Idea Napkin #2

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

My name is Meghan Wren and I am a third-year student pursuing a Bachelors in Finance at the University of Florida. I have a background in financial management, auditing, sales and project management through various employment experiences. Additionally,  I am a very focused, motivated worker and see all things through to their entirety. I aspire to manage my own company or, if that does not work out, then to work at a hedge fund doing portfolio management for high net worth clients. I see this business playing a large role in my life, as it would allow me to combine my knowledge and background in finance with healthcare and technology.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I am offering a exercise tracking service for insurance companies to purchase the software from me for. I want to build a program that tracks the activity levels of potential or current insurance clients that want to opt into this program in order for them to get a higher deductible on their insurance if they are more active and are less of a health risk.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The demographic of my customers is definitely a younger, physically fit individual that just got off their family insurance plan a couple of years/months ago and is looking to find a way to stay motivated to go to the gym while saving money on this new cost that they have to deal with.

4) Why do they care? Your solution is only valuable insofar as customers believe it’s valuable to them. Here, explain why customers will actually pay you money to use your product or service.

I think that insurance companies will want to buy my product because it will allow them to more effectively predict which customers are going to be of greater or less risk according to their levels of physical activity. Low physical activity is a source of multiple diseases, and if insurance companies were to know which individuals were at a lower chance of developing these diseases, then they can allocate less money to those individuals.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you
have that nobody else has?

I do not think this product has been invented at all, which puts me at a large competitive  advantage and an opportunity to capture the market through patents and create a sizable income over many years.

Feedback memo:
Two key points that I received was that I needed to make my company more of an opt-in program, rather than a device that insurance companies use amongst all of its clients to track their activity. I made this adjustment in my idea napkin because I definitely agreed with the critique that it would be an invasion of privacy if insurance companies installed this on a company-wide scale. Additionally, I received feedback that instead of targeting a group of individuals that do not exercise in order to incentivize them to exercise, that I should target an audience that is already extremely active because they are the most likely to opt into my product.