Best Ideas 2018 features all the nominated entries submitted to the Youth Citizen Entrepreneurship Competition under ‘Submit your Idea’ category. All the entries consist of innovative solution or proposition for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage. If you want to know the 10 finalists in this category, click HERE
Marketech Business Vending Machine: The Market in the Machine
Explain your idea in details:
As business enthusiasts, we notice that business should gravitate more towards practical experience rather than just theory. Not only that Marketech conveniently allows students to make money by featuring and selling their old items inside the slot of Marketech within the school area, it creates an intriguing business learning environment for students too. Marketech also acts as a marketplace for students to showcase their brilliant idea as a testing market.
Expected impact of your idea on sustainable development
According to Washington Post in 2015, there are currently 5,300 universities and colleges in the United States with an approximately of 4,200+ students in a school. The key indicators for Marketech's success are the number of daily users and price of the items on sale. For the implementation of Marketech, we estimate that the selling price point of the users' items will be between 5$ - 120$. Additionally, for every item that the users sell, a 10% deduction is Marketech's profit while the remaining 90% will be the user's personal profit. From this calculation, we will able to generate a minimum profit of between $1200+ per month out of 10% deduction of a single user's profit. Moreover, we observe the peak hour of when a majority of students utilize the Marketech is during lunch time and school events. The number of buyers will increase as more students become familiar with Marketech.
Plans for implementation and sustainability
The uniqueness of Marketech vending machine lies in 2 components: the smart vending machine and the decoration paper. The smart vending machine is user-friendly; it consists of 10 slots, which users can feature their new/old items for sale in a limited amount of time. The smart vending machine contains 10 selling slots. Within each of the slot, there is a business card holder, a LED light, and an automated price tag. The decoration paper consists of 2 sections: the design area and business card area. The decoration paper, which will be stored inside the Marketech vending machine, consists of 2 sections: the design area and business cards area. Design area allows users to paint/design in order to enhance their selling slot. The business cards can be trimmed in order to put it in the slot for further contact with the buyers. Users can design on the decoration paper as an opportunity to increase their sales profit when selling in the slot. The role of the decoration paper allows users to embellish their selling slots attractively in order to increase sales profit.
We thoroughly share our responsibilities according to one's talent. Hao Taing, the project lead, is responsible for the business paper, key market research, and team initiation. Hao Taing is majoring in Business and Entrepreneurship in Normandale Community College, United States. He has participated in numerous business courses including business writing, public speaking, business seminars and does volunteering works too. Sokkong Ang, the business analyst, is in charge of customer segments such as general surveying, prototype making, and marketing. Sokkong Ang is majoring in Civil Engineering in University of Newton, Cambodia. He combines his love for business with engineering and currently a member of the leadership group in Cambodia.