19A - Idea Napkin No. 2

1)    My name is Matthew Farah and I am a fourth-year finance major at the University of Florida. Over the years in college, I have developed and matured my skills related to business acumen and financial literacy through involvement on campus and related internships with VALIC Financial and Bank of America. My talents in relation to the business concept include leadership capability, event management, logistical planning, conversational skills, organization, execution, and others. My aspirations for this idea are very simple. I believe it would be a great idea and would serve a segment of students at the University of Florida. I am not super passionate about it but would absolutely consider launching the idea if the feedback continues to be as positive as it has been. As of the current moment, I do not see this playing a major role in my life, but that could easily change.

2)    I am offering an application for iPhone and Android mobile phones that utilizes the layout of University of Florida campus libraries and allows students to identify open seating in the buildings without even having to be at the location yet. The application would be like pocket points in the sense that accurate information will be rewarded with points towards local Gainesville businesses/restaurants. The revenue will come from local businesses that pay to be listed on the app. At the current moment, nothing exists that assists students in finding open seating in campus libraries. I believe that this would be a massive hit with the large student body at UF.

3)    The prototypical customer and targeted consumer base is the student population at the University of Florida that prefers library settings for academic work and local Gainesville businesses willing to be part of the rewards system. UF students will utilize the app because it is extremely difficult to find seating in main study areas around campus and this will make it easier to do so. Local companies will be willing to list with the app because it provides advertisement and business to their place.

4)    The students care because it makes their lives easier and that is all anyone is ever looking for when they look to pay for a service. The businesses like it for increased revenue potential.

5)    My core competencies of event management, logistics, business, leadership, organization, and execution I believe would allow me to succeed in implementing the idea that I have been experimenting with. The app is unique which is a competitive advantage because it is one of a kind which means it could potentially be patented.

Feedback Memo: I believe that all my elements fit together nicely. The feedback that I received on my last idea napkin is that everything included in my first one was great information and that I did not need to change anything. Hearing the positive feedback on my first one gave me the confidence I will need to lean on in the future as I try to bring my idea to life.