25A – What’s Next?

Existing Market. 

Step 1: Talk about what you think is what's next in terms of products and services for your venture.

After my helmets take off, I think that I could make a successful accessory brand. I believe that if my helmets become a household name, people will be willing to buy other scooter accessories from me. 

Step 2: Based on your own expectations and the feedback you received from customers, set a path for the future. Describe what makes the most sense for your venture in terms of growing in your existing market.

I would say that my path would be first get a prototype helmet. Once I get this prototype, I do customer testing with some friends to see what is missing and what is hitting. Once I have done this multiple times, I can determine my final form, and start getting my product out there. The best way I can do this is by both paying influencers and by having a deal with scooter shops to give away my helmets to new scooter owners. The way to make my helmets flourish is by getting them into as many people's hands as possible.

Once the helmet line takes off, then I will be able to start selling accessories as well. I know that the margins on my helmets will be relatively slim, but the accessories are where the money is really made. Maybe I can do that earlier rather than later, who knows. 

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

I could possibly expand this helmet to business to business sale I guess.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

The best way I can think of doing this is by making these helmets for people who do brain scans or something along those lines. If I can get my helmets into labs and have them used by technicians for certain brain tests and scans, there is money to be made there for sure.

Step 3:  Reflect on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.

I learned that there is a huge amount of regulation that comes to making medical equipment like that. Because of this, cost of research and development honestly may overcome the possible profit I could make off this venture. I found out that my assumptions were just plain wrong, but I tried my best.

After careful deliberation, I have decided to stay committed to my existing market. I know that my coaches have put me in the best position to be successful here, and I know that I can really flourish. If I were to transfer markets, I really wouldn't be reaching my full potential, so this is strictly a business decision. No interviews!!