Venture Concept No. 1

Opportunity

Who encounters bed bugs?

The majority of people affected by bed bug infestations are low-income people who live in areas with a high population density, such as dorms or apartment complexes in urban or suburban areas. These people experience more bed bug infestations for multiple reasons.

- Reason 1: Low-income people are less likely to pay for expensive treatments to eradicate bed bugs. If they suspect bed bugs, they may ignore the problem or try to kill these bugs through ineffective home remedies.

- Reason 2: Low-income people are more likely to buy used furniture. Moving infested furniture is a definite way to encounter bed bugs.

- Reason 3: Once bed bugs are introduced into an apartment, they can easily spread from room to room. Densely populated urban and suburban areas are prone to bed bug infestations because these bugs are known to spread from person to person. These bugs may crawl to neighboring apartments or hitchhike on people’s clothes or belongings.

- Reason 4: Disproportionality. This term refers to the likeliness of a certain demographic to be affected by something or treated a certain way. Low-income people are more likely to encounter bed bugs. There are various reasons behind this; however, not every reason can be easily pinpointed or described.

Why are bed bugs a problem?

Bed bugs are not pests of medical importance because they do not vector diseases; however, bed bugs may cause itchy bumps or rashes. These bugs may also cause people to be anxious or depressed. An infestation can lead to anxiety and sleep deprivation, which can severely affect one’s life. People with severe allergic reactions may need to see a doctor if bitten, and bed bugs can take thousands of dollars to treat or eradicate from an apartment or building. Overall, bed bugs affect physical health, mental health, and financial health.

What are the forces or changes in the environment creating this opportunity?

According to “Bed Bugs Epidemic in the United States” by Ali Alalawi, bed bug infestations have been occurring more and more throughout the United States since 2004. This publication states that immigration is one of the major reasons for the increased number of infestations. Urban pests that are not of medical, veterinary, or economic importance are not regulated, meaning that these pests are not monitored for in airports or along borders. If someone is found carrying bed bugs on themselves or in their luggage, they cannot legally be denied entry into any country or state. This leads to accidental introductions from immigrants traveling from countries where bed bugs are more prevalent. Bed bugs have also displayed pesticide resistance to commonly used pesticides, which makes them continuously more difficult to treat or eradicate.

How are customers currently satisfying this need?

Low-income Americans have a difficult time responding to bed bug infestations. They may ignore the problem or treat these bugs with ineffective home-remedies. Treating these bugs with cheap insecticides is often ineffective and can lead to pesticide resistance. Nearly all bed bug infestations need to be handled by professionals, and treatments by these professionals can be upwards of $2,000. Overall, low-income Americans do not currently have an effective way to deal with bed bug infestations.

How big is this opportunity and how long will the “window of opportunity” be open?

Bed bugs have been receiving a lot of media coverage lately, which makes this the perfect time to advertise a bed bug control product. I believe this window of opportunity will be open until more research into new insecticides and forms of control take place. There are currently a limited number of solutions, and highly effective monitoring traps and treatments are extremely expensive.

Innovation

My Product: I am creating a product that lures and traps bed bugs. This lure is meant to be used to monitor for bed bugs–not solve an existing infestation. Bed bugs are elusive and may be unnoticed for months. This monitor would detect their presence early. The sooner bed bugs are detected, the less expensive it will be to treat them. This product may even attract all of the bed bugs within an apartment if a very small amount of bugs are present.

How it works: Bed bugs are attracted to heat because these bugs feed on warm-blooded animals. This product lures bed bugs with water heated to body temperature. This water heater, which is covered by a plastic container, is also surrounded by a sticky trap. Sticky traps are common fly traps used to monitor fly presence; however, they can catch any insect that crawls onto them. Once the bed bugs approach the lure, they will encounter the sticky trap. This will capture the bed bugs.

Cost:

$15 per trap

$10 to replace the sticky trap (A sticky trap may last for months; however, if bed bugs are detected, this may need to be replaced more often)

Venture Concept

This product has three defining features.

1. Longevity: The lure lasts “forever.” By forever, I mean that this lure may last for the duration of someone’s lifetime. This lure is not meant to be a single-use trap or only work for a short period of time. If someone were to buy this product, they would not have to buy a different lure for years. Most of the lures currently being sold are chemical-based, meaning they use certain pheromones or gasses to attract bed bugs. These chemical lures do not last for a very long time, and they are relatively expensive. Since this product uses heated water to lure bed bugs, the attractant never runs out or needs to be replaced. 

2. Affordability: When compared to other traps or lures, this product is relatively inexpensive. Effective bed bug traps can be hundreds of dollars, and these traps need their chemical lures to be replaced every so often. This trap is only $15, and the sticky trap replacements are only $10.

3. Necessity: People are willing to buy bed bug lures and traps because these traps are necessary for their physical and mental health.

Packaging: One of the other defining features of this product is environmental consciousness. Single-use bed bug traps and lures result in wasted plastic. This lure can be re-used. The packaging would also be eco-friendly. I would make sure these traps come in paper packaging made from recycled materials. I would avoid single-use plastic.

Competitors: Once more entities begin to make bed bug traps and lures, these products will become less expensive. Pest control companies make these products expensive because they know there are few providers and that people are willing to spend money on products that better their mental or physical health; however, this same tactic does not make sense with bed bugs.

The majority of people who encounter bed bugs are low-income and cannot afford expensive traps or treatments. This product would appeal to the millions of people throughout the world who need affordable bed bug traps.

How would I make a profit? 

I know that one of the defining perks of this product is its affordability, so how would I make money? The cost of assembling this product would be extremely inexpensive, and this product would not be difficult to make, meaning the revenue generated would outweigh the costs of supplies and labor. The need for additional sticky traps would also require additional purchases; however, these purchases are more affordable than the products made by competitors. 

Secret Sauce

Necessity and affordability. People are willing to buy bed bug traps and lures because these products improve their mental and physical health. Low-income people would have a way to monitor for bed bugs without breaking the bank. Also, since low-income people are affected by bed bugs more than others, these two factors complement each other.