24 Venture Concept

Opportunity

The opportunity for environmentally safe face masks for college students are the result of the Covid-19 pandemic. Another reason generating the need for face masks is the re-opening of schools in Florida for the next Fall Semester. The nature of the need is that students will need to wear a mask if they want to keep themselves and the people close to them safe. Geographically, I think that there will be a higher need for face masks in Florida due to the higher rates of Covid-19 in the state. Demographically, the virus does not discriminate people, however people from lower income segment have a higher chance of getting infected due to limited resources. I believe I have a big opportunity since, most, if not all, face masks and PPE are non-recyclable, and are being dumped and polluting the seas at a fast rate. I think that this window of opportunity may last a few years, even after a vaccine is developed. I believe that after having gone through this pandemic, people will be more cautious with their health.

Innovation

The innovation that I am putting into my face masks is making them environmentally friendly. This is because current face masks are plastic that are not good for the environment if discarded incorrectly. I’m not sure if that in the future I would have to make a compromise on whether or not I can make the masks both environmentally friendly and affordable. That is why I am focusing my segment on people that are more affluent and can afford spending more money on a face mask they know will be better for the environment. I will sell the masks for about $3-$4 dollars per mask.

Venture Concept

I think that I can get a lot of people to switch over to using my product because people have always cared about eco-friendly alternatives to things for a long time. People will switch to my product because they will feel better knowing that the product they are using is better for the environment. Other competitors are companies that can mass produce face masks very cheaply, and making them very affordable. In my business concept, I will research and generate the material that goes into the face masks so that I can control the production of masks easily and make changes on the fly to masks to make them more comfortable and safer. I don’t have the supply chain to produce the masks themselves, or sell them myself so I would have to sell them through online retail like Etsy, eBay, and Amazon.

The Three Minor Elements

First, I think that my business’s unfair advantage will be brand image. Other competitors who create face masks cheaply, create masks that are plain and unrecognizable or differentiable from other cheap face masks, The masks they make also don’t send a message, environmentally friendly masks send the message that the customers that use them care for the environment.

Next for my venture, I would have to research a viable material to use in the production of the face masks I have in mind. After I find a suitable material, I would then have to design the masks themselves. After designing the masks and getting feedback on how they feel and look, I would have to start creating my brand image and start selling my masks online or locally at stores.

Next for me, I don’t really plan on becoming an entrepreneur. However, I do think I have a good opportunity with my idea for environmentally safe masks. I would probably sell the business to help pay for my college education.