29A – Venture Concept No. 2

Current microwaves on the market are loud in every way: when you open the door, when you press the buttons, and especially when the timer is finished. This the modern world, microwaves are falling behind terms of user support. More and more young adults, either during college or after, are gaining more and more roommates as they more to bigger cities with smaller spaces.

Because roommates share a living space, they also adjust to accommodate each other. This is difficult when they have different systems and sleeping schedules. Morning and evenings can be tricky if roommates sleep at different hours and this difficulty means that one may have to be quiet when accomplishing tasks. Microwaving a meal without waking your roommate is an almost impossible task if your quarters are close (unless they sleep like a brick). Likewise, a roommate who is using the microwave while you sleep is bothersome when they wake you. This is a common problem on both sides that many young adults would like to solve.

Microwaves are obnoxiously loud, and in some cases, there is a reason like a beeping to call out. But more often than not, its unnecessary as you wait in the kitchen. Our microwave will have the capability of beeping and staying silent-- a feature that will be revolutionary.

Many young adults are moving into their own places, and as such, need new household appliances for their new accommodations. To remain competitive, we will have reasonable and average prices to compete with other brands. Microwaves are as low as about $40 but can reach prices well over $100. As such, it would be important to stay within that range at approximately $60.

We will hold a partnership with an already established brand in order to keep manufacturing costs low, have an established consumer base, and reduce necessary investments.

The three minor elements
First, describe what you think your most important resource will be. A partnership with an established brand will make it difficult for other up and coming microwave innovations to catch up with my product.

Second, what’s next for the venture? Who wouldn't love a matching oven to go with their stylish microwave?

Third, what’s next for you? I will sell my vision to the highest bidder and travel the world with my money. After turning that money into more money in the stock market, I will have the capital to force politicians to make good choices for once.

Provide a summary of the feedback you received from your previous venture concept description. Most of my feedback was positive as my peers congratulated me for my innovative idea and my plan of a partnership. One of the good questions poised to me is how will I make my oven distinctive in the way I did for my microwave so I began thinking.

Describe how you changed your venture concept, based on what you learned from the feedback. Based on the feedback I got about my oven, I decided to make it stand out in two ways: 1) Stylish designs that will match and complement the microwaves and 2) a beeping noise that let's users know that something is in the oven when they set it to preheat. I personally know many people, including myself who have turned the oven on when cooking materials are already inside.