You
I am Caleb Dean and I am an aspiring entrepreneur with a strong work ethic and unrelenting desire for success. Some of my talents include the ability to read people, connect with people, and project a strong presence. I am currently a Mechanical and Aerospace Engineering student. My background in design and technology should allow me to help be a contributing part of the development of the technology, but not the sole designer. After a few public speaking events, I would say that I am a competent public speaker with concise yet informative points. The ability to understand the technological side of the product and communicate with others allows me to believe that my main role in my business is selling the product. As a pitch man I would target potential investors and sell the product to other businesses. I see myself as just a guiding force with the development of the technology. In my life the business would most likely consume most of my time until it became profitable to sell off. Then I would start again.
What are you offering to customers?
The product is a software that virtually maps clothes on a 3D figure of a person using a laptop or web camera. With the product there are accessory products such as; stands, mounts, cases, etc. Further, with the software upgrade, maintenance, and privacy protection services will be offered. The software would be sold to the online companies while the tangible products could be sold to end users.
Who are you offering it to?
The following answer may appear slightly confusing. For my product there will be the users and the actual buyers. The users are online clothing shoppers. For the users a typical demographic would be male and females, ages 15-45, with any income, and access to the internet in a developed country. The buyers would be large businesses with online clothing stores. These fashion companies can include your every day relaxing clothes all the way up to designer clothing. Any clothing retailer would fit the possible demographic for buyers.
Why do they care?
The buyers care because it saves money and increases user satisfaction. User or online shoppers would be able to enjoy an interactive system to virtually try on clothes now. The time going to stores is saved, number of returned packages will decrease, and user satisfaction increases. As the user experience becomes more enjoyable, the user has a better post-purchase feeling which encourages them to return for more. In the long run companies buying the software will increase sales as more users comeback and the logistics nightmare of returns is all but ended.
What are your competencies?
This product is different from anything else on the market. Currently the mirror technology or projection technology still requires you to try physical clothes on in order to view how they look later. Further, any other comparable technology is not in a compact and affordable form for users yet. My technology would literally only require a one time picture from the comfort of your home computer.
Evaluation
I think for the most part all of these elements fit nicely together. The hardest thing to do is to distinguish that the users (online shoppers) have an unmet need when it comes to online shopping. This unmet need by the users translates into an unmet need for the buyers (online clothing companies). The buyers unmet need is that their customers are not satisfied, which can cause a loss in sales. Relating these two aspects is very important and showing that one causes the other is the key to selling the product to companies.
What are you offering to customers?
The product is a software that virtually maps clothes on a 3D figure of a person using a laptop or web camera. With the product there are accessory products such as; stands, mounts, cases, etc. Further, with the software upgrade, maintenance, and privacy protection services will be offered. The software would be sold to the online companies while the tangible products could be sold to end users.
Who are you offering it to?
The following answer may appear slightly confusing. For my product there will be the users and the actual buyers. The users are online clothing shoppers. For the users a typical demographic would be male and females, ages 15-45, with any income, and access to the internet in a developed country. The buyers would be large businesses with online clothing stores. These fashion companies can include your every day relaxing clothes all the way up to designer clothing. Any clothing retailer would fit the possible demographic for buyers.
Why do they care?
The buyers care because it saves money and increases user satisfaction. User or online shoppers would be able to enjoy an interactive system to virtually try on clothes now. The time going to stores is saved, number of returned packages will decrease, and user satisfaction increases. As the user experience becomes more enjoyable, the user has a better post-purchase feeling which encourages them to return for more. In the long run companies buying the software will increase sales as more users comeback and the logistics nightmare of returns is all but ended.
What are your competencies?
This product is different from anything else on the market. Currently the mirror technology or projection technology still requires you to try physical clothes on in order to view how they look later. Further, any other comparable technology is not in a compact and affordable form for users yet. My technology would literally only require a one time picture from the comfort of your home computer.
Evaluation
I think for the most part all of these elements fit nicely together. The hardest thing to do is to distinguish that the users (online shoppers) have an unmet need when it comes to online shopping. This unmet need by the users translates into an unmet need for the buyers (online clothing companies). The buyers unmet need is that their customers are not satisfied, which can cause a loss in sales. Relating these two aspects is very important and showing that one causes the other is the key to selling the product to companies.
Hey Caleb. I would agree that this is quite an unmet need. Even though I have been in better shape recently, I know that I really could have used this product when I was overweight and shopping for clothes that didn't work with my dimensions. I think it's great that you plan to be a contributing designer by using your background in mechanical engineering. Check out my post: http://bigideasandthings.blogspot.com/2016/07/idea-napkin-no-2.html
ReplyDeleteHi Caleb,
ReplyDeleteI think that there is a clear need for this idea and that you have a clear vision for this idea. I think one way to improve this is to try and market the idea to try and sell this to stores so this could be available to anyone who could online shop on the website or even to some higher end department stores to use in store if a customer was working with a personal shopper. Great job!
Hi Caleb,
ReplyDeleteI like that you already have in mind to grow the business then capitalize on selling it at a profit. I’ve met with several entrepreneurs who say this is the way to do it, because after owning the same business for an extended period of time, it can become stale and uninteresting to the entrepreneur. Especially if you enjoy the thrill of a start-up more than holding them. Just last week I met with a good friend that told me he’s ready to hand off his venture, after five years of growth and success.
Your first Idea Napkin was pretty solid already, but I like that you made a few adjustments to this one based of feedback. Since your second Idea Napkin seems flawless to me, I’ll just brainstorm with you instead.
If Timberland had this piece of technology, they could have saved my time from ordering the wrong sized pants. Your venture concept is genius. I feel like consumers may not want to pay the money for the software, but as you said, selling it to businesses would be easier because of the hefty amount of overhead they would save.
This may be a stretch, but what if your company didn’t sell the software at all. Instead, you became the central hub for ordering, a drop shipper of sorts. Your technology stays in house, making it less likely to be replicated. Another idea to add to the mix is one that can work in conjunction with your camera mapping idea. Think about how animated movies like Avatar are made. Actors had to place patches all over their body so that the camera could pick up their movements. A simplified version of this could be used for your concept. You could sell one-time use patches that are attached to a person to map their body to calculate exact dimensions. Then the customer can choose between fitments (i.e. tight, relaxed, loose, etc.). Notice I said one time use. After the mapping is completed a signal can be sent to the patches to disable them. This way, customers aren’t sharing it with their friends. Each batch of patches will likely need to be coded so that any nearby patches aren’t accidentally disabled.
Another great selling point of having the computer calculate exact dimensions, is when a customer’s body changes. They can either buy another set of patches to calculate their measurements again, or they can take a risk and simply indicate their fluctuation in weight and/or physical dimensions.
I foresee there being a lot of legwork and upfront cost for writing all the code and algorithms necessary for this business venture, but I think it is one of the best (money-making wise) idea I’ve read about so far in this class. You may want to start making best friends with as many coders as you can find at UF and hang around Thinktanks from time to time to help solidify your concept.
Way to go on this great concept!
Hey Caleb,
ReplyDeleteGreat Post! I hate buying clothes online because I never know how they are going to fit and when I give in and purchase something it never fits and I am too lazy to ship it back if its even able to be returned. It is definitely a frustrating problem in todays society. I feel your idea would help both sides of the industry from shoppers to companies alike. Well done!