2. Many people, especially college students, find themselves misplacing their debit/credit cards on a daily basis. If you're anything like me, you lose your card every girls night out. It is a common problem, no matter how old someone may be. The need for a tracking device installed in cards is insanely high. 2020 holds a generation of irresponsible individuals and everyone would benefit from an app compatible tracking device installed in cards. Instead of having to cancel your card, wait 5-7 days for a new one then re-link your card to all the bills you have to pay, one can simply track the last place they had there card near their phone almost like a key tracker.
3. While this tracking device would benefit many people nationwide, I will be targeting mostly young adults such as college kids who tend to be more irresponsible comparatively.
4. Interview -- I interviewed my sister, who also happens to be a victim of losing her card to every week due to Latin nights at white buffalo.
What is the exact nature of this need?
"I need my card at all times, that's where I keep my money. If i lose my card, i basically starve or live off of venmo for a whole week"
When did you become aware of this need? Do you experience this need all the time or only sometimes?
"I've been wondering why a tracking system hasn't been set up since 8th grade when I first got a card. I think I've ordered 40 cards in my life time. So ya I'd say I experience this need quite often."
How long have you had this need?
"I just said since like 8th grade"
When did they first become aware of their need?
"Dude why are these questions so repetitive? I became aware of this need long ago but now that I am in college I'm about to invent a tracking system myself that's how strongly i need this"
How are they currently addressing their need?
"I use money sharing apps like venmo or zelle and just have people pay for me while I wait for a new card to come in the mail since my bank doesn't do temporary cards."
How satisfied are they with this solution?
"I don't really have any other option. I'd much rather have my card on me but I guess this works for the time being except for the fact that my friends love leaving gainesville all the time and sometimes I don't have anyone to pay for my stuff if none of my friends are in town. That's when I really starve."
5. Reflection: I learned from my interviews that this is a common problem among individuals. My other two interviews basically said the same things as my sister so I only added hers above. I interviewed my mother (43), My sister (19) and my roommate (22) and came to find that all of us would benefit from a card tracking system. No matter how old or responsible, A card is a flimsy piece of plastic. Its bound to get lost in cracks or left in bars. We're all human and with something that small with such a huge significance in our lives should be protected.
7. Summary:
How much of your original opportunity is still there?
It is 100% still there. I found that we all came to the agreement that this is a common problem and the need is very imperative.
Do you believe that your new opportunity is more accurate than when you started?
I knew that is would be very beneficial for everyone so not really. I stand by my initial thought. I am now just more certain than ever that everyone can agree we lose our cards often and a tracker wouldn't be a bad idea in 2020.
How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? (In other words, is there a trade-off between adapting and staying firm?)
Customer feedback is what keeps a company afloat. If buyers don't see an attraction to your product, you will get no sales and a company will end up failing. You must please the people at all times to thrive in today's market.
Gianna, I agree with you totally! I definitely feel there is an unmet need for individuals to have a way to track lost/misplaced credit/debit cards. Upon reading this, my initial thought was “Find My iPhone.” Since something like this already exists for smartphones, why not our credit/debit cards. Apparently, the smart chips currently in most credit/debit cards don’t allow for this. My only concern, aside from protection of personal information, is the cost that could be associated with implementing this type of service.
ReplyDeleteHey Gianna! I've never lost a debit card, but to be fair I kind of guard mine with my life. From what I know, I think it would definitely be possible to do, but it probably depends on how much you can fit into the card itself. I think if you could find a way to get around that you would definitely have a major opportunity here. Maybe a sticker that you add on to the card?
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