Venture Concept No. 2

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.