24A - Venture Concept No. 1 (No Hassle Heaters)

I recognized the opportunity for my product when I moved somewhere cold for the first time in my life. I was suddenly renting an apartment with a radiator in it for the first time in my life. And this showed on the utilities bill. I was spending more on utilities than I ever had before. I didn’t think bills this high were normal until I realized it was because I was using so much heat. I think had to make a very annoying conscious effort to turn the radiator on and off constantly in order to use as little heat as necessary.  My most important resource is my close connection with this problem. This annoyance and waste of money is something that is in the lives of many people. So long as people use radiators and need to be kept warm in their homes, this opportunity will exist. The window of opportunity will stay open for a very long time. The market is mainly defined geographically. People who live in warmer climates and have no need for heat in the winter and other cold months will not be interested in this product. I don’t think people are currently loyal to their heating devices. I think that many are content as long as they are warm, even if their utilities bills are high because warmth is viewed as a necessity.

The product is a motion-sensing radiator. The radiators could be installed in main rooms and throughout homes. They detect all motion and turn on when the room is occupied and turn off when the room is emptied again. The radiators are highly sensitive in order to be as efficient as possible. This will keep people warm and cozy in their homes without worrying too much about the negative aspects of owning a radiator. People would also not have to worry about children and animals touching the radiator and manipulating the temperature.

This product will help people save money in the long term on their utilities bills. It will eliminate the frustration of worrying about turning your radiators off and saving money. It is also the most energy efficient it could possibly be to keep the customer satisfied and also conserve electricity. The only reason it would be difficult to convince customers to switch is because they have to be willing to pay the money up front and wait until they see themselves saving money and earning the money back on their utilities bills in the coming months. Once this point is emphasized, people may be willing to buy the product. The competitors are standard heating unit companies, but they lack this motion technology that this product has. This business must work very hard to market the product because this idea is breaking into an industry that works to some extent and has been established for a long time. The next step in this venture is to really fine tune the technology to be exactly how I envisioned it and product effective results. In five and ten years, I hope to continue updating this product and improving it to solve all of the problems at hand on a larger scale.