Once we found some common key issues with achieving goals, we started exploring ways of helping young adults get into a good habit of meeting and exceeding their goals. We thought about current ways to encourage individuals to meet their goals. One way includes individuals holding each other accountable for meeting goals like going to the gym. I have a friend that was trying to get to the gym more often. She and a friend made a deal that if one missed a day at the gym, they would have to buy the other a gift. This encourages the two of them to go to the gym because money is on the line. Similarly, some websites offer the same type of service. You can put an amount of money to your credit card to encourage yourself to meet a goal. If you haven't met your goal by a deadline that you set, the site will charge the amount to your card and donate it to a charity that you do not like.
We thought that converting a similar system to an app could be very useful and easier to use than a website. The app would also include some sort of rewards system to encourage participation. Later on down the road, we would introduce some wearable technology to track heart rate, calories burned, blood alcohol content, and many other dimensions. Unfortunately, after some concept testing through product pitches, we found that the app and associated technology may not be as successful as we had initially hoped. Many were confused on how the app would be able to accurately track how well one was meeting their goals. It would be easy to cheat the system.
After hearing this, we decided to again brainstorm. We eventually landed on a new and innovative idea. As a college student, I have found that it is very tough to control spending when going out for the night. One drink could easily turn into two or even two for everyone that you are with. Spending over $100 downtown is not out of the question. A correlation can be found between intoxication and amount spent. Once you are fairly drunk, you have far less control over your wallet. In order to combat this issue, we decided to introduce an app that would allow you to link to your checking account and set a spending limit for a certain period of time. The limit could not be exceeded unless you were able to solve some sort of varied problem. If you did elect to exceed your preset limit, you would be reminded that you set the limit there for a reason in order to nudge you to spend less.
Along with this, we took note that many places including convenience stores, grocers, and restaurants are starting to use smart payment technologies such as Samsung Pay and Apple Pay. We began thinking of a way that we could incorporate this technology into our venture. We decided that we could further improve the ease of payment by using wearable technology to pay rather than having to pull a phone out of your pocket. To do this, we decided to go with a wrist band or smartwatch. For those with smartwatches, they could simply download an app for the wearable that would enable access to various cards and allow you to use it to pay straight from the watch. Down the road, we would introduce an affordable alternative for those that do not want to purchase an expensive smartwatch. There would be various models ranging from a very basic model that stores payment information for one card to a deluxe model that included a screen and storage for multiple forms of payment.
This is still a work in progress, and there is much work to be done, but this idea shows huge potential as more and more business move toward smart pay technologies. Is it too early to introduce this product? How much should our app cost? Should we charge a one-time fee for the app or should we charge it as a monthly service? There are still many questions that need to be answered in order to determine the viability of this product. Keep posted for further progress.
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