1). Overall
description-
Opportunity:
Earlier last year, I was diagnosed with a chronic disease
called Interstitial Cystitis. The day I got the diagnosis, I was handed a
pamphlet of my new diet to follow for the rest of my life. Things to avoid
included chocolate, orange juice, tomatoes and their byproducts such as
ketchup, alcohol, yogurt, sports drinks such as Gatorade, and cereal just to
name a few. As someone with an already picky diet, this eliminated a huge chunk
of the foods I could no longer eat. Enough about me though, an estimated 8-10
million people have Interstitial Cystitis alone. This got me thinking about
other dietary restrictions in the world today. Whether for personal, religious,
or medical reasons, there are many diets today including gluten free, kosher,
diabetic, vegan, vegetarian, and lactose intolerant. Food is a necessity of
life and any one of these dietary restrictions limits food options. Because
there are so many different types of restrictions, there are no exact numbers
on the how many people today actually live with this, but if you add up these 6
segments alone, that’s over 50 million Americans, so there is a huge unmet
need. Going to the grocery store is a bit easier because we know what items to
stay away from, but restaurants and premade options are much harder because you
need to know the complete list of ingredients to ensure that you can have that
type of food. There are no grocery stores specifically designed to meet the
needs of people living with dietary restrictions. We are lucky if things are
properly labeled, or if there is a section properly identifying our particular
segment. This will continue to be an opportunity because these diseases aren’t
going anywhere. Actually, the numbers are increasing, especially with genetic
diseases, so unless a cure is developed, these segments will only continue to
grow.
Innovation:
I am proposing an on campus grocery store, similar to the
POD that specializes in foods for those people with dietary restrictions. It
would be open for extended hours so you could run in for a midnight snack, and
be at reduced prices because it is for college students and faculty. Often
foods such as gluten free flour or cheese that contains no dairy is extremely
expensive because they only cater to smaller segments. However, you may not
know that common foods also meet these demographics such as Oreos, which are
vegan, and Tostitos, which are gluten free. This means that anyone would be
able to shop at the market because it would carry “normal” snack food that also
happens to fit these needs. It would make a profit because simply a grocery
store on campus is long overdue, but also it would fit the needs of many
different types of people, so anyone could shop there and appreciate the cheap
prices, convenient location, and extended hours. Since it is grocery store, I
can’t list every price because there is such a wide variety of items sold, but
reasonable prices it part of the core competency of the business, so they would
be relatively cheap and comparable to other competitors.
Venture concept:
I think it is fairly straightforward that nothing exists
that specifically addresses the needs of people living with dietary
restrictions. Potential customers would not be switching from any other company
because there is no current competition. Distribution and business location
play a fairly significant role because part of the benefit of this idea is that
it is on campus, but it is relatively easy to get supplies to these areas, so
it would not be hard to use existing suppliers to get the resources to the
market. Like I mentioned before, it would be fairly similar to the POD market,
so a small on campus grocery store with about 3 employees to start. These
employees would have a nutritional background so they would be able to answer
questions about what foods are safe for certain segments, and also specialize
in customer service. I think starting small and seeing the popularity is always
smarter, just to build your reputation and get the word out, and then expand
from there.
Other elements:
As I mentioned in my unfair advantage assignment, I would
have to say that my top resource is reputation because it is the combination of
numerous elements working together. Intangible resources are harder for
competitors to copy and certainly take time to develop. Someone may be able to
sell similar products, but adding the welcoming atmosphere, great hours,
convenient locations, and experienced staff, all contribute to a reputation
that sets my business apart. A positive reputation is essential in any
industry, and is a key factor in being the best for years to come.
I think the next thing is just expanding the product line.
As new products come out, just being sure to keep up with market trends and
listen to customers. As I mentioned on another previous assignment, with
technological innovation and genetically modified foods, I think science could
potentially develop foods that are safe and delicious for those who can’t eat
traditional key ingredients such as regular flour, sugar, or wheat. Seeing what
the future holds in terms of science and innovation will be interesting in
years to come as well because it will play a huge role in determining the
future market.
Having a personal connection to this, I am very passionate
about finding alternative foods that actually taste good for people living with
dietary restrictions. I would love to stick with this and keep a personal stake
in the company. Management would be nice, but my skills are in marketing,
communication, and customer relations. Wherever this may go, I would want to
make sure that I am actively involved and not calling the shots from behind a
desk. Possibly partner up with someone whose talents are more administrative so
I could run more of the employees and customer feedback, whole they focused on
business and company operations. As I mentioned in my what’s next assignment, I
would love to pass this on as a family business in the years to come. To grow this
business and see it take off would be amazing to pass down to future
generations and keep it within the family if they were interested. Doing good
for people is a core value I hope to teach my children and hold central to the
business, so I feel like it would match up well and meet the needs of each
other.
2). Summary of
feedback-
All of the feedback was extremely positive. One of my
favorite comments said they liked that it was all-inclusive in that no one was
left out for a change. Since people with dietary restrictions are often excluded
from many food options, it is cool that my message and core value cam across in
a simple post. Another person who commented personally struggled with a dietary
restriction, so it was cool to have someone who understands firsthand say that
they support the idea as well.
3). Changes from the
last venture concept-
I didn’t change much from the first venture concept. I
worked really hard on the first assignment and tried to be extremely detailed
and deliberate with my word choice. I made a few minor adjustments on areas
where I feel that I repeated myself or moved certain sentences into the heading
where it I felt it was a better fit, but I honestly was proud of my first
venture concept. The biggest change was adding in where I would like to be with
the company in 5 years. Although I kept the same basic plan, I elaborated more
since our what’s next assignment because now I knew how to better explain why I
chose this option.
