My Solution

My opportunity consisted of a service that would allow senior citizens and disabled people to get around using an “Uber like” app. The solution would be an easy to use app that provides fast and safe transportation. The vehicles could be tailored specifically to certain disabilities and have the comfort they desire and deserve. The freedom this service would give is important to many people and there is absolutely a need.

Looking for Opportunity in Economic Trends and Regulatory Changes

Opportunity 1: (Regulatory)

Changes to Nutrition Facts Label on food products will provide an opportunity for healthier food products and food companies to thrive. I found the information on the U.S Food and Drug Administration website (fda.gov). I believe this is an opportunity due to the vast amount of negative publicity many of the food industry leaders are receiving. Many consumers will begin to notice they need to make better choices once the new labels are put in place. The prototype customer would be anyone who is mindful about their health. The opportunity is likely hard to exploit due to the culture that many food products hold. Many people will not care about the recently clarified nutrition facts and continue to eat the same things.

I saw this opportunity because I have been mindful of my own consumption and have limited myself to an interesting, but healthy diet. I believe there is an opportunity for food producers who put health first.

Opportunity 2: (Economic Trend)

Recently the trend of the automotive industry has been to go electric. Gas is extremely cheap right now; however, automakers are still bringing out hybrid and electric vehicles. I found this trend in the New York Times website (nytimes.com). I believe there is an opportunity for technology to take over the automotive industry. The consumer of the opportunity would be anyone that can drive because I believe electric cars can be made cheap enough for any person to buy. The opportunity seems easy to exploit because the technology is already accessible.

I saw the opportunity because I have read about the impact the environment is taking and I think that if every person could switch to a more environmentally friendly mode of transportation the world could be a cleaner place.

Opportunity 3: (Economic Trend)

Colorado saw a $135 million revenue of from tax and fees from the recreational and medical marijuana industry. I found this opportunity from multiple news sources, but specifically the Boston Globe (bostonglobe,com). What lead me to believe this is an opportunity is the immense revenue the industry has seen. The prototypical customer would be anyone who is medically prescribed, as well as people in the 21-30 years of age range, as well as other industries. This opportunity is extremely exploitable due to the amount of people already doing it.

I developed this belief because of past experience. Growing up with a father who grew palm trees, I can see the agricultural side of marijuana. The crop itself can be used in extremely versatile ways including construction, textiles, medicine, etc. This is the ultimate cash crop.

Opportunity 4: (Regulatory Trend)

The Food and Drug Administration recently announced a “slow-motion” ban on e-cigarettes. This requires e-cigarette manufacturers to get their products approved as “new tobacco products”, which is expensive and time-consuming.  I found this information on reason.com. I believe this is an opportunity for a new tobacco alternative. The typical customer would be the cultural smokers who are trying to cut down and look for an alternative. This opportunity is fairly easy to exploit because of the population that smokes. I was able to notice this opportunity because of the amount of friends I have that use e-cigarettes and they are always complaining about how they do not enjoy using them as much as normal cigarettes.

Forming An Opportunity Belief

In society, there are a growing number of elderly people who still want to get around and do things. I have a belief that there should be an easy way for seniors to get places without risking their safety and other people’s safety by driving.

In today’s world with so many people living longer there is a need for senior citizens to have access to on demand transportation that would cater to their special needs. Currently, they have to rely on friend and family or not so “senior friendly” transportation. This opportunity has probably a chance of 70% chance of existing.

A prototypical customer would be any senior citizen, or disabled person, who can not transport themselves in typical modes of transportation. The customers would be those who require special vehicles or accommodations; for example, those bound to a wheelchair. Additionally, a customer could be

-I spoke with my grandfather who lives at a senior living center where he experiences this problem first-hand. The place he lives offers suitable transportation to certain locations, such as the grocery store, gym, and mall. However, the need is experienced often when he says that he sometimes wants to just go visit family or go to a doctor’s appointment. We talked about why he didn’t use Uber, and it was because most of the cars used are not able to fit a wheelchair in it, let alone be comfortable to get in and out. Currently, he relies on family to get to appointments and amongst other things.

The most surprising thing I learned about my opportunity was that there truly is a need for it. I learned that in order for it to work, I should tailor it to the specific needs of senior citizens and the disabled.

-Next, I spoke to my mother, who is often the one who drives to take my grandfather to appointments and on outings. My mother is aware of the need and believes it is a good opportunity because of the amount of limitation is put on senior citizens who are in the same position as my grandfather. As of now, there isn’t really anything that she can do besides playing the role as the driver. She went on to say that it is something she would happily pay for for her parents.

I learned that the opportunity is another chance to allow technology to help people. I learned that people like her would buy into the service because they have limited time and even children of their own.

-Finally, I was able to speak to a family friend who has been in a wheelchair for as long as I could remember. He would like to see this opportunity develop and give him the freedom to get around to places whenever and wherever he pleases. They are currently satisfying this need by using uncomfortable shuttle services and family drivers. Ultimately, a way for him to drive would be ideal in his mind, but he feels this opportunity would open doors that he never expected to be open.

I found it surprising that he had never thought of a service like this before. It made me realize that he seemed fine with his family and friends driving him places, even though he felt bad. I also learned that the opportunity should reach out to as many different people as possible because it could benefit all sorts of individuals.

After speaking with these three people, I found that much of my original opportunity still exists. Although it may need some more work, I believe my new opportunity is more accurate then when I started. The need is definitely present, but taking care of it will be a challenge. I think entrepreneurs should adapt their opportunities based on customer feedback, but still stick to their morals and values as a person. If customer feedback is jeopardizing something that the entrepreneur values, then I believe they should stay firm. However, there are often cases where customer feedback may be for the better of the whole population or community and