Venture Concept No. 2

Opportunity.

There is an important opportunity I have identified for my app FuturePay in the University of Florida community, and possibly other college communities as the app gains success. The potential customers are college age students who enjoy night life and the social scene of college, specifically bar-goers. The market will geographically start in Florida, but has the potential to expand to other college campuses and cities in general with a big bar scene such as New York City, Miami, Boston, etc. The recent breakthroughs in technology in the past few years have allowed for a high possibility that this app will be successful in a college community. I do not believe that the window of opportunity will last very long. Although nobody has created something quite like this app, as technology continues to improve and cash becomes even more obscure, I do not believe paying cover will be nearly as popular across the country.

Innovation. 

FuturePay is an app available to iPhone users that allows you to upload credit/debit card information so that you can pay cover at a specific bar you wish to go to in Midtown. This would essentially diminish the extensive wait time to get into the bar. You will be able to upload a picture of your ID to the app, but will also have to show your ID at the door as verification that you are over 21. Once you have shown your ID in person to a bouncer at any bar, you will be placed into an online system so you will never have to show your ID again. As FuturePay gains popularity and success, you will be able to open and close your bar tab to avoid the annoyance of trying to get the bartenders attention to order a drink. This, again, will diffuse the necessity to get cash out at the ATM before going out. I will make money by selling this idea to the bars in Midtown. This will make everything easier for bar managers and bouncers because everything will be put into an online system where they can see everyone who is at the bar and what their drink orders are. The price will start at $100 a month on a minimum 1 year plan.

Venture Concept.

I do not think it will be hard to get students to use this app, however, I will probably experience difficulty trying to get the actual bars to use this service. I am sure that they have their own system at their establishments and may be unwilling to change if it is something that works for them. The bars may end up making even more money because it will force them to charge a cover, where some bars do not charge cover for those over 21. I will have to explain to them how secure FuturePay will be and how much more efficient it will make their bar. They will have the opportunity to track how many drink orders they receive and how many people attend their bar on a given night which may be important information to the finances of their business. If people are using cash to pay for drinks and ordering them by word of mouth, there is no way to tell what they are buying and how much. I don't think packaging and price points will play a major role in my business concept. It will be more about selling my idea in an effective manor so that bar owners view FuturePay as a necessity in our ever-changing technologically advanced world. As one or two business establishments begin to understand this idea, it will help others realize the necessity for it. There are not currently competitors besides the app BarEye which allows you to buy drinks for friends on the app. But nothing that is as specific and innovative as FuturePay. Some weaknesses may be the fact that IDs need to also be checked at the door for first time users.

Three minor elements.

• My secret sauce: the fact that nothing like this exists, along with the fact that cash is becoming more and more useless.
• What's next for the venture? I think that FuturePay will start as just a way to pay ahead of time for your cover charge. As the app grows, I would like to expand it into a way to order drinks and open/close your bar tab. I would also like to expand the use of the app to other universities and cities around the U.S
•  What's next for me? I hope to continue on with other business ideas in the social scene to help make life easier for college students in any minor way I can. With the success of this idea, I think I will realize that a simple concept and a simple problem/solution can go a very long way and make a very large impact on the community. 

2) Overall, I received a lot of useful feedback. While a lot of it was positive, some of the advice was critical and really helped shape my idea. Almost everyone was on board with my idea and agreed they would download my app. One student brought up a good point about legal issues with checking vs not checking IDs from regulars. One student agreed that most difficult thing would be to get the bars to use it, like you said, but if you got 1 bar to do then the others would follow suit. One of the most valuable comments I received said "At the door, you would still have to show your idea and have them scan your app or you would have to give them a code. How much longer does it take to hand over $10? Perhaps hand over $10 and be handed back $5? How much time would you end up saving?" This really made me think deeper about the logistics of FuturePay and if it would actually be successful. 

3) I changed  my concept by creating a database that stores previous users so that IDs do not have to be checked over and over again. Once a user becomes a "regular" they will be placed into a system and confirmed as 21 years or older. In terms of getting the idea to sell to the actual bars, I changed my venture concept by stating that I will provide a full financial outline of the potential added revenues that will created when students get the app. For example, bars like Fat Daddy's do not even charge cover so creating this app will force them to charge a cover charge to everyone. They will see an influx of new revenue while also making their bar system much more efficient.