11A – Idea Napkin No. 1

1)    You. I am a combined degree BA and MSF finance major at the University of Florida in my third year of studies. My talents tend to be related to critically thinking about businesses in the market and communicating with others. This past summer I walk in New York with JP Morgan analyzing businesses in the commercial banking segment. This next summer I will be an investment banking analyst with Jefferies analyzing M&A and capital raises for all types of companies. If I were to start this business I would use my experience to connect with successful people I know in the field to seek advice and raise capital. I would probably keep my other job until I have enough capital/confidence to commit to the company full time.

2)    What are you offering to customers? I want customers to think of our name when it comes to making cars more comfortable in a sense. I am going on the assumption that people care about their cars and care about being comfortable. My main products will revolve around solving the hot and cold temperatures that affect the person getting into the vehicle and the vehicle’s condition. I would sell an automatic sunshade for the front and back windows, and possibly the side windows that would work when you lock your car. Additionally, I would sell an app that allows heating and cooling of the car before getting in the vehicle using a timed app on the iPhone.

3)    Who are you offering it to? I am offering it to male and females between the ages of 30-45 with a car value above $20,500 (used and new). I am assuming that people in this age range with this type of car would be willing to pay for a high-quality product(s). All the customers (hopefully) value comfort/luxury while wanting to take care of their expensive cars.

4)    Why do they care? I believe customers will actually pay money or buy new cars with automatic sunshades because it is a need I have identified with the interviews I have hosted. Most of the interviews have been with college students who may not have the money or type of car necessary for this but I believe with my demographic people would be willing to pay $200-500 a sunshade depending on the car.

5)    What are your core competencies? As a college student I lack many core competencies such as extensive experience. I also lack engineering experience. However, I have a large network of people way smarter than me and I am willing to work hard to achieve my goals.

I would say most of these aspects work together in a general sense. It would be even better if my background was suited towards product development or automobiles in general, but I believe after interviewing people I have confirmed a need or at least desire for the product or group of products. I also believe if I committed to this idea I would have the necessary ambition and general understanding of business to accomplish my goals.