our idea vogel

venture idea

trigger:
- lived exp (Baron (2006) - knowledge/exp -> search. Pattern recognition (Ireland's housing shortage + AI matching technology + vacant homes data + student housing insecurity)
- market pull: irish housing crisis. 81% of people in Ireland are concerned about housing

sources of opp emergence:
- solving problem - 80,000 vacant homes that cannot be accessed or used
- changing trend (housing crisis rising, prices of homes rising)
- gap in marketplace (no convenient, quick, AI-driven rental app)

intentional idea generation

idea: using AI tech to match rental home-seekers to vacant properties instantly & seamlessly

venture concept

cust need:
- housing shortage worsening (~200-250k home deficits in ireland, population increasing +80k)
- data slow to update on current apps
- near impossible connection w letting agencies & landlords. Daft response rate 3%, avg 1500-3000 views per listing. Ghost postings, risk of scam.

cust segment:
- primary: beachhead - students & young professionals (18 - 30) who are looking looking to rent in dublin
- secondary: property owners & letting agencies seeking wider audience

resources & capabilities:
- AI powered matching
- Real-time vacancy data
- Mobile app platform
- Network of intermediaries

venture opp development

incubation cycle:
- pricing strategy (4.99 app fee, $100 conditional deposit, 5-10% commission)
- start w less saturated market - start in thurles (>1500 students, >8000 pop) then expand to cork / galway then dublin. Prioritise cust satisfaction ($100 refund)
- partner rather than compete w firms like daft - allow them to leverage AI tech powered from our platform
- app demo & features (filters, chat, map)

evaluation:
- desirability: externally driven conditions (market conditions, irish residental market value 23.5b, growing at 7.5% annually. Irish population growing ~80,000 in one year.)
internal factors: human capital (user-generated innovation), passion, personality
- feasibility: AI tech that allows for real-time matching feature.
mullins briefly
- window of opp: convergence of tech readiness (AI) + social urgency (housing crisis) = a first-mover in AI-powered vacancy matching

venture idea, venture concept, venture opp

idea: preliminary & incomplete representation of venture concept

concept: simplified rep of business model (cust segment, cust need, resources/capabilities)

opp: favorable combination of internal & externally shaped circumstances that make concept feasible and desirable

vogel (2017)

venture idea:
trigger
- resource push
- market pull
- desire to start

idea generation
- intentional idea generation
- accidental discovery
- legacy

venture concept:
- cust segment
- cust need
- resources/capabilities

venture opp. development & exploitation:
- incubation (shape & refine: customer need, resources, capabilities, test out concept (experiment)
- evaluation (mullins framework)