My exit strategy would be to possibly sell/license this technology to either a 3rd party organization (maybe those who develop parking for stadiums / high traffic areas) so that they could utilize the technology to help bring people to there parking spots. This would occur after hopefully having run the business successfully at UF, and then scaling up each year. I would expand to more and more universities, hopefully bringing in a large profit and making a name for the service. I think that, given the right work, it could grow into a service which would be very profitable and worth a good amount of money to those who are in the parking/transportation industry.
I have selected this strategy as it is one which would provide me with a good amount of money, if I am being honest. I can't say that "having a parking service" is a passion of mine, so I would definitely want to use the money to move onto other business industries and trying new things.
I think that my desired exit strategy has made me try to refrain from centering my product so much around UF. I want my product to be something that is easily customizable so that it could be used anywhere, from beach parking lots to 90,000 people stadiums to even just regular parking. This would allow me to expand greatly, and attract the attention of those who would want to buy my service.
I have selected this strategy as it is one which would provide me with a good amount of money, if I am being honest. I can't say that "having a parking service" is a passion of mine, so I would definitely want to use the money to move onto other business industries and trying new things.
I think that my desired exit strategy has made me try to refrain from centering my product so much around UF. I want my product to be something that is easily customizable so that it could be used anywhere, from beach parking lots to 90,000 people stadiums to even just regular parking. This would allow me to expand greatly, and attract the attention of those who would want to buy my service.
Schuyler,
ReplyDeleteI am glad that you are so “real” with you view on your entrepreneurial idea here in your exit strategy. It’s incredibly important to be happy in life, so I am glad that you know that your life goal is not your entrepreneurial pursuit. My one piece of advice would be to make sure you sell the idea to the right people. That may sound simple, but “knowing” a person is totally different than knowing their business sense. Overall, great job, once again!