Venture Concept No. 2
Opportunity:
·
The need for having an app be able to detect
music by just human voice first came to be from my own personal need. I have
always had the problem with not being able to remember lyrics of songs, or
having a song be stuck in my head but not knowing the name or artist.
·
So my concept came up on what if there was an
app similar to Shazam that could detect music by listening to a human voice
humming the melody. From there I spoke to other people, made elevator pitches
and business concepts and then found out how many other people also have this
need to find the names of songs that are stuck in their head.
·
From there this potential market has a wide
demographic that could expand from young to old, any religion, any ethnicity.
This is a huge opportunity for the music business, for the app business, and
for people. The window of opportunity is wide open, there really isn’t a time
constrain at this moment.
Innovation:
·
So the app I have created is called Mind and
Melody. How it functions is that the user opens the app and sings/hums/plays
the rhythm of whatever song that they do not know all the words to.
·
The app listens and then goes through a huge
data base of music and is able to detect the melody that was sung to it from
the user.
·
The app then displays the song to the user, and
also provides places to listen to the song such as Spotify, iTunes, YouTube,
and Sound Cloud, plus lyrics. That is essentially what the app does, it finds
the music stuck in people’s heads.
·
From there, the primary way that I would be making
money is by selling my app to some technology company or to any game system
company and partner up with them.
·
From there they would be paying me to use my
app. Also perhaps for a time being the app would have to have a price, perhaps
$2.99 so in order to use it customers would have to buy the app. Or there could
be a trial version and then a premium version, where the user would have to pay
a certain amount a month or a yearly prescription in order to use the app with
all its bells and whistles.
Venture Concept:
·
My innovation would solve the opportunity I
mentioned above by fulfilling the needs of people who want to know the songs
that they have been hearing on the radio but can’t remember the words of the
artist name.
·
My product will serve anyone who wants to find
out about music, or whoever is just curious about how the app works.
·
I believe customers would buy my product because
it is something unique and actually really cool. The potential of the app is
great and would be fun to have as a buyer.
·
Now it would be easy for customers to switch to
this product because there is nothing like it! There would be no actual
“switching”, perhaps some competition from something similar like Shazam, but
Shazam does not have the capability to detect the human voice like Mind and
Melody does.
·
Luckily there is no packing for my product so
super easy for anyone to get and for me to deliver.
·
The support I need for my business however is
exponential. I need graphic designers, app developers, sound engineers, advertisement
people, financial partners, and music artist’s assistance in order to make this
business happen.
Three minor elements:
·
My most important resource is that of the human
capital I have. It is my skill of being well spoken and an amiable person and
my ability to make connections easily with people.
·
Then my next big tackle I would have aimed at
customers would be for another app be able to understand peoples doodles of TV
shows and movies. Perhaps at times you cannot exactly explain to someone a show
you watched or the name of the show or the names of characters, but you can
draw it. My next product could be able to understand those drawings and find
through the power of the internet what show the user is trying describe.
·
Where would I be five, ten years from now after
my first business venture? Great question. I would hope that my product is a
success, bringing me a decent income and a popular product on the market. I
hope that my product helps people, and surges the music technology world
forward. I hope that I have a nice place to live, that I have graduated from
school, that I am in good health and that my family is well.
Feedback Summary:
Overall I
received positive feedback about my venture concept. Some specific things that
were brought up to me in the comments I got were about how this app could be
sold differently in order for my business to make more money. About three
people mentioned how my app should be sold as free first so that it gets really
popular with users, so popular that then I could get corporate sponsors or
partnerships with companies who would then pay me for my product. It was
suggested that I allow for advertisements to happen and to have a link with
downloading sites for music. Some negative feedback I received was about how
some people or just plain tone deaf and are really incapable of humming a
melody, so the app would be useless to them.
What I changed:
So after
reading the feedback, I decided to change a few things about my venture
concept. What I would like to do now with it is have be available as a free app
for anyone to download and use. From there I would allow for some advertising
and be hooked up with music downloading sites like iTunes, Spotify, and Amazon
Music. From there I would eventually allow for like a premium version of the
app that then the user would pay a fee every month and they could get no more advertisements
and keep all the songs they find through the app saved onto their device.