OAP Venture Description Report
OAP Venture Description ReportPart 1
Melissa Kieling founded the PackIt cooler for bags. PackIt offers cooling features for bags attracting a larger percentage of national retailers such as Target and Walmart companies. The founder related issues are considered to be of a high potential based on the fact that the founder has succeeded in the cooler bags venture and is still teaming up with strong suppliers in the industry to ensure the success of the product in the market. For Instance, Kieling has teamed up with several Hollywood stars to market her PackIt cooler for bags, in turn driving the level of sales to a desirable level. The benefit associated with this potential is that chances of obtaining successful suppliers are high. Therefore, the overall success rates of the product survival in the market are also high.
The financial issues associated with the cooler for bags is known to be of a medium potential. Incidentally, designing a cooler for bags does not require the use of expensive technology to come up with the final product. As it is, Kieling founded her cooler for bags from her kitchen, with the prototype being made from a shower curtain lining. An investment of $200,000 was allocated towards designing 5,000 pieces of the final product. The strength associated with the medium potential is that chances for successfully designing and manufacturing the product is high. Therefore, chances are also high that the product will yield maximum returns in the market.
The overall potential for the idea of generating a cooler for bags is considered to be of a medium level. It is a fact that the idea of designing cooler for bags is not an overly expensive venture. The required resources can be easily obtained with the final cooler for bags products being manufactured within a limited period. However, the required funding to obtain a considerable number of the final product, to obtain substantial returns, is a bit on the higher side. To improve the potential, funding should be obtained from a different source such as bank loans. As a result, a considerable number of the cooler bags will be manufactured to maximize on returns.