Venture Concept No. 2

Opportunity:

• There is currently a huge worldwide market for leather and fur. The industry is one of the largest in the world and is contributing negatively to both humans, animals, and the environment. The leather industry is both an environmental and humanitarian crisis. The tanning of leather creates many dangers to both the environment and those that work within it. The environmental threat involves the dumping of solid and liquid waste that contains leftover chromium and other hazardous compounds. 
• The chrome pollution that comes as a result of the tanning process is extremely damaging to the environment, as well as the water waste that is produced in this process. The large doses of chromium produced when tanning leather can damage fish and plants in the area it's dumped in. 
• Due to the rise in environmental sustainability and veganism in society, there is a need for a good leather alternative. Many people are starting to become aware of the cruelty that goes on in the animal agricultural industries, and it's creating a market for animal alternatives. 
• This is a big opportunity because there is not a large market for a leather alternative. This leaves a lot of room for a company to come in and rule the market for vegan leather, and possibly many other vegan alternatives. 
• The potential customers are those who have an interest in environmental sustainability, veganism, and humanitarian efforts. 

Innovation:

• My innovation will be a sustainable alternative to leather, which will be made from plant materials. This product will be good for the environment and not pose a threat to animals or humans, which leather does. This product will be able to be compostable when desired, but it will be as robust as real leather and will be used in the same materials. There are leather alternatives that exist, but none are made from plants and made to be sold in large quantities. This product will be sold to individuals in the form of shoes, car seats, and handbags. 
• This product will be sold in bulk to businesses who want to reach a larger audience and demonstrate that they care about the environment. I would sell this product by the amount or weight of the amount being purchased, possibly around $250 per yard. 

Venture Concept:

• Individuals will buy my product if they are concerned with the environment and the way that animals and humans are treated in the leather industry. They would buy my product at boutiques or clothing stores where they would normally buy shoes or handbags.
• Businesses will buy my product to show that they care about the environment and are taking a stance for something positive. People want to buy from companies who want to make a difference in the world and put their hard-earned money into the hands of people who care. Many companies now are starting to be more environmentally conscious due to the huge growing concern about the state of the earth. People are willing to change little things in their life more than ever in order to possibly minimize their environmental impact. Businesses are realizing this and are starting to take the initiative to "go green" in little ways, which piques the interest of buyers and therefore boosts their sales.
• People will switch to this product if they have the proper education about the leather and fur industry. It might not be an easy feat to get people to switch from a product they have been using their whole life, but it is possible with the proper education. I would have to create a large ad campaign to demonstrate to people how important making the switch is. Advertising would have to play a huge role in the success of this business endeavor.
• Price point: The price point for leather products are currently not high, but it depends on the brand. My specific leather would be made from plants, so the price will be comparable to real leather. I would also make it my mission to pay my workers well and create a friendly working environment, which might increase the price of the product.
• Distribution: I would start distributing this product to vegans since they are already the target audience. Vegans already have an interest in buying meat alternatives, so they would definitely be willing to explore leather alternatives.
• Employees: I would definitely start with a small number of employees. Creating a faux leather would not take a lot of manpower, but would need to focus more on skill. It takes a lot of knowledge to create a sustainable alternative to any product, so creating a leather out of plants or fruit skin would take a lot of effort. I would also make it a goal to treat employees as best as possible and create a good working environment.

Unfair advantage:

• I think it would be hard for competitors to have the same motivation that I have for creating this product. It isn't easy to maintain strong ethics and morals when going into a business, but if I can uphold these then it will be hard for competitors to get a leg up. Consumers are attracted to companies that have a strong backbone and a passion for sustainability. Other companies can create a similar product, but having the ethics surrounding my product cannot be matched. 

What's next:

• I want to make sure that people realize that they are constantly supporting an industry which is so detrimental in so many ways. People are very unaware that when they buy something, they are directly supporting a whole industry with their money. 
• For me, I would like to learn more about industries in the world that are so negative but people aren't aware of it. There are many industries out there that are running on poor ethics and destructive ideas, and I want to make sure I am not supporting them.

Interview reflection:

• All in all, this segment opened my eyes to different features and possibilities of the product. Over anything else, the faux leather needs to be perfect in order for people to consider it. I should go to a place that already sells a leather alternative and considers what can be improved on in terms of material, texture, and the product. If I have a product to compare to and improve on, it would make the product better. From conducting these interviews I learned that there was a lot of pushback to using faux leather due to the fear of customers now being interested. There was a common concern of the loss of customers since it is such a huge change for companies to switch over such a desired material. The demand for faux leather might not be that high because there are not a lot of people who are educated in the leather industry. I learned that people are really afraid of implementing new products into their business because they are fearful of losing sales. I do think the concern is valid because people, in general, don't like change, but with something so detrimental to our environment, I think people would be willing to buy a leather alternative if people were educated on the topic. 

How I changed: 

• Based on the feedback I received, I changed a few things regarding my product. Firstly, I noticed that people wouldn't necessarily be willing to completely switch over to fully vegan leather, so I thought maybe I could incorporate some recycled leather in order to help the environmental waste as well as help transition people. I also found out that people aren't educated on the industry so I would have to focus a lot on advertising and making sure that people are informed on why I am selling this product.