29A- Venture Concept No.2

1)    Business Name: Micro Chip-Tracker

My selected opportunity is human trafficking in Gainesville, Florida. Human trafficking in Gainesville is now marked as a green zone, which means that it’s on the human trafficking map of locations for Florida. My product/service that I could sell to customers to provide a solution this epidemic is the creation of a navigation chip that could be surgically placed under the skin of an individuals’ body. My product wouldn’t directly stop the existence of human trafficking, this product/service would provide a large solution to where a missing individual is and where other victims of human trafficking are located. This chip would be able to give the exact location of that individual at any given time in the case of an emergency via an online website. Each chip would be given a pin to enter onto the website to track the location according to the chips pin. I could price the procedure at a low cost so that any family could be able to afford it, and also retain a percentage of the profits to donate this procedure to the local homeless community and have online representatives given the information of the homeless populations pin numbers and names in the case that one is reported missing.

My market segment can be defined as both geographical and demographic. Demographically, this problem directly affects woman, children, teenagers, and the homeless population, as well as certain races. My customers all have in common that are they are the normal target of predators due to their sex being female, and age. People under 18 such as teenagers and children are more vulnerable compared to an adult and females are more vulnerable in comparison to a stronger and larger male. I believe that customers will use my product because it can be applied to a widespread of concerns, not only concerning human trafficking. My product will offer the safety and peace of mind of knowing where a person is when needed. For a demographic that is directly affected by human trafficking, my product would be the best option to ensure someone’s safety and direct location if any concern would arise. My product is priceless when it comes to purchasing it. Any family would choose to spend the price of the product to ensure the safety of their loved one or themselves. Geographically, my market segment could target certain locations in the world where human trafficking is known to exist and pose a threat. There are many statistics online that show exactly where human trafficking cases have occurred. I could narrow down my target segment using the statistics and apply my marketing strategy directly to the states and counties that are posed the highest threats. I could also use a percentage of the funds retained to create a separate team of employees to be able to give this product/service to the homeless population because they are a major target of human trafficking as well. My team would responsible for the pins given to each individual, and if any concerns involving their location were to be questioned my team would be able to search their location and coordinate with the proper channels to ensure their safety.

My product would be new to the market. There has never been a tracking chip company that places an electronic chip in people to acquire their location for the assurance of someone’s safety. My potential customers have nothing in the market related to my product/service. The only viable relation that can be somewhat similar is the existence of “sharing your location” on an IPhone. But even this technology fails in location accuracy and can easily be dismissed by turning off the cellular device, which would no longer show that individuals location. My product/service is nothing compared to that technology; it is a new, reliable innovation to the market. Something that cannot be replicated would be that if my electronic chip is patented to be undetectable to any system or scanner. So, when the company becomes more exposed with more users, sex traffickers will also be aware that their victim could have my chip placed and try to scan the body of the victim for it; though, my chip is undetectable and cannot be found on the body through any scanner or electronic system once it is placed. This would give me a further advantage from my future competitors, because I would be the only undetectable chip with my patent.

To first launch my product/service, my distribution channel will consist of manufacturer to my facility, and my facility and team of employees will give the product/service to consumers, the end-users.  I will need to open a facility connected to a main office, where the manufacturer could ship my product directly to the facility and therefore, will be ready to be given to the main office where clients would come in to get the product and procedure done. The total price would be at $799.00 with a life-time warranty. To begin, I would have 3 surgeons on my team, 1 lawyer, 2 cleaning staff members, 4 marketers, and 2 supervisors with 4 employees coordinating and running the main facility and myself as CEO working at the office and facility. Since there are no current competitors in the market, my marketing strategy would be to sell as much of this product/service as I can and rely on word-of-mouth to market itself. As well, have my marketers spread awareness of my product to every geographic and demographic listed on my target segment. I would go full-force into marketing my product/service and hopefully be able to produce more locations once awareness and demand is increased and spread.

2)    My feedback included that I thoroughly explained everything needed for a venture concept. I got feedback that emphasized the importance of marketing and spreading my product/service to consumers quickly. I as well received feedback on the importance of having a lawyer. I definitely think the feedback I received is valuable.

3)     Additions to my venture concept:

First, I found that there’s already a company in the market that’s called “Micro Market” therefore, I’m changing the name of my product/service to “Micro Chip-Tracker”. I think this title gives an idea of what my product/service entails.

Based on my feedback, I definitely would emphasize importance on a direct marketing strategy of market penetration. The strategy would be to get the product out there and known to as many people in my target market as quickly as possible. Also, since my company and my product/service are brand new to the market, I would emphasize in my marketing plan to create/add problem recognition and consumer awareness. This includes a marketing strategy of advertising and promoting my product/service widely of the problem it solves and its benefits; this would inform consumers of my product/service and give them knowledge about it which is the first step in the buyer decision process.

Next, I realized from my feedback the necessity of making sure my company is secure and protected in all aspects. Therefore, I would hire a total of 2 lawyers, 2 IT Specialists, and 2 Security analysts to my workforce. The lawyers would be responsible for the liabilities and protection in a legal aspect of both my customers and the overall company. They would provide the legal documents needed for the procedure and handle any legal issues. The IT Specialists would be involved with keeping all the data of the company extremely secure and private. They would be responsible for protecting the data and network from being accessed or hacked from outside sources.