23A - Your Venture’s Unfair Advantage

1. Infinity Hall’s Design Lab.
V. The lab grants me acces to all of the materials I’d ever need in order to produce prototypes, or even nearly finished products of my concept.
R. Only a few students know about the lab, and fewer ever utilize it, giving me an easy space in order to work on and produce my furniture.
I. While students do have access to the lab, I’m confident that no other student is going to create my concept there, at least in my time there.
N. Any other lab or design space I’d go to wouldn’t have the resources, human capital, or cost/time effectiveness as going to the design lab.
2. Home designer contacts.
V. Not everyone has many contacts to people within the industry of designing home spaces like I do, meaning I can easily get a good idea of what a consumer would want by contacting these people.
R. As stated before, not everyone has these contacts, making me somewhat unique in my industry.
I. While others may have the contacts I do, not everyone wishes to utilize them for the same reason, most are looking to them as consumers instead of producers.
N. Without these contacts, my concept could still come to fruition, but it would be lacking the element of understanding what a consumer would want in the look of the product.
3. Contacts in the furniture design industry.
V. Similar to above, these contacts would be key in determining costs, design choices, and the logistics of my product.
R. Again, not many people have access to these contacts in the way I do, much less with the intention of using them to design their own furniture.
I. The advice and information these people would give me would be key in helping my design that non-professionals could ever give.
N. I need these contacts because without them I’d be going in somewhat blind, making a lot of guesswork as to the process of furniture design as well as guessing the costs along the way.
4. Subject passion.
V. Many people in today’s workforce lack a driving passion toward what they do. Emotion is a powerful thing, especially when working on something, granted this passion will not lead me to “fall in love” with a prototype or unfinished product, rather it will lead me to keep retrying until a make a product with little to no flaw.
R. As stated previously, people usually feel a lack of emotion toward their work, whereas I aim to put my all into what I do, while also avoiding the pitfall of getting stuck on one iteration of my project.
I. This emotion is not unique by any regard, but is something that the world lacks.
N. Without this passion, it would be impossible for me to even go on with this. Frankly at this point, I’d have already completely given up thinking that the product is too hard to design.
5. A multitude of potential concepts
V. With multiple possible pieces and paths to go with the furniture, it makes it easy for me to pick out which will be the simplest to produce, while also maintaining style and functionality.
R. As stated in the previous point, people fall in love with prototypes or concepts, leading them to ignore any possible changes or alternatives.
I. With multiple ways to go about creating my product, I’m certain that one of them will be completely unique and sell my own style and brand.
N. I’m certain that going in with a single, or even a handful of potential concepts will end with me being shot down on the spot, so having a multitude of ideas to pick from to start designing is a must.
6. Versatility.
V. As with the nature of my furniture, versatility is a must, both in the mobility of my furniture as well as in the concept of the furniture itself. I adapt rather easily to change and have taken this into account throughout the course.
R. I won’t lie, versatility isn’t unique, however it is somewhat rare for both the product and producer to be versatile, so I’ve got that.
I. The versatility of my furniture is rather unique, I have yet to find another line of furniture that is able to be folded, compacted, or even easily transported without some disassembly.
N. Versatility is a core feature with my furniture line, as well as an integral part of what makes me, me.
7. Circle of supportive friends
V. Having a circle of people I know I can rely not only helps m Erin every day life, but also in any of my business ventures. To relate it to this class, I would classify this as human capital. But in all honesty, having my friends is enough on its own.
R. While having friends isn’t a rarity, it is nice to have these people by my side.
I. Having friends isn’t some unique or inimitable. So this doesn’t really apply.
R. There is no substitute to having friends, the bonds formed between myself and these people isn’t something that can be bought or faked.
8. Time
V. Recently, I switched major from computer science to information systems. Thusly, I’ve been freed up from a lot of the obligations I’d had: tedious exams, arguous coding projects, etc. time is extremely valuable to someone looking to create a concept like this.
R. In this day and age where people want things fast and easy, it’s those with the most time who can actually provide, so I think I’m one of the few.
I. Again, time is relative and isn’t something that is imitated per se.
N. Time is essential in my project as I need ample enough time to create and fully develop my idea.
9. Unique concept
V. The value of having a unique concept, especially in furniture, will definitely pay off in the long run. Consumers will have nothing else to buy.
R. As the title implies, having a unique concept implies that it is one of a kind, the most rare if you will.
I. While competitors will try to imitate my product, I have the distinct advantage of being first, as well as utilizing patent laws to my benefit.
N. When consumers begin to purchase my product, the lack of a substitute will keep them buying my product and put up barriers to entry for any potential competition.
10. An established market
V. Having an established market ensures that no matter what product I make, so long as I cater to the needs of that market, I will have consumers. This also ensures that I have a target audience to market toward and design my product around.
R. No everyone in the world who has a need know that they have it. This is not the case when it comes to furniture, at least most of the time.
I. Other markets may try to imitate this, but can only go so far within their consumer base, if there even is one at all.
N. As with any market, there cannot be any products without consumers. So without my market, there would be no product to be made in the first place.

Most important: Personally, I find the most important asset I have to vary between two. The first being the more practical contacts I have with industry experts. These contacts put me in touch with people who can accurately explain to me how to market and sell my product, ensuring that I at least make some of the money back from what I put in.
However, I find that passion is equally important, as without it, the entire project would have been a bust a long time ago. Passion in what I do keeps me going and keeps me from flat out giving up.