1. A common and often very expensive problem for many has come to my attention recently. My dog has quite a long tail, and as an eighty-pound Pitbull, has a lot of strength. It has become a recurring event where his overexcited tail makes full contact with my drink on the table, sending its contents, everywhere, and sometimes if I am really unlucky, onto my game console controllers or phone, resulting in expensive repairs. According to my surveys, this problem is experienced by owners of even small dogs and cats. This is where my opportunity revealed itself; the suction cup koozie.
This product can be utilized by both pet owners and outdoorsmen who find it hard to keep their drink secured on flat surfaces with commotion surrounding them. The market isn’t limited by geography, seeing as there are pet owners all over the world. If the product could be produced cheap enough, it has the potential to be a great success, as many people would find it to be a great solution to what be an expensive problem. As of now, many people resort to moving their glass entirely or getting children’s cups, which makes many uncomfortable. This idea could be capitalized upon at any time until someone comes up with a substitute, which I believe will be hard and not as efficient.
We need a product that keeps our drink in place and secured to the table but is also easily accessible when we want it to be. This is where I came up with the idea of an air pressure activated suction cup on the bottom of a koozie, to keep you drink securely in place wherever you put it down, and with a squeeze of the sides, the air pressure in the suction cup is pushed down to release the entire koozie from its place.
Different models of the product, which can provide just basic security, or thermal insulation, can be sold at different prices, depending on the budget. If the product can be produced at a price that isn’t very expensive, then it could be sold at a great price. Many of the biggest producers of regular koozies sell for thirty dollars, while the ones that serve only the effect of preventing condensation are around three dollars or so. If this can be sold at a price point between these two extremes, I believe the market would be very interested.
I think customers would by this product because this small investment could potentially end up saving them hundreds to thousands of dollars on electronics repairs or replacements. There isn’t much of an opportunity cost for customers seeing as there aren’t any substitutes for this product yet, and that it can be manufactured and sold inexpensively. I honestly see the biggest competitor being children’s sippy cups, as they serve the same purpose, but haven’t adopted thermal insulation, and many adults feel uncomfortable drinking from a product made for children.
As a commercial product with simple use and easy purchase, there is very low maintenance in terms of customer service/support and product upkeep. I aim to price my product somewhere between the highest and lowest prices to let the customer know that the product is of quality, but we aren’t trying to break their wallet. In my business, distribution is key. B2B selling would be the most effective here but selling my product to the right businesses, whether it’s local stores or corporate pet stores. Ongoing production can be efficiently managed and achieved as any other product manufacturing company, through the use of a physical manufacturer, as well as employees necessary for financial accounting, distribution management, and other key aspects of running a business.
My most important resource is the connections I have for capital funding because their potential help doesn’t necessarily end there. Although there may not be many of them, they are known in the financial world and have many other connections themselves. “It’s about who you know”, is a very famous saying, but it’s also about they know. Having connections high up could be vital to kickstarting your business and making it successful, as they can point you in the right direction for marketing, distribution, manufacturing, and the like.
What’s next for my venture? Probably more pet-related products. Whether it’s a frisbee dog collar or a candle that’s smell averts your animal from chewing your furniture when it’s lit. We love our animals, but sometimes they do make mistakes. Some of them easy to solve, some of them not so much. But I have some ideas that can help solve these problems or put us in the right direction. I believe that the market is here, and that with so many pet owners, it’s a good idea to continue to focus on this segment.
2. When it comes to the feedback I received, many of my peers thought that I covered all of the areas very well, except for my lack of coverage of distribution channels and maintenance situations, both of which I agree are very important aspects to any product.
3. Unfortunately, I don’t believe these are areas that I can’t necessarily assess until I began coordination with those who I would acquire help from in launching. I would have to understand what capital I’d need in manufacturing my product, as well as who I would need to hire in distribution. On a small, local scale, the distribution could be handled easily and maybe even personally.
4. I think this picture demonstrates the close-knit community that dog owners create. Trust in a product and the animal community itself is vital to this market.
