Innovation: My innovation is one that is incrementally, rather than radically, innovative. This innovation is a line of CBD-based medicines aimed specifically at pets, as well as a two-pronged distribution service based on both an online pharmacy and getting the product stocked in existing brick and mortar pharmacies. I would not limit myself to pharmacies of my own creation, either, but actively seek to get my products on the shelves of mainstream stores such as the big box brands like Walmart and grocery stores like Publix and perhaps even membership-based stores like Costco. CBD is a non-intoxicating byproduct of cannabis, and studies have shown that it can be used to treat a wide variety of ailments, most significantly epilepsy and some cancers. CBD was the first form of medical cannabis to be legalized in the state of Florida. While CBD can be used to treat major ailments such as those listed above, it is also effective in treating minor things such as muscle and joint pains. The products I would be selling would be a line of tinctures, balms, and other forms of CBD-based medicines aimed at alleviating the symptoms of ailments both big and small. These products would typically fall somewhere between the $15 and $30 dollar price points, depending on quantities purchased and any associated shipping costs. After brief consideration, the company will be limited to pet products, no medicines will be marketed towards people, although they can certainly be used by them without any sort of negative effect. Future expansion would include other pet products such as foods and treats, both of which would contain some amount of CBD.
Venture Concept: The above innovation, CBD-based medicines, will address the opportunity by offering an alternative treatment to pet owners that is both safer and with fewer side-effects that traditional medications as well as being more effective and proven than homeopathic remedies. Customers will switch to this product because they love their animals like members of their families. If I offer them something that is safer and more effective than what is currently on the market, they will buy it. Those who are already using homeopathic remedies will certainly be easier to switch over than those who have not used those before, but given the increasing public knowledge of the benefits of cannabis-based medicines, I do not anticipate to much resistance to the switch, even from people who have no prior exposure to these medicines. The competitors are few and far between at the moment, but those that are around and pose a significant threat are the companies that have already cut their teeth on medicines for humans and those that are based on cannabis as a whole, both of which have grown more common and are more widely sought after than medicines for pets. These companies all have the major weakness of operating in a gray area on the federal level, even if their state has legalized all forms of cannabis. My company would certainly be struck by this as well, but dealing only in CBD insulates us far more than a company that deals with medicines based on THC as well. Distribution plays a fairly significant role in my concept, as one of the two main prongs of the concept is offering an online pharmacy as well as brick and mortar options for customers to purchase from, with the online option delivering straight to their door. I would organize a business like this similarly to how I would organize any other pharmaceutical business, with research and development, production, and all other main facets represented. The primary difference would be the presence of horticulturalists as well, which would be important to the production of quality medicine. The company would require a fairly significant number of employees on the horticultural and production side of things, but the specialized roles such as those of pharmacist would only require a few individuals.
As mentioned in a previous post, I think my most important resource will be approval from the FDA, because this will add a greater degree of legitimacy to my product and help it to gain wider representation in stores and veterinarians offices across the country. Future opportunities for the venture would utilize the same innovation, but it would be diversified and honed so that the medicines are more adept at treating specific illnesses as opposed to operating as a sort of cure-all type product. I think this will also aid in legitimizing the product, as well as pulling in additional revenue. In the next five years with this venture I would like to see it continue successfully, sitting at the top of the market as far as cannabis-based medicines for animals go, perhaps with additional plans based on the amount of publicity gained to move into other areas of pet care or even the opposite direction into medicines for people. In ten years I think I would remain in the same place as an entrepreneur, I do not see myself utilizing this as a springboard, but rather sticking with it to make it the best it can be and continue to change the lives of pet owners and their pets.
Feedback Summary: Although I did not receive any feedback on my original venture concept, I did receive some helpful things on my What's Next post. Both of the comments made clear they felt I was going in the right direction, and particularly highlighted my desire to get the product into mainstream stores, with one even going so far as to suggest Publix. Another comment agreed with my concern that I might overextend my company if we got into human CBD products as well as those aimed at pets.
Concept Changes: The two main changes were both direct results of the comments I received. One change I made was to explicitly state my intention to get the products into mainstream stores beyond my own pharmacies, which might only be available in larger cities. The second change was to confirm that I am going to stick with animal products, though those may go beyond medicines in the future.
