The Schoolcator
Opportunity: My potential customers are everyone no matter their age or ability who fishes inshore waters. These anglers know how it feels to do their homework and put their time in to locate then instantly lose track of a school of fish. The economy is on the rise and therefore more people are out buying boats and spending time on the water. All around the coastal United States and even potentially the world people target inshore fish. This need hasn’t been satisfied with a physical product yet most people will have their fishing partner keep an eye on the school for them. This works but what if the partner wants to catch a fish to or the water becomes dirty. I would say this opportunity is relatively big in the sense that not everyone in America fishes and then you have to divide that group into fresh and saltwater. Then split the group into inshore and offshore so it’s a pretty specified product. I believe this window of opportunity will not be open to much long because more and more people are getting out on the water and will soon realize this problem and come up with a similar solution.
Innovation: My Product the “schoolcator” Consists
of three pieces a biodegradable colored float connected to biodegradable line
which is tied to a biodegradable clamp. This product will come in three lengths
4ft 8ft and 12ft to better suit all bodies of water and fishermen. After
catching a fish the schoolcator’s clamp can quickly and non-invasively be
connect to the dorsal fin and then the fish can be released. After released the
fish will swim back with his school and stay with his school the rest of the
day allowing the angler to catch fish after fish. Due to saltwater extreme
corrosive nature after about 12 hours the schoolcator will be almost completely
dissolved. These product will be sold in the 5- 10 dollar range online and at
many large outdoor retailers and tackle shops. With the disoving nature of this
product multiple unit will need to be purchased at a time. This product in bulk
will be extremely cheap to make and package. On the back of the package will be
instructions on how it works.
Venture Concept: This product will allow anglers whether
families or guides to stay with a group of fish throughout the entire day.
There is not a product on the market that has even the same purpose as this
product. From talking with many people in the fishing business they were all extremely
happy and also jealous that they didn’t think of this idea. I believe it will
be a huge it hit in the inshore fishing world. A small group of people can easy
put and package the product in an assembly line fashion. The low price will
make it an easy decision for customers who are on the fence or simply haven’t heard
of the product. It will be great accessary item for any tackle box.
Three Elements:
1. My secret
sauce to this product is that it is the only product in its market. There is no
competitors and with it being ecofriendly no opposition to this product. Even
PETA (People Enjoying Tasty Animals) wouldn’t have an argument against the
schoolcator.
2. Next in
this venture is figuring out who my suppliers would be and the price that I would
be paying them. Also spreading the news of this product would be another big
step I would begin to start taking. Organizing a team to help put together and
package my product will also be on the horizon.
3. Five
years from now I would hope to be living a little more financially comfortable
and have my product being advertised on every fishing show and having its own
endcap at major retailers across the country.
Its good that your product is biodegradable because harming the environment could potentially alienate part of your market and cost you profit. Another thing you should keep in mind is how visible your product is. If the expected life of the product is 12 hours before it biodegrades, then people will probably use it in the dark and potentially losing sight of it in the dark might turn some people away from it.
ReplyDeleteGreat post as always. Love the product and how in depth you went in this post. My comment, hopefully helpful would have to do with the first and second of your three elements, PETA and price. Unfortunately, not everyone cares about the environment as much as maybe you or I do. They may try to create their own rig using line and a float to locate this fish. In my experience those who fish saltwater tend to care more than those who fish fresh. My thought behind this is that it is important to keep the price of this product affordable enough that anglers don't want to do that. This would be beneficial to the business and the environment.
ReplyDeleteHey Isaac, great job on the assignment. I really like your product, especially because it is eco-friendly. I think your next venture could involve creating a line of bio degradable fish hooks or bobbles. Starting off you definitely need to go to boat shows and see if the market is very strong. Possibly getting a licensing deal with a fish hook distributor.
ReplyDelete