Assignment 24A- Venture Concept No.1

I believe there is a great need for better cybersecurity software. These days, everything we do from banking, to school, to documenting of health history is conducted online. This poses a serious threat that anyone with malicious intentions to commit fraud, or otherwise steal sensitive information to sell to a third party, can easily do so. Software and antivirus programs that currently exist on the market can be very expensive and not provide effective coverage. We’re constantly hearing of leaks of private information, social media accounts getting hacked and credit card fraud. There is a significant unmet need to improve cyber security for individuals, as well as companies, businesses and health care providers. No one wants their identity, social security or other sensitive information being leaked to those looking to commit transgressions with it. Private data should be kept private. In terms of hospitals and health care providers, often times, patient files are recorded on an online system. If this system does not have adequate protection, health histories and other sensitive information could fall into the wrong hands. These unfortunate people who have their information stolen and made public could be susceptible to everything from wrongful employment discrimination to termination. Since I have a lot of family members that work in the health care as well as in hotels/motels, I know the online systems they use to keep records isn’t that secure.

Although there are standard security measures like a password and login, there isn’t much else required to access the system. Once in, all that is often required is entry of a birthdate to access a customer/patient file. There should be a system that employs multiple checkpoints and runs various scans before access can be granted to such private data. That’s where my new cybersecurity software system comes in. I am proposing a system that incorporates multiple checkpoints, along with antivirus/firewall protection that can secure our networks. Not only would this save companies millions in reimbursement, but it would prevent the stress and turmoil that could ensue from foreign invaders gaining access to your sensitive data. There should be system that exists that requires much more than a simple password and birthdate to access consumer’s file. I think the window of opportunity for my product is huge considering most business transactions, and record keeping is done online. With the outbreak of the coronavirus, everything is moving online. Everybody wants to have a secure network to operate from and be worry free that whatever they put into the cyber space isn’t stolen and used for malicious purpose. Essentially, I am offering a cybersecurity system that provides comprehensive protection from invaders by integrating a checkpoint system with firewall/antivirus protection. The system will also have face recognition with checkpoints of its own, so no unauthorized users will be able to access sensitive information. In addition, my product would offer a holistic system so that it can be used by businesses as different as hotels and hospitals.

Quality cybersecurity systems, like those provided by Siemens and Norton, sell at an average of $1000 and more. Since my system will have the benefit of being tried and tested and created without much initial investment due to my connections in the industry, I will try to sell it for half the price at $500. In addition, I will include a package that if renewed annually, a discount of $50 will be included. Members will also enjoy benefits by accumulating points for free scans and file cleanups. I hope these measures will help me outcompete some leaders of the field. While my innovation is a fairly new idea and hasn’t even begun to being developed, I think once it does hit the market customers will be drawn to it. Customers will see that it is much cheaper than some of the leading cyber security software’s and will be tempted by its promise to offer comprehensive protection. In addition, I will use my connections in advertising in the media to promote the product as much as possible. Social media will also be a big platform of promotion. The main selling point will be highlighting the threats that exist on the internet. When it comes to cyber security, not much is marketed on tv, radio or social media. The average person is unaware of the various software that exist and the resources that make one company better than another. The more they see a certain company’s cybersecurity advertisement or hear about its benefits, they are more likely to look into it and talk about it with their close circle. In the end, they will be likely to purchase our product and help spread word about it along the way.

Other companies for cybersecurity don’t really make advertising and branding a priority, as much as they could. I feel like focusing on this aspect can really give my product some edge. Another benefit of my product would be that it wouldn’t take up too much space and be a simple download that doesn’t need any instore travel or hassle. There will also be a support line so that people can get immediate help when trying to set it up. Idealistically, my business would have over 1000 employees and we would be able to dedicate a team for solely support/setup, another for updates and any problem utilizing the system/ and another for marketing and promotion. The base of my staff would be people in the IT and cybersecurity field, who are trained to make changes as the world adapts to new security measures.

Like a real virus hackers can adapt, so it is always necessary to stay up-to-date with the latest technology and viruses that exist. For this reason, I believe my most important resource will be the family connections I have in the IT and cybersecurity field. Not only will they help me develop my cybersecurity product, but they can help me test it on a large network. I believe for my venture the next step will be talking to my family members in these fields and starting to develop a product that can offer comprehensive protection with multiple checkpoints. Even though no system is completely full proof we can try to get as close as possible. In the next 5 years I hope to atleast have a product that delivers on this promise and begin marketing it. Through social media and my connections on the news I hope to engage as many into the topic of cybersecurity as possible. I hope that this will increase interest and a potential consumer base. This first venture will be my introduction into the business world. I will learn all the dos and don’ts and realize how the corporate world is actually run. From this point on, I will expand my businesses from the knowledge and experience I have gathered. I’m sure I will make a lot of mistakes along the way, and hope to learn from them as well.