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1) Overview of the venture’s product, process or service the
Added on -2019-09-19
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1) Overview of the venture’s product, process or service the value proposition, what the firmintends 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 millionThe venture will solve it by developing a good application that helps people to find out parkinglot in Washington DC2) 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, possiblealternate ways of meeting needs in the future, possible disruptionThe 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 hasdeduced the knowledge of the problem from daily life issues 3) Characteristics of the target marketplace existing or future, current market share distribution ifany, market size, expected growth rate of demand, ability to support multiple offerers, attractiveand unattractive attributes, likely resistance to new approaches or need to educate themarketplace, when firm will enter the marketplaceMobile application market is expected to grow by 20% till 2027 as more number of people areusing mobile applications for getting help in their daily life. Direct entry with disruptiveinnovation will be done here. 4) The venture’s competitors current vs. likely future competitors, their size and strengths, theirreputation, their performance or potential as innovators, possible stealth competitorsThe market is highly competitive as more and more companies are coming with new ideas tosolve the parking woes of common people. The competitors are present in the market forsometime and therefore, they have great stealth abilities to capture the market share.
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