IST 425 New Venture Creation was all about coming up with a new business idea that is going to revolutionize the world. From this idea we would go through the process to determine whether or not our new business concept is feasible and begin preparation to gain the resources to turn a vision into reality.
While coming up with our new business venture, Dr. Macy had us thinking long term and only about large-scale products that would allow us to become self-employee straight out of college. The goal was set at $50 million dollars of revenue in the first five years of business, which he denoted as, chump change‚ while looking at new ventures.
From this class Paul Silvis and myself presented our pitch of SpeedCountry.com to the class and how we think there is money to be made in the automotive field. Our idea of creating a virtual car show for people to share and compare their vehicles was something that caught the attention of everyonee. From this our company gained additional resources and we now had Dan Attilio, Ryan Loesch, and Roeutana Sorn working with us for a semester to help develop a solid feasibility study and determine the potential financial success.
Dr. Macy had us outline an Executive Summary, determining our mission statement and who we are providing economic goods for and how we are to create our brand identity. From this we analyzed the automotive industry and determined the exact market segmentation we are after. We had to analyze our competitors and develop a full SWOT analysis of them determining where their flaws and weaknesses may be that we can capitalize on.
Furthermore we determined our exact sales strategy and how we are going to ensure revenue, and predict our net worth in five years. From this we determined our time line to launch and are happy to let you know we are looking to release very shortly.
Unfortunately I cannot include our feasibility study and the specifics about our company. If you are an investor please email me directly at MikeSilvis (at) gmail (dot) com and we can arrange a meeting to disclose our study