15A- Figuring Out Buyer Behavior #2

Interview #1

1)      In my first interview I talked to my supervisor at the sleep away camp I worked at.  This woman is in her mid-30s and has three kids who also attend the summer camp.  I chose to interview my supervisor because we have lake and beach at the camp.  According to my supervisor, her kids dread going in the lake because they do not like the sand.  To minimize the amount of sand that sticks to the skin my supervisor said her kids do a few things.    They often use a towel to wipe the sand, water to wipe the sand, or anything that could be effective.  Usually when deciding between the options my supervisor said her kids use whatever is convenient rather than most effective.  In terms of wiping sand off, the price is not typically considered with items that are convenient.  When suggested the use of my product, my supervisor said that she would be interested in it and would rather purchase online.  With three kids and a busy schedule she said that its typically more convenient to purchase items online.  My supervisor said that in purchasing a product customer service and product reliability are two important things to consider in deciding whether to purchase a product.

Interview #2

2)      In my second interview I interviewed the father of my friend who annually attends Aruba with his family.  In this interview we discussed how him, his wife, and two kids go to Aruba each year to spend time relaxing on the beach.  According to the guy I interviewed, they typically use the convenient showers opposed to a towel to wipe off the sand after leaving the beach.  However, he said the water pressure is never enough to get the entirety of the sand off his body.  In this interview he said price would not be an issue in purchasing a product that would be effective in preventing sand from sticking.  Although he said that the towels and showers are convenient, they do not do a good enough job in getting the sand off his body.  He also said spending money on a product like this would save him from hearing his kids complain that they are itchy from sand.  He said he is more likely to buy a product in a store such as a convenience store rather than online because he is not tech savvy when it comes to ordering products online.  When using product, the father I interviewed said he wants to product to work and no be deceptive.  When using products, he said he typically likes to recommend products that work as described and hates when the products lie about the quality and benefits.

Interview #3

3)      In my third interview I talked to a mother and school teacher in south Florida.  Living in south Florida, this mother and her daughter tend to visit the beach on a frequent basis.  In this interview we discussed how her daughter loves rolling in the sand and does not care if she leaves covered in sand.  As they leave the beach, the mother said she tries very hard to evaluate her options and decide what the best way to get the sand off, so it does not get in the car.  Her alternatives are usually limited to a towel and the convenient showers.  In the end she said she typically uses a combination of both to get the most amount of sand she can get off.  This mother said she would buy a product to prevent sand from sticking both online and at a store depending on the price.  As a single parent, she likes to get the most for her money for the best product available.  Since price is very important she would want the product to act as described and would feel like it was a waste of money if they product did not work. 

Draw Conclusions

4)      All three people I interviewed have a reason for not liking sand and fit the segment I want to reach.  All three also expressed that their alternatives to get the sand off are limited to using a towel and the convenient showers located at the beach.  However, the introduction of y product would intrigue them and all three would consider purchasing it on the basis that it works effectively.  In 2/3 of my interviews, the people said they would be willing to purchase the product online but in one the person said they would rather purchase it product in store.  The price of this product mattered for some but in the end if the it was a clear consensus that if the product worked as described the price point did not matter as much if it was reasonable.  Additionally, as I mentioned, for this product to be successful over other alternatives it would need to work as described.  

14A- Halfway Reflection

1) Tenaciousness is a competency- One thing that I have learned from this class so far is that no idea is a bad idea.  Throughout this class we spent a large amount of time coming up with business ideas.  I really enjoyed doing this because it opened my eyes on the fact that there are many needs and opportunities that could be solved my entrepreneurs.  Also, taking this class has taught me to view the world from the mindset of an entrepreneur.  Instead of getting annoyed by unsolved problems in the world I can look at it as an opportunity to create value for other people through goods or services.  I have also learned to be successful it is important to work hard and be dedicated to your product even through times of adversity.  Many of the successful entrepreneurs we have looked did not have an easy road to success but believed in their and did not give up.

2) Tenaciousness is also about attitude- When I was younger I started to play the saxophone in middle school.  This was the first time I had ever tried to play an instrument and I was not that good.  Learning how to play an instrument was tough, reading music, playing notes, and other things associated with playing an instrument.  I wanted to quit and do other things I enjoyed such as playing sports.  However, I stuck with it and practiced very hard.  As I got older I practiced increasingly and got better and better.  One day it hit me, my practice had paid off and I had finally become an adequate saxophone player.  This moment taught me that hard work and dedication can pay off even through times of adversity and failure.  Learning to play the saxophone was a process like being an entrepreneur is a process.  Over these past two months I better understand that being an entrepreneur is a process and it is important to not give up to be successful just like anything else in life.

3) Three tips- Tip #1 When brainstorming ideas for solving an unmet need, no idea is a bad idea.  I may be hard to come up with ideas but take a step back and look at the bigger picture.  There are so many little problems that could be solved by entrepreneurs and the opportunities are endless.  Tip #2 The entrepreneurship mindset is a process.  It may take time to figure out how to think like an entrepreneur.  Watching the lectures in class and taking the assignments seriously can help guide you to understand how to think and act like an entrepreneur.  Tip #3 By taking this class you probably won’t leave with a million-dollar business idea but instead the tools and knowledge to guide in the right direction for the future.  Coming up with a million-dollar business idea takes time and is not always simple.  This class can help point you in the right direction and if you are serious about becoming an entrepreneur take all assignment seriously and absorb as much information as possible.  This involves taking the time to write peer reviews and read the one’s people give you.

13A- Reading Reflection

1.      Grinding It Out: The Making of McDonald’s by Ray Kroc was a very fun and interesting autobiography on how Ray took a restaurant idea from nothing and turned it into one of the most successful food franchises in the world.  The first McDonald’s was founded in 1940 by the McDonald brothers as a typical drive-in restaurant that was successful among teenagers.  One thing that surprised me was that the brothers closed this originally successful restaurant to transfer it into a new style of restaurant.  I understand as an entrepreneur it is important to take risks in an idea that you believe in, but the original McDonald’s was already successful.  The new McDonald’s was a resturant with the minimum in service and menu similar to what we know today.  I admire the brothers’ understanding of satisfying both customer needs and wants.  They understood that creating a restaurant that was convenient and simple would be very popular among consumers.  Also, I admire Kroc’s mindset as an entrepreneur by spending over twenty years trying to expand McDonald’s across the world.  Kroc combined his knowledge selling Multimixers and passion as an entrepreneur to help expand the business model of McDonald’s.  The only problem I see with the expansion of the McDonald’s brand is that it promoted unhealthy foods in exchange for convenience.  I understand that in the mid-1900s health was not a concern, but the McDonald’s brand could have pushed healthier foods as well as convenience earlier on than it actually did.  Early on in Kroc’s business with Multimixer, he faced adversity on the ownership o his business.  This stressful time for Kroc taught him valuable business lessons which in the future helped him develop successful franchising opportunities for McDonald’s.

2.      Ryan Kroc’s knowledge on franchises helped him expand the brand of McDonald’s across the world.  Many McDonald’s stores were franchised and created a culture of small businessmen.  This helped expand McDonald’s because each franchisee pays a percentage of its gross sales to the McDonald’s corporation.  This allowed McDonald’s to spread its brand all across the world while also getting money at the same time.

3.      The only part that I was confused by was the specific role the McDonald brothers had in comparison to Ray Kroc.  Ray Kroc credits himself as the reason the McDonald’s brand has been able to expand but I would like to hear from the perspective of both McDonald’s brothers on how much they contributed to the expansion of McDonald’s across the world.

4.      Would you change anything in the way you conducted business early on in the production of the McDonald’s brand?

-As successful as McDonald’s has become, there are always small changes or problems that could have been made or solved that were originally not seen as an issue.

What are the plans for the future to continue to expand the McDonald’s brand?

-To continue to maintain a successful business for a long period of time one must continue to try new things to please the changing needs and wants of customers.

5.      For Ray Kroc, I think his opinion on hard work is determined by success.  Kroc has spent over 20 years expanding the McDonald’s brand across the world and I do not think he had intentions to fail.  As a businessman Kroc understood there would be obstacles to face but was determined to succeed.

12A- Figuring Out Buyer Behavior

Segment

The segment I have chosen is parents, in their late twenties to late thirties, who are of middle class financial income and have jobs that allow for vacation time and ability to pursue tasks of enjoyment.  I chose this segment because parents of children may want to have a sand repellant product for their kids or for themselves.  The age limits I chose are for people who are old enough to have kids and have the desire to go to the beach.  The work and income description I chose would be for people who have the time and money to attend the beach on a frequent basis.

Interview #1

In my first interview I spoke to my neighbor who is 33 and the mother of two girls aged seven and nine.  My neighbor is a school teacher and told me that her and her family go to the beach about six times during the school year and more frequently during the summer.  Living in south Florida, my neighbor and her family would typically drive to Hollywood beach for the day.  I asked what she enjoys and if any problem could be solved about these day trips to the beach.  She told me her only issue with going to the beach is the amount of sand that her two girls would carry back on their skin that would get in the car and be a pain to vacuum and clean.  My neighbor expressed that no matter how much she insisted on using a towel and or public showers to get the sand off it was always inevitable that sand would make its way into the car.  This need awareness is evident every time they would get ready to leave the beach.  Additionally, my neighbor has told me that her husband is not a fan of the beach because of the sand.   

Interview #2

In my second interview I spoke to a graduate student while I was waiting in line at Starbucks.  This gentleman is 28 and has a child on the way.  This person I talked to grew up in Tampa and would go to the beach on a frequent basis.  In our conversation the man I talked to said he has a motorcycle and would enjoy driving it to the beach.  However, after leaving the beach the sand on his skin would rub against his shirt and would be very irritating while driving the motorcycle.  He acknowledged that he could drive his car instead but would rather use his motorcycle, so he would not get sand in his car.        

Interview #3

In my third interview I spoke to my aunt who is 39 and has a son that is twelve years old.  My aunt explained to me that she does not enjoy going to the beach but typically goes because her son loves going.  My aunt lives in New Jersey and typically goes to the beach only in the summer due to the harsh winters of the north east.  My aunt works from home and has a flexible schedule which has allowed her to accommodate the desires of her son.  My aunt told me she does not like the beach because the sand is irritating and hard to wash away.  Her son loves the sand and could care less if he comes home covered in sand.  My aunt has expressed interest in finding a way to enjoy the beach while not being bothered by the sand.

Conclusion

After conducting all three interviews I can conclude that people who enjoy going to the beach like the overall experience but may also see a need for change in some aspect of the event.  For example, all three people I interviewed had a reason for going to the beach but also a reason why they were not always a fan of the sand.  The segment I chose fits the need of a product that would repel sand because people within the age range I chose have a high capacity to want to go to the beach.  For example, people with kids or adults who are young enough to want to enjoy the beach.  Also, the segment I chose works because people need to have the time and money to spend a day at the beach because it may entail driving and spending money.

10A- Elevator Pitch

Elevator speech on the need for a product that would solve the problems with sand when attending the beach.  This product would be a spray that would be used that would repel sand from sticking to one's skin.

11A- Idea Napkin

1.      You- I am a 19 year old from south Florida.  I do not have any special talents but I love sports, traveling, and trying new things.  I am very organized, determined, and am proficient in time management skills.  I have worked a variety of different jobs which has taught me how to balance my finances.  I see opportunity in the business concept I created of a way to prevent sand from sticking to the skin.  Growing up in south Florida my family and I often attended the beach which has given me experience on how to address this need.  I have always had a passion for business.  For this reason, I could see myself pursuing a business idea such as this one at this point in my life.

2.      What are you offering to customers- At this point the product I am trying to offer to customers is an idea that needs to be developed.  I want to create a spray on product that would be used at the beach to prevent sand from sticking to the skin.  I have no experience creating such a product so as of now this is just an idea.  I also have the idea of creating a spray on product that cold perform the tasks of preventing sand from sticking and as sunscreen.  As I previously mentioned, I do not have the knowledge or understanding if it is possible to create this product, but it would solve the unmet need.

3.      Who are you offering it to- This product would be most useful for people located near the beach.  This would include most Florida residents but mainly stores located at the beach in south Florida which has many tourists year-round.  The target customers would also be adults both male and female in the age range of twenty-forty as they are the ones most likely to go to the beach and use this product.  Additionally, if the sun screen component were to be created it would be important to target parents of children.  Many parents want to make sure their kids use sunscreen and may use a product to prevent sand from sticking so it doesn’t get in the car to make create less of a mess.  This product would be ideal for people of middle class income with families as opposed to adults who are always working and have no or desire to go to the beach.

4.      Why do they care- When going to the beach, there are ways to attempt to wash and wipe away sand.  These options may be the use of a towel or the local showers provided.  However, these options do not typically do a good enough job to get all the sand residue off.  A spray that prevent san from sticking has value because its an added way to prevent the irritation and annoying factors associated with sand.  Additionally, if this spray had the capabilities to prevent sand from sticking and used as sun screen it would not take any new knowledge on how to use the product.  People use spray on sun screen very often so a transition to this product would be beneficial to “kill two birds with one stone” and would hopefully not be too expensive to purchase.

5.      What are your core competencies- As of now, I can’t think of anything that sets this idea apart from others.  To my knowledge this would be unique until other competitors try and replicate it.  If I could create a product that works and then create a patent then it would be unique but at this point I am just at the idea stage.  

I think the five items fit well together for the overall concept of solving a need with the introduction of a product or service.  For my solution to the need, it was easy to come up with answers for the first four questions.  Using my experiences with the beach and sand I was easily able to link all the answers to fit together.  My product is currently an idea that I need to spend more time learning about.  However, for my product I found It difficult to come up with what made it different than others.  Anyone could create this product if it were to become popular.  In the future planning of my product I would like to spend time to decide what would help make this product different from all others.

9A- Testing the Hypothesis Part 2

Who: There are people who love going to the beach because of the sand.  These people enjoy laying, playing, and interacting with the sand.  These people may be kids building sand castles, lifeguards, swimmers, surfers, or people who do not see sand as a problem.

What: Attending a beach with sand has the unmet need of providing a better way to effectively remove sand from sticking to the skin or prevent it from sticking in the first place.  However, there are beaches that do not have sand but instead rocks.  This would create a different need if there is no sand at the beach.

Why: People who attend the beach daily or very frequently for leisure may not see sand the issue and problems associated with sand.  Dealing with the sand everyday may by choice because they like it or have gotten used to it.

Interview #1

In my first interview I spoke to a parent of a child who loves going to the beach.  The mother of this child told me her seven-year-old son loves playing in the sand and building sand castles and messing with the sand.  I asked her if her son ever complains of the sand sticking and she said that he loves it and never complains.  My next question was if sand gets in the car and if it is a problem.  She responded that it does but they do not go to the beach enough for cleaning the car to be a problem.

Interview #2

In my second interview I spoke to a guy in his early twenties who grew up going to the beach and working as a lifeguard over the summer.  He told me that going to the beach so often has made the factor of sand not an issue for him that needed to be addressed.  When going to the beach so often, he told me that he worried more about applying sun screen and protecting from the sun than sand sticking to the skin.

 Interview #3

In my third interview I spoke to a girl who plays beach volleyball on a frequent basis.  Often at the beach there are beach volleyball sand courts.  In my interview the girl said that whenever she goes to the beach she often tries to get a workout in by playing beach volleyball.  Also, she said that sand is a major factor when playing beach volleyball because you may have to dive and jump into the and to save it from hitting the ground.  She said sand is part of the game that does not bother her.

Interview #4

In my fourth interview I spoke to someone who lives on my floor who loves the sand at the beach because he grew up in southern California.  Growing up in southern California he grew up going to the beach on a frequent basis.  This has made him never feel like sand is an issue.  Being exposed to the beach and the sand from such a young age make the sand factor something that does not need to be addressed

Interview #5

In my fourth interview I spoke to a family friend who enjoys surfing at the beach.  In this interview we discussed the idea that after wiping out sand may get in his bathing suit due to crashing against the water.  I asked if this was an issue and he said that it’s part of surfing which he enjoys.  He sometimes wishes it didn’t happen, but overall he would rather do something he loves and deal with the sand.

	Inside the boundary		Outside the boundary
Who is in	People who do not like the sand at the beach	Who is not	People who enjoy the sand at the beach
What the need is	A better way to prevent or remove sand from sticking to the skin	What the need is not	Sand is not a bother and may be part of the job such as lifeguards who work at the beach.
Why the need exists	Sand is irritating to the skin and can get in cars which is a hassle to clean	Alternative Explanations	Sand may drive kids and volleyball players to want to go play at the beach.

 In my interviews, I discovered that people who do not see sand as an issue are the ones exposed sand on a daily basis or very frequently.  For example, someone who grew up attending the beach very often may not see sand as an issue.  Also, a lifeguard or beach volleyball player may not see sand as an issue because sand is associated with their job or activity they love doing.  A lifeguard at the beach may have to help people in the sand and a beach volleyball player may have to dive in the sand to hit a ball.  These interviews have shown me that although sand may affect some people, there may be people who do not see sand as an issue.

8A- Solving The Problem

Whenever people go to the beach they leave covered in sand.  From swimming in the ocean, tanning, and building a sand castle the element of sand is always a factor which cannot go away.  For some, sand may be a driving factor in going to the beach.  However, many people choose not to go to the beach because they hate coming home sandy for a handful of reasons.  Some because it is irritating or because getting sand in the car becomes a hassle to clean.  Beach showers wash away some of the sand and towels wipe away some, but for the most part it still leaves a sand residue on one’s skin.  Creating a type of sand resistant spray that would repel sand from sticking could help encourage people who hate sand to attend the beach.  This sand repellant spray could be reapplied every few hours to ensure sand does not stick.  Additionally, the possibility of incorporating this spray with sunscreen could create a spray that protects from the UV light of the sun and the elements of sand.  This spray could encourage users to continuously apply it to prevent from getting burnt and repelling sand from sticking.  This innovative concept would be easy for users to adapt because many people apply spray sunscreen when attending the beach.  This spray would “kill two birds with one stone” and could be very effective in ensuring the safety from the sun and making the beach more enjoyable for people who do not like the sand.

7A- Testing the Hypothesis

When cooking popcorn in a microwave it is difficult to ensure all the kernels are popped without cooking it for too long.  This creates the issue of trying to pop all the kernels without burning it.  There is a need to be able to recook these kernels once the original bag is opened.

The Who: Frequent popcorn eaters

The What: They are unable to cook all the kernels in the popcorn bag without the risk of burning the popcorn.

The Why: Each microwave and popcorn bag cooks in a different amount of time making it difficult to determine how long is the perfect amount of time to cook all the kernels without it burning.

Testing the Who: Frequent popcorn eaters want to get the most amount of popcorn without burning the popcorn.  Additionally, movie theaters may struggle with this because they want to sell the most popcorn possible without it burning.   

Testing the What: The dilemma of trying to cook the popcorn and popping every kernel without burning the popcorn.  These kernels that do not cook fully create an insufficient amount popcorn to eat.

Testing the Why: When cooking popcorn some may not care about the lack of popped kernels if it is not burned.  However, uncooked kernels and burnt popcorn tends to be undesirable.

Interview #1

In my first interview I spoke with a resident on my floor who I have not talked to that much.  He enjoys popcorn and says that he considers most people to be frequent popcorn eaters.  He sees the dilemma of a large number of uncooked kernels vs. most kernels popped but most of it being burnt.  In this dilemma he would rather have the popcorn cooked perfectly with more uncooked kernels.  He sees a need for movie theaters to care about this dilemma.

Interview #2

In my second interview I spoke to someone while waiting in the Pollo Tropical line.  She enjoys popcorn and thinks the most common popcorn consumers are non-active people who enjoy watching movies.  She hates when popcorn get burned and would rather have an excess number of kernels at the bottom of the bag.  She also said she does not see a huge need to address this problem because she considers popcorn a snack.

Interview #3

In my third interview I interviewed someone who previously worked at the movie theater and has experience working the popcorn machine.  He said that obviously popcorn is the best seller when people go to the movies.  He also assured me that the use these popcorn machines usually cooks the majority of the kernels and does not burn them.  However, when he cooks popcorn at home in a microwave he tends to feel that many kernels do not pop.  With this experience, the issues of burning popcorn and kernels that do not pop only happen with microwavable popcorn.

Interview #4

In my fourth interview I interviewed someone while I was walking to class.  This person said that they do not enjoy movie theater popcorn because it is to buttery.  He said that when he cooked popcorn at home it was on the stove top rather than the microwave.  The stove top cooked the kernels unevenly and left a large number of kernels uncooked.  Additionally, it was sometimes hard to monitor the popcorn to make sure it did not burn.  He agreed that there is a need to ensure the kernels are cooked evenly and it can be done if the movie theater machines are able to do it.

Interview #5

In my fifth interview I spoke with someone in my sport facility class.  She said she enjoys popcorn and usually cooks it in the microwave.  When she is hungry she prefers to have the majority of the popcorn cooked which creates the dilemma of cooking popcorn and burning it. She also sometimes likes to eat the non-popped kernels and hares when the popcorn is burned.  She feels there is somewhat of a need to be able to recook  popcorn kernels that do not pop.

I learned a lot from my interviews.  Originally, I thought there was a big need to find a way to cook the majority of kernels without burning the popcorn.  However, after conducting my interviews I do not know if the need is an important one to solve.  There are different ways to cook popcorn each with a different goal or result.  If I were to redefine my need it would be to address the way popcorn is cooked only through the microwave.  Movie theater popcorn machines seem to be able to cook popcorn evenly and cook the majority of these kernels. 

6A- Identifying Opportuniries

Regulatory Trends

a.) There is a need to protect the Panama City crayfish from becoming an endangered species.  The U.S. Fish and Wildlife Service has announced a petition to list the Panama City crayfish, native to Bay County, Florida, as a threatened species under the Endangered Species Act. b.) There is a need to publish a rule because if a species is an endangered or threatened species throughout an area, this act requires to promptly publish a proposal in the Federal Register. Additionally, a determination the proposal is needed within 1 year. c.) Wildlife and environmental scientists who study the relationships between animals and the environment would be interested in solving this need.  Crayfish are a valued part of the ecosystem in Panama City, Florida and should be protected.   The main threat to the Panama City crayfish is the loss of habitat.  Increased development in the Panama City area has eliminated habitat for the species.  d.) It may be difficult to protect the crayfish without passing this act.  To help protect the crayfish, critical habitat shall be designated, to the maximum extent prudent and determinable, for any species determined to be an endangered or threatened species under the act.

I see this as an opportunity because it is important to maintain a balance between wildlife and the environment.  Although many people feel that animals should be protected and not become endangered there are people who do not care which is why animals are becoming endangered.  Having this need to create laws to protect these animals would help keep peace between the hard-core believers of protecting animals and the people who don’t feel as strongly.  This emotion and attitude towards protecting the crawfish is the reason for this need.

a.) There is a need to modify the operating schedule of the draw bridge in Port Canaveral, FL. The Coast Guard hopes to modify the schedule to reduce traffic congestion and to ensure the safety of roadways while passengers are transiting to and from the cruise ship terminals. b.) Traffic is a major issue with draw bridges because it can increase the commute and driving time.  Additionally, safety should be considered with the usage of draw bridges because people often cross them.  c.) People with the need of adjusting this schedule would be pedestrians who often cross.  Also, the arrival of additional cruise ships to the Port of Canaveral creates traffic back-ups which could affect the schedule of cruises enter and leaving the port. d.) The modification of the draw bridge allows the bridges to not open to navigation during prime cruise ship passenger loading and unloading times on Saturdays and Sundays.  This would be very effective in allowing cars to get to and from the cruise port when it can be very busy.

I see this as a need because from personal experiences of crossing draw bridges to get to cruise ships.  The traffic created when a draw bridge goes up adds additional time to the drive.  Additionally, it is important to make sure the bridge is clear of people before it goes up.  However, people who do not live near a draw bridge or the ocean may not see a need to change the schedule of the draw bridge.  Without the experience of knowing the effects of draw bridges one may not see a need.   

Economic Trends

a.) Looking at the stock market trends of amazon there is a need to continue developing the items and ways people can purchase items online. b.) The rising trend in amazon stock and Jeff Bezos’s new title as the wealthiest person in the world reveals how more people are making the transition from traditional shopping methods to the convenient online purchase market. c.) People enjoy shopping from home due to the convenience it offers.  These are the people who have the need of an increase in ways people are purchasing things online.  Traditional retail stores have been closing throughout the nation and downsizing as less people are making purchases through these means. d.) Since Amazon is continuing to grow the need for better and new ways use amazon would not be difficult to achieve.  Amazon’s ability to spend money would also help these needs although an abundance of money does not always lead to successful ideas.

The opportunity exists because the increase of technology has allowed for purchases to be made online very easy.  For example, I can order something off amazon very easily.  However, older generations may not be able to use amazon as easily.  The decline of traditional stores may affect these people’s shopping abilities.  However, many millennials enjoy the convenience of purchasing online.

a.) Crypto currency trends have grown over the past few months due to increased awareness of the currencies.  b.) Currently, the transfer of large amounts of money between banks and intuitions across seas is a difficult process that involves high fees and long wait times. For example, a French bank wanting to send a mass numbers of Euros to the U.S and convert it to USD would cost a significant amount. The process of adopting a crypto currency as a medium to send between the banks could not only be faster and cheaper, it would be far more convenient. c.) Banks and users of this crypto currency would benefit from solving this need because it could be transferred between the banks and instantly converted to the desired crypto currency. This could be difficult due to the risk of the fluctuation of price drops or price rises of the crypto currency. Banks and customers would need to monitor these fluctuations to gain the benefits of using the crypto currency to the best of their advantage.

The opportunity exists because the increase interest in the use of crypto currency.  However, big time wall street business people and older people think the idea of crypto currency is a bubble and will crash.  Millennials who are investing see it as an opportunity to solve a need and use see their emotions and attitude as a way to change the way money is spent.