29A – Venture Concept No. 2 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. Lastly, there is a need to reduce the amount of plastic used for spice containers.
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 15-20 different spices. By using the touch screen the cook would chose which spice and measurement he/she wanted. The machine has voice command, which allows the customer to request measurements while cooking. An app can be downloaded on Smart phones to control the device. A cooling system is included, which keeps fresh herbs cold. The first design holds 15 spices and is $75 dollars, while the second one holds 20 spices and is $100 dollars. When the machine is running low on spices a red light will turn on to notify the cook. 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 or a separate container that attached to the machine and holds dry ingredient, such as oil. The customer can also purchase an additional application for $20 that chops, minces, and dices vegetables. The Spicer comes with a money back guarantee if the customer does not like/use the product in the first week. It also comes with a year warranty.

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 utilize artificial intelligence and technology more. By programming the machine with the cook's favorite recipes The Spice would be able to dispense spices without having to be asked. Additionally, I would program the machine with information about each spice. The machine would be able to answer any question the cook had about the spices. Lastly, I would program The Spicer with set-up instructions. The customer would be able to push a button and listen to the instructions rather than having to read the manual. By adding 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.

Summary of the Feedback

• Product reduces the amount of plastic used for spices if customer buys in bulk.
• Program the machine with the cooks favorite recipes so he/she does not have to tell The Spicer what ingredient needed
• Program the machine to describe information about the spice the cook is using (Ex. the taste)
• Program the device with set up instructions
• Add on device that chops, minces, or diced vegetables
• Increase the size of the machine to hold other dry ingredients such as flour
• Increase the number of spices the machine is able to hold
• Have The Spicer alert the cook when spices are running low
• Money back guarantee and a year warranty 

How I Changed My Venture Capital
One student's comment highlighted the fact that The Spice is reducing the amount of plastic used for spice containers as a result of customers buying spices in bulk. I added this information into the "nature of the need" section. I include the new product ideas such as adding a device that chops vegetables, increasing the number of spices and different types of ingredients the machine can hold, and adding a notification system when the spices get low to the "innovation" section. I also added a money back guarantee and one year warranty to the "innovation section." I added the suggestions in regards to artificial intelligence to the "What's Next For The Venture" section. Programming the device with new, advance technology will be a future goal I have for the company.