Venture Concept No. 2- 29A

Opportunity

• The opportunity is, individuals who workout at a gym have a difficult time finding a gym partner. This occurs when they are planning to workout at a gym. The reason the opportunity exist is because of the gym environment. Although individuals in there are friendly. It is very difficult to approach someone and befriend them. Even after meeting someone at the gym it is unlikely that they will want to be your gym partner because there are so many different programs and variations of lifting. I am focusing my market to America currently. This market is for people above 16 years of age and go to a gym. Individuals in the market need a smartphone since it is an app. Currently individuals are attempting to satisfy this need by texting their friends. Others don't even try to satisfy their need, they continue to workout alone because they can't find a way to find a good gym partner. This opportunity exist all throughout America, wherever their is a commercial gym. In these commercial gyms there are a multitude of individuals struggling to find a gym partner. The window will be open until either someone else creates a service that satisfies this need or people stop working out. 

Innovation

• I am creating is an app that will match individuals to a gym partner based on the criteria they input. They will be asked what type of workout, the time, the location, the experience of their partner, and the gender of their partner. Runners will also be able to use the app so find other runners in their area. They can meet up and run a trail together. From this they will be matched with multiple individuals and they get to pick which one they want to workout with. Once both individuals agree to each other they will be connected. Each user will have their own profile. The profile is connected to their social media page within the app. The profile will have basic information such as gender and experience level. The social media page that each individual has can be public or private, allowing them to keep their privacy. If they choose to make their account private, during the matching process the only information given to the other individual is their gender and experience level. However once they match up all necessary information will be shared so that no one is considered a stranger before working out. The app will be free to use, however it will have two free matches each week. For a $1 a month or $10 a year individuals will get unlimited matches and a workout tracker that they have to upload their own workout. They will get to select one workout program every fourth paid month. For $2 a month or $20 a year individuals will get unlimited matches, a workout tracker with a timer, free workout programs and a diet tracker. The free programs will come from the app itself and individuals who upload their workouts. This plan allows for instant change without having to wait 4 months to select a new workout The diet tracker can track the nutrients from the meals they eat. The app will also have advertisements. There are multiple ad choices. For example they can purchase an ad that last 10 sec on the screen and the user can not exit. Or they can purchase a banner that stays throughout the duration the app is opened. The app will have a store that contains fitness products such as supplements and gear. 

Venture Concept

• This venture will connect individuals to a workout partner. Individuals will want to use the app because a gym membership is often expensive and when it isn't expensive on a monthly basis there is usually a contract involved making it more expensive longterm. They don't want to be wasting all this money. Therefore using the app to find gym partner is very appealing since studies show that having a gym partner resulted in individuals working out for longer and seeing more growth. It will be difficult to get individuals using this app since it highly depends on the number of users. If there are not that many users than others will not want to use it. So the main issue that needs to be solved is how to get a high volume market using it and then replicating that elsewhere. There are currently no competitors therefore, individuals will not be spread up between apps instead they will be on the same app if they choose to. This increases the number of users, increasing the effectiveness of the app. The price points are a main part. The free version gives access to the main feature of the app. Each price point higher is directed towards a different group of gym-goers. So it is directed at a wider audience then just those looking for gym partners. There isn't a need for multiple employees. The app will need individuals at the top that focus on the management and financial aspects. A technical team is needed in the future for updates as well as maintenance of the app. Initially however there will only be either me or another individual that will handle coding of the app. 

Three minor elements

• I think the most important resource is my desire to make the world more fit. This will keep me motivated and on dedicated to continue to pursue launching this and making it spread worldwide. Next for my venture will be to expand outside of the gym. Staying in the gym and only focusing on finding partners for lifters will not make the world more fit. Instead I need to branch out and incorporate other fitness activities such as running or yoga. By including other activities I can reach bigger crowds and spread fitness even easier. In the next five years I want to be capable of opening a training facility. The facility will focus on training athletes. I want to use fitness as a way to give athletes an advantage in their sport. For example, making running backs more agile and quicker. Or increasing the striking power of a tennis player. The facility will be designed for professional and collegiate athletes. But I want to provide free training for middle school and high school students.

Feedback received

• The feedback I received asked how big of a difference there is between the free version and the subscription version of the app. I thought I explained it clearly in my venture. During my whats next exercise many individuals stated that I should incorporate other activities such as running or yoga. 

How I changed it

• I decided to add other activities such as running to the app. By doing so I can create a bigger audience for the app even though the lifters and runner do not share anything in common. But by having a social media page, I hope they can influence each other and inspire each other to try new activities.