4A - Forming An Opportunity Belief

I believe an opportunity exists to minimize the electrical cost of heat in places where it is cold in the winter. Heating is one of the most costly electrical expenses. I just moved to a cold place, and I am constantly having to be aware of turning the radiators on and off every time I leave the room and leave the house. In my apartment, there are five radiators that I am consistently having to adjust depending on when I am using the room. Right now, this is what most people have to do to stay warm and save money in their homes. The solution to this would be to create smart, highly sensitive motion detecting radiators that turn on and off based on the rooms occupancy. This need is not new. People need to turn their heaters on in the winter, and most just suck it up and allot the money needed to pay for their electrical bills each winter month. This system would ensure that people are not overpaying for heat they didn't actually enjoy. The prototypical customer is anyone who lives in a cold place and must use heat in the winter months.

20-year-old female living in Madrid, Spain with roommates

This person said her parents pay for her rent and utilities. She noticed that she really needs to keep an eye out for turning the heat off the first time her parents saw her December electrical bill. They were very upset and scolded her for spending so much money on heat. She said she is bothered by having to turn off the heat every time she leaves. This is a small annoyance for her, but it is constant. She addresses the need to save money by only turning on the heat when she absolutely needs to. She said she tries to layer when she is inside and she always wears pants. She said she could really benefit long term from having a motion sensor radiator.

Reflection: I am 75% sure that this need exists. Because this is the beginning stages of the idea, it is hard to be more sure than that. However, this interview has showed me that people are experiencing the same problem and it should be addressed.

48-year-old female living in Brooklyn, New York with family

This woman said her electric bill is absolutely ridiculous in the winter months. She lives in a mid-sized home with young children who do not have the awareness or responsibility level to turn the radiators on and off when they are in the different rooms of the house. For that reason, her family leaves all of the radiators on for the entirety of the time anyone is home. She said that they see this hefty electric bill coming when winter rolls around, so they save up and put money aside to be able to afford the heat. She said there is no way they could go without using the heat as much as they do, and a radiator with a sensor could be very useful for the family.

Reflection: I learned here that this product could be of use to more people than I thought. I had not considered that some families who need heat have babies or small children that need to be kept warm and will not adjust the radiators themselves. I think I have a large market size here.

27-year-old man living in Asheville, North Carolina

This man is living in a small cottage with his girlfriend that does have a couple radiators, but does not require much heating. He said that the electric bill is significantly more in the winter months and it's just an extra pain for the couple. He said that he might be interested in this product depending on how much it would cost and how quickly he would be saving money. He noted that North Carolina does not get nearly as cold and does not stay as cold for as long as it does in some other places.

Reflection: This interview reconfirms my belief that there is a solid customer base for this product. The unmet need is there and this product could help people save money. However, it might be difficult to convince people to invest in such a large product.

Summary: I think that there is most definitely a need for this product. Electric bills and cost of heat is another living expense that does not go away for people who live through long winters. The original opportunity is still there and would make sense to a lot of people. This product could be useful to so many people far and wide, and the interviews confirm this. The new opportunity involves more of the details here. I think price would be a big determinant for whether people buy this product. It also might be a different circumstance depending on how long someone plans to stay in a living space and whether they rent or own. These things would have to be determined through customer feedback. I think it's very important to rely on customer feedback as an entrepreneur because if customers don't respond well to the opportunity there is no way it is going to succeed. After all, the point is to make profit from customers and also better their lives.