24A- Venture Concept No. 1

Opportunity:

Since my first day as a college student of the University of Florida, I have noticed a problem that most students seem to agree on. Later at night, the restaurants and bars are often crowded and demand waiting in line for long periods of time. Students constantly complain, and there is no way to make plans ahead because no one knows what establishment will have a long line and which ones wont. Changes in the environment have actually made this a larger opportunity. As the weather gets nicer, more people will want to go out. The other main force is the colleges calendar, as days when there are many exams or no school could affect the wait times at these establishments. Customers currently just wait in line or go downtown, where less people they are. I think if this need could be solved, everyone would want to go the bars that currently have long lines all the time. This is a large opportunity because other big college towns have this problem too. I believe that there is window of opportunity will not be open long because people are truly becoming tired of standing around and waiting in line for such a long time period.

Innovation:

I will develop an application that will be available for download on all phones, computers and smart TVs. This will be a very simple application to use so people can pick up on it fast. The app will track the user’s current location or ask the user to type in their zip code. After this, the app will take you to a screen showing every bar and restaurant and whether they have a wait time or not. It will also allow the user to “check in” so they can begin waiting before they even show up. I will sell advertisement spots on the application and that will be the key source to our revenue since the app will be free.

Venture Concept:

I think that customers would start to use this application very quickly. Right now, there is not much out there that will get people the opportunity to look at wait times for every option in their area. I believe once people start to see how easy it is to use and how much time it saves them it will become very popular. There is one application that offers only wait times at restaurants but do not communicate with bars to see if they have a line to get in. This is my advantage on the competition. Location or distribution do not play a huge role here. The app will be distributed via the app store and the location can be anywhere.

Unfair Advantage

My advantage over competitors will be the accuracy of the wait times. We will build relationships with bars to make sure that the information displayed on the application is 100% true. This will be hard for competitors to match and people will not follow inaccurate times for very long.

What’s Next?

After the app rolls out I plan to make money, while working to try to find a way to make these lines at bars become shorter. Right now I am just helping people get around the lines, but I would like to fix the lines as well.

For me:

It would be pretty cool if I could use this inspiration as an idea for a bar. I think that if the app got big enough, I could start opening restaurants and bars that’s specialty was no or small wait times.



Comments

  1. Brooke AtwellApril 8, 2019 at 4:37 PM

    Hi Eric!

    I think you business concept is a really great one! I would definitely be one to download your application simply because it would simply be a smart, precautionary act to take before going out. For that very reason, I think hundreds of UF students would follow suit because of the accessibility it provides them. I think your next business strategy of also finding a way to make lines shorter will be an added bonus. Nice work!

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