Opportunity Identification Log

Answer

Opportunity Identification Log

Taking long to pay in supermarkets due to slowly moving cues. This was frustrating because I got late picking my little brother from school. Ideally, I expected that since I was buying a single item, I would be served quickly.

Insurance companies taking long to evaluate accident incidences. The long turnaround time made us conceal our trip as they took over six hours. Ideally, I expected them to have representatives nearby and save on time.

The inability of all teachers to have a platform where they can offer online teachers. The incidence got me frustrated because many tutors remained jobless during the Coved 19 pandemic while online learning flourished. I expected that all teachers could move their lessons online.

Waiting for a long time in the hospital before receiving help. I got frustrated as I had to endure pain for over three hours. I expected that patients could be attended to faster as some experienced dangerous conditions.

Difficulty in accessing medical care for slum dwellers. This experience frustrates me because people in informal settlements have high medical needs, yet their access to care is limited Ideally, I expected that most facilities would be located near these areas and offer services at subsidized costs. 

Being cyberbullied online after posting something. I lost a sense of self-esteem as many people reacted to my photo upload negatively. Notably, I expected to find encouragement online from people who had managed to deal with overweight situations.

Frequent power blackouts in developing nations. We were disappointed to spent time in darkness after a power surge occurred when we were on a trip in Africa. Ideally, I expected that the government there had stable power supply.

Increased piracy of movies and music. I get frustrated by piracy when I see various artists struggle while they have produced content. I expected that the authorities will provide sufficient protection for producers and movie makers.

Difficulty finding a parking slot in malls and restaurants during peak hours. I could not find parking space in the restaurant, forcing me to drive for several more miles to another outlet. Ideally, I expected that all malls have enough parking space for all customers.

Failure of startups due to lack of funding. Notably, I could not grow my first company as nobody was willing to support me financially. I expected that there are organizations, either government or non-governmental, that help fund startups.

The reluctance of various healthcare personnel to adopt technology in their services. I was frustrated as I had to waste a lot of time paying for care by going to my bank as the hospital refused to receive money from my phone’s wallet. Ideally, I expected that all healthcare facilities have tech savvy individuals who understand trends in technology.

Increasing pollution of sea, oceans, and other waterways. The pollution frustrates me as most public beaches have unclean water, which makes it undesirable to swim there. I expected that to have regulations that prevent people from polluting waterways.

Taking long times to wait for real estate agents when searching for a house. It is frustrating as one has to take a whole day to see a few houses. Ideally, I thought that agents would be nearby the properties they manage.

Increased incidences of cybersecurity. This frustrates me because public computer spaces are no longer fun places as one can easily get hacked. I expected that internet providers could take care of all the security needs of users.

Managing electronic waste. The issue frustrates me because electronic waste is becoming the leading pollutants as there are no clear ways of disposing of them. Ideally, I expected phone companies to collect used and old electronics for recycling.

New Business Idea Summary:

The selected problem is long waiting time to pay in supermarkets due to slowly moving cues. The new business idea is developing a mobile-based payment system in malls and other large shopping outlets. The system will be a mobile phone application from which customers can pick items from the shelves then pay on their own. This will eliminates the need for having to go to the cashier for payment to be billed.

The business idea is informed by the need of many people wanting to take the shortest time possible when shopping even when there are slowly moving cues so that they may be able to carry out their other duties.  Often, people get themselves into stores on an urgency basis in which they just need one item. Thus, they should not spend much time.

The new business idea, which entails a unique payment system, will involve developing a mobile application that is downloaded from the Google play store or Apple app store.  After downloading, customers will need to set their profiles by commencing it with their credit cards and mobile phone wallets.  Regarding the stores, they will need to install special devices which are radio frequency identification transponders (RFID). Therefore, when customers enter stores and open their mobile applications, their phones will automatically connect to the stores’ RFID transponders allowing them to pay without going to the cashiers.

The system is unique as compared to RFID technology used by Walmart. Ideally, the system only works at Walmart, while my proposed solution will work for all stores.  Moreover, the cashless payment system at Walmart specific stores still requires customers to be screened by employees when going out after shopping. Therefore, the core value proposition of saving on time for shopping is eliminated as sometimes customers are forced to cue while waiting to be screened by the store’s employee on their way out. Another drawback is the integration of credit card information only in the mobile app for the current system at Walmart.  Therefore, people who do not have credit cards or money in their back accounts will not benefit. However, my proposed solution allows for integration with both bank accounts, credit cards, and mobile money wallets. As such, anybody with a phone can connect and buy quickly at any store. Another current competitor is Amazon Go. Ideally, the system has almost similar features like the Walmart system meaning that it can only work within amazon stores.

The uniqueness of the solution and few competitors means that there is a market for the solution as many stores will want to enhance the experience of their clients. Moreover, it is feasible because it will lead to cost-saving on the side of stores as they will not need to pay more cashiers. As such, they will be open to adopting the solution. Another indicator of feasibility is the increasing technological penetration across communities. Ideally, almost every American now has a smartphone. As such, each person is a potential user of the cashless payment system that is based on a mobile app.  Therefore, there is market for the product. Regarding stores, most of them aim at profit and sales maximization. In this regard, having a cashless payment system is likely to help the stores realize all these objectives.

Finally, the implementation of the solution requires various resources. Primarily, human skills in the area of technology, specifically programming required in developing the application. Similarly, financial resources are required to create RFID transponders for stores.