Venture Concept No. 2

1. Opportunity

• Who has the need?
• People that drink iced coffee. 
• Nature of the need?
• When the ice in your iced coffee melts before you finish the coffee, it results in a worse drink. The ice completely melts which waters down the remaining coffee and gives it a bitter taste, that I know customers are not a fan of. If you don't finish the coffee before the ice melts, then that results in a waste of money and a waste of the rest of your drink. 
• How are my customers currently satisfying this need?
• There are options to get light ice in your coffee, which I know some customers do, but that also results in a less cold drink. 
• How loyal are they to whatever it is they use now? 
• Not loyal, people are always looking for better ways to do things, especially when you waste money as a result of not finishing your watered down coffee. 
• How big is this opportunity? 
• I think the large market and existing customer base makes this a very big opportunity that customers would appreciate. 

2. Innovation

• What is it? They are an alternative to standard ice cubes. Coffee Cubes is a line of different flavored coffee and cream cubes. There is anything from dark roast coffee cubes, cream cubes, and even espresso shot cubes. 
• What it does? It slowly releases whatever you chose, whether that be coffee or cream and flavoring, back into your drink, which maximizes the amount of the drink you're actually getting and consuming. 
• How it works? Making them is simple, like you would any other ice cubes, coffee and cream are both freezer friendly products for up to 6 months. You would place your desired amount of cubes into your drink and allow it to slowly melt back into your cup. 
• What exactly am I selling and for how much? 
• I'm selling a bag of 12 cubes for $5.99. 

3. Venture Concept

• How will my innovation solve the opportunity I identified? 
• It completely takes the water out of the equation, which completely solves the problem. There would be no chance of your coffee turning bitter or bad, but only becoming more delicious. 
• Why will customers buy my innovation? 
• They will buy my coffee cubes because there is nothing else on the market there for them like coffee cubes would be. Coffee cubes would provide a solution to a problem that everyone has been ignoring and neglecting. 
• What are the reasons to think customers would switch to this new product? 
• The customers need something that will solve the problem of melting ice, and the only solution other than water would clearly be more coffee and then follows with creams and flavorings. 
• How hard will it be to get them to switch? 
• I don't think it will be difficult to persuade them to switch, just getting them to try it once and then be hooked. 
• Who are the competitors?
• At the moment there are no other competitors on a wide scale, selling in grocery stores. I hope that coffee cubes would become a staple grocery item list and everyone would think to go buy them if they walked into a store because they were apart of their everyday routines. 
• What role does packaging, my price point, customer experience or the business location play in defining your business concept? 
• First off, packaging. I think the packaging could be a strong selling point and a good way to interact with the customers. The packaging needs to be something that grabs peoples attention and is clear to them exactly what they're picking up. I would also like the packaging to have some kind of clear message on it about the product and about the way it came to be. I would also like the packaging to be sustainable in some way, or be an avenue to where we can give back to maybe the places that the coffee is coming from and the people who are foraging for the beans. I think customer experience plays the next role and ties in with packaging. If the customer connects to the packaging and the message is is trying to get across, they are going to remember that experience they had while reading/purchasing it. This plays a very important role in customer experience because that moment where they take a second to appreciate or stop to read the story on the packaging they are creating a moment that they will hopefully remember the next time they come into the store. That positive moment will hopefully be a lasting memory for them and it will encourage them to repurchase. The price point I've set the coffee cubes at is very fair, for $5.99 you will get a bag of 12 cubes any flavor, coffee preference you like. The serving size for one drink, depending on how big is 1-2 cubes. The business location is semi-important but not a make or break. For business location I was thinking that places with warmer climates would be more ideal because people would be more inclined to have iced coffee rather than hot. Then I realized that people are going to drink what they want, when they want it, and if it was 20 degrees outside I would still be ordering iced coffee with a side of mittens. 

4. The Three Minor Elements 

• Venture's Secret Sauce: Most important Resource 
• The lack of competition and the lack of urgency that there is with my product. No one has given much that to it and if they have it's gone nowhere. Coffee cubes are not a standard at every coffee shop or even in everyone's coffee routine, however I think if they were exposed, they'd be converted. 
• What's Next for the Venture? 
• I think once we dive into coffee, meaning all different kinds of roasts: dark, medium, light, I think the next logical step would be creamer options. They could be both dairy and non-dairy, that way we are accommodating all creamer users. After that I think espresso shot cubes would be a great idea, for those that like their coffee extra caffeinated. 
• What's Next for You? 
• I want to keep experimenting with the different kinds of cubes you can make and the way they interact in your actual drink. I've been having so much fun with coffee that i want to explore every single avenue there is with coffee and all the different flavors as well. I love being in the kitchen and trying new things, that is what brings me the most relaxation but at the same time I love to be innovative. 

5. Summary of Feedback 

• I decided not to change much about my venture concept since I received such positive feedback on the first go around. I got feedback saying things like "you should have invented these a long time ago" and "I love this product", which made me feel confident in my venture concept. I also was asked questions like what demographic do you plan on targeting and how much will they probably cost? In my previous venture concept I touched on this briefly, however, I think it's smart to start off local and in a place I know well. I figured here in Florida where we live, we don't experience seasons as much as our other state friends, so a hotter demographic
  
  would be my first target for Coffee Cubes. On how much they cost, I decided on pricing them at $5.99 for a bag of 12 cubes.