29A- Venture Concept No. 2

Opportunity

I thought of this new business idea because I saw for myself that there was an opportunity for a new innovative idea. I myself experienced this unmet need, so I wanted to think of an idea of how to solve this problem that I have and millions of other people as well. 2020 is a new decade and a time where technology is constantly changing and adapting. Apple’s invention of AirPods had drastically changed how we live. While AirPods were being introduced, Dr. Dre wireless beats were also brought into the market. These two products have changed how people listen to music daily. People started to drop their wired headphones and start using wireless devices. The trend has exponentially increased and now millions of people use Bluetooth. When traveling, you have to go back to your old ways and remember the wired headphones. We have been so used to just using our Bluetooth that we forget that airplanes still don’t have Bluetooth capability! We are forced to either listen to our phone and opt out of using the inflight entertainment or buy poor quality wired headphones from the flight attendants. This simple annoyance can be transformed into a whole new industry. The technology and capabilities we have today are amazing! This is why I think that something can be done about this problem.

Geographically, anyone who is traveling on a plane is able to access this service. Demographically, the people who would want this opportunity are the people who can afford to fly, and also frequent flyers. Currently, customers are satisfying this need by using wired headphones. They either remember to bring wired or use the airlines headphones. I would say that the younger generations are less loyal to the wired headphone. The older generations who are more used to wired, and not wireless are loyal to the headphones because for so long that is what they know. I think that this opportunity is huge! It could change the airline industry forever and totally change how we travel. This industry could be worth billions of dollars someday. This “window of opportunity” could not be open for long. I am sure that other innovators have thought of this idea and pretty soon it could be offered on planes. The idea doesn’t seem that far fetch anymore.

Innovation

This product could go in many different routes. One route is creating the software first and then selling the software and capabilities to major airline companies. My business could also supply the workers who install the Bluetooth capability safely into the planes. The software would be installed to only the planes with a personal TV screen in front of them. Additionally, we would try to make it as easy as possible. When the passenger sits down in their seat and it says “Welcome” I would imagine the screen to ask a question like “Do you want to use Bluetooth for this flight?” The passenger will click yes if they do, which will lead them to a page with pricing. For the entirety of the flight it would cost $20. For 3 hours of use pricing would be 5$ and 3- 6 hours would be priced at $10. If someone if a frequent flyer and use this service often, there could be a yearly subscription available priced at $100. After they select which pricing, they want, you will be able to put your credit card into the screen to pay for the service. After you pay, your personal Bluetooth capability will be turned on and your phone will be able to connect.

Venture Concept

This product will solve the opportunity that I identified in the opportunity paragraph. I think that customer would switch to using this product because they don’t want to have to deal with remembering wired headphones. Being able to connect to Bluetooth and use the inflight entertainment could make their trip a lot more enjoyable. Now that everyone is so used to the Bluetooth world, they would be more inclined to switch over. I do think that it could be difficult to get passengers to switch over. Some people are stuck in their own ways and don’t want to switch things up. Also, since the service isn’t free and wired headphones are, they may just want to save money and not spend the money to use the service. Currently, there are no competitors because this doesn’t exist yet. Weaknesses could be the price, malfunctions with the software, and people being cautious about putting their credit card information in. I would organize the business at first small. The startup doesn’t need to have that many people. Definitely computer engineers, accountant/ finance employees, salespeople to pitch the idea to employees and installation workers. Probably starting off with 15-20 people and then hopefully expanding to many more.

The Three minor elements

Secret sauce – the advanced computer engineers that make this product. I would want to file a patent on this idea so that no one can copy the software.

What’s next? After planes, we could go into other modes of transportation such as busses, subways and trains. This idea would be for connecting to their sound system to hear which stop is next etc. This wouldn’t necessarily be a product being sold to the customer themselves, but to the transportation system overall company. For example, selling the capability to MTA NYC subway systems, Amtrak etc. as a contract deal.

What’s next for you? Assuming that this product has launched, I would want to be the leader of this successful company. It would be world renowned. Eventually if I think it is too much, I may sell the company off to a larger company who wants it.

Provide a summary of the feedback and how I changed it:

I received positive feedback and great ideas for my product. I was told that expanding to other modes of transportation would be a great new path. Something to consider is short trips. Busses, trains and subways would not really appeal to the consumer. This service would not affect their entertainment at all because their trip would be so short. Something that I did read that made me think was having Bluetooth be connected to the mode of transportations sound system. For example, if the bus is announcing the next stop and the passengers don’t hear it because they’re listening to their music or get distracted by their phones. This system capability would be B2B not B2C.