1. People that are living and working in big cities like Mexico City, LA, Sao Pablo or NY struggle to find a place to park every time they drive to the financial district or downtown areas of these urban areas when they go to work in the morning.
2. Not finding a place where to park in big cities is cutting down productivity.
3. Due to the lack of efficiency in parking, people lose a lot of valuable time.
4. Having to drive looking for a place for several minutes it’s affecting the environment.
5. If there is a way to make parking more efficient the carbon footprint of big cities could go down.
As more people decide to move from rural parts of the country to big cities, (as of 2018 more than half the population of the earth is now living in urban areas), these cities become more and more populated and therefore space becomes limited and thus parking becomes inefficient due to the high demand but limited supply for space.
The demographics of the population experiencing this problem are vast but the more affected are being professionals that live on the perimeter and have to drive to work every morning and find a place to park. This population is seeing their productivity decline due to these environmental factors out of their control. Also, big cities, are being affected because people driving a lot of miles a day creates pollution and having to drive to find parking it’s only exacerbating this.
The opportunity of building an app that could help solve these problems is huge due to the large population that would find it useful, and how it could mean a positive change for helping the environment by reducing the carbon footprint produced by cars in big urban areas.
The window for this opportunity is not long since anything related to technology seems to change at a very face-paced and problems that seemed impossible to solve in the past are now being resolved in a very short time thanks to technologies like the internet and artificial intelligence. We are definitely living in a new era of entrepreneurship and I believe that in order to be a good entrepreneur in this era you have to act fast to take advantage of the new trends.
The idea is to create a cellphone application that makes parking more efficient. This will be accomplished by placing sensors on the street of big urban areas that would gather data about which places to park are available at the moment and that would be displayed on the user’s cellphone in a map showing them where is the closest location to park. The drivers would only need to drive to the location displayed on the map and park there, saving time, incrementing productivity at work and also helping the environment by driving less time. After achieving this the application would also look to implement a function that helps users to pay from their phone in private parking places making it more efficient. This application would generate revenue by having users subscribe to the service and pay a monthly fee of only $5 dollars per month which they would be able to pay with credit or debit cards directly through the app. We can also look for that cost to be subsidized by the government to help people in need.
- Venture Concept
I think people will switch to use my product in their daily lives mainly because most people value time and this app will give them exactly that. The perceived benefits of this app outweigh the costs and hence creates a lot of value for the users and they would appreciate and be happy using it.
This application also creates value for people that will not use it, you might ask, how can this be possible? , well very easy, this application would help the environment by reducing the carbon footprint produced by traffic and that benefits everyone.
At the moment, the idea doesn’t face any potential competitors, only Uber and not in a direct way. If people decided to use more Uber the demand for parking would decrease, but the necessity would still be there.
The application would focus on embracing the concept of simplicity, making it easy for new customers to adapt to the technology and dissipating any type of tension it could arise at the beginning.
In the early stages of the company, the necessities for employees would not be very large, they would mainly focus on the design of the app and the implementation of the technology on the streets of some cities. Later, if the company becomes successful and launches its IPO and becomes public, then at that moment its employee population would probably increase exponentially, as investment bankers, lawyers and other types of professionals would be required.
- Unfair Advantage
The company will focus on having an unfair advantage by looking for the most talented people on the market to help develop this app, and also by having a permanent innovation team that only focuses on what could be improved and how the company can look forward into the future.