24A- Venture Concept No. 1

#1 Opportunity- I believe that there is a market for a climate controlled, password protected lockbox that consumers can use to protect their leftovers or other food from any individuals at home, work, or elsewhere that could potentially eat them while the owner is away or do not want their leftover food to be eaten. This product would allow users to safely contain food inside of their refrigerator without the risk of the stored food being eaten by other members of the household.

There are many consumers who could benefit from this product as the lockbox could be used in many different situations such as at home or work to ensure that consumers would have protection for their meals in any location. By creating a product with such versatility, it opens up a market for many different consumers that could have a similar need and would fulfill this need by purchasing the ColdCase. However, the most likely consumers who would purchase the ColdCase would be individuals who in live households with multiple other relatives or roommates.

As of now there is no product that currently satisfies this need of food protection. Many potential customers currently attempt to use solutions such as hiding their food in the refrigerator or buying smaller, separate refrigerators such as a mini fridge that is kept in a separate room, or attempt to put sticky notes on the food stating that the food is not to be eaten by others. However, none of these methods seem to be completely full proof and often result in the food being eaten regardless. Not only do these methods fail to protect the food the consumer would like to protect but purchasing another refrigerator or mini fridge to attempt to store food elsewhere could prove costly and still does not provide any protection should another individual discover the extra fridge.

Potential additional opportunities could be the ability to introduce this product to a global market as the product could be fairly easy to introduce due its lack of complexity and the potential for the same need of the protection of food to exist in multiple foreign markets. However, these new markets would require more research expenses to determine if these foreign markets do indeed share the same needs as the domestic market in the United States. Should these new markets end up sharing the same needs as the Unites States based markets after this research has been conducted it could certainly be a potential opportunity to bring the ColdCase to a global market.

#2 Innovation- The ColdCase is a password protected, climate controlled, mass customizable lockbox designed to be placed inside of a refrigerator to ensure that any food placed inside will not be taken without the knowledge of the owner. Due to the different sizes of the boxes despite being designed to be placed inside of a refrigerator the ColdCase could also be portable and double as a cooler for the event the user would need to simply grab the ColdCase carrying their food and leave their home or place of employment.

The ColdCase would be adaptable to many different markets due to its simplistic nature and lack of complexity in terms of how the device operates. By introducing it these new markets it could potentially bring much larger revenue streams and result In the ColdCase fulfilling the need of protecting the food of consumers on a global scale rather than only being a domestic product. However, to do this the ColdCase would likely need to partner with an international company or brand to develop new markets in foreign countries.

The ColdCase is an innovative product in the form of it being the only product that seems to fulfill this unmet need of preserving the leftovers or other food that consumers would like to have preserved and not be tampered with by others. Due to the current solutions being ineffective in solving this issue I believe that the ColdCase would be an innovative new product that would be the only effective solution to this problem on the market. As such this device would be sought after as the only available means of protecting food at home or at the workplace from other individuals who could potentially take food that is not kept safe.

#3 Venture Concept- As the ColdCase would be the only product available that could satisfy the needs of consumers in the case of protecting leftover food from other individuals I believe that consumers would be very likely to switch to this product over the traditional methods of either buying a new separate refrigerator to hide their food in, attempting to hide the food in the current refrigerator by trying to place items to block its visibility to other individuals in the household, or by attempting to place sticky notes on the food to deter people from digging into the food.

As discussed in previous assignments consumers are willing to switch to the ColdCase over these methods to ensure that the food is protected rather than gambling on whether family members or co workers will respect their sticky notes or simply that they will not attempt to eat their food. Due to the highly inconsistent nature of these methods it seems that consumers would be willing to try out the ColdCase as a guaranteed method that they will not be left without the food they are attempting to protect so that they may enjoy it at a later time without the looming threat of someone coming along to eat it.

#4 Three Minor Elements- #1- The most resource in my venture will be my connections to individuals in the business and accounting fields as they could help guide my venture through the introduction and growth phases of the new product life cycle. The help of these individuals will also assist me in gaining more connections in the business field.

#2- The net opportunity I would like to explore with ColdCase would be to create a contract with major sporting outlets such as the NFL and NBA to bring sports branding to the ColdCase to allow for more mass customization options to consumers.

#3- Five years after the launch of ColdCase should it prove successful I would like to explore the option of selling the ColdCase on a global market and sell the product in foreign countries.