PrivateFangKingfisher17
Type up a response (approximately one page) asynchronously to the…
Type up a response (approximately one page) asynchronously to the questions below & submit the document to this assignment here on Canvas.
What evidence have you discovered so far that shows this venture is viable (or not viable)? Specifics could include, but are not limited to:
What Business Model assumptions have you validated/invalidated?
Why are current solutions (for the target market) inadequate (or adequate)?
Is there evidence that your value proposition is appealing to the segment? Why/why not?
Is there sufficient demand / market size? Why/why not?
Has your business model changed at all during this process? Why/why not? No
Moving forward, what is your plan with respect to the venture concept / business model? E.g. pivots (minor, major, or none)? What, if any, underlying assumptions in your business model remain untested / not validated (or partially validated)?
Venture:
The most important thing in this new business is to help people to know how close they are to getting drunk. As we know, many know being drunk brings up many risks. Being in an unconscious situation where you can control yourself is a considerable risk for everybody, that is why we want to change this. With our product, everyone that wears a wristband can know how close to being drunk you are. Also, pressing the alarm button will automatically be sent a message to your emergency contact that you will have to register. Our innovation will draw much attention to our customers, and it will distinguish us from any competition. We chose this business because all of us have been through this situation at least one time in our lives and we know how hard is to know where we should have to stop drinking that is why we want to save others from passing through a situation where you are completely vulnerable
Assumtions
the watch has to be charged because if the watch is not charged, it will not be able to track and monitor the user’s blood alcohol content.
It just works with wifi this is a problem because without wifi, the watch will not be able to transmit data to the user’s phone.
It needs to buy a sensor each tree months this is a problem because if the sensors are not replaced regularly, the accuracy of the device will be affected.
solutions
-we will provide a charging dock and/or a USB cable with the product so the users can charge the watch.
-we will provide a cellular data connection as an alternative to wifi.
-can provide a subscription model where customers can pay a flat fee and receive new sensors every three months. This way, the users will always have the latest technology and the business will be able to maintain the accuracy of the device.
Value proposition
This is the only wristband on the market that monitors how much alcohol you consume and alerts you when it’s time to stop drinking.
The value proposition of this BAC Wristband is that it is the only wristband that helps you know when to quit drinking by tracking the amount of alcohol you have consumed and letting you know when it is safe to do so.
Target market
BAC Wristband is a retail and manufacturer that makes wristbands that tracks your blood alcohol content. The target group we are after is mostly men, but mainly people that are over the age of 21. We are targeting men because men are most commonly involved in duis and drunk driving crashes. BAC Wristband is not only meant for men, its meant for all people, if you go out to drink and need to drive home, Proof can keep track of your bac and allow to to drive home safely. They can maintain a competitive advantage in the market because they are the most proven company in this market.
