Venture Concept No. 1

Opportunity

The opportunity presented is the opportunity to help young car owners to be better able to know when to have maintenance done on their cars. This opportunity comes from the fact that most new car owners don't know what type of service needs to be regularly done or when. This need is currently being satisfied by relying on maintenance shops to remind them of when to schedule regular service and to read engine codes from check engine lights. This is a huge opportunity within the United States, and will be available for as long as it takes someone else to realize it exists.

Innovation

The innovation needed to take advantage of this opportunity would have to be able to read engine codes through a wireless transmitter, similar to Progressive's used for reading mileage. This would have to be attached to a database of car models and years, in order to determine the problem. Both of these would also have to be connected to a scheduling application for the user's local maintenance shops, including ratings and prices.

Venture Concept

This innovation would be a mobile application that uses a wireless transmitter to read a car's engine codes, notifying the user what problems are occurring within the car. This app would include a full database of vehicles and workshops that a user could take a car in for maintenance work, as well as a scheduling function for the user's local maintenance shops. The target audience would be willing to use this because of the convenience it would provide for car servicing, with no obvious competition. Business location would play a large part as far as which maintenance shops the user is directed to in the scheduling portion of the app, and employees would be needed in order to fix software bugs and add on new information to the databases of vehicles and shops. This would need at least 50 employees at start up, as it would begin locally and spread as the application gained traction. 

The Three Minor Elements

My most important resource would be deep knowledge of both the vehicle industry and the maintenance industry. Both of these combined allow for a better understanding of how the two work together in the modern world in terms of revenue and customer attraction.

The next step for the venture would be trying to expand to a section of the app dedicated to modified vehicles. This would allow for an even larger use of the pre-existing mechanics of the app, as well as drawing in a larger consumer base.

Whats next for me would be being able to see this company branch out globally within 5 years. This helps allow me to become more involved in the vehicle industry, and gain more footing in my own personal knowledge.