• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Element 1. Compelling Unserved Need > The Coin-Operated Laundry—Compelling Unse...

The Coin-Operated Laundry—Compelling Unserved Need score: 5

Entrepreneurship is best tailored for taking an innovation to market, so it would be helpful to examine something that was both familiar to the average reader and blessed with an innovation. In each element we will take the Innovator’s Scorecard on a test drive. Let’s examine a hypothetical coin-operated laundry that will offer the services of machines that clean all materials and all stains. No stain will stand up to it. The machines are 25% more expensive than your competitor’s machines, but properly set they will clean woolens and other fabrics that are otherwise extremely vulnerable to indelible stains. You also have the equipment necessary to clean and press suits and dresses and clean, starch, and press cotton shirts and blouses (although at lower and more traditional prices). The revenue model for the machine manufacturer is equipment sales and not a franchise based upon a patented process. The full scorecard for the Coin-Operated Laundry can be found in Appendix V. Regarding the coin-operated laundry’s Compelling Unserved Need, I score it a 5. Clean clothes are always in style and the need for them is certainly compelling. However, we have a question on how well the market for clean clothes is served. Compelling? Sure. Need? Yes. Unserved? Hardly. The score here should reflect the highly competitive circumstances in the market. I would score this item, at least on the first round, at a 5. I would also expect to see the number improve after further consideration of the uniqueness of the cleaning, the ability to bottle up the availability of the product, and the circumstances surrounding the location of alternative cleaning establishments within that location.

Element 1, Compelling Unserved Need score summary:
Weight 3 × Score 5 = Total 15



PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint