Assignment 25A- What's Next

Assignment 25A- What’s Next

Existing Market:

I believe what’s next for my venture in the existing market is for me to get together with the contacts I have in the IT and cybersecurity field and build a cybersecurity system that offers comprehensive protection. When I interviewed my uncle who works as a cybersecurity consultant for AMBAC insurance and asked what should we do that we aren’t planning to do? He stated we need to build a team that can actually be committed to this project. No one person can accumulate all the data and software to come up with this system. We need multiple people working on this project. Everyone on this team will also be working other regular jobs, so it is important that we take that into account with the time frame. When I asked him if customers were on the market for an effective cybersecurity system, he said it is a great time to go into this business. According to my uncle, as the world is becoming increasingly cyber there is demand now more than ever for cyber protection. Companies want to make sure that their private data, as well as sensitive information about their consumers is protected.

The second person I interviewed was my cousin Pujan who also works in cybersecurity. When I asked him what should we do that we aren’t planning to do? He stated that there are new changes in technology and new viruses that erupt daily. It is important that we as a team have enough people to stay up-to-date on these adaptive threats. We need to evolve and adjust our system with the same speed as hackers and those looking to commit fraud. When I asked him what customers may want next out of a cybersecurity system, he said people would definitely be interested in is a system that doesn’t offer easy access. These days when everything about our lives is stored on the internet, we don’t want this information to get into the wrong hands. As Pujan alluded to a system that grants access to only those authorized to view information is essential. There are many ways to circumvent this, but we need to implement additional roadblocks for hackers. The third individual I interviewed was my cousin Nidhi, who works as an attending resident at Mt. Sinai in New York. When I asked her what should be doing that we aren’t, she stated that it was important to analyze breaches that have occurred in hospital systems and other large corporations. By analyzing this past data, you can gather how leaks occurred and how to prevent similar mistakes in the future. When I asked her what my customers might want next, she said a cybersecurity system that won’t cost thousands of dollars. Average workers and students don’t have that much money to prioritize towards cybersecurity. Providing something that is effective, but affordable is key.

Following my interviews, I agree that I need to deliver on creating a safe, comprehensive and relatively cheap product. Once I am able to produce this sort of product, I think the next step for my venture to grow in the existing market is to promote as much as possible. When an average person is on the search for a new cyber security system, it isn’t always evident what technology is the best, what sets one apart from another or even why it is necessary in the first place. When my product comes out I am going to reach out to the contacts I have in media, as well as social media influencers, so that the masses can hear about it.

Being able to reach millions and make them understand why it is unique and necessary could have a significant positive impact in building my consumer base. Another thing that could help grow my existing market is to make apparent the existing threats that exist online. I think in today’s day and age we kind of just accept that everything is recorded by Google and all our records saved. However, this can be very dangerous and past examples of cyber theft and hacking should be brought to light in the media. This increased circulation will heighten concern, and make people more aware of the need for effective cybersecurity.

New Market

Another market that I also plan on targeting is the poor portion of society. I understand that many people with economic struggles, are not going to prioritize a cybersecurity system. Despite this, I am willing to highlight all the reasons they should and offer breaks and discounts to all those that subscribe to an annual membership. Having less funds means that you have more to lose if fraud is committed at your expense. Online transactions have a high chance of being monitored and tracked. This make poorer people just as susceptible to credit card fraud, and other leaks that could cost them thousands as everyone else. However, unlike everyone else, poorer people have more to lose. To understand this new market, I first interviewed my friend Aditya who is a third year college student at Carnegie Mellon. As a student who is primarily paying for his own education, he barely has enough money to get a week’s supply of groceries. When I asked him how my business may help someone like him, he stated that if it was affordable enough it could help him incur any fraudulent charges or issues. When I asked him what adaptations I should make to appeal to people that may not have much money, he said it was important that I keep the price point in mind. He said I could run promotions at special times in the year, where people like him could potentially capitalize on some needed protection.

The second person I interviewed was my friend Jenna, she is going to dental school and like Aditya doesn’t have extra money to shell out on products not needed for sustenance. When I asked her how my business may help people like her, she stated that it could give her some comfort and security in knowing her credit card information, identity and other sensitive information is being protected. When I asked her the adaptations I should make to appeal to someone like her, she again touched on the price. She stated if the price was kept lower for those in graduate school, college or other professional school, I might see a huge increase in subscriptions.

After interviewing this new market I was surprised to see that even people with not a lot of money were still willing to purchase a cybersecurity system for the right price. As long as my product was offered at a substantial discount, they would be willing to designate some funds for peace of mind. Both the people I interviewed acknowledged that if financial fraud or other hacks were committed against them, it would cause a great deal of damage and stress. Due to this sentiment, I believe the assumption I had that poorer people have more to lose to be correct.

If someone only has $50 in their account and $30 is fraudulently taken out, that person is going to have significant stress the next day when they call their bank trying to get their money refunded. However, with increased cyber security, the chances of such fraud occurring because of an online transaction and greatly diminished. I think this market is as attractive as my existing market because with diminished prices for students and other struggling workers, I believe I will increase my consumer base. This will eventually make me popular in places of diverse income and help me grow.