Venture Concept Write Up Guide: Amico
Opportunity
The
people who have the need for my app are mainly college students or young
professionals in new cities who are looking to make new friends. However, this
app could be used by literally anyone who is looking to make new connections
with others in their area. Some of the forces in the environment creating this opportunity
are that people are busier than ever, and also more reliant on technology. It
seems harder than ever to meet new people in-person in daily life. Amico allows
them to meet new people, and due to profiles, they know can tell if they have
things in common or not. Currently, customers are satisfying this need by going
to bars or large event and trying to strike up conversations with those around
them. Some also use apps like Tinder to try to find friends instead of merely
hookups. Some also use the BumbleBFF app, but it has yet to gain widespread popularity.
This window of opportunity will not last much longer, as more apps like this
are created. Eventually, one of them will gain enough momentum to dominate the
market.
Innovation
The app I am creating is called
Amico, the Italian word for friend. It will allow users to find other people
with similar interests in their area with the goal of creating new friendships.
Users will create a simple profile that lists a few of their interests and a
small paragraph about themselves with a picture. Users can view each other’s
profiles, and if they mutually agree they’d like to meet, users can message
back and forth. The app will make money through targeted advertisements. For
instance, if both users list sports as an interest, a local sports bar ad could
show. Not only does this ad provide a talking point for users, but it also
allows advertisers to very specifically target their market. Advertisers will pay
to advertise in the app, but the app would be free for users to download.
Venture Concept
This app will solve the problem of
trying to meet people in a fast-paced and technologically reliant world because
users will be able to use the app on the go. The app will be designed with an
easy to use interface. Customers will download the app because it will be free.
Advertisers will want to buy ad space because of how well if will allow them to
target their markets. It won’t be hard to get customers to switch because the
app will be quite different than anything that is popular or prominent in the
market. Competitors include Tinder and BubmbleBFF. The weakness of Tinder is
that it is mainly used for hookups instead of making new friends. BumbleBFF has
a similar weakness in that it is a subset of Bumble, a dating app. The
interface and design of the logo will be very important. It needs to be
appealing and easy to use so that customers will want to take the time to
download and use it. The business would initially start out small with about
10-20 people to maintain the app and place advertisements in it.
Minor Elements
My most important resource will be
my connections to college campuses. Once something becomes popular and
successful on one campus, it becomes easy to transfer the same model to other
campuses and eventually larger cities.
The next part of this venture will
be expanding to large cities and focusing beyond the initial target groups of
college students and young professionals.
Within five years, I’d like for the
app to be a household name. Additionally, I’d like to figure out a way to make
the app as safe as possible for users, so that users can feel comfortable with
any of the people they meet on the app.
Hello Nicole,
ReplyDeleteI think you have a great idea here. My point of view comes more from the business aspect, rather than the aspect of solving a problem, because I'm not sure I would be a part of the target market. Nevertheless, I can clearly see how you would be able to monetize your app once you convinced your audience to join. I think that the business model also makes sense in that advertisers should be the ones who pay, rather than charging end-users.
My post was a bit different, since my product is physical and not subscription based, but take a look if you would like!
http://entrepreneurship3003blog.blogspot.com/2016/03/week-12-venture-concept-no-1.html
Hey nicole!!
ReplyDeleteI consider your idea is nice. i consider super important that you are relating technology with your business. I am the kind of person who thinks that now a days technology is a most in whatever business anyone wants to do. However. My company also involves college students, you should totally check it out.
http://heosorio.blogspot.com/2016/03/venture-concept-no-1.html
Hey Nicole,
ReplyDeleteI personally think this is a great idea. In fact, I was literally just thinking the other day why there is no app that will let you connect with other people in hopes of making a friend, rather than a Tinder-like app that is more for dating/hooking up. I'm new to Gainesville and it has been harder to make friends, since I'm not a sorority girl! I would definitely utilize this app, and I think you've put a lot of time and effort into it. Great job, and here's a link to mine! http://maursfirstblog.blogspot.com/2016/03/venture-concept-no-1.html
Hi Nicole,
ReplyDeleteI like the way how you describe your business venture. It is clear that you have stablished the goals and objectives for your business in the short and in the long run. I believe that you have to surround yourself and do a detailed research of the specific process of creating an app. Having only advertisements as your source of revenue might be prejudicial in some instances, since you will directly depend on them. Your business has very similar features as mine, but it is focused on a different goal, which is why I hope that you can turn this concept into a reality.
Here is the link to my post, let me know wat you think about it:
http://alejandroentrepreneurship.blogspot.com/2016/03/venture-concept-no-1-gator-spotter.html
I like that your app is unique and that you have a specific vision. I also think it is important that your app be free so that you can easily get that initial traction. I think this idea is especially great for college freshman or new employees who recently moved to a new city in hopes to meet new people to create social circles. Good luck! I didn't post my own venture concept, otherwise I would have linked it here.
ReplyDelete