Assignment 19A Idea Napkin 2

Assignment 19A – Idea Napkin 2

• Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

• My name is Ulysses Hincapie. I go to UF and I’m a Business Administration major specializing in Information Systems.  I have a talent for producing and creating music, releasing my first album a few months ago in December.  I have been making beats for over a year now, and have released over 20 songs now.  I know how to execute a vision for a music track and can guide others to do the same.  I have a passion for music and the drive to be the best musician possible. 
• If this business concept were to succeed, it would be an amazing opportunity and change my life, allowing me to bring my music to a lot more people and make money at the same time.
• What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

·        I am offering a customizable music experience for customers through rentals (with personalized delivery in select areas – a new feature added based on feedback), sessions with professionals, and an opportunity to learn music.  Peoples’ unmet need would be solved through Hyperspeed’s unique offerings collection, the only company on the market for this. 

·        For only $200 a day ($575 for 3 days), customers get an entire studio setup mailed to their house and a 2.5-hour session each day with an in-house producer, songwriter, or audio engineer, depending on the specific need.  I am offering the opportunity to learn and streamline the process of creating music.  If anyone wants to learn to create music quickly and easily, Hyperspeed is the service that helps you do that.

• Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
• This part has not changed.  I am still offering it to two main groups: those who want to rent a studio equipment setup and learn to make music, and those who would like to collaborate with the professionals on the platform. Included in my target market would be young affluent college students (a subsection of the local Gainesville market), amateur music professionals (for the collaboration service), middle class affluent music enthusiasts, beginners to music creation.  This service will mostly be marketed toward men based on the demographics of the DAC, although women are also encouraged to buy it.  Music should be diverse.  While this service is marketed for the lower end of music production, it is still at a premium price in the minds of many consumers (which is why affluence is a key trait of all my targeted customers). 
• The second aspect of the collaborative service would be marketed as the lower end of HomeStudio, encouraging people to get lessons before renting the equipment.  Other music creators can pay a $60 flat hourly rate for the opportunity to work with our in-house staff.
• Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

·        Our value provided has stayed the same.  Customers will pay for this service if they want a way to learn to make music.  Hyperspeed offers all the tools necessary for people to learn to create very easily and for very cheap considering its value.  Individualized music tutoring like what the service is would go for much higher prices.  Hyperspeed delivers a unique consumer-personalized experience not found anywhere else.  There is nothing else like our offerings right now and the underserved market can finally have a solution to use.  Hyperspeed is unique, affordable, and valuable.

• What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

·        I am a musician, which helps me to understand what I’m offering on a base level.  I’ve been at all stages of music learning, and know how to advance from them. I just learned and know what helped me improve throughout the time I was learning.  Also, my connections in Gainesville music can help me get a few initial clients and spread positive word of mouth about it.  Musicians know musicians, and that’s a valuable thing.  There is nothing to serve this market right now, and competitors wouldn’t be able to provide such a personalized and in depth product to consumers as affordably.  This business model is customized to Hyperspeed and fitting this specific marketspace.

• In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

·        This remains mostly unchanged.  I think most of the elements align with each other, but I would say that my collaboration and delivery aspects of the service are not as strong as other pieces.  At a set price on the low end, I would have neither the money or industry connections to get A-List talent to be on the service.  This forces this aspect to stay on the low end of consumers rather than at a high-end price.  I don’t have any preexisting partnerships with well-known industry talent, so it may be difficult to initially attract people. 

·        Also, the local Gainesville delivery option is only in a testing stage, I haven’t quite figured out all the logistics for it and how much it would cost.  Shipping costs may also be volatile, but have been accounted for in the price of the service.  Otherwise, my business plan and its various elements are pretty solid.  I feel our price point and offerings make us well positioned to capture the available market.

·        Please summarize at least two main points that you took away from the feedback you received. Also, describe how you incorporated feedback into this idea napkin.

Feedback Memo: 

1. I included a local Gainesville delivery option for those that live nearby, taking the suggestion and integrating it into my business strategy.  I feel this could allow me to expand more locally and build a solid reputation.
2. I also slightly shifted my focus toward more affluent consumers.  These people would be the most able and willing to afford the service.  College students are probably too broke to buy the product. 
3. Overall, my changes focused on accessibility and ensuring a wider potential customer base by providing more value, and modifying the targeted customer demographic.