24-A A-recorder venture concept No.1

A-recorder Venture Concept
Opportunity

Before I discuss the opportunity and the people at hand I would first like to introduce the A-recorder. The A-recorder is for  students that have a hard time processing concepts and writing notes. So, it actually records the lecture and emails a study guide of the concepts to focus on allowing for more understanding when it comes to students understanding material and studying it later. With that being said the typical person that has this particular need is college students that have to listen to lectures or people who have to pay attention to important meetings. The nature of the need includes students wanting to get good grades. The need truly comes from students who miss material that was said in lecture but was not included in the slides or was vaguely mentioned. The A-recorder will take notes of these specific things and will make sure that it is included in the emailed study guide. The forces that create this opportunity are in the hand of the instructor. Harder classes have a stronger need for the recorder because they require more time to understand the material aka listening to an instructor. Therefore, if an instructor is explaining important information but does not mention it in the slides the A-recorder will capture it allowing for a better grade because information would not be missed. This market is defined geographically for all students no matter where they are, and demographically young adults seeking good grades no matter the race. Customers are currently satisfying this need by hiring tutors or using other study tools such as review sessions by study platforms and textbooks. From the students I have talked to they are very loyal to their usual study habits however they are open to new options. This opportunity is pretty big because lots of college students are looking for a reliable study tool that is useful for all their classes, not just one subject. The window of opportunity will always be open as long as students are still in school.

Innovation 

The innovation at hand as I mentioned before is called the A-recorder. The A-recorder is an artificial intelligent device that listens to lectures, meetings etc. and once the recording is done it will instantly send you a study guide that outlines the key concepts and what exactly is important in lectures. This study guide will allow the student to receive a better grade than just studying notes because it goes over things that were mentioned in class (not just in the notes) and it is formatted in a clear fashion making the information easy to process as a whole. Like I said before, the A-recorder can also be used in important meetings or job training if there is an exam coming up so the market is very flexible. The A-recorder will also be a one time purchase and because of this, and because it is so versatile and can be used for all four years of college+ and for various subjects I have priced the A-recorder to aprrociatmetly $150. The A-recorder will also have supplements that you can purchase through our website which can also increase revenue. The A-recorder will also come in standard colors which will be the original $150 price and fun colors in which the price will increase. For instance, pink, blue, and purple will be priced at $185, whilst the diamond a-recorder that is bedazzled will cost $215. These colors will create statements and will help in more cash flow. The in website purchases will include supplements relating to the material a students may have for instance, we will have formula sheets for different math classes available for purchases that will cost up to $15. These techniques will help me when I am starting up my business because coloring recorders and adding printable formula sheets will be very inexpensive and very profitable on my part. 

Venture Concept 

The A-recorder will solve the problem of low grades because it breaks down material and includes everything from lecture which makes it easier to focus on what is important for an upcoming quiz or exam. Customers will buy the A-recorder because it is so convenient, versatile, and it is a one time purchase. The A-recorder is convenient because it works instantly, you do not have to worry about a tutor’s schedule or a review time conflict because it works as long as you go to lecture. The A-recorder is versatile because it can be used for all subjects, English, chemistry, biology you name it! It is not like a tutor that specializes in just one subject, therefore the A-recorder can be used long term. The A-recorder is a one time purchase which makes it more accessible to students, which will want them to buy it more. Unlike a tutor or a subscription you only have to pay for the A-recorder one time. Customers would switch to the A-recorder because it is a cheaper option, you do not have to pay multiple subscriptions and because it is so versatile and can be used for all subjects. This switch will be fairly easy because the A-recorder works so swiftly and immediately after purchase all you have to do is set up an account with an email so you can receive the study guide. The competitors for the A-recorder would be private tutors or study tools such as Study edge and Smokin Notes. The weaknesses of private tutors is that they work on a schedule and are not always available, and they do not always know what is going on in class. The A-recorder does, because it goes to class with you and it works on your time.Packaging plays a big role, because the A-recorder is pricey, so it must be handled well. My price points will come from the upgrades of colors available and the supplements found on the A-recorder website. Distribution of the product plays a big role and I am hoping for this product to be available via amazon prime because most college students buy their materials from here. Customer support is also important to ensure a quality experience for the customer, if something is wrong with the A-recorder the customer can dial the hotline or send it to A-recorder care for fixing. I would organize the A-recorder business by having people in charge of making my A-recorder, I would have a website designer, and a shipping and handling person. All of these students will be college students, so they will be paid less at the beginning of the business. I will probably start out with around 15 employees.

Three minor elements

My most important resource would have to be fast processing. This is my most important resource because the A-recorder is so fast and convenient. This is what makes the A-recorder so unique because students are able to use the A-recorder on their own schedule and the study guide is available instantly after lecture. This will make it hard for competitors to copy because competitors cannot work exclusively on the students schedule. 

The next new product I aim to innovate would have to be something that includes all the exceptions needed so students know what to look out for. 

Five years from my venture I will strive to have created a new technology that the average college student will be reliant on the A-recorder. In the next decade I would like to have a successful A-recorder and have the A-recorder on amazon prime. This first venture will help me achieve my vision because it is so unique.