Venture Concept No. 1- My Boat Propeller Cover

That there are millions of people who use water as an environment for leisure, work, and play by using boats, jet-skis, and other water treading machines daily. However, these activities we partake in have extremely detrimental effects on the life below the water’s surface, and these issues we create for the life in bodies of water have gone unchecked for too long. Therefore, the opportunity I’ve discovered is a way to help marine animals of all kinds stay out of danger when people decide to use their habitats for personal gain without thinking of the repercussions they may be causing.

I'm hoping that those who use water as a place for activity will feel inclined to take simple measures to make their habits less impactful on marine species, which is why I’ve come up with the product that I have. It is cheap, easy to manufacture, requires no set up or building after purchasing, and is expected to last a long while and do its job well. Most likely, people who both use boats/other motorized water equipment and are environmentally conscious will be inclined to use my product, as it will prove to be the most economically feasible and structurally innovative design on the market once the venture process has gone full swing.

The market I am trying to break into has a lot of room for growth and development, as not a lot of products have been introduced to combat the issue of injuring marine animals while on the water that have been both affordable and effective. Currently, the best option out there are caged metal ring motor covers, which, while they protect the motor blades from coming into contact with animals, are expensive, not overly eco-friendly, and can still catch smaller animals and debris inside, either hurting those smaller species and/or breaking the boat motor.

To go more in depth, my product is essentially a cling fit cover to protect each individual blade on a propeller, made with durable material, with a soft buffer on the inside. This way, if the blade comes in contact with an animal, its strike will not be as harsh or injurious, and will lessen the impact on that animal. Each blade will have an individual sleeve, and the sleeves will connect in the middle so they remain on the propeller as it moves through the water. The idea is to lessen the sharpness of the blades without altering the water dynamics of the propeller itself, still allowing the watercraft to cruise along at normal speeds, and protecting the marine life that may come into contact with it. I will be selling the propeller cover by individual sleeve, so that propellers with all different numbers of blades can be accounted for. They will all come with the necessary connectors to attach in the middle. I’m assuming that each sleeve will run no more than $10, as the materials needed to manufacture are not overly expensive, and there is little engineering needed in the making process.

I believe that, while my innovation won’t entirely eradicate the issue of harming marine animals when using boats on the water, it will help not only lessen the intensity of the issue, but also bring awareness to the problem itself. It is a great way to bring light to the situation when many people may not be completely aware that it exists. I also believe that, being it is so much more affordable than the current “solutions” on the market — caged propeller protectors that run anywhere from $200-$300 — it will reach the far ends of the bell curve of customers that may have not taken safety measures to save marine animals because they could not afford to. It is such an easy concept that I’m surprised hasn’t been put on the market already by a different entrepreneur with a mind for saving animals. I am extremely passionate about the underlying issue behind this product and am therefore extremely invested in the success of it.

I think the most important resource to me in this venture process is the low cost and ease of manufacturing this product. With a lot of new products on the market, they include a multitude of technological components that require a lot of skilled assembly before they can be used by consumers, not only jacking up the price, but also subjecting consumers to technical difficulties with the product. My product is not fancy in any way — it is just practical and makes sense. In the next steps in my venture process, I am planning on making accurate prototypes and testing them to see if my idea actually holds up in the real world. It is easy to assume that it will all work out when simply talking about it, but for this product to be successful, it obviously has to work and do the job that it’s promising to do. Therefore, this is a crucial next step for me to take as I continue forward. I am hoping that my product will materialize into something great that consumers will really want to invest in. Myself and my product stand for a great cause that needs to be brought more into the public eye, and I believe that once people recognize that, it will be extremely successful. “Help the animals” is always an appealing campaign as it is, because consumers can’t help but sympathize with cute pictures of manatees and dolphins with boat strikes on their backs. So, when I’m offering a solution that can be so easily implemented into the everyday lives of people who use water for any sort of activity, I believe it will really be a hit. I am excited to keep going in this process and really see where my idea goes from here. I have already received a lot of positive feedback from potential customers, which is a great sign. I’m excited to take steps to really help save marine animals, as I am so passionate about the issue.

What's next?

Existing Market

I believe that what’s next in my venture is to actually attempt to manufacture the product and run it through durability tests to make sure that the design is sound and won’t cause problems. After interviewing customers already part of the market I’m looking to move into, they agreed that I should test the safety and ability of my product before I start to market it. Moving from here, I want to work on making prototypes with the same or similar materials that the real product would contain and test them by making impact with different materials that would represent the skin of an animal in the water, to see how it holds up.

New Market

I’m planning on targeting people who don’t own boats or other water sport apparatus, as they would virtually have no interest in my product.

I honestly don’t think my concept would be able to create value for these people, unless they were hesitant to partake in activity on water in other people’s crafts because of harming the safety of animals. I suppose a way to bring them in would be to target those who do touristy things like glass bottom boat rides and renting jetskis, and tell them that my product could give them peace of mind while taking part in these activities.

I interviewed people from this market, and they think that the idea is good but should be marketed as saving more than just marine animals- I also need to put emphasis on the environmental and economical benefits my product can have. With the already existing caged ring motor protectors, they decay, rust, and fall apart in the water, leaving harmful debris floating around, and also don’t last long if not taken care of properly. Additionally, these can cost hundreds of dollars to replace. However, my product has no external apparatus that would disintegrate into the water, and is so cheap and easy to manufacture that if it breaks, it is an easy investment to buy another one.

I think I was able to draw a lot from this new market and learned to emphasize a lot more of the economic and business aspect of it, rather than the humanitarian one. I was correct in assuming that the people I interviewed wouldn’t have a large personal investment in the cause behind the product, and I don’t assume that these same people would be buying it. However, I gained some valuable and objective insight from them regardless.

My Venture's Unfair Advantage

1. Passion for cause behind product

V- consumers love to see people passionate about their product

R- not every entrepreneur may feel overly connected to their cause

I- not everybody feels such a strong pull to help marine animals

N- you simply won't find many other people who care this much.

2. Strong connections to relevant network

V- useful when needing to consult experts to help improve product/business

R- it can be hard to break into the community behind a business

I- essentially the same reason it is rare.

N- you can’t get expert opinions from experts in other, irrelevant fields

3. Personal investment in cause and success of product

V- this will keep me motivated throughout the venture process.

R- not everybody develops a product that has to do with their main interest (mine is marine biology).

I- I feel my amount of passion about this issue is pretty hard to surpass.

N- You need a passionate person to make this work, so you can’t sub that out for anyone else

4. Minimal yet effective design

V- product won’t be confusing to consumers

R- many new innovations require a lot of engineering and tech that can create challenges

I- it takes a lot of planning and skill to come up with products that are this easy to be made

N- there is no need to make this design any more complicated.

5. Few materials needed for product

V- product will be cheap to manufacture

R- many new products on the market require a complex amount of materials

I- I suppose it isn’t hard to copy

N- Not sure how to answer this one, honestly

6. Relatively undeveloped market with room for new innovations

V- there is much room for growth in this market.

R- many other types of markets, such as tech, are oversaturated with people trying to push their products into it.

I- not every market such as marine safety has this much opportunity for innovation

N- there aren’t other resources that can provide these benefits.

7. My extroverted and relatable personality

V- helps me to connect with people

R- a lot of smart people with great ideas are introverts.

I- just try finding someone else with this sense of humor.

N- nothing beats a good pun

8. Confidence in product

V- you gotta believe in yourself to make it.

R- not every entrepreneur may believe in their product.

I- not everyone has such a great product!

N- there aren’t other resources that can provide these benefits.

9. Knowledge of website design

V- will help if I want to sell my product online

R- not every entrepreneur necessarily has computer skills to help build their business

I- it is not hard to copy

N- You could always hire someone to build a website if you weren’t good at it.

10. Ability to design and produce promotional videos

V- can help with the marketing of my product

R- this isn’t a rare skill.

I- this can be copied by others

N- you could just use person-to-person marketing instead of being online.

After my VRIN analysis, I think my top resource is the fact that the market I am emerging into is has a lot of room for growth, and this will be great when introducing my product as it is most likely going to be the only “brand new” idea for a while. The other resources are helpful, obviously, but in the end, what determines the success of a product is how much exposure it gets, and if there aren't a million other innovations overcrowding my product when it debuts, it will most likely be more successful and remain relevant for a longer period of time.

Reading Reflection No. 2

1. The general theme of this book was describing how failure and mediocrity can actually contribute a lot more to success than people may think. It also discusses how to increase what you get done throughout each day. The book states that one of the most important tricks for maximizing your productivity involves matching your mental state to the task.

2. I think the book connected with me because I am always pushing myself way too hard to work hard and be successful, and sometimes when things don’t go my way, I feel like a disappointment, a failure, and I am crushed. Therefore, reading about how failing can lead to success in a way I hadn’t thought of before, it was really helpful to hear. I think this applies to what we’re learning in this class as it encourages you to “think outside of the box”, and this opinion is definitely an out there idea, and a perspective that I wouldn’t usually take on when I fail at something.

3. I would design an exercise that asks students to list a moment in which they epically failed at something that they worked hard for or on/something that they weren’t expecting to not go their way. Then, I would have them examine what good actually ended up coming out of that failure, and how it ended up contributing to a future success or taught a valuable lesson.

4. I think what I learned that surprised me the most was the goal vs. systems idea. The book states that there is a difference between a goal, or a long term achievement you’re striving towards, and a system, something you do every day that makes steps towards that goal. While having goals has always been a way to motivate me to work hard, the book shares that goal-oriented people exist in a state of continuous pre-success failure. That really hit me. One should have a system, like exercising every day, as opposed to a goal, like losing 20 pounds. In a system, at least you are making positive changes in an aspect of life that you wish to alter. So, even if you don’t reach the goal, you don’t feel like you’ve failed. 

Growing Your Social Capital

1.  This person is the owner/manager of a marina in South Florida. Therefore, they know a lot about the ocean and the boat traffic that comes through. They also operate a small bait and tackle shop in the marina, and would most likely carry the type of product that I’m trying to sell.

2.  They are the domain expert in my industry.

3. I found this person by looking online. I have family in South Florida that live near the beach and knew of a marina that was very large and well established. I contacted them over email.

4. They were happy to answer my questions for no return favor. They are a supportive member of the marine community and therefore weren’t expecting any favors to be done.

5. Having this person in my network will give me the opportunity to present my product to the exact market that I’m looking for.

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1. This person is a supplier of silicone and rubber products.

2. They are the important supplier to my industry.

3. I found them by google searching people who mass distribute silicone materials to businesses that need them to manufacture their products.

4. They were also willing to answer my questions without expecting any favors in return.

5. Including this person in my network would be a great way to obtain the silicone materials I’d need to make my product.

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1. This person is the head of PR of a company who sells caged metal rings to put around boat propellers (the most popular option on the market currently).

2. They are the expert in my market.

3. I found this person by google searching, and emailing the contact I found on their website.

4. They expected nothing in return.

5. This person was able to give me helpful info into what its like to sell a product in this market and what it would most likely be like to enter it as a new competitor with a new product.

Idea Napkin Part 2

1. I am a college student currently studying marine biology, a recent change from where I previously wanted to become a vet. I have an ungodly amount of compassion and love for animals and therefore think it will serve me well in the field I want to go into. I am also extremely funny (at least, I think so) and I think that helps me a lot to make connections with those who can help me reach my goal, as I can be seen as more relatable. I think my business concept kind of reflects what I want to do and my love for all things animal related (it’s literally a product to help preserve marine species) and I think working in the field of marine biology, the perfect field for this product, would be an amazing platform to market and sell it.

2. I am offering to customers a product that will have little to no impact on their boating experiences while helping to save close-to or already endangered species from being put in harm’s way. 

3. I’m offering this product to the boating community, and/or anybody who participates in activities that exist out on the water. All of my customers have in common that they make an impact on the aquatic world that they exploit for these activities.

4. I would hope that those who use the water for their own personal gain would care a little about the species that live underneath, therefore, they would want to take measures to make sure they aren’t harming the aquatic ecosystem. It would most likely give them more peace of mind.

5. I think what I have that sets me apart is an idea that isn’t technology-based. It seems like the majority of innovations these days have something to do surrounding computers or tech, and that always creates a large gap and learning curve for those who may not use the product because they do not understand this. My product is just a tangible, non-digital thing that everyone can understand how to use.

I think these elements fit together in the sense that there isn’t a better field to go into, other than marketing, where I could reach the community of animal lovers. Those who care about the wellbeing of aquatic animals would then be able to spread the word to people who boat and do other water-related activities, and could come at it from an angle of compassion.

Creating a Customer Avatar

For my product that puts a protective cover over boat propellers, I imagined the "typical customer" as not the boaters who would be using them, necessarily...but the boaters' spouses. Mostly because the women of the family are historically more sympathetic to environmental causes (from my research, not just making an assumption), I would like to think that they would be the one to see the product and buy it for their family boat. Therefore, here's "the boater's wife" customer avatar:

I assume this boater's wife, probably named something like Amy, saw the pamphlet for my product in the bag of merch her husband brought home from the latest boater's convention. She saw the booklet and thought "this propeller cover would save the manatees!". So, she went online and bought it. 

Amy is in her early 30's, and probably has two little kids of her own who have grown up fishing and swimming with their family. They go to her in-laws' lake house every Summer to jetski, waterski, and bounce on those water trampoline contraptions. Now, she can tell them that while they're having fun on the water, they are helping to preserve nature's most beautiful species, and hopefully her kids will grow up being well-rounded environmental activists, all thanks to my product.

The car she drives is a high-mileage economy SUV, and her husband's car is a boat.

I think I have in common with Amy that we both care (at least topically) about the environment and therefore felt propelled to do something about it that was also extremely easy to do and required minimum effort. Being we are using the water environment for our own personal benefit, it makes sense that we take the precautions that are presented to us to protect the species that thrive in the water.