In order to further define my business concept, Recycle Rewards, I have to look deeper into the "who", "what" and "why" of my idea. In this assignment, I'll be defining what separates me, as an entrepreneur, and my business concept apart from the rest.
1. You.
Before analyzing my business concept further, I am taking a moment to focus on my skills, strengths and preferences. As an entrepreneur, my talents include my optimism when it comes to difficult tasks and my ability to creatively address situations. I have held a position as a Data Science intern for a local startup in the past, so I have seen how hard it can be to bring an idea to life and how much work is required. In addition, I have had experience brainstorming ideas with team members in FBLS, a business club at UF, and have been able to explore my creative, idea-generating side. Regarding my aspirations, one day I would like to own a business and grow it into a success. If I chose to actually pursue Recycle Rewards, I would want to dedicate all of my effort towards it. Since I know how much work it takes to create a startup, I wouldn't want to pursue an idea that I couldn't dedicate enough time and energy towards. I am a passionate person and pour my passion into anything I do, therefore I would choose to focus solely on my business concept.
2. What are you offering to customers?
With Recycle Rewards, I will be offering a platform to motivate people to recycle more while providing information for them to track their conservation efforts. I am hoping that my app will not only incentivize people through the rewards program but also educate them about the importance of their eco-friendly actions.
3. Who are you offering it to?
Recycle Rewards will be available to any iPhone owner. There is not a strict demographic for this app, as pretty much anyone can use it. All of my customers should share an interest in learning more about recycling and wanting to recycle more efficiently. They should also value retail rewards and the intrinsic satisfaction of making eco-friendly decisions.
4. Why do they care?
Although my customers do not have to pay to use Recycle Rewards, this app is valuable to them because it is a way to connect with national charities and foundations while earning rewards that they can translate into savings. Other companies that provide Recycle Rewards with the discount and coupon rewards benefit by generating brand awareness and sales. They also have the opportunity to purchase consumer data from us to learn more about what products people are purchasing and recycling.
5. What are your core competencies?
The features that set Recycle Rewards apart from other apps are as follows:
- Tailored reward system
- Up-to-date local recycling information
- Thousands of codes recognized
- Partnership with local and national environmental agencies, charities, and foundations
I believe that these elements of my business concept fit well together. I think that having a broad consumer base will allow for a larger potential market. This app appeals to people of all demographics and I think the core competencies will help draw people in and keep them interested. Combine that with my optimism and drive to execute tasks well, I think that my business concept has strong elements.
Very innovative! I, too, care about recycling and think it is the bare minimum we can do to help reduce waste. It is made so simple that I don't understand those who don't recycle already. The app gives an incentive so hopefully it will increase participation. If I understand correctly, I believe you accumulate rewards, but what are they good towards? Do you choose the charity you would like to donate them to? It might be a challenge to verify participant honesty. But I do like where you are going with this!
ReplyDeleteI think this is a great way to get people to recycle and be aware of what is going on in the world with trash. People like rewards and doing good for others. I think with those two things, your app could get popular fast and everyone would care a little more about saving the planet.
ReplyDeleteWill the only source of revenue for this venture be data collection/resale? Not that that couldn't make for a viable business I just wanted to make sure I wasn't missing something else. I do like the idea of incentive's for people to produce healthy habits. I don't know how difficult this would be but say you were tracking aluminum can recycling you could inform your user of how much energy has been saved. For example "you have recycled X cans this month, that is enough to power a 70 watt light for 3 hours". Disclaimer...I have no idea if that is actually true, it's probably not.
ReplyDeleteWonderful!! I (usually) recycle, and I'll constantly be thinking to myself that I hope I'm helping out in some way and that recycling is actually making a difference. I love that with Recycle Rewards I would actually be able to see where my efforts are going. I also think that yes, businesses would sponsor and collaborate with RR because nowadays businesses are being more green and also trying to show to their customers that they're more green. Love love this idea, I would 100% download this app!
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