Idea Napkin No. 2

This week, I am making some changes to my first "idea napkin."  I will be making changes based on the feedback I received.  Some of the sections will be identical to my first attempt.  For example, the feedback I received won't change anything about me, so that section will remain largely unchanged.


First, I will look at myself.  I am a junior in college, and I don't have any experience starting a business.  However, I have had some previous exposure to startups that succeeded, and a few that didn't.  I can take things away from both of those by learning what to do and what to avoid.  One of my strengths is working with people.  That has always been a passion of mine.  From competing in high school forensics, working with elementary age students, and teaching high school debate, I have always enjoyed being around people.  This particular business endeavor I would see being a large part of my life, while still allowing me to have a full time job to provide for my family.


Next, I will briefly examine the product.  I am considering a retractable phone charger.  Think of a mechanism similar to that in a measuring tape.  You can extend it for quite a ways, then lock it once you have enough length in the cable.  Something that people really wanted to see in this product is durability.  Almost everyone seemed to have issues with their cords fraying and breaking.  I want to make sure that my product is very durable and long-lasting.


For the target market, I would be offering it to anyone with a cell phone.  I would probably start with an apple charger, but I would quickly put other chargers on the market as well.


So why would customers care about this product?  Of the 10 people I have interviewed so far, 9 have said they would be willing to pay for longer cord length when they purchase their phone.  I know several people that have bought a longer cord, and they all love it.  However, most of them complain that the extra length gets cumbersome from time to time and can be in the way.  This is what would set my product apart from others: you would be able to adjust the length as you need it.  Sometimes, you only need a foot or two to charge your phone.  Other times, it would be very convenient to have 5 feet of cable.  This product would give my customers the best of both worlds.  In addition to that, I will be making a durable cord as well.  That is a big concern for many people, so this product will help people fix a need. 


The challenge we would have is demonstrating our product.  People will know if their charger is inconvenient or bothersome.  However, the challenge we will have is showing people how our product works.  I believe that if people saw it, they would be very excited about it, and the product would succeed.  However, it would take some creative marketing to get the word out.  Overall, I believe there is good potential in the product, but it would take time and a lot of effort to make it work.


These are the main things that people left in the comments of the first "idea napkin" I wrote:


1.  They had issues with cord length.
2.  They love the idea of a retractable cord.
3.  Cords tend to fray and break.
4.  They would consider buying a product like it.
5.  Making the cord longer AND stronger would be ideal.