10A - Elevator Pitch No. 1

https://youtu.be/kGXrcv0KxV4

9A - Testing the Hypothesis, Part 2

9A - Testing the Hypothesis, Part 2

Interview 1: A fast food restaurant manager

In this interview, I questioned a local fast food restaurant manager on my idea of implementing technology in his store to offer faster service. He said that although it could speed things up, his kitchen may get backed up because of the amount of volume they do. He said that in the fast food industry, volume is everything and too many people ordering at the same time could actually have a reverse effect because customers would be waiting excessive amounts of time for their food.

Interview 2: A local fine dining restaurant manager

In this interview, I questioned a local fine dining restaurant manager on his thoughts of implementing technology in his store to offer faster and more efficient service. He said that this would help in a casual setting, but his restaurant attracts a higher end clientele who come for the experience rather than to dine quickly and leave. He said that his customers prefer to take their time.

Interview 3: A server at a country club restaurant

In this interview, I questioned a server on her thoughts of implementing technology at the country club restaurant. She said that she believed it would not work out so well because the people who live in the community are a bit older. She believed they may have a tough time navigating through a tablet / computer to place their food and drink orders.

Interview 4: A carry out restaurant owner by the beach

In this interview, I questioned a local restaurant owner of a mini pizzeria by the beach on his ideas of implementing technology into his store to speed up the process of customers ordering food. He said that most of his orders are placed over the phone, so the best he could do is offer online ordering.

Interview 5: A manager of a local buffet restaurant

In this interview, I questioned the manager of a local buffet. I was very curious to see if he could think of any way in which technology could improve customer satisfaction. He said that he believed it would definitely benefit a busy sit-down restaurant but explained that with buffets it wouldn’t make much sense. Considering that this buffet is self-serve, customers can already eat and drink at their own pace.

To summarize, I located five different examples in the food industry in which my opportunity wouldn't be considered a need. I learned through these interviews that there are definitely boundaries to my opportunity and that although some business in the food industry could benefit from it, others may not.

Inside the boundary	Who is in it? Casual restaurants	What the need is? A need for quicker service	Why the need exists? Customers expect immediate service and servers are often too busy to attend to customers immediately
Outside the boundary	Who is not? Fast food restaurants, Fine dining restaurants	What the need is not? Fast food = too much volume for customers to be in control of ordering; would have reverse effect  Fine dining = Customers not worried about waiting time	Alternative explanations? Some people in different settings are not interested in immediate service and technology in a fast food setting could raise kitchen problems

8A – Solving The Problem

The problem I have identified in preceding exercises includes customers who dine out at restaurants and their unmet need for quick and immediate service. My original solution competed for a fully technology-based restaurant, that implemented technological devices on each table in which customers could order drinks and food as soon as they sat down. However, throughout my interviews in the previous exercise, I came to the conclusion that the best solution to this problem would be to implement the technology devices as I stated, but also keep servers to still make customers feel at home. Also, servers would be there to attend to customers who may not be as technologically savvy, so all participants would benefit.  

My target customer would be restaurants and the product I could sell would be a fully functional tablet that would allow for customers to order food and drinks as they please. 

7A – Testing the Hypothesis, Part 1

Restaurants are unable to meet the immediate demands of customers wishing to sit, eat, and leave in a timely manner. 

I believe that everyone who goes out to eat wishes for immediate service, and a restaurant that utilizes technology to meet the demands of their customers will make everyone happier, even those who do not care as much about quick service but want to order whenever they wish. 

Interview 1: In this case, I interviewed a local restaurant owner. In the interview, I asked who might be able to benefit from utilizing technology in a dining experience, and he stated that customers who are in a rush would be able to benefit. However, throughout this interview, the restaurant owner brought up several key points that could hinder this opportunity, such as the human element being taken away. He believes that interaction amongst restaurant employees and customers is a big deal when it comes to a customer feeling at home and taking that away could potentially hurt the business more than it could help. 

Interview 2: In this case, I interviewed my aunt who owns a restaurant in NYC. She said that implementing technology could be a great idea, but also could bring forward some problems on the operations side. She elaborated on this by stating that things are timed in the restaurant business, and if everyone who came in ordered at the same time, the kitchen may get backed up and it could have a counterproductive effect. However, she noted that with the younger crowd dining out more, and them being more involved in technology, it could be a great way to attract them to come in. 

Interview 3: In this case, I interviewed my brother who goes out to eat a lot. I asked him his thoughts, as he would be a prototypical customer of this opportunity. He noted that it would be extremely beneficial, as he would be able to receive immediate service and get in and out as quickly as possible. He believes that with more millennials dining out, restaurants would attract more guests by utilizing technology. 

Interview 4: In this case, I interviewed my girlfriends’ father, who is a 56-year-old man and often goes out to eat. I asked him his thoughts on restaurants implementing technology, and he noted it may be difficult for older people to navigate through a tablet/device. He stated that it would cater more to the younger crowd. However, he also stated that his last dining experience was awful, and technology would have definitely enhanced the service he received. 

Interview 5: In this case, I interviewed a server of a local restaurant that I often attend. Although I could not keep her too long, I did get valuable information from this interview. I asked for her thoughts on implementing technology in restaurants, and she had an interesting view on it. She noted that it would be beneficial to implement both technology and human interaction in a dining out experience. That is, if she is super busy and cannot make it to the table immediately, it would benefit all parties involved if a customer could order through the tablet and get their drinks and food delivered to them promptly. However, the human interaction side of dining out would not be completely stripped from a customer. 

To summarize, I found a lot of valuable information through all of the interviews that I conducted. Throughout these interviews, I attempted to gather the viewpoints of several different parties. I received customer input, owner’s input, and management input. I found that although the opportunity does exist and could have its benefits, there are also obstacles that stand in the way of it. Fully utilizing technology in restaurants could take away from customers feeling like they are at home, and I came to the conclusion that implementing both technology and human interaction may have the best effect on everyone.

6A – Identifying Opportunities in Economic & Regulatory Trends

One opportunity that I have located in regard to economic trends involves the housing industry. I found this opportunity through several media outlets that have raised the concerns. The opportunity that exists is in homeowner financing. In Sacramento for instance, over 52% of people rent their homes. This has resulted in unpopular rent control laws and unhappy people. If there were an institution in place that could assist people in getting them into homeownership without requiring a significant down payment and fees, it would likely be a success and have a country-wide positive effect. I believe the information that I have found suggests an opportunity may exist because of the statistical evidence behind it. The prototypical customer in this instance would be anyone who does not currently own a home and wishes to. I believe this opportunity would be relatively easy to exploit because a large number of people would benefit from it, however it may be difficult to set up. I see this opportunity because I have done work in real estate and am knowledgeable on the difficulties of purchasing a home, from large down payment requirements, hefty closing costs, and immaculate credit scores to get approved for a loan. Now more than ever, people are renting, and homelessness numbers have increased, resulting in disliked laws and procedures in the world of real estate. 

Another opportunity that I have located in regard to economic trends involves companies and their current tendencies to hire less full-time workers. It is very common for companies in this day and age to hire part-time employees in an effort to keep overhead low, to remain flexible, and to stray away from paying employee benefits. However, this is causing a problem as hard working students with higher level degrees are finding it more difficult to find full time careers right out of college, and equally as important are having to pay extraordinary insurance expenses out of their pocket. An opportunity that I believe exists is in creating a more affordable insurance company for students with degrees that cannot find full-time jobs with benefits included. I found information regarding this topic through personal experience, as my three older sisters have college degrees and two do not currently receive benefits from their jobs. Any graduate student who does not receive benefits from their job would be a prototypical customer, and this opportunity would be relatively easy to exploit as many graduates would benefit from it. My personal experiences involving my sisters and their situations helped me locate this opportunity. 

An opportunity that exists in regard to regulatory changes is in the small business world. Government rules and regulations have made it tough on small businesses to actually run their businesses. An opportunity that exists would be in a platform that lays out the regulatory policies that small business owners must follow in a condensed and easy version. I found this opportunity through a business report article and believe the information within it support my idea because it makes it out to seem like small businesses often times have a tough time keeping up with government regulations that are constantly coming about. The prototypical customer is any small business owner and the opportunity is relatively easy to exploit as many small business owners are too focused on keeping up with regulatory changes as opposed to running their own businesses. I know a lot of small business owners and they all gave me insight to the constant regulatory changes, which made me form the belief. 

Another opportunity that I see existing in regard to regulatory changes is in regard to Airbnb. Many real estate investors have explored the opportunity of renting through Airbnb; however, regulations are arising prohibiting renting through Airbnb in certain areas. Much of these regulations are in concern with neighbors who wish not to have new people coming in and out of their neighborhoods every day, especially ones whom could cause disturbances. A solution to this problem could come in the form of a renting platform that ensures the people renting are credible and have no previous track record of causing disturbances in the past. This would result in the loosening of regulations, benefitting investors and those who wish to rent their homes while on vacation to cover expenses. I found this information in several articles and by watching the news, taking notice of the widespread information that is being posted on the recent breakthrough of Airbnb. I believe the information stated supports my idea as disturbances amongst neighborhoods seem to be the biggest factor in these regulations, resulting in difficulties for anyone looking to rent with more flexibility through Airbnb. The prototypical customer in this case would be Airbnb users and renters. My friend is a full-time Airbnb host, which gave me more insight to the regulations regarding Airbnb renting and how the issue may be solved. 

5A - Identifying Local Opportunities

Identifying Local Opportunities 

Title: The battle over Lake 0 levels: Toxic algae, water supplies at forefront 

Link to article: https://www.palmbeachpost.com/news/20200131/battle-over-lake-o-levels-toxic-algae-water-supplies-at-forefront

This article is about a local debate as to how high to keep the water in Lake Okeechobee. Lake Okeechobee plays a big role in water supply, but also produces an algae that is said to be toxic. Some argue that keeping the water levels in the lake lower will prevent the toxic algae from growing, while others predict that a low lake may result in a threat to water supplies for the county I live in, Palm Beach County. 

The problem presented in the article involves the tradeoffs between keeping water levels in the lake low and stopping the algae from growing, but also threatening water supplies in Palm Beach County. 

This problem has a widespread effect on everyone living in the surrounding areas of the lake. 

Title: Here is a list of hot traffic zones during Super Bowl LIV week

Link to article: https://www.local10.com/traffic/2020/01/28/here-is-list-of-hot-traffic-zones-during-super-bowl-liv-week/

This article is in regard to the upcoming NFL Super Bowl, happening in Miami on February 2^nd. The Super Bowl has attracted thousands of out-of-town football fans to travel to Miami, resulting in street closures. 

The problem presented in this article is that the traffic in Miami is expected to be at an all-time high because of this massive sporting event. Road closures are already in effect to control the flow of the traffic. 

Local residents are most affected by this problem. They will face heavy traffic jams all weekend. 

Title: Business owners prepare for end of snowbird season

Link to article: https://www.wptv.com/news/region-c-palm-beach-county/west-palm-beach/business-owners-prepare-for-end-of-snowbird-season

This article is about the effects of snowbirds coming to Florida during the Winter season.

This article presents several problems. For one, it mentions that reservations for restaurants can be up to two weeks during the season time when snowbirds are visiting from the North. Also, the article mentions that there were 15,000 more drivers on I-95 in March compared to September. This causes a major difference in travel times on the roads. 

Local residents are greatly affected by this. During the winter months, it may take one double the amount of time to travel than during the summer months. Also, it is hard to find entertainment that is not overcrowded during these months. 

Title: The future of Palm Beach County school crowding: Will kids be elbow-to-elbow in 5 years? 

Link to article: https://www.palmbeachpost.com/news/20200122/future-of-palm-beach-county-school-crowding-will-kids-be-elbow-to-elbow-in-5-years

This article goes over the growing problem of schools becoming increasingly over-populated and the distribution of the student population.

This article presents the problem of overcrowded schools in Palm Beach County. The distribution amongst the schools in the county is not even, as families are all going to specific regions and over-populating those regions. The schools in those regions are experiencing major overcrowding. 

School students are affected by this problem. With schools becoming overcrowded, it is limiting the amount of interaction between individual students and teachers and could result in hindering their learning experience. 

Title: Railroad crossing-arm problems are gumming up traffic from Miami to West Palm Beach

Link to article: https://www.miamiherald.com/news/local/community/miami-dade/article239520088.html

This article is about the effects that malfunctioning railroads are having on locals in the Miami-Dade and West Palm Beach areas.

This article brings to light the problem of malfunctioning railroad crossing arms and the effects that the problem is having on traffic. I have experienced first-hand the malfunctioning of local railroad track arms, which results in cars being backed up for miles. 

Local drivers are affected by the malfunctioning of the railroad crossing arms. I have personally been affected by this matter, being late to work one day because of it. 

4A - Forming An Opportunity Belief

Forming An Opportunity Belief

1.     One belief of an opportunity that I believe exists is in restaurants. I work at a restaurant and see a lot of people become unhappy and anxious when they do not receive immediate service. 

2.     In this case, the unmet need is the utilization of technology to its capabilities to enhance a customer’s restaurant experience.  Any customer who is in a time crunch or is hungry has this need. This need has always existed as restaurants typically rely on people to take customer’s orders rather than technology devices. I see a few big corporation restaurants put tablets on the table for customers to pay and order dessert, which is one step closer to this need being fulfilled. I am 75% sure that this opportunity exists at this point. 

3.     The prototypical customer in this case is a restaurant goer who wants prompt service.

4.     In this case, I spoke with one of the regular customers that come into my restaurant. They believed that a fully self-service experience ordering through tablets and getting prompt service would be beneficial. They become aware of this need during busy times when their server is unable to get to them as quickly as they would like to take their order. They said that this need has existed forever. They first became aware of it when they had a theatre show to attend one night and were late because they came in and were not given prompt service, having had to wait extensively for their server to take their order and get it through to the kitchen to be prepared. They say that at this time they have not taken any actions to address this need. 

5.     Upon reflection, I have learned that this opportunity does exist and would be beneficial to a lot of people. However, in talking with these customers, I also came to realize that utilizing technology to create a fully self-service experience would take from the interactive experience of dining out. For instance, regular customers of a restaurant enjoy interacting with their servers and forming relationships with them. The most surprising thing I learned about my opportunity is that there is a big downside when it comes to people who wish to go for the experience of interacting with others. 

A. The prototypical customer in this case is someone who is in a time crunch.

B. I spoke with a customer who came into my restaurant who rushed to counter to order a to-go and seemed to be in a crunch for time. I asked him if he believed there was a need for a quick option to get service without having to rely on people for taking his order      and he believed there was. He said it was in times like this where he was in a rush to get to his kid’s school event where he said it would be beneficial to having a self-service       option to getting his food as quickly as possible. At this given time, the restaurant was     not very busy, and he received very prompt service, but he did admit that he has          experienced prior instances in which he needed quick service and was not granted it. 

C. Upon reflecting on our very brief encounter, I learned that this opportunity exists but        with a twist. I believe the customer made a great point in mentioning that this        opportunity should be given as an option only for those who want it. The most     surprising thing I learned about my opportunity is that it can be extremely beneficial as an option, rather than being. set-in-stone. Now, only people who need it can use it.

A. The prototypical customer is one who is hungry.  

B. In this case, I talked with my girlfriend, who is always hungry when we go out and wants   immediate service. She is not one who goes as much for the experience, but rather for the convenience. She experiences this need quite often and became aware of it at a recent visit to a local diner, where we had to wait 10 minutes for our server to even         come over and bring us drinks. She says she first became aware of it a long time ago          when she almost walked out of a restaurant because it had seemed like she was forgotten, having to wait extensively for a server to even greet her. She now addresses   this need by ordering over the phone, so she doesn’t need to wait for her food, she   rather places the order and by the time she arrives it is ready. She is satisfied with this     solution but wishes there was a quicker way to dine out. 

C. I learned that a self-service restaurant would be most beneficial for a customer who is      very hungry and still wants to dine out while also having their food prepared as quickly      as possible. The most surprising thing I learned about my opportunity here is that this     option would really be the best of both worlds, as customers could eat as promptly or as      slowly as they wish.  

7.     There is no doubt that my opportunity belief changed as a consequence of my customer interactions. I do still believe that the opportunity is still there, however I located a lot of obstacles. In my encounters with the customers that I interviewed, the two main setbacks I face with this opportunity is that some people are not technologically savvy and may have a difficult time with sending their orders through a tablet, and that having everything be self-service would take from the interactive experience of dining out. I believe a new opportunity has arisen though, in offering tablets only to those who want them. Now, people who are in need of immediate service can get it, and those who want to enjoy an experience and want to interact can do so. I believe customer feedback is essential to locating opportunities and entrepreneurs should absolutely adapt based on it.