1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
When I initially started this idea of the scannable menu I had intended to come up with my own app. However, I realized how hard it might be to get another food tracking app to be successful in the fitness industry. Instead, I decided that I would like to sell the idea of the scannable menu to a established company like MyFitnessPal and hopefully get a return.
2) Why have you selected this particular exit strategy?
I selected this strategy because I wasn’t sure how to go about making an app or even sure if I wanted to take the time to market my very own app. I figured the easiest way to exit was to offer the idea to another company to run with.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
My exit strategy influenced the work I was willing to put into the opportunity. I knew the opportunity I wanted to go after because it was an unmet need for myself. However, I knew I didn’t want the pressure of having to market my own app so it actually influenced the decision to want to partner with MyFitnessPal.
Hi Danielle,
ReplyDeleteI like how you decided to sell the idea to MyFitnessPal App rather than creating your own app and then selling it. I do agree that creating a new app is challenging in general, especially if it comes off similar to the other food tracking apps (if people didn't know specifically about your app, they may not switch from their other food apps). I like that you are thinking long term and logically on the success and future of the app. Great post!