Venture Concept No. 1

Opportunity

The market has a need for more efficient and effective means to lifesaving practices.  For example, the Deputy Chief of Virginia Beach Lifesaving Service, Tom Gill, has been looking to incorporate the use of a lifeguarding drone into his private lifesaving corporation in Virginia Beach, VA.  Tom Gill has been my employer for the past four summers.  I emailed Tom to introduce him to my vision of using a lifeguarding drone during ocean rescues.  Tom responded saying, "This is an excellent opportunity that will help facilitate ocean rescues and advance the reaction time to reaching a distressed patron."  Additionally, the United States Lifesaving Association (USLA) has shown a recent push in innovation in lifesaving equipment in an effort to reduce drownings nationally. The USLA works to reduce the incidence of death and injury in the aquatic environment through public education, national lifeguard standards, training programs, promotion of high levels of lifeguard readiness, and other means.  The USLA oversees lifeguarding practices in the United States and has the power to create a market for lifeguarding drones to advance lifesaving technology to improve on reaction time to drowning victims. 

The USLA could benefit from mimicking RTS Ideas’ inclusion of a lifesaving drone called the Roboguard into its daily lifesaving practices.  RTS Ideas is a British company that launched the practicality of using drones in service industries.  RTS Ideas invented a drone to rescue holiday makers in trouble.  The company then developed the idea of using a drone during ocean rescues to help pull drowning victims in to shore.  RTS Ideas is developing a new areal drone technology, called Roboguard, which could actually save lives by decreasing the time needed to reach drowning people and that could also save more than one sinking person at a time.  Lifeguards or rescue team members can fly the drone over the victims with a radio control.  The drone, carrying cameras and three rubber life tubes, can be sent out from the shore.  The victim can then catch the life tube that the robot dropped onto the water to stay afloat whilst waiting for a lifeguard or rescue team to bring him/her back to a safe location.  The company is currently looking to expand its study to how its drones could help humanitarian disaster relief efforts.  I would like to try to pair with RTS Ideas to expand the use of lifeguarding drones to United States beaches.  

Innovation

Year after year, the ocean's most successful killer is not the great white shark. It's not the deadly jellyfish. Not even monster waves or hurricane-force winds. Your worst ocean nightmare during a day at the beach is more likely to be a rip current.  I am the owner of the Lifeguard Drone, a company that is pioneering the way in the innovation of deployable flotation device drones to reduce the amount of time that it takes a lifeguard to reach a victim during an emergency.  The United States Lifesaving Association concludes that more than 80% of rescues on surf beaches are due to rip currents.   These lifeguarding drones are remote control operated and release a deployable flotation device for the victim to grab onto until a lifeguard can reach the victim and help him/her swim to shore.  The drones will also be equipped with cameras to help with locating the victim in the water as well as look for sharks and other potential dangerous hazards in the water.  The use of drones cuts down on the time it takes to reach the victim with a flotation device, ultimately leading to less drownings and deaths.

I was starting a business to further promote safety for beach-goers.  The price of the drone would be about $1500-$4500 depending on select features and models.  The lifeguarding drone would target its sales towards lifesaving companies and organizations; however, the drone would directly benefit public beach-goers as it promotes attentiveness and safety.  Throughout the course I have worked to refine this opportunity.  After conducting my three rounds of customer interviews, I concluded that the incorporation of a lifeguarding drone would be seen as useful and helpful in cutting down on the time it takes to reach a victim in the water.  A lifeguarding drone is up to seven times faster than humans when reacting in an emergency.  Drones have the benefit of direct flight so they do not have to bother with being slowed down by waves, current, or other pedestrians.  The drone is able to release a flotation device in which the victim can hold on to until the lifeguard is able to make contact with the victim.  

Venture Concept

I believe that lifesaving companies will continue their current lifesaving practices as well as add on the addition of at least one lifeguarding drone that can be used as an additional means to scan the beaches and help with quicker reaction time during an emergency.  This should not be very difficult as the lifeguarding drone is meant to provide additional assistance during a rescue.  Having more eyes and attention on the water can be very beneficial to beach-goers who rely on lifeguards to protect them from inherent dangers such as rip currents, sharks, and choppy waves.  As I discussed earlier, RTS ideas is a company that produces and sells lifeguarding drones in England.  Therefore, RTS Ideas would be seen as both a potential company to partner with and a market competitor within the same market domain but appealing to a different set of customers.  I intend to be the founder and innovator of my company Endless Summer that creates innovative lifesaving equipment to help lifeguards perform their day to day activities.  I would be introducing the first full-time use of the lifeguarding drone in the US.  The lifeguarding drone has been used in other countries like Spain and Chile.  These countries have seen a significant reduction in the number of drownings since introducing the use of a lifeguarding drone in addition to lifeguards during rescues.  I would need to focus on using equipment and parts for the drone that would be durable and able to withstand the high concentration of salt and sand while at the beach. 

The three minor elements

What do you think your most important resource will be? 

            I think it will be difficult for a new company to enter the market as I intend to create a partnership with RTS Ideas to expand the use of lifeguarding drones to US beaches.

Second, what’s next for the venture? 

               The next product I plan to offer is a waterproof detachable radio that can be put in an arm band so the lifeguards on the rescue can communicate directly with their supervisors.  This will help to relay the status of the rescue such as the number of victims, when contact is made, and when the scene is clear.  

Third, what’s next for you? Assuming you launched, where do you want to be in five years with this venture? Where do you want to be, as an entrepreneur, in the next decade, and how does this first venture help you achieve your vision?

            In five years I would like to expand my adventure outside of the state of Florida to appeal to lifeguarding companies along the east coast.  I hope to see a change in the style to lifesaving practices as lifeguarding drones further promote public safety and provide efficient and effective help to victims caught in a rescue. 

Amazon Whisperer

Describe the revenue drivers you currently include in your business concept for this class. Revenue drivers are the different ways you make money. 

     The Lifeguarding Drone implements the number of customers, frequency of order, transaction size, and price all as its revenue drivers.  The Lifeguarding Drone is able to appeal to thousands of beach-goers per one device as it can cover a large area.  Also, the frequency of order would be based off of the effectiveness of the drone and popularity amongst lifeguarding corporations.  My hope is that the government will provide funding to private lifeguarding corporations to help fund the lifeguarding drone in an effort to promote public safety and reduce drownings.  The transaction size is small and rather specific as these drones can be customizable.  The price of the drone would be about $1500-$4500 depending on select features and models.  

Describe what kind of product offering you believe should be next. What's the next thing your customers want?

     The next product I plan to offer is a waterproof detachable radio that can be put in an arm band so the lifeguards on the rescue can communicate directly with their supervisors.  This will help to relay the status of the rescue such as the number of victims, when contact is made, and when the scene is clear.  

Describe how this "next" thing will enhance your existing product/service offering. Does it improve the user experience, does it increase customer switching costs, does it foster customer loyalty, etc.?

     This product will help to relay valuable and specific information about the rescue.  It improves the experience for the lifeguard as lifeguards on shore are no longer responsible for relaying specific information about the status of the rescue and the victims.  It furthers customer loyalty by improving safety measures at the beach.

Go to Amazon and try to find a product that is similar to the one you want to offer next. Describe the product. Include a picture of the product.

     I would be using a waterproof detachable radio and put it inside an arm band.  In order to operate the lifeguard would still have to press the open communication button to relay information.  

What are the customer reviews for the product? What, exactly, do customers not like about the product? What do they like about it?

     This product is not already offered so there are not any current customer reviews for the product.  However, the radio received 4.2 stars and the arm band received 4.8 stars.  The pros for the radio were that it is relatively cheap and that it is waterproof and has a 50 mile range.  The negative reviews for the radio were based on faulty radios.  The arm band received great reviews for its comfort and stability.



Describe what design/usability changes you'd make to the product. 

     I plan to alter the two products so that the arm band can comfortably and effectively stabilize the radio in place when on the high activity level of an ocean rescue.  I would also like to design a smaller and more compact radio for the specific purpose of use on ocean rescues. 

 
Describe why you think this product would make a good addition to your current product/service offering.

     This product will also appeal to lifesaving organizations as it will facilitate the lifesaving process.  The two products go together to market to lifeguarding companies and organizations like the USLA.  

Week 11 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

     "There is nothing wrong, of course, with learning from others, but it is a mistake to believe that what works for, say, Apple (today’s favorite innovator) is going to work for your organization. An explicit innovation strategy helps you design a system to match your specific competitive needs." I completely agree and think this was a great point to bring up.  

2) Identify at least one part of the reading that was confusing to you.

     I was confused at first over the difference between strategy and innovation.  One thing that you never want a strategy to do is fail.

3) If you were able to ask two questions to the author, what would you ask? Why?

     - What is your innovation strategy?

     - What is the best way to disrupt a market?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

     Didn't find anything that I disagreed with or thought was wrong.  Great article I found the topic very interesting

My Unfair Advantage

List of resources:

    1)   My training in First-Aid and CPR

·      Valuable? Yes very helpful with my opportunity

·      Rare?  Yes and no

·      Inimitable? No

·      Non-substitutable?  Yes there isn't a substitute to CPR and First-Aid training to be a lifeguard.  

   

    2)   My training in ocean rescue emergency situations

·Valuable? Yes

·Rare?  No

· Inimitable? No

·Non-substitutable? Ocean-goers are more easily able to anticipate ocean hazards and dangers.  

    3)   My travels to Europe, Asia, Africa, and Central America

·Valuable? Yes very much so

·Rare?  Yes

· Inimitable? No but very time consuming and costly.  Great way to explore the world and serve the underprivileged on medical mission trips.  

·Non-substitutable?  No but I performed diabetes screening tests and visual acuity tests in Ghana, Fiji, and the Philippines.  Also been on tourist trips to several other countries.  Helps with global awareness and cultural sensitivity.

   

    4)   I would want my organizational culture to be productive focussed on creativity and innovation but also relaxed and not in a cubicle office setting.

·Valuable? Absolutely

·Rare?  Somewhat in today's society

· Inimitable? No but company must be focussed on avoiding the traditional office style.

·Non-substitutable? Yes could be substituted for other organizational cultures.

    5)   I would have my organizational vision focused on innovation and sustained innovation.

·Valuable? Yes

·Rare?  No

· Inimitable? No

·Non-substitutable? Can be substituted for alternative visions.  This vision is broad and pertains to many organizations' short term and long term goals.  

    6)   The financial capital for my future venture will be private equity investors, loans, and personal cash.

·Valuable? Yes businesses need financial backing

·Rare? No

· Inimitable? No

·Non-substitutable? No can be substituted for other methods of financial capital to fund the venture.  

    7)   The social capital for my future venture will be partnerships with market and domain experts like USLA.

·Valuable? Yes.  There are many different companies in this business sector I could try to form relationships with.  

·Rare?  No

· Inimitable? No, but must form relationships for either vertical or horizontal integration depending on your company's needs.

·Non-substitutable?  No, no partnership is required for this sector.

    8)   My factory plant and equipment

·Valuable? Yes

·Rare?  No

· Inimitable? No

·Non-substitutable?  Can be substituted and upgraded as new models and newer technology is released. 

    9)   Manufacturing systems

·Valuable? Yes

·Rare?  No

· Inimitable? No

·Non-substitutable?  No other manufacturing systems will suffice.

  10)  My connections with Lifeguarding companies and lifesaving organizations.

·Valuable? Yes absolutely this can help me to expand my opportunity

·Rare?  Somewhat

· Inimitable? Would be difficult to imitate my connections with Virginia Beach Lifesaving Service.  

·Non-substitutable? Could be substituted for connections with other lifeguarding companies or agencies.

Reflection:

     After conducting the VRIN analysis on my list of 10 resources, I believe my top resource is my connection with current lifeguarding companies and organizations.  I have been a lifeguard with Virginia Beach Lifesaving Service for the past summers and I lifeguarded with AAA Pools for the summer prior because it was a requirement to be 16 in order to be a VBLS employee.  I am also a member of the United States Lifeguarding Association.  These all contribute to my social capital in the industry.  This connection to domain and market experts will help with the start-up and funding of my project.