Venture Concept #2

My venture concept begins with something as simple as free time. We all have limited free time to spend with our friends and family, and we want to spend that free time in the best way possible. With such busy and hectic lives, there's nothing worse than spending your week looking forward to an event, revolving your night around it, waiting in line and paying a cover fee then showing up to a dead and empty club or event. You can either try your luck at another venue or event, spend the rest of the night there in hopes the scene improves or try your luck at another place. With only one Saturday night available a week, I think the current system is not enough for the average working individual who wants to let loose once in a while.

That’s why my idea revolves around a social media styled app that allows users to see real time pictures and videos of the event, bar, restaurant, concert, club that they want to attend and even chat with users there. Each event or venue will have their own page which will describe the cover charge of the night, drink and food specials, wait times, operating hour, deals and tips, etc. This will eradicate the ever growing problem of people so excited to spend their Saturday night somewhere fun with their friends, only to wait in line for an hour and pay $20 to walk into an empty room.

My demographic centers around college students and young adults in urban or populated areas. You must be 18+ to join the app as a member and create your profile. I believe people my age don't have anything like this currently, and I would be filling a need for them to better plan and execute their freetime. There are a few similar apps to mine in terms of providing information on deals and drink specials specifically for college town bars, but what makes mine really special is the social media aspect of it and the real time updates and live videos from the event or venue itself. Users can even chat with other individuals at the event and meet new friends and connections. I think this opportunity is big and can provide some real good for people. Although this window is currently closed due to the COVID-19 pandemic and all social gatherings and social settings have been put on pause, once this ends there will be a huge influx of people dying to go out and let loose. That is where I can come in and market this app. Even for extended periods after their virus people will always want to celebrate life and make memories with their friends.

I think it will be fairly easy to get individuals to switch from other event based applications to mine because it includes many more features and angles that these other apps just don't provide. Also, from the research, the two existing apps that are similar to mine cost $5 and $10 a month, so my price point will give me an advantage. My competitors don't have a very realistic price and they dont give users enough bang for their buck. There may be similar apps on the market but they simply don't provide what my app provides, and they run at a much higher price point. 

I believe people love to connect and relate to one another and celebrate life and new exciting experiences together… and I think that will never change. Although we have come onto some hard and interesting times, humans are extremely resilient and I believe we try our hardest to do what's best for ourselves and others, while trying to have a great time along the way. 

My feedback for this project has been overwhelming. I love all the positive and negative feedback I’ve received from students in this class as well as in my personal life and those I have decided to share my idea with. The main concern I have received has been regarding the price point of the app. My app is free the first month then shifts to $2.99 once a month following that. I believe this is extremely fair considering many similar apps require at least a $5 payment a month and don't provide as much, however, I can understand the want of individuals not to pay for something intangible and only on a screen. I have made the argument that this app helps many individuals save money in the long run in terms of making drink specials, cover fees and wait times, event fees and promotions available for people, not including the money saved in Uber or Lyft and other ride sharing apps, yet people still do not want to pay.

Another criticism I have received is that many people do not think there is a need for this app. Mainly students and peers have told me that “going out” is simply just not a huge deal in people's lives as they would rather not pay for an app that helps them manage such a small part of their life. I have also heard that the market for this is extremely small and really only appeals to college students. I do completely understand these concerns and agree with them myself to a certain extent. However, I believe the social media aspect of the app will really appeal to people and they will enjoy using the app to keep up with their friends and current events.

I personally decided not to listen to much of the negative comments that were provided about my work by my peer, however I was able to take it into consideration and make proper changes to my idea and app. I think by adding the first month of my app free, people will understand how great it is as an addition to their lives and think the price of one average iced coffee is enough to consider keeping the app full time.

Another change I have made to my app is including the social media aspect. I think those who enjoy nightlife can connect easily to others using my app and will find exciting and unique things to post about events. Many people don't want to pay for a “party app” but an app th at connects people and provides coupons and deal specials makes the price worthwhile and  a fun way to stay connected either spending the night at home or out on the town.