Elevator Pitch No. 3

My feedback for this idea has been overwhelmingly positive, so the core of my elevator pitch has not changed much.  I've tried to change this one up a bit to make it less of an advertisement to a customer, and more of a pitch to an investor though the added statistics in the beginning.  I've started looking at competitors, like OnStar in the napkin exercises, but this video is not really the place to address that.

One suggestion that I saw was connecting the app to online stores for car parts.  That might be something to add later on, but I think that falls outside of the core functionality of the product.  This is meant to be a starting point, from which someone can either work on their car, or take it to a mechanic.  I think going from that starting point straight to "here's some stuff to buy" may open you up to some liability if those parts don't turn out to be what's needed.

Idea Napkin No. 2

1: I am a business major, who has basic knowledge of programming and an interest in technology and how it affects the world.  One thing that I think technology should do is allow people to access to more accurate information.  For a years I was a projectionist at a movie theater.  One of the things I needed to be capable of doing was identifying problems and judging whether I could fix them and how long it would take.  Misjudging my seriousness of an issue or my own ability could result in damaged equipment or inconveniencing customers who might be waiting for a show that would never start.  For me, it is a point of pride to be able to fix things and the lack of transparency in my car bothers me.  I think that a business based on working around those limitations would be a good fit because it is something that I would be very motivated to constantly improve, because I would use it.

2: I am offering customer more complete information about their cars.  My idea, a phone app, that connects to a car through bluetooth, to read error codes and give engine status'.  This would conveniently give detailed information to the end user that they would otherwise only be able to get from a mechanic or store that specializes in car maintenance. This can help guard against unnecessary repairs or from a a serious problem going unattended due to the driver assuming it is something less serious.  I'm offering to save customers money, and give them a better idea of their car's health.  This app could also give reminders for oil changes and give up to date stats of gas economy.


3: I've said what I'm offering to the end user of this app, but it would actually have to marketed to car manufacturers.  For the app to work there must an addition to the cars on-board computer to function, so marketing to them would be the easiest way to implement this. As businesses, car manufacturers are always looking for a leg up on their competition, and that's what I'm offering them, a feature that can then be marketed to their customers.  They are the ones I would would be selling to, but to the end user this is a free feature that comes with the car.  Just like the bluetooth, that I would use to connect to the car, or keyless entry, once it starts being offered, other companies will have to adopt it as well, or be  left behind.  For the manufacturers that adopt early, I'm offering a potential sales boost.  For the later adopters I'm offering the competitiveness that they need to survive.

4: This business would be organized to sell to manufacturers, and not to the end user.  marketed correctly manufacturers would pay for compatibility, because they believe it is something that their customers want.  I believe that drivers will want this.  People are busy, and their cars are a big part of their day to day lives.  An app that lets a person know what kind of gas mileage they are getting, gives them a reminder when they need an oil change, or tells them there is a problem with their car and how serious it may be, will help them.

5: I am not a mechanic, and I am not software or hardware engineer, but I do have a basic understanding of all of these things, along with experience in managing people though.  That, I believe, would allow me to work with people who do have those abilities, and understand what the limits of what can be done and any issues that present themselves.  As I mentioned about, it was very important as a projectionist that I be able to identify and evaluate problems, and which is also a major component is managing a business.  If you cannot correctly evaluate an issue, then you will have a hard time correcting it.  I think that I am someone who has the ability to do that, which not everyone does.  That ability combined with a product that people want can go a long way towards a successful business.

In my opinion the biggest hurdle this business would have to face is getting the product into a major car brand. I think the concept is solid, but it's not something that many people who don't work on cars would put in the effort to buy and install on their own.  If they did want to install it on their own, bluetooth transmitters are generally part of a cars stereo system, so extra connections would have to be made with that system.  That extra complexity makes it harder to sell the system as a stand alone system very difficult, and is why I believe sales have to be directed toward automakers as opposed to the actual end users.


Feedback Memo

The feedback I've received has all be very positive.  As such, it seems this is a product that many people would be interested in. One of the earliest suggestions I got was about alerts and reminders for oil changes and other regular maintenance.  That is a pretty simple feature, but would probably be the most used feature of the app, and should definitely be part of the product. No one seems to know of any similar products on the market, and the closest I've found is OnStar.  OnStar sends monthly diagnostic emails to their subscribers, but this does not give the immediate feedback that my app would offer.  OnStar is also a subscription service costing $20 per month at it's lowest tier, where my system is free, so I don't think they would really compete in the same space that I do.