The WiFi network on the University of Florida campus is often unreliable and restrictive. In our world where the internet is increasingly necessary, it makes it difficult and frustrating for students to complete assignments or do many other tasks. These students and faculty that are affected would be benefited from a more reliable system, that could substitute the current networking solution. The user group would be concentrated to people who work at or live on the University of Florida campus. Currently customers rely on the existing WiFi network or using a data plan. As was mentioned before, the existing solution is causing this problem, while the data plan has a speed limit and cost users money. Similar conditions may exist at other college campuses or neighborhoods, in which this venture could expand too. The window to enter exist as long as the current system is frustrating customers and no other free options present themselves.
This ideas's innovation comes more from technological advances rather than business ideas. The network that would be implemented would take advantage of mesh networking. This means that a devices using the service would also help propagate it. Doing this not only expands the range of the network, but also adds levels of reliability. Several nodes would be placed in or around campus that would help provide a foundation for a strong and fast connection. Each device would have some additional software to help create the connection and keep it secure. The service would be accessible for no charge to anyone in the area. It would create revenue by showing non invasive ads on startup and periodically throughout the connection. Unfortunately, because ad prices vary vastly based on view count, niche, and time of year, I can't find a good measure for how much would be charged for the ad placements. However, without invasive collecting personal information, we would know that the majority of users are students at the University of Florida. Being able to pinpoint this specific of a profile would make advertising very valuable for local businesses.
People would be motivated to switch to this service, because it is more reliable than the existing one, while staying free for them. To switch, all it would take would be to download the additional software and install it on their device. Competitors would be the Universities existing network, as well as data plan for cellular providers. The problems with the existing network have already been stated. Data plans do offer a more versatile internet connection, but at the cost of being expensive and usually slower than a local wireless connection. The price point and low switching cost make it convenient for customers to try the network and see how it is for them. Many people may find it appealing to use the network, because it is coming from a UF student and would be a local business. Customer experience will also play a vital role, as the user base is relatively close knit and positive or negative experiences with it will quickly be shared with much of the group. The business would require one or two additional developers to help create the system as well as maintain it's speed and security. A financial adviser and marketer would also be useful in getting the venture going.
The most valuable resource would probably be being the first to market. This would allows the company to capture a large user base, and if the quality of the service is good, maintain that user base while expanding to other areas.
After rolling out to the University of Florida, the next step would be to expand to other campuses and neighborhoods. An option to pay to not display ads may also be implemented to appeal to people who don't like the ads, but also want the more reliable network.
In five years, I would want to see the venture expanded to many different areas. Helping to provide a better internet connection for less to people who need it. I personally, would probably want to move to another idea once this one was doing well and placed in responsible hands. This first venture would be stepping stones for me to improve people's lives, which is the main driving force behind my entrepreneurial goals.
Matthew, interesting idea and something that would definitely useful to people who spend lots of time on campus or live on campus. I agree with you about the actual switching costs being very low, and that would be a great incentive to switch, but what about the risk of security? I know you said this is secure, but how do you guarantee that the software would be strong enough to prevent outside attacks and keep people’s information safe? Overall, great job! I might not understand the technology requirements behind it, but it sounds like you are passionate about this. I also plan to sell off my idea once it becomes successful. Feel free to check out my venture concept: http://emilysentblog.blogspot.com/2016/03/venture-concept-no-1.html
ReplyDeleteHey Matthew, looks like you put a lot of thought and effort into this assignment and the business idea a whole. I think you did a really good job of isolating the topics and covering all the information we were supposed to cover. The only questions I have left are will the school let you just put up your equipment or will you have to pay them, and how are you going to maintain security of the network and devices connected to it. Good luck, here's a link to mine http://thegarrick.blogspot.com/2016/03/venture-concept-no-1.html
ReplyDeleteMathew,
ReplyDeleteYou have an intriguing idea here. For the short time that I lived on campus, life was horrible - a main factor was the slow WiFi. Whenever I had to take a proctorU test, I would worry that my connection would drop. I like that you are addressing this problem. I do wish that you had organized your venture concept better. Labels are always best when attempting to sell your idea to potential customers. Keep opportunity separate from innovation and then combine them for the venture concept. When you keep it all narrative, it makes the venture less clear to understand. I do like the passion you have for your venture! If you get a chance, please check out my venture concept at http://innovationnation101.blogspot.com/2016/03/venture-concept-no-1.html.