24A – Venture Concept No. 1

Opportunity
With the popularity and increased usage of food delivery services we’re currently seeing, I still see an opportunity for a certain market. This designated market would be for the large-venue events such as sporting events, movie theaters, concerts etc. The opportunity would be a food delivery app for these large-scale venue seating events which would eliminate the issue of long waiting lines for the concession stands or not being able to get in line, so customers don’t miss the event they paid to see. A broad range of people currently has this need because nobody wants to wait in lines for a long period of time at the concessions. My product would most likely be targeted towards the younger generations such as teenagers, college students, and young adults as they are the most familiar and most comfortable with food delivery apps, but all ages could benefit from my product. The window of opportunity will always be open because people value the convenience of ordering comfortably from their seat, so they don’t potentially miss their show, movie, or event.

Innovation
My innovation is taking the simple concept of a food delivery app and making it available for all kinds of public events. When opening the app, the customer will be able to select the location or venue they’re currently attending, view the concession menu, place an order which a worker that’s specifically for the app’s orders will take care of. When selecting their location, customers can input it manually or upload their ticket information by scanning a QR code which entails their seat location and number. Also included in the app will give those with certain disabilities the opportunity to list any specifications with their orders tailored for their specific needs. All orders, no matter how big or small, come with a $1.99 delivery fee. Although the app would be free to download, one of the best ways to make money is marketing, advertising, and sponsorships. In-app banner ads would work best as they don’t obstruct the user’s ability to freely use the app. It would also work best to sell a subscription-based service within the app where the user would be able to opt-in a $10 a month ad-free and delivery fee-free subscription with added bonus exclusive menu options. I would also adopt the GrubHub model of pre-order commissions by charging the stadiums, theaters, and venues I make a deal with a commission fee. All would be able to provide and generate considerate amount of revenue.

Venture Concept
My product is all about providing convenience and enhancing the show viewing experience. The product is able to address and solve the problem of long waits in concession lines and missing shows. Customers would switch to this new product because it takes a pre-existing concept but offers it to market that hasn’t efficiently utilized it. If a customer is attending a sports game, a movie, or some concert and is able to comfortably order something to eat or drink from their seat, they would take advantage of the opportunity because of convenience. The biggest competitors would probably be GrubHub, Uber Eats, Door Dash and Postmates. These are the biggest name in the food delivery industry currently. Customers could still opt to order from these services before or after an event rather than eat from concessions because of greater variety of places to eat from and brand prestige but a weakness would be that they don’t offer services for those inside the venues which is where my product would come in to eliminate the issue. Customer support and experience play a big role in my business concept because effective feedback from customers can be used to improve the product and service efficiently to increase support for the product and its usage. With a positive customer experience, the brand’s prestige will increase and would open up opportunities for more commission deals with more venues, stadiums, and arenas. I would organize the business with a minimum of 10-15 workers to start my company. I would need to set up departments each with their own functions. One for workers who specialize with the creation and updating of the app and its features, a marketing staff, and a management staff. The original primary focus in the beginning would be to securing deals with the venues that’ll offer the service and market the app to potential customers. Over time, I would plan on hiring more staff.

The Three Minor Elements
The most important part of my product is getting as many venues, stadiums, and arenas to offer the service. Not only would my app be available at their events, but I would be securing commission deals to make money. To sell my product, I would have to be able to persuade these venues about my product and all of its features that’ll add to show-watching or game-day experience. What’s next for the venture is that I would want to expand the product and make it a nationwide brand for majority of stadiums, theaters, and venues across the United States to offer. I would also like to expand the app globally as other countries would benefit from my product as well. In 5 years, I want the company to be financially well-off so I can explore other business ventures.