Venture Concept No. 1

In society today appearance is a strong element in determining how you are viewed and how you are treated. A majority of that appearance is derived from what you wear and how you look. My company DressFit is product that maintains a certain appearance while allowing a level of comfort. DressFit is a revolutionary brand of dress clothing that seeks to provide the utmost comfort in a business environment. My line of apparel is unique in its utility, but remains on par with top designer brands. 

The opportunity within my line of apparel is defined by the inherent need for corporate workers to find comfort in their clothing. The standard uniform of most corporate employees is some form of suit with a tie and dress shirt. Typically, most dress shirts are relatively uncomfortable and lead to perfuse sweating and embarrassing sweat stains. My product eliminates that and allows for a comfortable stylish way to look and feel good in the office. The product has a vast array of customers, but is centrally geared towards the business professional segment of the market.  The opportunity has no severe limits based on geographic location, but is likely to be more popular in large developed cities that have a high level of corporate density.

The innovation aspect of my product lies within the material the product is made out of. Obviously the material does not exist yet as the product has not been developed, but ideally the line of apparel would be made out of a lightweight sweat wicking material that maintains the style and look of a traditional dress shirt. Aside from that, the product will have unique stylish designs and a memorable eye catching logo. The company will ideally sell its own line of clothing, but there are opportunities to license the material to other top designer brands.

DressFit is founded on the concept of maintaining comfort while enhancing appearance. The products core competency lies in its ability to prevent sweat stains and help those in office settings look and feel good. Initially the product will likely appeal to mostly men and woman who have trouble preventing sweat stains, but will progress to enhance the comfort and appearance of those in a corporate setting. The challenge is really creating a brand and marketing to the right cliental. It will definitely be a challenge to take customers away from classic designer brands, but as more people try the product the more recognition it will receive. It is hard to determine how the business would be laid out due to the fact that the product is in its concept stages, but the company will likely need a production factory of some sort with 10-20 employees. Obviously, as the business scales so will its production requirements.

Overall the company has massive potential, it simply needs the time to be artfully crafted and implemented in a strategic way. If the company was created it would likely be an uphill battle at first due to the vast array of competitors in the clothing industry, but once the product gains some notoriety it would likely skyrocket in the market. This venture as of now is only an idea, but I plan to continue to grow my entrepreneurial goals and continue to innovate and design products that will progress my career to the top of my industry.  

Amazon Whisperer

1.     The DressFit brand revenue drivers are simply the income streams produced by selling the different lines of apparel. They could possibly be some potential for marketing income, but that would be down the line when the company has brand recognition.

2.     The DressFit brand would begin with a simply dri-fit style button down, but the company will ultimately grow to carry both men and women’s dress clothes. The next product after the initial button down shirt would likely be something along the lines of a polo shirt or a sweater.

3.     Within any clothing line have a multitude of options is key, simply because everyone has different taste. By creating multiple styles and lines of clothing all with the same utility you significantly expand your market reach.

4.     A product similar to the one I have in mind is Hurley’s short sleeve dri-fit button down. The product has similar qualities, but the idea is different. The shirt is very casual and is marketed towards a younger less professional market.

5.     There was only one customer review, but the individual gave the product 5/5 stars. My assumption would be that customers like the design and comfort of the product.

6.     My product would be completely different in design and appeal. DressFit would be geared to business professionals and those who want to mix elegance with comfort.

7.     The short sleeve button down could be an interesting idea, but the product is slightly more casual then the route I am interested in. It could be a cool addition to the casual aspect of the company.

 

Week 11 Reading Reflection

1.     The biggest surprise through this reading is to learn of the fact that several companies do not make planning motions to enhance innovation. From what I know about big business is the only way to succeed is to constantly grow and improve.

2.     One thing that I am confused about is how do you differentiate between times when it is wise to milk existing products and technologies and when it is wise to innovate and create.

3.     If I could ask the author two questions the first would be: if you were a graduate coming out of college where would you try to work and how would you differentiate yourself between your competitors? The second question would be: what company do you think will be the next apple?

4.     There was nothing throughout the article that I disagreed with.

My Unfair Advantage

1.     Unique Designs –all of my designs are unique to my brand and line of clothing.

2.     Unique Idea- this style of clothing has very little if any competitors.

3.     Creative Ability- the product line has immense potential to grow and become a full line of apparel that is unique and hard to imitate.

4.     Appeals wide group of people- the product line appeals to a wide variety of people, but with a niche concept.

5.     Drive to succeed- I am extremely driven to succeed and I will not stop until I achieve my goals

6.     Network- I have connections in the clothing industry that can help propel my line of clothing in to the for front of the industry

7.     Product creates a new category of clothing- my line of clothing is unlike anything in the industry

8.     Product culture- The company provokes a level of comfort while maintain the productivity and style of business attire

9.     Work environment- the company obviously does not exist yet, but the culture will be very relaxed and inspire creativity

1.   New material- All items in my line of apparel will be made out of a revolutionary material that no other company offers

My top resource is a balance between the material and the designs the line of apparel will offer. These two resources are my greatest strength simply because they are unique to me and they are what separates my clothing line from the rest.

Growing My Social Capital

For this exercise I decided to get in contact with individuals related to the industry I am actually interested in going into rather then the individuals related to the product idea that I am using for this class. Thus, I got in contact with individuals within the real estate industry.

Domain Expert

Name: Brian Gianone

Background: Owner of Occulus development and partner in strategic real estate development company The Ridge LLC.

Contact: Brian is one of the owners of the new student housing development The Ridge, which I currently work for as a sales and leasing consultant. I simply sent him an email asking if he wouldn’t mind helping me a quick project.

Favor: The relationship we have is one of an employer and employee.

Networking Impact: Brian is constantly finding new real estate ventures and is essentially doing what I plan to do within the next 10 years. He is an extremely valuable connection and someone who could potentially help me in several ways.

Market Expert

Name: Carlos Miranda

Background: Carlos is the Director of Operations for The Ridge LLC and specializes in management and marketing.

Contact: Carlos is currently working the leasing office in order to establish a presence in Gainesville and help facilitate the pre lease process. I work in the same office, so I simply asked speak to him in person.

Favor: The relation is one of an executive and a lower level employee.

Networking Impact: Carlos has worked for several large corporations and has connections throughout several industries. He is an extremely valuable connection and someone who I learn from on a daily basis.

Supplier Expert

Name: Kelly Mahoney

Background: Kelly is the principal of The Ridge and a multi family construction company called VAC LLC.

Contact: Kelly spends the majority of his time on the construction site of The Ridge’s new development, but often comes into the leasing office to get updates from management. I speak with him when he comes in the office.

Favor: The relationship we have is one of employer and employee.

Networking Impact: Kelly is extremely driven and constantly working on new project and investments. He is an extremely valuable connection for both his market knowledge and potential network contacts.

Reflection

This networking exercise allowed me to realize the importance of the networks that I am building at work and the value of those connections now and in the future. This exercise simply allowed me to utilize the connections I already have.