Entrepreneurship Project: Device Locator Business Idea and Plan

This project outlines a new business idea centered around a personal device locator. The presentation begins by introducing the concept and highlighting the increasing reliance on technology, which leads to the problem of lost items like keys. The proposed solution is a thumb-sized electronic device that can be attached to personal items, allowing users to locate them via a beeping sound. The project includes market validation, citing industry reports that project significant growth in the location finder market. A detailed business plan is presented, including the use of next-generation technology and a marketing strategy. The project also addresses competition, identifying key players in the market and suggesting a competitive advantage through lower pricing. The project concludes with a discussion of stakeholders, investment requirements, and budget estimates, including costs for suppliers, technicians, and marketing. References to relevant patents are also included.

Entrepreneurship,
innovative and creativity
NEW BUSINESS IDEA

Introduction
 The presentation is going to develop a
business idea that will require further
funds to implement in the marketplace
and start as an entrepreneurial venture.
 Within the consumer market, personal
device locator device is a new kind of
product in industry. Market analysts
have projected this new industry have
the potential for tremendous growth due
to increase in use of technological
gadgets.

Problem and Solution
 Humans are progressively getting dependent on the technological
gadgets for their daily purposes.
 They tend to lose small gadgets like key of a car. It is the most common
problem faced by a car owner as they tend to forget the location of key.
 The product idea is aimed at solving this problem by helping consumer
find their key easily.
 The product will be a thumb sized electronic device which can be
attached to a key or personal items (Verma, 2017). Another similar
device will produce a beep sound on demand to locate the electronic
device and the item attached along with it.

Market Validation and size
 According to reports the
products of location finder and
its technology are expected to
propel to more than $30billion
by the end of 2019.
 The market potential is
expected to reach more than
billion users worldwide and is a
realistic long term product to
run successfully in market.

Product and Business plan
 The personal locator device will utilise next generation technology to
improve the current system and increase the device accuracy.
 The business plan will include major promotion and advertising program
to penetrate the target markets.
 Will sustain a controlled growth for managing start-up cost more
efficiently.

Competition and Stakeholders
 Within this industry the consumer
are looking for the most effective
product at the lowest possible price.
 The market leaders are iTrack,
Wherify, LoJack, uLocate for
automotive industry which can be
outrun if same technological solution
is provided at a lower cost (Nair et al.
2016).
 The major stakeholders for this
business idea are investors’ from
whom funding will be received and
suppliers for providing the required
material to build the product.

Investment and budget estimate
 The initial investment required for setting up the
business idea is about 10,000$.
 This will include establishing relationship with major
supplier, hiring the right technician and few personnel
for marketing and managing the business.

References
 Ponce, I. (2015). U.S. Patent No. 9,082,281. Washington, DC: U.S. Patent
and Trademark Office.
 Verma, S. K. (2017). U.S. Patent No. 9,715,815. Washington, DC: U.S.
Patent and Trademark Office.
 Nair, S. R., Sacherski, B., Burke, C. J., Jones, D. W., Boutaud, F.,
Hardegger, M., ... & Sugimoto, K. (2016). U.S. Patent No. 9,489,832.
Washington, DC: U.S. Patent and Trademark Office.

THANK YOU