The opportunity I would like to pursue is the possibility of saving money on utilities bills in the long-run with technology to make homes more energy efficient. Most people pay some kind of utilities bill, so this could be something that could have wide interest.
The who: Homeowners, Home/Apartment Renters, Landlords, Anyone who pays a utility bill
The what: Money is being unnecessarily spent on water and electricity because appliances are not as efficient as they could be with advanced technology.
The why: This technology is not widely available, and some might be content with spending less money in the moment even if it means spending more in the long run.
Admittedly I do not know how it works when large property owners and landlords need to pay the government for utilities. The who could be expanded to these people who can profit much more than the individual homeowners. Boundaries needed here are the prices of the appliances and the exact cost of the appliances. People would need to know the exact logistics of the money they are saving in order to buy into this opportunity. The "why" is simple and can be related to on a large scale -- saving money.
Interview #1
Q: Do you wish your utilities bill was cheaper than it is now?
A: I would love to be spending less on utilities, but I guess I understand why I have to pay what I do. My utilities bill in the apartment I'm in now is pretty much the same as it has always been everywhere I've lived. In general, I'd like to pay less, but I don't think the price as it is is obscene or anything.
Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?
A: Right now I don't think I would because I don't see myself staying in this apartment for much longer. I guess it would depend on how quickly I earned than money back, but if it would take longer than a year I don't think there's any reason for me to be spending that much on this apartment.
Interview #2
Q: Do you wish your utilities bill was cheaper than it is now?
A: I can't imagine why anyone wouldn't want their bills to be cheaper. My utilities bill, especially now because it is winter, is much higher than it should be. It's just another boring, old monthly payment that I have to make. Just add it to the stack of other bills.
Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?
A: I think I definitely would do that now because I see myself staying in this house for a long time. If I chose to one day be saving money on utilities, that would be a very smart way for me to be planning for the future.
Interview #3
Q: Do you wish your utilities bill was cheaper than it is now?
A: My radiators and stove are pretty old and I find that my bill is higher than a lot of other people I know. I guess that's the price to pay when you find someplace where the rent is very low. Saving rent money is kind of pointless when you have to deal with old appliances and high bills anyway.
Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?
A: I think it would depend on how long the new and expensive utilities would last me. I would be willing to spend more now if it really meant that I wouldn't have to be paying for repairs, or that a new technology would emerge in the future that I wished I had bought. Spending a lot of money at once for a future promise is a big risk that I don't usually take.
Interview #4
Q: Do you wish your utilities bill was cheaper than it is now?
A: Most definitely. I find myself worrying about the utilities bill every month. The rent payment is set and I am happy with it, but I don't know why the utilities bill consistently surprises me. I try my hardest to save money but it doesn't work out.
Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?
A: I would, especially if I would be spending that money on more energy efficient and eco-friendly appliances. Not only would I be saving money, but I would also be helping save the planet, and that's something I feel really strongly about right now. This sounds like a win-win situation to me.
Interview #5
Q: Do you wish your utilities bill was cheaper than it is now?
A: Yes. I'm really in a tough spot on money right now and I am trying to save in every way I can. I almost forget about the utilities bill each month and then when it comes it makes my living situation even more difficult. When it's higher than expected, I always make a promise to cut it down for the next month.
Q: Would you be willing to spend a large sum of money on your utilities now if it meant saving money long-term?
A: I don't think so only because I don't really have the means to be spending a large sum of money on anything right now. This would be more intriguing to me if I did have that extra cash. I suppose I would have to know exactly how much a "large sum" is before I buy into it or write it off for good.
My interviews have shown me that there is a market for this opportunity. As with most ideas in their beginning stages, this needs development before consumers will fully commit to it. That being said, the problem is recognized widely and people are interested in this problem being solved.
Hey Molly! A critique I could make about this process is that you asked if they wished their utilities bill was cheaper. I feel like you wasted time by asking this question, when you could have prepared a question that would have gotten you more information about the consumer. I'm an IA student, and something that we were taught was to ask questions that allow us to get the most information from the consumer as possible in as little time. I was taught that in many entrepreneurship situations, you will want to meet with large corporate consumers that have the potential to buy your product. These corporations are busy and generally don't have time, and so from a business stand point, utilizing the time efficiently is something to be noted. Although that was my critique, I'd like to say that ultimately you accomplished the goal efficiently anyway, which was to figure out if there is a market for the opportunity. I just wanted to give some insight on what I've learned in my other classes so maybe you can run with that information better than I can!
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