24A Venture Concept No. 1

Venture Concept No. 1

The opportunity I have identified is the need to express oneself. People want to stand out and be different, especially in certain environments. They can choose to do this through the way that they dress, their hair, or through their belongings. Everyone has this need, but I believe that college students in particular would be the potential customers. I have seen stickers on laptops, phone cases, water bottles and more all around campus. I know that college students, specifically females and those involved in Greek Life, seem to have this need. The academic environment of a college campus helps to create this need. There are so many people; it can be hard not to blend in. Students want to stand out, at least a little bit, in order to mark their interests or have things in common. I think this market is defined by college campuses and other academic settings for this reason. Currently, students are ordering stickers online to decorate their belongings. There are a couple large online companies that sell popular stickers, so this is where many people order. They are somewhat loyal to this online company, but I believe that is because there are not very many well-known alternative options. People typically ask their friends where they got the stickers, and then order from the same place. I think this opportunity to sell stickers on college campuses is pretty big. I know that there is a need for it because I have seen it since starting college, and the trend has not yet gone away. For this reason, I think the “window of opportunity” is pretty open, and will stay open for a long time. Maybe the sticker trend will fade one day, but it seems to currently be going strong.

The innovation that I would like to start is local, hand-made sticker made by myself. I would create the designs and concepts based on popular television shows, quotes, organizations, and designs. I would draw or paint the designs myself, and then have them printed onto stickers. I would use target copy for the printing of the stickers. I plan to make money by selling the stickers for a little bit more than it cost to make them. I only have to draw the design once, and then I can print it as many times as necessary. I don’t expect the printing of the stickers to be very expensive, and I already have the supplies necessary for creating the original design. I would like to sell each sticker, depending on size for between $3-$5.

My innovation addresses the specific opportunity I mentioned above because people could use my stickers to fulfill the need to express themselves. Students could buy the unique stickers I would sell, and use them to decorate any item they wish. Just like how people can express themselves through their clothing, they can also do so with my stickers. They can reflect their interests outwardly. The customer will want to buy these because they will be unlike what is online, cheaper than what is online, and without the shipping costs. I think customers would switch to my product because they could see what the stickers actually look like before buying them, which they cannot do, online. Also, since I am local, there would be no need for shipping costs, which can sometimes cost more than the stickers themselves. The hardest part about getting them to switch will be getting my business out there and exposing new people to it. It will be hard to get my small business as well known as popular online companies. I would handle all customer support, experience, and prices, so I could make sure they were being done well. I would like to package the stickers in little baggies if possible, which I would calculate into the price as well. I do not plan on having any other employees; I think I am capable of running this local business myself.

My most important resource will by creativity. My stickers need to stand out from the ones that are online so that people will have a reason to buy mine instead. It would be hard for competitors to copy my originality and unique design ideas.

I do not plan on expanding the business beyond stickers here at UF, but I think the next opportunity would be to sell my designs on bigger items like cups, pillows, etc.

I plan on running this business while I am still a student here at UF. I am not sure that I would continue the business beyond graduation, but if I did expand into other, larger items then it is a possibility. In five years I could be selling my designs on larger items in stores and online.