Venture Concept Numba 2

Opportunity: Who and Where?

Age:

·    Teen/Young Adult- By far the most important market. This demographic already holds the biggest share of users in current music streaming services. This group looks towards music technology for social purposes and to stay on top of the newest trends

·     Middle Age Working Professionals- this group (defined from age 30-50) is in need of audio tools for the workplace. Between meetings and presentations, these people need efficiency and no-nonsense solutions to boost productivity.

Location:

·     Internationally- Since my innovation is centered around audio and music; there are no national barriers to its permeance. 

·     Socio-Economic sectors- Globally, the biggest opportunity lies within areas of higher disposable income. This demographic is able to pick and choose to purchase supplemental equipment such as mine. 

  The need for this product is both for personal enjoyment and professional use. There is much complaint about the limitations of current Bluetooth and music sharing technologies. For professional use there is nothing to test against. Services like spotify, Pandora, and SONOS have set the precedent, but have room for higher collaboration between a share-happy generation. This window of opportunity is open for decades with ability for adaptability.

Innovation

  My product concept is JukeBaux Audio Organizer. The system is comprised of a Bluetooth receiver plug that you input to speakers and amplifiers. It creates a channel for up to 10 of you and your friends mobile devices to connect to the Plug/Speaker simultaneously. Control of these channels comes from the mobile App. The underlying idea is to reduce the frustrations stemming for connection/reconnecting devices, switching outputs, adjusting equipment, waiting for audio to load, and manage all of that on one easy system. For users interested in controlling music for parties or road trips there will be a simple, well-designed interface to cue songs- a timer will prevent users from skipping songs until the first person’s choice has finished playing, collaborate with nearby friends to build playlists in real-time, and “favorite” and keep track/artist info from songs you have enjoyed. For users in professional environments, the device will work mostly the same, but allow individuals to upload audio cues for performances and presentations. Users will use the app like a remote to cue audio when needed then the next speaker can press cue and start their presentation- without any adjustments or awkward technical difficulties. 

  The system will come priced at $100 USD and any customers wishing to connect to Jukebaux but have not purchased the full system will make a $0.99 App purchase. In-App advertising is an idea, but no official word yet.

Venture Concept

My product is developed to be utilized for all events, personal or professional. Those wishing to make parties, socials, road trips, etc. more enjoyable and comfortable for all attending will use Jukebaux to collaborate on making universally accepted song choices and playlists. Those wishing to have business presentations and other professional events run more smoothly and effectively will use Jukebaux to program all necessary audio cues so that the event can progress from speaker to speaker without delay or difficulty. Consumers in this generation place very high importance on sharing ideas and getting fast, easy results. My product would be a new innovation and something that could set a standard. Other products exist to create Bluetooth signals for speakers and to build playlists but not in combination like JukeBaux. 

 In the future, Jukebaux will have headquarters located in California and pride itself on creative marketing and excellent customer service. We hope to run several promotions involving concerts from prominent artists and contests involving user submitted playlists. Operations will include software development, manufacturing, and customer service, but all of these departments will be small and cohesive. I would like to create a free-flowing, good vibe company culture like Google or Twitter.

Secret Sauce

Besides my product’s inherent innovation, I have a few things that give me a competitive edge. The most important of these is the willingness to go to any lengths to achieve what I really want; some may call this perseverance, I call it life. What this looks like in a real life scenario is my unwillingness to settle for anything less than what I placed my goal is, I have no qualms about making calls, arguing, finding loopholes, etc. for anything I need to get. 

What’s next for Jukebaux?

There are three things that we at Jukebaux see happening in the near future

1.   Integration from new product into mainstream service

2.   Research ways to get the older generation involved

3.   Work out any bugs with the app

What’s next for me? 

  The road of the entrepreneur isn’t easy, it isn’t even just difficult. Scientists theorize that the process of building a successful startup could actually reach levels of hella difficulty bordering on challenging AF. That said, I drafted two realistic goals, one for 5 years and one for 10 years from now.

In 5 years….

  I will have created a working prototype of both the device and app, and done concept testing. The biggest challenge I see is the act of physically making a working device with proper app design. The first models will then be given to family and friends. Gauging interest after that, I will start the legal and proper business processes of working out deals for retail and online sales. By the end of the 5 years, I will have a small working base of employees to help with the app programming and manufacturing.

In 10 years…

  This company will be functioning at a great level and recognized as a formidable business. We will have started planning for new ventures but haven’t gotten anything 100% yet. Headquarters in CA with warehouses and smaller bases throughout the southeast. I also have lots of consulting and speaking opportunities at large colleges (go gators) and expos due to our success. We have worked out some unforeseen flaws and our product is fine-tuned. 

  All in all, writing this venture concept has cemented what I do know, and has forced me to think critically about things I hadn’t even considered. I have realized new challenges that I would face with actually developing this product as well as new solutions. Typing this out has turned a dream into something getting a little bit closer to a reality. 

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After reviewing the feedback on my latest posts I made a few changes to my venture concept. I noticed that a few people had a hard time understanding how the product will actually work so I put it in simpler terms and really spelled it out for them. I appreciated the comments on the uniqueness and marketability of jukebaux and continue to think of ways to further refine this idea. From comments on exit strategy, I re-thought of where I, realistically, see myself in the next few years. Thank you all for your feedback, it's been real ENT3003.