Halfway Reflection

In order to keep up with the requirements of this course (watching lectures while taking notes, doing research, conducting interviews, writing up posts, etc.) I’ve committed myself to a policy of 1) looking at assignment ASAP 2) planning how long they will take, and 3) allocating times each day depending on how much work is required in order to realistically have the assignment done on time.

                This class isn’t the most strenuous or difficult, but it is very thought provoking and it requires you to approach it with a good attitude in order to get something out of it. If you don’t come into each day and each assignment with a positive attitude, a desire to learn, and the ability to ask questions and challenge your beliefs, you won’t come out of this class a better person and entrepreneur.  

                The bottom line is this: don’t make excuses. Or do, but you’ll suffer accordingly.

                I’ve always had a very tenacious attitude my whole life- before college, I was an elite sports player, and I was considering playing D1 for golf- however, I decided to focus more on my education and exploring other areas of my life. Because of this and all of the hard work I put into sports, it taught me a lot about what it takes to not only be one of the best, but to give your best day in and day out, even when you don’t want to. Having a tenacious attitude isn’t being excited and ready to go all the time; it’s about doing what you know you should do, even when you don’t want to.

                Conducting the interview for the assignment was definitely something that I was scared and anxious to do, and it was in a moment like that that I really had to dig deep and ask myself the big questions. It made me remember that struggle and adversity are good, and that exploring out beyond your comfort zone is a good thing. That’s really what tenacity is all about- breaking barriers and not setting limits on yourself and your potential.

Tips:

(1): You signed up for this class, and you chose to go to college. You’re an adult now, and you should treat yourself accordingly. Take responsibility and take pride in your actions. The things you do now DO MATTER! This isn’t high school anymore. Welcome to real life.

(2): Think of all the good that will come your way if you actually take this class seriously, do the work, and get feedback and learn. You can avoid making so many little mistakes if you just listen and do what Pryor tells you to do. It’s not that hard! Look out for your future self.

(3): Don’t be afraid to take breaks and to relax in a healthy manner. Don’t let this class (or any class, or anything) consume you. You don’t need to think about it 24/7. Sometimes, being tenacious is about knowing when and where to have grit and when to admit defeat and start over. We don’t know everything, and our ideas aren’t perfect. Take the time and the feedback, you’ll be good for it.

Reading Reflection No. 1

Book of Choice: Elon Musk, Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance

What surprised me the most: Elon’s physical character and stature is something very uncharacteristic of what I’m used to expecting from tech nerds. He is six foot one, broad shouldered, and a big man. He’s the type of person that you would expect to have the persona of an alpha-male from an afar, but up close and deep down he’s rather timid and reserved to himself. He has an awkward look about him, and he’s not exactly the most socially and verbally adept individual. His public speaking skills are very lackluster for someone who is the CEO of multiple companies.

What I most admire about Elon: Elon genuinely has a passion, and I fear that’s something which is becoming more and more rare in today’s world where so many people pursue things just for money and fame. Elon, on the other hand, is driven entirely by his own will and his desire to make the world a better place. For Elon, his goal and hope are that when he dies, he will leave the world a better place, one step closer to a bright future, one where we thwart extinction and the destruction of our world as we know it. He wants to explore renewable energy, other planets, technology, and whatever he believes will move humanity in this direction.

What I least admire about Elon: Elon is a very authoritative and tenacious individual. While this can be a good quality in small doses, I find that he has too much of it in many regards. Elon is known for berating his employees, enforcing long work hours and working on weekends, and prioritizes the mission above all else. In my mind, that’s not much of a culture, and it puts off a very bad and negative image for his companies. Is he really a CEO, or is he more like a dictator? I find myself asking this question a lot. This is one thing I really don’t like about him. I believe in a more inclusive culture that treats its employees well.

Adversity/Failure Encountered: As a boy, Elon had a fairly tumultuous and tough upbringing. He grew up in South Africa, which prided masculinity in boys. However, he was always more on the reserved and more feminine side. He took great interest in books, learning, and reading, but not in sports. This made it very hard for him to fit in and to make friends. In addition, Elon’s father Errol had a very interesting dynamic. Elon said that he was very hardcore and strict, and that he would lecture his sons for hours on end without allowing them to talk. Elon refuses to tell stories about him, and is no longer in contact with him. This leads me to believe that there was some form of serious abuse going on here, as people often times will deny such things, especially in the public eye. However, despite all of this, Elon has become a highly polished and influential individual who has and continues to make an impact on humanity.

Competencies: Perhaps Elon’s biggest competencies are his tenacity and creativity. He’s an extremely stubborn person, the type to never take no for an answer, especially when it comes to one of his passions or ideas. He practically treats his employees like disposable resources, and is very hard and strenuous. Although I disapprove of this, I believe it is one of the reasons why he is so successful (in a worldly regard). His refusal to quit has brough a lot of progress, and he clearly seems to attract a lot of likeminded people to his companies that want to work for him.

In addition, Elon is not afraid to dream big and to challenge the status quo- it’s a part of his nature. No one had ever thought of PayPal, SpaceX, or many of his other ventures before him. Like Peter Thiel talks about, he is a zero to one. He does original things, and he does them well. Period.

Confusing: One thing that I found puzzling about Elon was his approach to dating and love. It almost seemed like he treats it like a game of sorts. He says that he wants to devote more time to it, but his attitude around it and how he talks about it make it seem like he just wants to do the bare minimum and that he just wants it for the sake of having it- I’m not sure that he has a very healthy perspective on it. However, I’m not sure that he has a healthy take on life at all, from how he works himself to the ground to how little he relaxes. It worries me for his mental health- it’s a wonder he hasn’t gotten burned out yet.

Question 1: Do you ever wonder what your life would be like if you chose not to start your companies, or if you chose to pursue a different area or field? I ask this question to myself and to other people a lot- I find that everyone has a unique take on life, and a unique calling. Thus, we should always live our truths and never listen to anyone else when it comes to deciding what to devote our lives to (within reason and mora regards, obviously). I’d be curious to see Elon’s perspective.

Question 2: Do you have any regrets? People often times say that regret is the result of inaction, and Elon seems to be one to always take action. However, I feel that regret is universal, no matter what. I’d be curious to test this theory.

Elon’s Opinion of Hard Work: Elon doesn’t just appreciate hard work; he is hard work. Everything that he does embodies it and is it, as I’ve very clearly shown in all of the previous sections. When you think Elon Musk, you think hard work.

I personally have the same view, just to a lesser extent. I believe that life needs to be balanced and have a lot of different dimensions, but that one should work hard in all of them. Elon has a very hard-headed approach to all things, and so I’m not even sure that I could say it’s “hard work” to him in a normal person’s eyes. It’s more like a frenzy.

Figuring Out Buyer Behavior No.1

Segment of Choice: Catering/Delivery Orders

How I intuited this segment: In the category of catering/delivery (especially catering), orders tend to be of large volume and value. As such, it is important to restaurants that they build a positive, lasting relationship with their customers in order to retain business in the future (Attitudes, Interests, Motivations). Money isn’t just made by one sale- it’s the repeat sales that are desired and sought out- think of the 80/20 rule. My product allows for those in the specified segment to pursue their goals in this regard.

Interview #1: Potbelly Regional Catering Manager (27F)

                I started my interview by asking her about her experience with catering and some of the struggles she commonly faces. Without skipping a beat, the first thing that she said was the most optimal packaging of foods when they do high volume catering for big customers (conferences, events, business meetings, etc.). Often times, they will need to have the food sitting out for an hour or two before the clients will be eating it, so they need to have a way to keep It cold/hot in the meantime. There is no one answer to this yet, as it depends based on location, size, and room available. For example, they can’t have ice boxes for cold sandwiches if there isn’t enough space, if they need to package in meals, etc.

                Thus, most of her need awareness occurs during the planning phase of her catering jobs/orders. She and her team have to customize each order and present a proposal to the customer, often within a short time period. This puts a lot of stress on their resources, especially during peak times. Her and her team have compiled different solutions, but there are still some situations they haven’t perfected. She says that having better bags like the ones I’m offering would be a godsend to have in their arsenal and would be well used both in new and existing plans for situations.

                When she does search for new solutions, she typically searches for “food cooling” or “food heating” on google. This helps her to find new solutions or products that may be out there. She often looks at restaurant supply wholesalers as well.

Interview #2: Chipotle General Manager (31M)

                I started my interview the same as before by asking him about his experience as a GM at Chipotle and some of the issues he faces on a day to day and or recurring basis. One of the things he mentioned that grabbed my attention the most was the number of customers he had who complained about their burrito bowls/burritos (in particular) leaking from their bags by the time they got there to pick up their food after having ordered ahead. In addition, the food was often times lukewarm or even cold, causing a hassle in the line of production, stalling new orders because old ones had to be remade or warmed up again. This is something which his employees have addressed with him, and they’ve been asking him to help find a solution. They always get flooded around lunch time, especially with online order-ahead, and they can’t keep up with it and the added stress of customers complaining and nagging due to their food being cold and leaky

                He’s been trying to research new solutions, but corporate hasn’t suggested anything since there’s no franchise policy or advice on how to go about this. When he looks up solutions on Google, he searches “take out bags” or “insulated take out bags”. He hasn’t found any that are practical, cost effective, or relevant to his application. When I told him about my product that I was developing, he perked up a lot of interest and began to ask me more about it. He said that he would love to hear more about it as it develops, and that this may be something he would consider buying for the application of pickup orders at a minimum.

Interview #3: Bolay Assistant Manager (29F)

                I started my interview the same as always by asking her about her experience at Bolay and about what complaints she commonly receives from customers, particularly those eating out or getting food from apps like Uber Eats. She said that, by far, the biggest complaint from customers has been how warm/cold the food is by the time that it gets to them. They often times get calls from angry customers complaining about how their food was cold by the time it got to them, demanding a refund. In most situations, they end up giving a refund in order to try and preserve relations with their customers, especially since they are a more up and coming restaurant with less of a national name. This ends up taking a toll on profits, and it’s something that the GM and owners are not fond of at all. They’ve been working together in their biweekly meetings to try and address this issue, but to no avail thus far.

                They’ve been doing the standard fare of google searches with terms like “insulated carry out bags” and “warm food bags”, but similar to my Chipotle interview, haven’t found anything that fits their needs and liking. They are willing to spend some money on a good, quality product for this application, but only if it’s worthwhile and they feel it will solve their problem in a swift and complete manner. When I presented my product to her, she listened very attentively and said that she could really use something like that. She too told me she wants to be kept in the loop as to its development and that she is seriously considering using it.

Summary:

From my interviews, one thing that I learned is that companies who have this need are also very interested in the flexibility of the product (how well it fits into their existing product ecosystem, and how it allows them to operate). This could be something as small as a variety of bag sizes to something as big as custom order sizes or dimensions or applications to fit their needs (especially in the instance of catering).

                One thing that I realized about this segment is that they are less worried about the extra cost due to the bags and more worried about their reputations. They all do high volume, so a little bit of added cost isn’t much of a concern anyways. At the end of the day, repeat sales are what they are looking for. After all, Rome wasn’t built in a day. This gave me a valuable piece of insight- perhaps I need to be less focused on low cost and more focused on solving the problem at hand.

                In addition, they are very aware of their needs and this awareness occurs on an almost daily basis. In addition, they tend to use Google/the internet as a means of information search- this suggest that ecommerce will be of great benefit to me come time to launch the product.

Idea Napkin No. 1

You: My name is John Dillon- I’m a sophomore computer science major at the University of Florida, and I love asking the big questions in life and forging new paths. This is something I’ve had from a young age- my mom was a mathematics teacher, and my dad an aerospace engineer turned tech executive. They’ve always taught me not only to ask how, but why, and why not? Challenging the norm is my default. I’m very skilled with software development and anything tech related, as well as anything engineering, or development related. In addition, I possess good leadership skills from my times as officers of organizations both at the high school and collegiate level, as well as an intern at tech firms. Due to my beyond-my-years maturity, I’ve always been treated as an adult from a young age. This has allowed me to grow up fast, to see the world for what it truly is, and to think on my feet.

In regard to my aspirations, one of my biggest goals in life is to be a good family man. Being a good husband / father are of utmost importance, and they drive a lot of what I do. While I enjoy challenging the boundaries of what is possible with tech and learning new things, I also enjoy spending time with those I love. I think that those who we surround ourselves with have a more profound impact upon us than anything. As a result, I see this business being a way for me to quit the 9-5 life early on, setting my own hours, and selling out early so that I can maximize the time that I can spend with my family. I enjoy the notions of passive income and investing, and I am planning to retire before 45 so that I can maximize what I get out of life with travelling, activities, sports, seeing my kids grow up, etc. Obviously, this is all subject to change, but this has been my plan for the last few years.

What are you offering to customers?: I am offering my customers an inexpensive and better solution to bagging (for takeout/carryout/fast food) so that they can build better customer relations, retain customers, and increase revenue/cashflow in the process. The goal with my product is to help customers help their customers, helping themselves in the process. I truly believe that this product is a win-win for every customer involved.

This product is a new take on the typical, lackluster, super thin and poor-quality paper or plastic bag that is provided to you when you order fast-food or takeout. Such bags leak, lose heat, get soggy, have a negative footprint on the environment… the list goes on and on. But most importantly for our customers (the businesses), it annoys their customers and leaves a bad impression. Let’s be real- no one likes it when their Chipotle leaks out of their bowl- soaking the bag, causing their car to smell like salsa and beans for the next two weeks.

The product is leakproof, lightweight, insulated, low cost, and has an efficient zipper design to keep heat and contents in (forget dropping food on the floor!). The bag can come in a variety of sizes (small, medium, large, extra-large) and contain branding of choice corresponding with the customer.

Who are you offering it to?: I’m offering this product primarily to franchised restaurants/fast-food chains that face high competition in their market (think Chipotle, McDonalds, Chick-Fil-A, Burger King, and the like). The reason for this is 1) such customers have capital to spend and 2) the need and desire to build customer loyalty, better customer relations, and provide a better customer experience. This is at the forefront of what it means to be a business. It’s all about making money and pleasing the customer.

Why do they care?: My customers care about my product because they care about THEIR customers, their experiences, and getting their money. They want (and need) to build positive relationships with their customers, to retain their business, and to get as much of it as physically possible in order to survive, grow, and continue to make shareholders happy. It’s a part of the corporate/franchised world that is the fast-food and restaurant industry. My customers already pay for bags out of necessity- if they can pay more and get better customer experiences and more business out of it, they clearly would! Companies spend millions on advertising and product development in order to get business, beat out competitors, and to stay relevant in their highly competitive marketplace. They won’t flinch at this tiny increase in cost, especially due to the increase in revenue it will net.

What are your core competencies?: What sets me apart from everyone else is that I’m willing to propose and act upon an idea that challenges the current trends and norms in the restaurant/fast-food industry. I’m willing to do whatever it takes to bring a product that truly makes a day to day difference into the marketplace for both customers and for businesses.

Due to the fact that this product is very much so in its infancy and the exact details (design, manufacturing, price, and the capital needed for such costs) are still vague, I can’t quite pinpoint exactly what I have that nobody else has. So far as my research into what is out there has shown me, no one else is offering a product like what I’m offering. This is why I believe there is a hole in the market, an opening for my business to come in.

I definitely need to consult different manufacturers and get advice from people with more experience in the industry before I can turn this vague picture into a more defined one, and it is something that I’ve been actively doing as this is progressing more and more forward and as my vision for the product and business becomes more clear.

Someone else could definitely copy this and compete, so I would either need to find a way to copyright/patent my product, or to build strong enough customer relations/sign contracts in order to secure clients and their business.

Evaluation: Overall, I truly feel that I have a cohesive plan. There are still some vague areas and missing links (exact product details, design, manufacturing and patenting, how to conduct the sales (contracting, licensing, direct B2B, etc…)) for which I need to get some expert opinions on. These are areas in which my knowledge is lacking, and as such I need to do my due diligence and research. Aside from this, I think my idea is good, but with a little refinement could be great and a winner.

Elevator Pitch No1

https://www.youtube.com/watch?v=tjz6rV5jetc

Testing the Hypothesis, Part 2

1: Owner of Bakery (44M):

            I chose to interview this baker because I suspected that although his business may have the need for better bagging solutions, it probably lies outside the boundaries of my scope and outside of his consciousness. For instance, think of times when customers pastries get melty in the hot sun. However, I’m not sure that many people ever think to attribute this to the boxes they’re put in.

            During my interview, I asked him if he has ever had any complaints from customers about the bags/boxes he uses (for pastries, cakes, etc.). He was surprised that I asked, and said no, not really. He already has a pretty good solution for the bigger ticket items like cakes (thick white boxes), and the donuts always stay pretty temperate. Besides, people enjoy when they are a little melty.

            This was a good perspective to have, as it allowed me to see that even takeout from places like bakeries was out of my scope. In this circumstance, it’s almost like customers enjoy the experience of a slightly melted, warm donut, and the important cold items are just shielded in massive boxes as has become so accustomed. They are less worried about the weight, so they don’t care for a lightweight solution. Additionally, they don’t have to worry about things melting through the bags or boxes.

2: Manager at upscale steakhouse (32F):

            I chose to interview this manager because I wanted to test the boundaries of my product in the upscale food industry. I was unsure just how much takeout was common, if at all offered, at such places. Additionally, I wanted to gauge if they had the need.

            During my interview, I asked the manager if she’s ever had any complaints with how they bag things. She said no, and that in all honesty, it was rare when a customer asked for them to bag their food up to take it home for leftovers. Many of the wealthier customers simply did not care for such things and always preferred it to be fresh. When someone did ask them to bag, they never said anything about the branded plastic bags they provided.

            This was an interesting realization, because it showed that not all places who could offer takeout/carryout actually end up offering it due to the desires and wants of their customer base. This is definitely something that I need to keep in mind- sometimes customers are conscious that they DON’T need my product! They care about freshness and quality, not keeping their takeout warm.

3: Ice Cream Parlor Manager (27F):

            I chose to interview this manager because I wanted to see if my product(s) could have any potential use in the frozen treats/foods business. This would help me further focus and define my market scope.

            I asked the manager how often that she has customers getting ice cream to go, and she honestly said that it’s less than 10% of customers. In such an event, customers usually end up walking around the downtown area surrounding the parlor anyways, so it would be just like if they were sitting down and eating in the parlor. Thus, she has never had any instances of customers complaining about their ice cream melting too fast- the paper cups and waffle cones suffice plenty well.

            The parlor also offers ice cream cakes from time to time, but they offer big thick white boxes (like the baker) to keep their customer’s purchase nice and cold. Thus, they have no need in this domain either. From this interview, I was able to deduce that I can rule out places that offer icecream/frozen treats since they don’t have much of a customer base that could benefit from my products. If anything, they care about the taste and in person eating experience at the parlor, getting away from reality for a little. This is something I will keep in mind going forward.

4: Mom & Pop Sandwich Shop owner (55M):

            I chose to interview the owner of this local family-owned sandwich shop because I wanted to gauge if local, family-owned places and their customer base were a good target for my products. I remember when I was a kid, my family would get takeout about 2-3 times a week from the same shop in Chicago. This has always been a trend in my family. However, one thing that I remembered was that we never had issues with our food being cold or, if it was, we never even thought twice because we loved the food and the owners so much.

            I asked the owner what percentage of his customers typically order takeout, and he said about 80%. They didn’t have much room for seating in their shop, and most of their business comes around lunch and dinner time, so most people seem to prefer takeout. I asked if he’s ever had issues with customers being unhappy with how warm (or cold) their food was, and he said no, not in particular. He has a lot of regulars at the shop who have been ordering for years, and they are all very friendly. This leads me to believe that when restaurants can develop a good, intimate relationship with a customer, the customer usually tends to overlook the little things like lukewarm takeout or minor imperfections. The experience makes up for it.

            Thus, from this I was able to learn that sometimes having a loyal customer base isn’t always a good thing from my perspective, because the customers may at times be loyal to a fault and won’t be quick to find faults.

5: Butcher (37M):

            I chose to interview this butcher because I wanted to see if my products could potentially be expanded more into the market of groceries/specialty food items (meats, sausages, cheeses, etc.). Although this is a fairly niche market, they still do a good deal of business and tend to have very loyal, intimate customer bases.

            I asked the butcher if he has ever had customers complain about how he packages/bags things, and he flat out said no. He takes a great deal of time in wrapping all of his meats and cheeses in thick, white paper that he wraps multiple times to keep his products fresh and cold for his customers. He also offers thick brown paper bags to all of his customers for further protection. It’s something he’s very cognizant of, so he’s very quick to make sure there are no issues in that area. The last thing he needs is for one of his customer’s products to go bad and to get them sick.

            This helped me to realize that although businesses may all be in the same domain (food and eateries), they all have vastly different needs and customer bases with their own unique needs. Thus, when I am evaluating who to market my products at, I need to make sure it is businesses (and their customers) who actually have the need on a day to day, conscious basis.

Inside the Boundary	Outside the boundary
Fast Food Restaurants (chains like McDonalds, Chipotle, Chick-fil-A… places with a drive through that do lots of greasy and fast food) and their customers.	Sit-down restaurants, grocery stores/ butchers, ice cream parlors/ bakeries, mom and pop shops with loyal customers, upscale eateries, etc.
The need is for a cheap, lightweight, insulated, waterproof bag to keep customers food warm, and to keep grease or juice from leaking out of the bag into their cars/scooters/etc.	The need is NOT for groceries, take home food after eating (leftovers), ice cream, pastries, desserts, things of this nature that already have solutions/do not have the aforementioned problem.
The need exists because businesses (and their customers) are conscious of the fact that there currently does not exist a good solution that solves their issues and associated inconveniences (mentioned above).	Many of these places simply do not have the needs because their customers do not have the awareness- an issue or problem isn’t truly either of those unless there is consciousness of it in the person having it. It really is that simple. Solutions either already exist or do not need to exist.

Solving the Problem

The opportunity that I am exploiting is as follows:

The restaurant industry currently lacks a good solution to its bags for customers, whether it be takeout or delivery. The ideal bag would be light, reusable, waterproof (to prevent spills or leaks), and insulated enough to keep food hot and fresh in transit. The current solution of paper/plastic bags and cardboard boxes does a measly job at all of them.

How I will set about solving this problem with a product/service:

My first line of business would be to develop a low-cost model that fits the criteria of being light, reusable, waterproof and providing good insulation. This could potentially require some prototyping and development or collaboration with a producer of bags for commercial use. 

Additionally, I could even try to find or source some myself from places online and distribute them as such, but such an option would be hard since not much exists out there that fits my criteria yet.

                In regards to the bags, I could produce these bags in a variety of sizes: small, medium, large, extra large so as to give users maximum flexibility and utility. This would also help to deepen my product mix. The bags would also ideally have some form of a low cost zipper/seal on top to further insulate the food.

                In time, I would then expand into other avenues like better boxes for pizza, better boxes for catering, and things of the such so as to broaden my product mix. However, these would be more specialized products for later on down the road.

                I would start to assess interest that restaurants would have in this product once I had an idea on pricing so that I could pitch it to them. In addition, I could also sell directly to the restaurant-goers if I devised some form of an ecommerce system down the road. However, this would be for later.

                In addition, I could eventually target my products to delivery services like Uber Eats and Bitesquad to help garner additional business.

Testing the Hypothesis, Part 1

Step 1:

The opportunity I would like to pursue: The restaurant industry as a whole, from fast food and mom and pop shops to up scale diners and steak houses, has an unmet need for quality, insulated, leak-proof, reusable take out bags that preserve the freshness and heat/cold of take-out/delivery items for their customers. They are losing customers and future, repeat business in the process of leaving this need unmet.

Step 2:

What: Poorly designed take-out bags

Who: Patrons of restaurants in America (or anywhere, really), including mom and pop shops, chains, fast food, sit down (With takeout), anywhere that offers takeout or delivery of food or drinks. In addition, one could include the restaurant owners since they are missing out on potential revenue/profits.

What: Leaky bags that ruin customers cars, leak juice and flavor from the food, provide little in the way of heat insulation to keep food warm on the drive home, unhappy/unsatisfied customers, less future sales, more bad reviews and less business.

Why: Restaurants may be hesitant to spend money on better bags due to immediate cost increases, an economic/feasible solution does not currently exist on the market

Step 3:

Testing the who: Other potential whos with this need include college dining halls, delivery services like catering or individual delivery, pizza delivery, restaurants in college towns or cities, professionals, families, and single persons.

Testing the what: All restaurants or institutions that offer a takeout or delivery service are included in the need. Additionally, so are the customers of such places. That’s part of what makes this such a great, universal product. However, the boundary of the need is finely drawn at the line of restaurants that do NOT offer takeout and customers who do NOT want carryout or delivery.

Testing the why: The why for this need will be much more prominent and evident for individuals who are prone to getting take-out or delivery more often (such as families, professionals, single persons, regulars at restaurants, etc.). The need is much less targeted and almost negligible for the person who gets takeout maybe once every month or two. Thus, people who are known to frequent takeout should be targeted. The why for restaurants is more or less going to be universal (at least at first) since restaurants are hesitant to raising operating costs. However, this could well be less of a concern depending on the chain and specific details of the establishment. Research would need to be done. However, with time and more knowledge of the potential business it could garner, businesses would be more open to the slight increase in cost.

Step 4:

Interview #1: Family Pizza Shop Owner (M42)

                His pizza shop is in the historic district of town, and so traffic is notoriously bad due to the two- way streets throughout. As a result, even his customers who live nearby are subject to 10-15-minute drives home (2-3 miles away). This is even more so for those who live further. This doesn’t give him much trouble because his pizza is some of the best in town and has a local name, but many of his regulars who order every week have made note of it to him from time to time. He wishes to solve the problem but has yet to find a solution. Not even the thick pizza boxes can keep the heat in enough.

                Due to his restaurant being very prosperous and family owned with low operating costs (he owns the building of the restaurant outright), he is very inclined to spend more money on a better solution. He is extremely committed to his craft, and it is his passion- it has been in his family for over 50 years and he is 100% Italian. It is a way of life for him.

                From this interview, I realized that local mom and pop shops may actually be a better target than I anticipated. Although they do have to compete with chain restaurants, they often times have far better products, ingredients, and a much more loyal customer base- making them prone to having customers that are conscious of the need for better take out bags. In addition, the owners are extremely passionate about their business and customers, and as a result they will do most anything to better the customer’s experience and drive more revenue.

Interview #2: Mom of 3, Wife of Professional (F49)

                She is a stay at home mom with three children aged 16, 12, and 12. Her husband is an executive at an engineering firm and works long hours frequently. All of her children play travel sports and have very busy travel schedules. Combining all of this together, the family has little time to cook fresh meals every day and frequently resorts to carry out from some of the healthier fast food options around like Panera Bread (one of their favorites). They never have time to sit down at a restaurant and eat, so take out is always their first choice.

                She (and her family) are very aware of and annoyed by the state of takeout bags at restaurants. Her kids and husband always complain about the food being cold when it gets home, and it annoys her as well because she doesn’t feel as if she has any way to prevent it. They can’t stop getting it, but she wishes there was a better way. Additionally, they are fairly limited as to their take out options since there isn’t much nearby, and going any further would make the situation worse.

                She and her husband have contemplated getting meals freshly made by a chef due to their frustration with this. They don’t want to spend the money, even if they can well afford it. As before, she just wishes there was a better way to do takeout.

                This interview confirmed all of my suspicions- busy families crave and need takeout. It is an almost instrumental part of their lives, and they can’t go without it. As a result, they present a very strong case for being one of the foremost “whos” in this opportunity.

Interview #3: College Student (F21)

                She is a student in the nursing program at UF and a member of one of the sororities at UF. As a result, she is frequently on the go and never has a chance to cook for herself or make a fresh meal. She either has her meals at her sorority house, or she gets takeout in between or after classes when she is hungry and in a rush. She probably gets takeout at least 5 times a week on average.

                One of her biggest complaints was that even the food at her sorority house was often cold, especially when she would get her breakfast to go before class in the mornings. This is something that really bugs her- she rarely gets a meal that is warm. When she gets take out, the traffic in Gainesville (foot or road) makes it hard for her to get home or to her study spot before she can eat, causing her food to be lukewarm or even cold.

                She is very conscious of this, and it’s actually something she was complaining to one of her sorority sisters about the other day after they got Chipotle to go from University after classes. By the time they got home, their food was not only cold, but it had leaked all on the inside of the storage compartment of her scooter. It took them a long time to clean it up, and the smell of Chipotle still hasn’t left. She wishes there was some way she could prevent these frequent spills from occurring and messing her scooter up.

                From this interview, I realized that fast food and take out truly does fit well into the lives of busy individuals, so much so to the point that it has become a staple. In addition, I saw more confirmation that the lack of waterproofing in take out bags is a serious, conscious problem that consumers have frequently. This will help me in developing the scope of my products more.

Interview #4: McDonalds Regular (M20)

                He is an electrician’s apprentice who works long hours and doesn’t like to cook for himself, ever. He generally gets McDonalds for lunch most every single weekday with his boss, so he knows the place very well. Anytime that he brings food back to the jobsite, it’s always cold and he has no way to warm it up. In addition, he notices how the grease and steam from his food is always leaking through the thin paper bags and getting everywhere. This annoys him because he has to take extra care in washing his hands off especially well before getting back to work.

                He wishes that there was a better solution, but he won’t stop getting fast food because of how convenient and cheap it is. He’s hooked on it but wishes there was something better. He knows that big chains probably will never change, but has hope.

                From this interview, I realized that families and business professionals and students aren’t the only ones who love and need fast food- it’s also the entire population of the trades industry and the rest of the working class. This helped me to broaden my perspective and gain a better view of the who. In addition, all of my past suspicions about this problem being conscious to others continues to be affirmed.

Interview #5: Infrequent Takeout User (M25)

                He is a personal trainer at a local gym, and he is very conscious of his health and physique. He very rarely gets take out but maybe once a month, and when he does it’s usually from a health conscious place like Bolay. Aside from that, he is always cooking for himself and buying groceries.

                When I asked him if he has ever been bothered by his food being cold, leaky, etc., he told me that he never once noticed it. He had to think back to the last time he got take-out, and after some reflection he noted that it was a bit cold when he brought it home but that he didn’t think much anything of it. It was never really something he was all that conscious of. He supposed that a change to the current system of take out bags would be nice, but that it wouldn’t have much of an impact on him or his choice.

                From this, I was able to deduce that targeting infrequent users with this product would not be very worthwhile. It is definitely more aimed at frequent users who have consciousness of their issue. In a way, this reminds me a lot of the 20/80 rule and how important it is to focus on the average, frequent user.

Note: Reflections/Takeaways from each interview were given in-line after each interview.

Identifying Opportunities in Economic and Regulatory Trends

Opportunity #1 (Regulation): National Primary Drinking Water Regulations: Lead and Copper Rule Revisions

Found at: https://www.regulations.gov/document?D=EPA-HQ-OW-2017-0300-0001

Why this information leads me to believe an opportunity exists: The EPA is proposing revisions to water quality standards, particularly with lead and copper, in order to require water systems to “take a progressive set of actions to reduce lead levels at the tap.” This also extends to drinking water and schools / child care facilities. This poses a serious opportunity due to the fact that many such buildings/institutions/infrastructures use copper and or lead piping in their systems. This puts them at risk for increased lead/copper exposure and leakage into the water, potentially requiring them to refit or reevaluate their systems. This provides quite an opportunity for anyone, especially those who happen to be in the water purification / infrastructure / piping industry.

Who is the prototypical customer?: The prototypical customer is an organization / institution / company that possesses or has old, copper/lead water piping / water systems. This could include old schools, health care facilities, businesses, restaurants, public facilities, gyms, or anything of this nature that provides water to its patrons. Such customers may need to refit or fix their systems- making them a potential customer.

Relative Difficulty of the Opportunity: This opportunity is relatively difficult to pursue unless one is already involved in one of the aforementioned industries. Barrier costs to entry in such a service industry is typically high. However, one might be able to employ some creative thinking to perhaps do work on the side for another company or do consulting in the area.

Why I saw the opportunity: I have very fond memories of being a kid and the water in my schools always having that funky copper taste to it. This was extremely common growing up in Chicago, where many facilities are old and outdated with copper/lead piping. Having this firsthand personal experience allowed me to recognize just how widespread and large scale of an effect the passing of these revisions could have.

Opportunity #2 (Regulation): Traveling by Air with Service Animals Notice of Proposed Rulemaking (NPRM)

Found at: https://www.regulations.gov/document?D=DOT-OST-2018-0068-4724

Why this information leads me to believe an opportunity exists: The United States DOT (Department of Transportation) is proposing amendments to the Department’s Air Carrier Access Act (ACAA) that regulates the transportation of service animals by airplane. The proposed amendments are seeking to set a definition for a service animal, to allow airlines the ability to recognize emotional support animals as pets instead of service animals, and for all passengers traveling with a service animal to complete and submit a DOT developed form about the good nature of the service animal to the airline. It also seeks to clarify current rules and specify situations surrounding damages. This leads me to believe that an opportunity may be on our hands due to the fact that new standards for service animal verification and air travel may be in the works. Although this is a fairly niche market, there are still a great deal of people nationwide who require a service animal in order to travel. New opportunities may exist in the training of service animals, certification of service animals, and breeding of service animals that are fit and pre-certified for air travel.

Who is the prototypical customer?: The prototypical customer is an individual requiring a service animal (for any of the lawful reasons with which one may attain one) who desires to travel by air.

Relative Difficulty of the Opportunity: This opportunity may be fairly difficult to pursue unless one already has affiliation with the service dog / air travel industry. However, if one had contacts in one of these domains (and the amendments are passed), one could potentially seize this opportunity and make revenue in the area by the aforementioned methods of training, certification, breeding, etc.

Why I saw the opportunity: I typically take about 10 flights a year, and my father may take anywhere upwards of 35. Through our combined experience, we have seen a lot of the atmosphere at airports and how disputes can occur between passengers, airlines, and airport attendees over service animals or emotional support animals. Thus, I see that there is still an unmet need in defining rules and regulations to prevent such altercations and disruptions, especially with something as critical as air travel. Thus, this led me to see this opportunity due to my unique perspective and experience.

Opportunity #3 (Economic Trend): Effect of Coronavirus on Chinese and World Economy

Found at: https://www.fool.com/investing/2020/02/02/investor-beware-these-4-economic-trends-could-caus.aspx

And at: https://www.vistage.com/research-center/business-financials/economic-trends/20191209-economic-trends-impacting-business-in-2020-and-beyond/

Why this information leads me to believe an opportunity exists: Last year (2019), China posted its lowest economic growth in 29 years with a 6.1% GDP growth. In addition, many industries and sectors saw steep declines, indicating that China’s economic growth is slowing.  This is also evident in their decrease in consumer spending. China, already in a weakened state, was hit hard by the coronavirus (and still is being as it develops). Wuhan, the center of the outbreak, is nearby to many businesses, schools, and transportation centers. This could cause the Chinese economy to crumble and slow, especially if the virus continues to spread and deadlock more and more of China. Not only would this have a profound effect upon the Chinese economy, but also upon American industry and consumers. America is a large importer of many Chinese goods, and such supply lines could be weakened by the outbreak. This could potentially provide American industries with an opportunity to seize more market share, or it could cause American consumers to be left unsatisfied. In addition, it provides investors, financial firms, hedge funds, and customers with an interesting opportunity pending the continued effect of the virus. Many American industries have already taken a hit to their shares, and this could continue.

Who is the prototypical customer?:

 Two Options:

Consumers: The prototypical customer would be a consumer who frequently buys goods imported from China that may now be at a shortage for some time. American industries that produce competing goods could potentially seize market share in such a domain- This applies to any industry sector from electronics and home goods to clothing and food.

Investors: The prototypical customer would be an investor with a surplus of capital and a desire to catch a potential market dip/crash on the rise back up. Hedge Funds/ investment firms/ third parties could utilize this in order to attract new customers or to showcase their expertise and the gains they were able to make for their customers if the market were to dip or crash (and then rise/normalize).

Relative Difficulty of the Opportunity: Regarding appealing to consumers as the customer, this opportunity would be very hard to seize. One would need to have control of some American manufacturing or business that competed with Chinese competitors- something that would be hard to start up on such short notice. Regarding appealing to investors, this opportunity would be much more feasible to seize. One would need a prior track record in order to get clients, but if one wanted to invest and take advantage of the trend on his or her own by waiting and watching the market and external conditions, he or she could very well do it.

Why I saw the opportunity: I’ve always been very aware of societal trends and how they have an impact on the stock market and the economy. That was one of the first things that my dad, a successful investor, taught me at a young age. In addition, there always tends to be recurring trends of events and reactions that are reflected in the market and economy. For example, the market crash of 2008 due to the preceding housing market disaster is a fine example of something like this. On a global or nationwide scale, effects are never contained. They always spread into other areas.

Opportunity #4: Impact the Labor-market with AI and Automation.

Found at: https://www.mckinsey.com/featured-insights/innovation-and-growth/navigating-a-world-of-disruption#part3

Why this information leads me to believe an opportunity exists: More than ever, the United States is becoming a technologically driven powerhouse, especially during a time when minimum wage continues to rise and the costs of implementing automation become more and more appealing. In order to continue the rapid growth of the last 10 or so years, the US will need to continue to adapt and revolutionize to keep up with other countries. AI and Automation are at the forefront of this, as their implementation allows for higher production rates and more innovation. In this process, unskilled workers or workers with outdated skills will need to retrain in order to be able to find jobs in this ever-changing market. This provides an opportunity both for those at the forefront of the change as well as for those with the ability to retrain and provide skills to the workers of yesterday.

Who is the prototypical customer?:

 Two cases:

If we are considering the opportunity as a consultant or engineer, than the prototypical customer is going to be businesses that still use labor and could potentially benefit from continually increasing to an automated, artificially intelligent workplace (warehousing, logistics, etc.).

If we are considering the opportunity as a teacher or trainer, than the prototypical customer would be someone who is at risk for being put out of work by automation (warehouse floor staff, typical desk workers or business employees, cashiers, line cooks, etc.). Teachers could market teaching tech skills to such target audiences.

Relative Difficulty of the Opportunity: Regardless of the target customer, this opportunity has a very high barrier to entry unless one has technological knowledge already in the subject areas. However, if one is a computer scientist, engineer, or something of the sort, the opportunity is very fresh and at hand. One could very well put their skills to use.

Why I saw the opportunity: I have the very unique opportunity to not only be a computer scientist that has conducted hands on research, but I also am the son of an executive of a Fortune 500 tech company that does a great deal of automation and logistics all around the globe. Through this lens, I’ve been able to perceive a lot of the higher level societal and industrial shifts that have occurred in the past 5-10 years. I have a very close relationship with my dad, so he’s always done a good job of teaching me about the industry and where it is going. Through this, I’ve been able to spot opportunities in tech such as this one that are very feasible and able to be seized right now.