24A - Venture Concept No. 1

In a University as diverse and large as University of Florida, there are bound to be opportunities for growth and entrepreneurship. These opportunities start with a need, and upon observing life at the University it is clear that there is a need for more space to study on campus. This need is felt throughout almost all of the University students.

            The nature of the need is that it is one that is extremely pressing at certain times, and simply desired at other times. For example, on an average day at the university, the libraries tend to be pretty full, however you can still manage to find some space if you spend some time looking. The need becomes exacerbated during high-demand periods such as exam week and it becomes impossible, or nearly impossible, to find open space on campus.

            This opportunity is huge for individuals who plan to expand the campus and add another building that will satisfy these needs. I also feel as though the demand for more space will simply increase as time goes on, since the University has made no effort to expand their very limited space and since the population of UF is continuously growing.

            It is important to remain fixated on both the highly diverse and young demographic of the students, as well as the middle aged men that comprise most of the decision making positions at UF. While the decision makers decide whether or not to expand, the students’ demands is the factor that drives these choices.

Innovation

            The innovation that I am proposing is not particularly innovative, but I believe it is a solid entrepreneurial plan since it satisfies an unmet need and has potential to generate a large amount of profit. Since my company and I can fulfil this need and construct a library on the University’s campus, I can make profit through the resources I would be providing to the University. What I am selling is everything ranging from project management, a facilitation of cash flows, our planning activities, as well as  the human capital and labor essential to physically build the library.

            The University would have to pay for this project by a reallocation of money in their budget, donations from individuals/companies/alumni, and maybe even from fundraisers and support from the students. A service my company could also provide may be low-budget marketing that would generate the student’s support so that enough funds could be generated to complete the project. All in all this project would be highly profitable for my company and extremely beneficial to the students and staff at UF.

Venture Concept

My innovation will solve the need that is currently at the University of Florida by providing the students with the space that has been desired for a long time. Not only would there be an opportunity for study space, but the construction could also fulfil the need for parking and the library could include other elements that would enhance the university. This could include a resource/advising center or even another place to get food.

            One of my biggest points about the importance of this innovation is the overall implications it has as a whole. Over time, the University of Florida has become an increasingly higher ranked college and at this point in time, it dominates its rival schools, holding a ranking as the #7 Top Public University. With a grand title like this, along with the similarly impressive and world renowned sports teams, clubs, and programs UF has to offer, it is essential for the University to continue growing and evolving. Not only would library space provide students with the resources they require to be successful, but as an enhancement of the campus, it would help to attract more successful students from around the world.

            Currently, since other construction companies have not demonstrated a similar proposal of these ideas to the University, my company maintains a strong advantage by being the only company pushing for this opportunity to be utilized. The majority of the costs for a project as large as this one would go towards tools and human capital, but since there are no competitors devoting their work to embellishing the University of Florida’s campus, I believe my company would stand apart by maintaining close ties with the University. In this way, the company can conduct research and develop future ideas for projects that would continue to help UF grow over time.

The Three Minor Elements

I believe the most important resource would be the close ties held with the university. By creating a partnership with UF, my company would be setting itself apart from other companies and creating opportunities for future projects. Additionally, the fact that I am a current student gives me more insight into what the library would need, where it would go, how to fund it, and more.  

In the future, I could see the venture working with UF once again to continue planning and carrying out other projects, such as expanding the gym and creating more parking on campus. The venture could also work with other universities and specialize in campus enhancement, which would provide a specialized service that may be highly demanded.

For me, I can see myself working with this venture as the CEO, coordinating both big tasks as well as managing the details of how construction and operation would be carried out. I would be interested in expanding this venture into far more than the construction of one library and make it a campus developing venture that provides project planning, construction, and perhaps even advising.

I believe there are dozens of ways to go regarding my current project and the long term goals, and in this way,  I find it extremely exciting and motivating to take a step back and analyze my current project as well as where this venture will go. Overall, I am excited to take my ideas a step further.  

Word Count: 985