Idea Napkin No. 2

My solution to the problem I identified: Nowadays everybody carry around these stuffed wallets that are filled with tons of credit card that they use daily, this method is very inefficient and can be made more simplistic.

Once receiving feedback from fellow peers, it was brought to my attention that there is already an application that is made for our phones to put our credit cards into. So to alter my idea I want to create an application on your phone that is through your bank that allows you to have all your credit and debit card information on. Therefore when you go to purchase something at the grocery store all they have to do is scan the bar code on your phone to purchase the product. 

1) I am a college student at the University of Florida. When it comes to my talents, I am good at seeing good ways to promote a product through social media outlets. My aspirations would be to start up an app that could help me and ultimately everyone. If I were to start this business it would not play a significant role in your life because it’s not something I am patient about.

2) My product is an application that can be on your phones to put all our credit/debit cards into. Therefore when you go to purchase something at the grocery store all they have to do is scan the bar code on your phone to purchase the product. 

3) I am offering this product to anyone with a smart phone. Also, it would be individuals who also have a credit or debit card.

4) The customers will find this app valuable to them because it will be a way more convenient way to purchase goods. Also, since the application will be sponsored by your personal bank customers will feel a sense of security.

5) This app sets me apart from everyone else because it is an edited and more sophisticated version of applications that already exist.

I do believe all of these elements fit together for the success of my application that will store your credit/debit card information on and allow you to purchase items without having the credit/debit card itself. This is a much easier and simplistic method for the exchange of goods. In regards to the customers, the need for this item, why customers care, and core competencies of this unmet need I believe they all fit together. When it comes to myself and the skills, experiences, and talents I possess I believe is the weaker point to this business concept. I feel I do not have the skills or knowledge to make this business concept a success when it comes to building of the application.

There are some main points I received from my first idea napkin feedback. One was that my peers informed me there was already an application that allows you to have one credit card information stored. Since learning this information I altered my concept to be able to hold multiple credit/debit cards on.  Another, aspect I took away from feedback was that my application brings fresh ideas to this concept. Sara brought light that I can use my social media skills to make this application successful. Another classmate mentioned in the feedback that this application is something I could sell to competitors which opened my mind to different ideas. TJ mentioned in the feedback that I could possibly talk to customers about their buying behaviors which would allow me to improve the application.