Venture Concept No. 1

Opportunity

Busy students, parents and employees with more than one job barely find the time to take care of household chores such as laundry. Sometimes laundry doesn’t dry well in one dry cycle, taking up more time and electricity which also leads to higher electricity bills. These potential customers need something that will save them time and the hassle of having to wait a whole other dry cycle in order to get on with their day. In addition, there are environmentally conscious people who try to save energy in numerous forms to help the earth (and save money). Global warming consciousness continues to grow in the U.S. as more and more people try to go green. This creates an opportunity for products that help save energy and the earth. Customers are currently spending more money on more technologically improved dryers that have quicker dry cycles, however not everyone can afford this type of technology. There is a need in the market for an inexpensive product that will dry clothes well while shortening dry cycles and decreasing energy use/electricity bills.

Innovation

PloyDry sheets are dryer sheets, but unlike the average dryer sheet used by everyday Americans, PloyDry sheets are made with superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. By inserting one or two PolyDry sheets, depending on the size of your load, the fabric from which the sheets are made absorb most of the water retained in your recently washed clothes. These dryer sheets will be sold in every supermarket in the U.S. and can be ordered online too. A pack of 160 dryer sheets will be sold at $8.29.

Venture Concept

A box of 160 Bounce dryer sheets sells at about $6.00, however, although PolyDry is two dollars more, customers would really end up saving more money on their electricity bill and time. They would be paying for quality and I think this would sell more because of that. After all, time is money. Busy customers would only need to insert one to two PolyDry sheets in order for their laundry to dry quicker so that they can get on with the rest of their day and enjoy some free time after. I think it would be easy to get customers to switch from ordinary dryer sheets to PolyDry sheets because there is nothing else like this and who doesn’t like saving money and time? The only possible weakness with this product is what I am working to fix on next which is to make the dryer sheets more environmentally friendly. I think price points define this business concept because you don’t want to create something too expensive when part of the whole point of the product is to help customers save money. My concept is that if you sell something good and unique at a price an average American can afford, then you will profit because you will have more people trying to buy your product. Location also plays a large role in defining this business concept. I saw that the environmentally friendly version of a dryer sheet brand was only sold in very select places, none of which were nearby a customer so she had to order them online every time. By making PolyDry available in all supermarkets, I have a better outreach to customers who need things instantly.  I would organize my business to support ongoing production by having a group of people managing a factory where the dryer sheets are made, the process of creating this would be done through machines, but people would be needed to watch over the production, packaging and shipping. I would have truck drivers shipping the loads of PolyDry to supermarkets and people working in an office who would reach out to supermarket chains to sell the product and also be available to answer any questions or concerns from customers.

Three Minor Elements

·      My venture’s unfair advantage would be that there really is nothing else like this, I’ve never heard of or seen a product that does the work of a dryer sheet while also drying your clothes quicker. What will make it hard for competitors to copy is the way the product is made, the process requires a specific chemistry to it that is hard to duplicate.

·      What’s next for my venture is to make it more environmentally friendly by making the dryer sheets recyclable and also safe for baby clothes because a lot of parents don’t like to use them on their children’s clothes because of the chemicals used in ordinary dryer sheets. This improvement to the product would attract even more environmentally conscious customers and parents of newborns and toddlers.

·      In five years with this venture I would like to have started a line of innovative household items that make chores easier and quicker to complete so that people can spend more time with their families and relaxing. PolyDry would be the kick off to this line of household products.

Amazon Whisperer

1. Revenue drivers:
    My revenue drivers would be my from the amount of packages of dryer sheets sold (sold). They would be sold at a higher cost than production but still be affordable to everyday people.

2. The next product
    Dryer sheets have recently been getting a bit of a bad rep because of the chemicals used to make them. My next move would be to create an environmentally friendly dryer sheet with the superabsorbant polymers that dry your clothes at the same time.

3. How does it improve your business?
    This next product would attract environmentally conscious customers and perhaps raise the amount of people purchasing it and create a larger customer loyalty.

4. Competitor

                                                

     Seventh generation is a brand that makes dryer sheets from unbleached paper, so instead of adding them t landfill when you're done, you can recycle them. These dryer sheets use a gentle, plant derived formula instead of tallow and other animal products that traditional softeners use.

5.Customer Reviews

   Customers like this product because it is environmentally safer and it can be used for even babies' clothing. However, what they don't like is that they are not widely available in stores so they have to order them via Amazon.

6.I would make my product widely available in all supermarkets like most dryer sheets such as Bounce or Downy are.

7. I think this would make a good addition to my product line because as mentioned previously it would attract more customer loyalty and add on to my customer base by attracting environmentally conscious people.

Elevator Pitch No. 3

1. The pitch

2. I wasn't able to complete my second elevator pitch and I have not received any feedback yet on my second idea napkin. My first elevator pitch didn't receive much criticism but rather excitement on the idea and support. I really appreciated all the great and positive feedback.

3. I decided to include in my second pitch what makes my product different and where it can be found.

Idea Napkin No. 2

1. I am a college student currently taking six classes and living on my own, meaning I now have to handle my own day-to-day housework. I also love cooking and have become quite good at it. I hope to one day work as a publicist for a food company and also have my own restaurant while maintaining a family. I see my business playing a role in my life by helping me shorten the amount of time needed for house chores.

2. My product is called Poly Dry, PolyDry is a dryer sheet that is made of superabsorbant polymers which are molecules that can absorb and retain liquids relative to their own mass. You just insert one or two of these dryer sheets, depending on the size of your load, and it absorbs much of the water from your wet clothes, drying it much quicker so you can go about the rest of your day and save a few dollars on your electricity bill with shorter dry cycles.

3. My target audience would be anyone who has a busy lifestyle, especially parents or college students. These people have shared characteristics being that they all have multiple responsibilities to handle on their own with not enough hours in the day.

4. My product is valuable to my target audience because it can help save them time in housework so that they can enjoy more time relaxing or doing things they actually enjoy doing. In addition, my product also does something that everyone loves, it saves money. PolyDry saves you money because by lowering the amount of time needed for dyer cycles, your electricity bill also decreases,

5.Dryer sheets already exist, but what they don't have is the superabsorbant polymers that PolyDry sheets have which absorb a lot of the water held in your clothes to decrease your dry cycles.

I believe that these elements fit well together, the product would probably be a dollar or two more than most dryer sheets but it will still be affordable for the people described in my target audience. I'd think of it as an investment in time and money saved from electricity bills if I were them.

Feedback memo:

I really enjoyed the feedback I received, it was all really positive and everyone seemed excited about my product which was really encouraging. I didn't really have to change much for my second idea napkin; I just elaborated a bit more in some areas.