24A - Venture Concept No. 1

Venture Concept No. 1

After playing video games for 16 years of my life, I recognized there was an untapped opportunity that if correctly exploited could be very profitable. This opportunity arises out of a pain point in gaming and something that has always been a problem, the fact that there is no way to limit the amount of sweat you release on to gaming controllers. Playing video games has always been fun but when you have to wipe off the controller every time you use it or someone passes it to you, it takes away from the phone. The force in the environment that created this opportunity to create a gaming controller with an internal cooling system is the fact that too many people get frustrated from sweaty controllers and no other company has fixed this problem yet. The market is defined demographically rather than geographically. Our target market is basically anyone who plays video games and uses gaming controllers. However, the prototypical consumer for our product tends to be males aged from 10-21. Customers currently attempt to satisfy this need for a way to reduce sweaty controllers by either just wiping off the sweat with their shirt or towel, or they buy controllers that have grips. Although these grips make it easier to hold on to the controller while you sweat, it does not actually limit the amount of sweat there is. They are not very loyal to these grips because it is not that efficient. This opportunity is huge solely because there is such a need for it and no other company has created a controller with an internal cooling system yet. The window of opportunity will be open until someone creates the actual controller.

Our product is a controller with an internal cooling system specifically designed to limit the amount of sweat that gets released from one's hand to the gaming controller. It basically works when the sensor inside the controller senses it is getting overheated and then the cooling system gets to work. By making the cooling system start with a sensor, we are able to save money in production because you can use a smaller battery. We will sell the cooling controllers for 75 dollars.

Our innovation will solve the problem of sweaty hands while playing video games. Customers will definitely switch to this new product because there is currently no product like ours out there. They will easily switch over from using grips to using our product when they hear that our product will completely solve the problem rather than just attempt to make it a little less worse like grips do. There are no direct competitors but companies that put grips on controllers would be the closest competitor. They are very weak and vulnerable because grips just make it easier to hold sweaty controllers, it does not actually make you sweat less. Packaging plays a huge role because the customer should be able to clearly see what our product is and how it works from the packaging. I would rent out a big factory and pay employees to make the product. I would probably need about 50 employees for production. I would need about 25 employees to package the product and then another 25 to distribute the controllers to retailers.

I think my most important resource will be my human capital. My perseverance and hard working nature will make my company successful because I will never give up on my product until it is is successful. It is impossible to match someones personality and that gives us a leg up on competitors.

Our next venture will be to get our technology, the internal cooling system, in to any small device that gets overheated such as iPhones or even computers.

In five years, I want to be the leading gaming controller company and as an entrepreneur, I want to have had started another company in a different segment to diversify my portfolio. This venture helps with my vision because it gives me valuable experience on how to run and start a company.