23A – Your Venture’s Unfair Advantage

1. Business idea involves technology that already exists
VRIN: This is valuable because this opportunity would not be difficult to implement. Since it already exists it is not really rare. Other companies might be able to create something similar to what I am trying to create so it may be imitable and some stores may go with self-checkout option rather than my idea so it is not necessarily non-substitutable.

2. I have engineering and computer science friends that are knowledgeable about the technology involved in my business idea
VRIN: This is very valuable because their expertise will help me create the platform I am thinking of. This is rare because the expertise offered by my friends is unique, which also makes it imperfectly imitable and non-substitutable as well.

3. Friend's mom is a manager at Walmart, a popular and very busy grocery store
VRIN: This is extremely valuable because she can offer me her insight and advice on grocery stores like hers and may even be willing to implement my idea in her store to test it out. This is rare I think, because not many students know someone who is involved in the management of a big grocery store. For that reason it can also be considered somewhat imitable and non-substitutable.

4. Smartphones are used for almost every task now and are equipped with countless features
VRIN: This is valuable because people are becoming so technologically savvy and reliant on their phones these days. This is not really rare; since people are so reliant on their phones in general, other companies might benefit from this same aspect. Because of this, it is not imperfectly imitable. However, it is non-substitutable since people will refuse to have their phones replaced by anything.

5. Customer testimonies about long checkout lanes
VRIN: This is valuable because I can use this information to assess what customers really want. It is not rare, since most customers think the same way. It is not imperfectly imitable since customer testimonies can be generalized, however it cannot be substituted.

6. Helps to also eliminate some of our plastic waste
VRIN: This is valuable because eliminating plastic waste has been a big issue that many people are trying to reduce. This is not really rare because reusable grocery bags have been attempting to reduce our plastic waste from grocery bags for years now. Some stores already do this where they do not bag any of their item, so this could be perfect imitable and substitutable.

7. Ability to scan and pay for items all under one application
VRIN: This is valuable because one application provides ease. It is also rare, because these abilities are not currently present under one application. It is imitable as many companies can create similar things to it and it can also be substituted by self-checkout.

8. Helps attract customers and generate more revenue for grocery stores.
VRIN: This may not be as valuable for big, chain grocery stores, because they probably generate enough revenue. This is also not really rare and it can be imitable and substitutable as self-checkout might attract more customers to a store since it is quick.

9. Demand is high for a product that would shorten checkout lane wait times
VRIN: This is valuable because if demand is high for this, then a product that solves this will be beneficial. It is not really rare because several grocery store customer will agree with each other and have this high demand. This may however be substituted because there are now a lot of platforms that will deliver grocery store items to your door in order to bypass long lines.

10. Eliminates the need for so many checkout lanes, clearing up valuable space in stores
VRIN: This is valuable for grocery stores that sell a lot and a variety of items. It is rare because self-checkout even takes up a lot of space and cashiers can technically still be employed with my idea, therefore it is hard to imitate and substitute it.