Venture Concept No. 2

Opportunity:
My original venture concept idea was more parking around campus (original, I know).
Who has the need: Anyone who frequently needs to be on the UF campus, like students or faculty members.
The nature of the need: It's pretty self explanatory. People need to park somewhere.
Changes in the environment creating this need: I'm not sure exactly what percentage of the United States population owns cars, but they are definitely an everyday part of our lives. Plus, as you move farther away from campus, you pay less in rent, which incentives people to move farther away, and then they have to deal with parking on campus or taking the bus.
How is the marked defined: The market is defined geographically by people in the Gainesville area, specifically young college students who need to park somewhere.
How are customers currently satisfying this need: They're either buying on-campus decals, walking, taking the bus or riding a bike. I don't think there is much brand loyalty when it comes to parking.
How long will the window of opportunity be open: I don't foresee it closing anytime soon, unless UF suddenly unveils a huge new parking lot or every car explodes at the same time.

Innovation:
Like I mentioned above, there is nothing radical about this idea. The only thing I could do that would be a little bit different would be how people pay. Instead of offering semester long passes only, I would consider doing parking by the hour, and closing the parking garage when it's at full capacity until another car leaves. This would have to be done electronically somehow. This way people wouldn't have to pay a lump sum up front and I would probably make more money charging by the hour: maybe 5$ for the first two hours and then an additional two dollar for every hour after that. If someone was on campus three times a week for four hours each time, or something like that, I think it would definitely add up.

Venture concept:
Customers will switch to this product because they need somewhere to park and it's relatively inexpensive. My competitors are other parking lots around Gainesville, but as long as I was one of the closest to campus I think I would be fine. I'm not sure how many employees I would have. At least a few people to run the garage.

This hasn't changed much from the last time I dis this assignment. My most important asset would be a parking garage. There is nothing next for this venture, at least not that I have planned. Next for me would be to sell my business and get a job with a non-profit or something like that.

On my last venture concept, the student feedback was mostly like: "how are you gonna do this though." Someone else mentioned that I should refurbish current parking garages around campus instead of building one from scratch, which would be nice if I was able to do that. There were also questions about my prices compared to my competitors. I think there's a parking garage in downtown that charges about 130$ for a semester, but it's not within walking distance of campus.

Overall, I didn't change much. I changed up the pay scheme, but that was about it. The feedback would have been helpful if I was actually trying to start a business though.

I think it's important we get more ideas like this to actually happen, so things like this don't happen: