainable thinking in the company, whereas mine is environmentally friendly and saves fresh water. Distribution is very important, as the customers are going to need to be able to access the product from their favorite restaurant. I'm not sure as to how many future employees would be necessary.

As for my secret sauce, my passion for a sustainable alternative to wasted water, and my experience in Sustainable Studies at UF, are all factors that make my presence difficult to replace. I'm not sure where else this product could go, or even where I could go after this.

My Venture's Unfair Advantage

Resources

1. Sustainable Thinking- this is an extremely valuable part of my product. While being sustainable is not rare and easy to copy, it's essential if we want to have grandchildren who can play outside. Ice has the same benefit, but sustainable thinking kills that argument.
2. Organization- organization is always valuable, but not rare in the business world. It can always be copied, but not avoided and is non-substitutable.
3. Investments-  these are extremely valuable; I don't currently have the money, but know people that would be interested in investing money into the company. This can be rare to find trustworthy and reliable investors, and investments are non-substitutable.
4. Connections- this is not as valuable, but still important. Anybody can have business connections, they are not rare but are easy to copy, and I have connections to sustainable companies like Unlitter.
5. Experience- I've worked as a lifeguard for 5 years, and in that time I've seen just how many times people have wanted cold drinks at the beach. This experience is valuable because I learned essential people skills, although these are replaceable by someone else who is good with people.
6. Physical- this is only a little valuable, but definitely so. My father owns property that I can use, and it could be good for building a factory if need be.
7. Intellectual- This is valuable, as being a University of Florida grad will be something I can take with me for the rest of my life. This is common though, and anyone could replace me that has my degree.
8. Creativity- it is unique, and that to me is both valuable and somewhat rare to come across. Of course, this is replaceable by ice.
9. Work Ethic- this is very valuable, but easily replaceable and common to come across; lot's of people work hard to make money.
10. Ability to Accept Criticism- this can be important, and I think it is not replaceable and somewhat rare. You need to be able to accept failure, and build upon it.

After conducting the VRIN analysis, I've realized that sustainable thinking is my biggest and most important resource. In the upcoming future, our planet is going to need all the sustainable efforts it can before it results in humanity's collapse.

Growing Your Social Capital

Unfortunately, as this assignment came up, I realized that I was in a bit of a hole. As you know, if you've read my blog, my product is an alternative to ice cubes, and therefore I was not sure who an expert in my field would be. Of course, there are some companies that sell bagged ice at grocery stores, but I was unable to get ahold of any of these people even after email attempts. I realize that I may have been able to talk to restaurant owners, but I have done that in the past.

I think this experience has helped me to realize that part of being an entrepreneur is recognizing that sometimes, you need to venture into murky water. My idea doesn't have experts to talk to, and this was what made this networking experience unique.

Napkin Idea No. 2

1. Me

My name is Francis Gilday, and I'm an avid surfer and skateboarder from New Smyrna Beach, FL. I am talented in not only these domains, but much more creative outlets, such as music (guitar) and painting. I love to travel, and I've been to places including the Galapagos Islands and a variety of Central American countries.

My current business concept is to develop and distribute a substance, similar to that of a mint strip, that makes what you are drinking taste cold; I think it could consume my financial prosperity adventures if I were to carry out the idea. Not only would I be making money, but I'd be assisting the planet by allowing more fresh water (less wasted in iced drinks) to be utilized for consumption.

2. What am I offering to customers?

Have you ever chewed mint gum and quickly after taken a sip of water? It tastes weird, doesn’t it? It's almost like the water tastes cold, but still lingers with an odd accompanying mint flavor. My product would serve as a similar effect, a strip that you put on your tongue before drinking, that would make room temperature drinks taste cold. However, the strip would be tasteless and not have any other effect on the beverage.

3. Who am I offering it to?

These strips could be sold directly to consumers at grocery stores, but I feel like the largest market could be the restaurant industry. They could supply these strips at the table, where customers could use them to their preference.

4. Why do they care?

People have been fans of cold drinks for years, and this product could revolutionize the market. People can now enjoy their favorite cold soda without experiencing the side effects of melted ice watering away the taste of a sip. Environmentalists could also jump on the wagon, seeing as this frozen and often wasted water that is used in ice can now be distributed to other people who need it.

5. What are my core competencies?

This product is not currently offered, to my knowledge. The closest thing would be mint breath strips, but they contribute flavors that would alter the drinks taste.

I personally feel that these elements of the concept all fit well together, and that the business could be very strong if carried out. The only difficulties I can see would be the research required to create such a product, as also mentioned in some of my comments.

The only feedback I received was positive, or searching for clarification on the science behind my product. Unfortunately, I'm not in any field of research that would enable me to properly answer the "how" of my product, or been able to find answers online because it's a revolutionary idea. For this reason, there really wasn't anything else I could incorporate into my new napkin; mostly everything was the same, in terms of myself, my product, and who I am offering it to.

Elevator Pitch No. 2

Unfortunately, I wasn't lucky enough to have any feedback on my first Elevator Pitch assignment, so there weren't any notes for me to take and consider in this second attempt. However, here is the new elevator pitch!

https://fgilday.blogspot.com/2019/03/create-customer-avatar.html

Create a Customer Avatar

While it may seem like a cliché answer, my product really knows no boundaries when it comes to your typical and predictable clientele. Think about it, who uses ice cubes? Everyone! I'm sure, however, some distinctions may be those who eat out more often, so maybe those that in turn have more money to afford this luxury.

As for my avatar, the common restaurant goer, I think we share much in common; firstly, I love cold drinks, and find ice to almost be a necessity for drinking. I also eat out pretty regularly, so I would be exposed to the strips at restaurants. To me this isn't a coincidence, because eating at restaurants is a pretty common thing to do.

What's Your Secret Sauce?

1. Describe five ways in which you think you have human capital that is truly unique.

When it comes to human capital, there are quite a few things that make me unique. First and foremost, I take pride in my Nicaraguan roots (my mother is a native), and visit there pretty often. These trips lead me into some of my passions: surfing, snowboarding, and skating. I've always been a fan of the extreme, as my father has since he was in high school, and they have led me to a variety of different experiences. I've been to California, Colorado, North Carolina, Nicaragua, Ecuador, The Galapagos Islands, the Dominican Republic, Puerto Rico, and a variety of other locations in pursuit of those passions. These experiences have allowed me to interact with and understand a variety of cultures, and make me an overall more well-rounded individual. I am musically obsessed as well, spending my free-time juggling records and playing guitar with friends in makeshift bands that allow me to work well in creative environments, loud environments, and collaborative environments.

When I was about 15 and a half, I began the long and extensive, both physically and mentally, to become a Volusia County lifeguard (that's right, if you visited Daytona Beach for spring break I was probably working). It was a multiple month long process, but it has shaped me in so many ways, I couldn't begin to list them all. I've saved people firsthand from drowning, preformed medical assistance on victims such as those stung by stingrays, and carried out a variety of other tasks at my office, the beach, that have shaped my adult character.

2. Interview the five people who know you best.

Each interviewee answered the question, What makes me different?

One: You are the most creative guy I know! You can draw, play guitar, surf, skate, I don't know I just think there's a lot of creativity going on in there that stands you apart from other people I Know.

Two: You're not as judgmental and annoying as other guys; I'd rather go get a coffee and talk about my problems with you than most other boys because I feel like you're more understanding and nice then most of them.

Three: You always find a way to get it done. Sure, maybe you procrastinate some stuff but everything is always done right and on time and I'm impressed on the way you always manage to do just that, impress.

Four: You're relatable! We can talk about pretty much anything and there's never any awkwardness even though we only met last year. Even if we don't agree or can't share the same experience, you can find a way to respectably and engagingly keep the conversation going.

Five: You're way better at being able to juggle life and finances and schooling than I am, that's for sure. I know you have to work hard each summer and don't get the same kind of  money from your parents that I get, and I bet it's gonna ensure a better chance at success in the future.

All of these interviews led me to realize that I mostly got the majority of my things, but people are much more fond of my personality (charisma, work ethic, etc.) then I previously thought. I think these are important entrepreneurial skills, and I'm glad to see people talking about them.

3. Reflect on the differences.

While a lot of the ways I view myself and others do tend to match up, there were some things that I just wasn't aware of. For example, I've had a county job since I was 15 (I know, I was supposed to be older) and money was always an interest and almost priority to me. Since I don’t live in other's brains, I wasn't aware of this lack of recognition of the importance of finances that I had and others lacked. I'm grateful for those experiences that shaped me to this day.

I don't think there are many corrections I need to make to my list, except to maybe add some specific personality traits of myself. This is another thing I personally find better heard from peers, but it is something I could add.