Assignment 29A

1)
Opportunity:

My opportunity is targeted at those who drink alcohol and experience hangovers and the nature of the need arises from the fact that those who drink alcohol usually experience hangovers, and they don't like experiencing hangovers so my product will get rid of those hangovers. The force that creates this environment is the fact that people drink alcohol. Some customers satisfy this need by drinking a lot of water, Pedialyte, or not drinking on an empty stomach. This window of opportunity will be open until the day people stop drinking alcohol.

Innovation:

My original idea for innovation was somehow creating a compound that reacts with the toxins in alcohol that make you feel bad and counter those toxins out, thus leaving you still feeling the positive effects but not the negative ones. This is a dynamic form of innovation, but I was informed that this might not be possible, and even if it were, it would be very costly to try and figure out how to create a product like that. Part of my original plan was to create a "hangover pack" that included that compound, so now I can still create my "hangover pack" but I can just not include the compound pill. The pack would include snacks that are known to absorb alcohol (like crackers/bread/carbs), lots of water, a drink high in electrolytes, and some type of pain/headache reliever. This is definitely a much lower level of innovation.

Venture Concept:

My hangover pack will definitely aid in solving the problem of being hungover. It is full of ingredients that all reduce the effects of a hangover. Customers will switch to buying the hangover pack because it makes things easier. Instead of having to buy all those things separately, you can buy one item that has all of them. Also, you could buy one before going out, instead of waiting til you are already hungover to try and solve your problem. My competitors would be any producer of the objects that are in my hangover packs. To organize my business, I would buy in bulk all of the ingredients to my packs, have them shipped to my packaging center, hire workers to assemble the packs, and then sell them commercially at liquor stores, convenience stores, grocery stores, and gas stations.

2) I would say for the most part I got good feedback about my opportunity. Everyone I have talked to said they would be interested in a product that cures hangovers. I got some good points that I didn't think of that were brought up to me in my feedback. One of those points is that my idea of creating a compound that interacts with alcohol to counteract the toxins might not be possible. If this is true I'd have to change my form of innovation. I was also told even if it were, then it would still be very costly to figure out how to develop it.

3) I changed my venture concept by adapting my hangover packs. I originally was gonna have hangover packs that included this compound, but now I am just going to have the regular hangover packs.

4)