24A – Venture Concept No. 1 The Spicer

Opportunity
1. The need: Inexperienced cooks, restaurants, and anyone who dislike having to watch dishes after cooking.
2 Nature of the need: The biggest need is for people to save time and money. Additionally, there is a need to improve cooking and minimize the amount of time spent on washing dishes.
3. Forces Creating Opportunity: One change in the environment that creates this opportunity is leaving for college. In many instances this is the first time a person has had to cook for themselves. They are inexperienced cooks and have trouble determine the amount of spices need for a recipe. Another factor that creates this opportunity is lazy people. They love finding ways to shorten the time it takes to do a tasks. The last force that creates this opportunity are managers of restaurants wanting to save time and money on their spices.
4. Market defined: If you are looking at it from a B2B perspective it would be geographically. I would want to target restaurants locally. If you are looking at it from a B2C perspective, it would be defined demographically. I am targeting young adults ages 18-25 who have recently started living on their own.
5. Currently satisfying this need? Customers are currently satisfying this need by either using regular measuring cups or estimating the amount of spices. Professional, experienced cooks may be very loyal to estimating the amount of spices needed for a recipe. Since they have been cooking for years this solution has become easy and convenient for them. Less experienced cooks may not be loyal to using measuring cups. They want to find an easier, faster solution.
6. How big is this opportunity? This opportunity is quite big because I am able to reach more than one market. I am able to solve many needs and since I am targeting both B2B and B2C I have a larger customer base.
7. Window of opportunity: This "window of opportunity" will be open as long people continue to cook and the restaurant industry continues to grow. Customer will always want new innovative, fast ways to solve problems.

Innovation

The Spicer dispenses perfect measurements of spices ranging from 1/4 of a teaspoon to 2 tablespoons. It can hold 12-15 different spices. By using the touch screen the cook would chose which spice and measurement he/she wanted. The first design holds 12 spices and is $75 dollars, while the second one holds 15 spices and is $100 dollars. The standard colors of the machine are dark blue, light blue, white, silver, and black. For an extra $25 dollars customer can customize the machine's colors to match their other kitchen applications. For an extra $20 dollars a customer can add an oil dispenser, which provides the cook perfect measurements of oil.

Venture Concept

• It would be easy for customer to switch. The machine is very simple to use and saves the cook time and money. By always producing perfect measurements meals will no longer be under or over spiced. The cook will also save time by not having to wash measuring cups after cooking. Restaurants will want to use my product to minimize waste.
• The competitor is Select-A-Spice Auto-Measure Carousel by Kitchen Art. It dispense spices, but the cook has to turn a wheel to select the spice he/she wants. Unlike my product their machine is not programmable. My product is able to hold up to 15, while theres only holds 12. Another vulnerability is the amount of spices their machine can hold. It only can store 4.5 ounces, which is half a cup, while mine can store 2 cups of each spice. Their machine also only holds spices while my machine is able to dispense liquids such as oil.
• Business concept
• Packaging is important. The design of the box will need to accommodate the machine and keep it from not breaking. 
• Price point is an important factor. If people think it is too expensive for the value it gives, they will not purchase it.
• Distribution is important. I want to sell online and in local stores like Target, Walmart, and Bed, Bath, and Beyond. 
• The support my team gives our customer is very important. This will effect the customer's experience. I want the entire team to be knowledgable on how the product works and be able to answer any questions a customer would have.  
• Customer experience is very important. In the beginning of selling my product most of my sales will come from word of mouth. I want my customer to have a great experience with my product so that they will spread the word and convince others to purchase it. 
• Business location is slightly important. I want to be in a city with lots of restaurants close by, so I can market my product.
• Employees
• Supply Chain- in charge of distribution, focused on invoices and coordinating shipping
• Marketing- responsible for creating marketing event, in charge of the company's website and social media accounts.
• Management-focused on the short/long term goals, create new ways to improve the product, and respond to customer inquires
• Finance- billing processes 
• Sales Force- responsible for calling local restaurants and performing cold calls 

Unfair Advantage: My most important resource is the uniqueness of my product. It implements new technology that has never been seen before. No one has ever created a spice dispenser that automatically dispenses perfect measurements of spices and oil. I think this advantage will create curiosity, which would attract customers. 

What's Next For The Venture: I want to continue to improve my current invention. I would want to implement a cooling system inside The Spicer, which allows the customer to store fresh herbs. From the social capital assignment I learned my product could be used to provide topping on cocktails. By adding on these extra benefits my product will be more appealing to customers. 

What’s Next For You? In the next five years I would want to continue to create new innovative kitchen products people have never seen before. In the next 10 years I would hope sales are increase to open up a brick and mortar store for customer to come try out my products. The knowledge I gained from my first venture will be very beneficial when I decide to launch another idea.