Making my pitch: https://www.youtube.com/watch?v=XU-qWDIhF18&feature=youtu.be
Step 1: State the
product and category: CardBlock This is a mobile app that allows
people to budget their money at particular restaurants, clubs, and vacations as
well as alerting them constantly about their spending.
Step 2: Describe the Problem: Cash is the only way to
limit ones spending but is so easy to be misplaced or be stolen. Going on
vacations it is much safer to bring cards but gives you an unlimited budget and
sometimes hard to see how much you have really spent. An average budget on
vacations are anywhere from 100-400, if you misplace your wallet there are few
good people who would return it with that much money inside. However a wallet
with just cards is much more likely to be turned in and this app will help you
track exactly how much you have spent and how much you have left.
Step 3: My solution: This app will allow you to set a
budget on your card “a cap” on the amount available to spend in one night, you
can choose the places you are going and set up a maximum amount able to spend
there, throughout your time there you will be alerted when 25%, 50%, and 75% of
the budget has been used up, once the cap is met the card will be frozen from
that particular area for 24 hours. This way you can have the limited ability of
bringing cash on a night out while still have the convenience and safety of
just carrying around a card.
Step 4 why this is such a good solution: Other apps
that focus on budgeting still require you to enter in everything you spent your
money on and that is not the point of this app. Once you go out to the bar or
vacation you hardly ever think to write down everything you spent money on.
This app allows you to go in before you start spending and decide the max
amount you are willing to spend at a particular place. While you are spending
you are constantly being alerted via text message when you are coming close to
reaching you budget. This app will also not allow you to surpass the budget,
the card will suddenly be frozen for 24 hours from that particular area.
Collin,
ReplyDeleteNice job with your elevator pitch. I really like your idea. I can think of numerous times when this would've saved me hundreds of dollars. The only criticism I have is that I would work on your delivery. It wasn't very smooth, but obviously if you were presenting for actual investors you would've practiced more. Keep up the good work.
Thomas Reid
Collin,
ReplyDeleteI thought you did really well with the elevator pitch and I like your idea. I think there are a lot of people that could use some help with budgeting, especially college students when they go out. I think it would be a good idea to highlight that fact.
I think that you had a great pitch and that you have a really good idea. If you can you should definitely try to go forward with it. People hate waking up the next morning and realizing how much they blew the previous night. The only issue I see is what if there is an emergency. How would they be able to get rid of the lock on their card?
ReplyDeleteGreat pitch collin! I really liked how you opened up. Try to talk a little slower and a little bit more clear. Try to memorize your pitch a little more, so that you can give it a little bit more of a structure that encaptures your whole product so that you don't have to repeat yourself. Great pitch.
ReplyDelete