Venture Concept No. 2

Opportunity 

The opportunity that I have identified was the need for more electric vehicle (EV) charging stations in specific locations. I believe the dependence of crude oil by the United States is extremely disturbing, and until there is an alternative that is easily accessible to the majority of our citizens it is going to continue this way. Furthermore, the market for electric vehicles is starting to gain traction and become a necessity for a healthier environment for the future. Also, with more automakers manufacturing more EVs in their product line there is slowly becoming an unmet need for charging stations around the country, specifically smaller/rural communities. The need is for individuals who need to charge their vehicles when they are and out and about, and away from their home charger if they have one. Additionally, with Tesla set to release their Model 3 at the end of 2017 that is going to be more affordable for the average person this is also adding to the need of having more charging stations throughout the country because Tesla's vehicles are able to travel longer distances with less stops to charge than the average EV of other automobile manufacturers. This is also a force that is going to have automakers think of how they are going to be able to compete with Tesla in the future for the EV market, so in order for that to happen they are going to have to make EVs that will be able to travel a few hundred miles on a single charge. On the other hand, the vehicle these automakers have right now are the prime market for EV charging stations, since they need more charges more frequently. This opportunity would be tested here in Gainesville with the current EV market, and local residential and commercial properties. The current customers of EVs are meeting their need of charging stations by currently owning one at their residences, if they are homeowners or they are using the 10 or so stations currently around the Gainesville area. They are extremely loyal to this process because these are their only options to charge their vehicles. Finally, I believe this is a huge opportunity given the trend of electric vehicles on the road now, and the continuous process of research and development going on to produce even more in the near future, which means I believe the window of opportunity for this is only going to be open the next 3-4 years.  

Innovation 

• GREEN TANK-- FOR A GREENER TOMORROW!
• My innovation is a incrementally innovation to a product that is already on the market. 
• I would like to expand the electric vehicle charging market of the Gainesville community.
• My product would be provide current EV owners with more areas to charge their vehicles and have the freedom to go anywhere in town without the hassle of not being able to find a station near them or that is occupied. 
• I would sell the charging stations to local properties, such as residential and commercial places. 
• These properties would be charged for the station itself at a cost of $3,000 dollars per station, and installation fees, which vary depending on the amount of work needed to be done to install the station, so from $500 to several thousand on installation costs.
• I would get a commission off each station sell, as well as a small royalty if the property charged its customers to gain additional revenue.

Venture Concept 

• Green Tank will provide a hassle-free option for consumers to charge their vehicles, while going about their busy lifestyles.
• Customers will buy this product because it gives them an added resource their to property along with an additional revenue source to promote. 
• It will allow companies to show customers they are environmentally conscious and forward thinking, which could attract new customers to their properties. 
• The current competitors the companies who have charging stations at the University of Florida, parking garage downtown, and Magnolia Park in Northwest Gainesville.  
• Their vulnerabilities are they are only have one or two stations at each location.
• The customer experience and support with the business locations play the biggest role defining my concept because I want to build a reputable brand that promotes positivity, while supporting an alternative to a pressing issue.
• Also the price point is not extremely high because most of the cost is up front and more of an investment.

Minor Elements

  1. Secret Sauce: 

• My social capital would have to be my concept's secret sauce, since I am building a relationship with a company that manufactures and distributes electric vehicle charging stations nationwide. 

      2. What's Next:

• The next opportunity would be partnering with this company to become an independent distributor for them, and promote both brand's in the process, while gaining valuable connections and credibility in the process. Also, I think another way to implement even more eco-friendly alternatives to this product and concept would be to add the ability to use solar power initiatives to power the charging stations as the main power source, instead of straight electricity. 

      3. My Future:

• I would love to for this concept to be my everyday job in the next five years, and having my hands dirty in the day-to-day operations of this business. Also, if I were to build enough capital in this business I would like to add additional concepts to my portfolio that are geared towards environmentally friendly initiatives something that would bring intrinsic rewards.  

FEEDBACK

--It was hard to implement much change into my venture concept for the second go around because I had a lot of positive feedback, and telling me how this concept is only going to get bigger as the green revolution continues to grow. However, the two interviews I was able to get for the What's Next assignment, which I didn't complete because I didn't meet the minimal requirements for submission. 


--Anyway, these two individuals suggested two variations of extension to the product line. The first individual suggested that I incorporate solar power energy into my charging stations to eventually use that as my primary source of energy, which I thought was an compelling perspective, and I tied that into my minor elements that could potentially add value and growth factors to my product. The second individual suggested I expand my product to public transportation avenues, once this industry starts to manufacturer vehicles to meet the need of needing charging stations for buses, taxis, etc. This was an interesting thought as well, but it seems to premature for an industry that has few needs for my product in the near future. Therefore, I did not implement this aspect into my second edition of my venture concept.