Analyzing Parking Solution Venture

The venture aims to ease life by introducing emerging technologies, focusing on developing an app that helps find parking lots in Washington DC. Key customer needs are met currently through manual methods, but this will disrupt with the proposed solution. The target marketplace is expected to grow 20% by 2027, and the market is highly competitive with existing competitors having stealth capabilities.

1) Overview of the venture’s product, process or service the value proposition, what the firm
intends to do, what business it is in?
The main aim is to make life of people easier by introducing new and emerging technologies
The venture is about The industry is worth more than 100 million
The venture will solve it by developing a good application that helps people to find out parking
lot in Washington DC
2) Needs of the venture’s key customers or customer segments existing vs. emerging needs,
how/if needs are met currently, confidence about your understanding of customer needs, possible
alternate ways of meeting needs in the future, possible disruption
The problem of parking area is becoming worse as number of cars and car users are increasing,
but parking areas are shrinking
The parking problem is being faced by everyone in the daily life and therefore, the venture has
deduced the knowledge of the problem from daily life issues
3) Characteristics of the target marketplace existing or future, current market share distribution if
any, market size, expected growth rate of demand, ability to support multiple offerers, attractive
and unattractive attributes, likely resistance to new approaches or need to educate the
marketplace, when firm will enter the marketplace
Mobile application market is expected to grow by 20% till 2027 as more number of people are
using mobile applications for getting help in their daily life. Direct entry with disruptive
innovation will be done here.
4) The venture’s competitors current vs. likely future competitors, their size and strengths, their
reputation, their performance or potential as innovators, possible stealth competitors
The market is highly competitive as more and more companies are coming with new ideas to
solve the parking woes of common people. The competitors are present in the market for
sometime and therefore, they have great stealth abilities to capture the market share.