29A

Opportunity

An opportunity that I saw and chose to create a solution for was the absence of an effective user-generated recommendation list of audiobooks and podcasts. The rise in popularity of these audio platforms has increased over the last decade. It seemed like people of all ages, including myself, listens to audiobooks and podcasts. When listening to music on Spotify/Apple, people get recommended suggestions based on past listens. So why isn’t there a feature like this for audiobooks and podcasts? I think its super common to finish an audio and get stuck in a rut because you can’t find something new to listen to. I originally chose to target a market of ages 16-~100, including all genders and races. The forces in the environment that created this opportunity would be the need for new recommendations and lack of platforms/websites that provide this. The market is not defined geographically, because I am under the impression that all countries have podcasts and audiobooks. Currently, I think customers satisfy their audio recommendation needs by asking their friends (word of mouth). I think that customers have some loyalty to word of mouth because everyone values their friends’ opinions. However, I don’t think anyone would be opposed to getting a user-generated list of recommendations in addition to their friends’ suggestions. I think this opportunity is huge because there are currently no substitutes or competition that I am aware of. I could see this “window of opportunity” closing soon if Apple or Spotify recognizes this opportunity and chooses to take advantage of it.

Innovation

My innovation is a website called “Auds & Pods” that creates user-generated recommendation lists of audiobooks and podcasts. The user-generated content will derive from past reads, a detailed survey of interests, and an option to link social media (Facebook and Instagram) so that the site can track likes and follows in order to provide suggestions based on interests. In addition, once the list is created, links to the audiobooks and podcasts will be provided from many different retailers (like Apple and Spotify) with price options listed next to it. In terms of finance, I would make the first month of Auds & Pods free, and then after that $3.99/month will be required for membership (access to your lists). You can request as many lists as you want during each month. In addition, I would ideally like to earn some commission from the links that I provide if the user chooses to click on the links and buy the audiobook or podcast.

Venture Concept

I think the reason that people would buy into this website is because there are currently no popular platforms that provide this service. Apple and Spotify, the two powerhouse companies for podcasts and/or audiobooks, don’t provide any sort of recommendations. I think it would be a little difficult for people to pay for this website because it is a luxury, not an essential. However, I would implement the first month free trial to draw them in. My competitors are currently no one, however Apple and Spotify could quickly catch on and create their own version of my website and integrate them into their apps. Their weakness are that they haven’t already identified/fulfilled this opportunity. Their strength is the popularity of these apps so people would probably switch to this once they catch on. My product is more of a service, so there is no physical packaging. However, the website would be designed by myself with my photoshop and hand-drawing abilities. I also have some experience in typography, so I am confident I would make this website clear and cohesive. My price point ($3.99/month) is flexible, so I could adjust as I see fit. Customer support is a HUGE role in my venture because there will be a feature included where you can add friends or follow authors. I would ideally like for customers to interact by sending lists and posting reviews of audiobooks and podcasts.   There is no physical location of my website, however customer experience would play a role because I want the site to be easy to navigate, but more than that fun and interactive! I don’t think I need any other employees to help me with the launch of this website, but I would ask graphic design classmates and teachers to take a look at my website and provide suggestions on how to make it more visually pleasing and interactive.

Three Minor Elements

Unfair advantage: I have discovered this opportunity and completed my process work as of now, so this website could be ready to launch within a week. Right now is a perfect time for this launch, because people are bored at home and wanting things to do like listen to audios. Even more than that, Apple and Spotify probably aren’t creating any new features right now because the economy is at a standstill. So, I found the perfect window of time to implement my venture!

What’s next? My next step in this venture would be to actually create the site. I just finished my 3^rd graphic design course and this Entrepreneurship course at UF, so I believe I am in good shape to utilize visual elements and creative thought processes.

What’s next for me? In 5 years, I would hope that my website as gained lots of popularity, and a big company would want to buy me out. I would sell this company as it is a short-term project that I would use to pocket some money. As an entrepreneur, I would like to keep strengthening my knowledge of entrepreneurial concepts. I am hoping by 30 I will be successful enough (and have enough money) to launch an even bigger project, like my own clothing line and makeup brand. This first venture gave me a good foundation on how to tackle entrepreneurship, and I want to build off of my current knowledge.

Feedback

I forgot to submit my assignment, so I didn’t get any feedback on that post. However, I got some great feedback from my other posts regarding this concept! One of my favorites was to increase the target market to all ages because parents would implement audiobooks and podcasts in their household. Some audio options for kids would be language programs (help learn another language), bedtime stories, or required reading for school! Some more helpful feedback included to change my platform from app to website (which I did) because more people (like old people) are familiar with websites.

 I changed my venture concept to include children in my target market and I switched to a website platform

Pictures!