24A - Venture Concept No.1

 Opportunity

Apartment complexes near the University of Florida campus can be rather expensive due to location, however they tend to charge residents a steep fee for those who need parking spots for their cars. Cars are typically parked under a cement roof or in a lot with no protection and it is unfair for college student to have to pay between $100 to $250 for a parking fee on a monthly basis. College students who have cars, including myself, have many expenses relating to owning a car such as paying for gas, car insurance, car washes, and maintenance. Additionally, we all have other responsibilities relating to school and involvement and many expenses relating to all aspects of living away from home. Most college students think because they live at an apartment complex near campus, they should be having to pay these expensive parking fees with no way around it. However, the voices of college students need to be heard and will be heard as long as effort is made in many different aspects.

The changes in the Gainesville environment creating this opportunity are that more innovative apartment complexes are being built closer to campus, causing a higher number of students to live there due to the convenient location, but end up being overpriced for a parking fee when thousands of students live at the apartment complex and the rent is expensive as it is. College students aren’t satisfying this need because they stay quiet without putting in a complaint and simply pay the expensive parking fee because they think nothing can be done. This opportunity is definitely underestimated because most people don’t realize how much of an issue it is until you mention it to them and give them ideas about how to lower the prices. This “window of opportunity” will be open until small changes begin to be made and people start seeing a difference.

Innovation

         The innovation I came up with regarding my opportunity was a student-run organization on campus to serve college students help make their voices heard. The service would first focus on lowering extremely expensive parking fees at apartment complexes near campus by communicating to managers of different apartment complexes and offering ideas such as a fundraising raffle for their own complex and whoever wins could have their parking fee waived for 6 months. Another idea that can be spoken about is in order to help new residents sign a lease faster, apartment complexes could give a time limit for whoever signs a new lease between certain hours can earn their parking fee waived for the first semester. Furthermore, another idea that arose was how parking spots should work like a membership. Apartment complexes should come up with a lower parking fee and if residents want a designated parking spot, so they don’t have to worry about ever looking for a parking spot, their fee would be higher. Residents could potentially pay more if they make requests to park on certain floors that have the crosswalks to the building or if they want to park on their apartment floor. I desire the service to expand beyond just lowering apartment complexes but listening to other complaints college students may have that most people underestimate but there should definitely be action taken regarding it. I plan on finding a diverse group of friends who also attend college who are passionate about my goals for this service who can join my team and begin making change around the UF campus. I plan on working through an app that would approximately cost $1.99 where students can write requests of change they would like to see on campus. Furthermore, posts and notifications about different raffles and opportunities at various apartment complexes near campus will be posted and students can sign petitions through the app as well.

Venture Concept

         My innovation of the student-run organization I plan on putting together will solve the opportunity of college students paying expensive parking fees because it will serve as “the push” students need to raise their voice about something they disagree with. Customers will buy my service because I believe that with the different ideas I will promote in order to reach my goal, they will convince potential customers that they could trust my innovation. I think it will be rather hard to get customers to use my service because it is a service that is not common in our college community. Most people have more important things they usually worry about, however, lowering expensive parking fees can positively impact their college experience by saving money and standing up for what is right. The location of my service would be in Gainesville, FL and it would help define my business concept because it is the center of college students at UF, where most students live near campus. I would organize my business to support ongoing service would be to have a team of at least 5 other students, with each of us having a different role in charge of social media, communication, technology, finances, or events.

3 minor elements

I think the most important resource will be the connections I have to various apartment complexes near campus. The dedication I have will make it hard for competitors to copy my success because it is impossible to copy someone’s dedication or passion for reaching a goal. My passion for making the lives of college students easier is unique because I can relate to the opportunity I found and have a drive to make my innovation a reality. Connections are also unique because success depends all on who you know and everyone knows different people.

The next opportunity I want to tackle with my current innovation is to perform the same service, however instead of applying it to expensive parking fees on campus it would be relating to overcrowded libraries especially during exam season.

In five years as an entrepreneur I want to look back and see that parking fees at apartment complexes are not that high and if some still are high at least they will have opportunities for residents who cannot afford the expensive fee who need a car away from home, to pay a lower fee. This first venture will allow me to learn the many different aspects of running a business and all the responsibilities that come with it. All the lessons learned and connections made will positively affect my transition into a more competitive entrepreneur for future innovations.