Markets in need of disruption
One question we like to think about as we brainstorm on Studio ideas for new businesses, is where are there markets where people already buy services, but are generally unhappy with the offerings. Historically cell phone services, banking, home repair, car purchasing and many others fell into this category. Here are three markets we were recently discussing.
Health insurance
Have you ever spent time arguing with your insurance plan over a treatment your doctor told you to get but that insurance won’t cover? Have you ever called your insurance plan to ask how much a procedure would cost only to be told it could be $500-5,000 and to call the provider (and the provider doesn’t give you a price either, they tell you to call your insurance plan)? While there is a lot of variability, typical annual premiums range from $6,000 (single) up to $20,000+ (family) … and this is before paying for visits/care with a high deductible plan. Given most insurance is still tied to employers and they change plans often, there is very little incentive for an insurance plan to do things in the best interest of your long term health. What if there was a way to always receive the care your doctor suggests while easily knowing the cost? Furthermore, imagine being rewarded for making decisions that help you stay healthy and that impact your life in the future?
Food delivery
As a parent you are often an Uber driver running around between all your kids busy activities with little time to cook. Your options are to go through a drive-thru (quick but probably not healthy), get pickup (not always convenient), or order delivery (added cost and food freshness TBD). What if you could order healthier, fresh, affordable ready-to-eat meals delivered in quantities big enough for your family and matched to their unique tastes and preferences?
HOA management
When I was on our HOA board, we used a property management company to help with the finances, upkeep, and running the community. Given I was a volunteer, it was nice to have this support until I realized most of it was done poorly and required additional oversight and correction. When I asked other HOAs who they used and recommended, 100% of people I spoke with would not recommend who they used. What if there was a way to better leverage technology and process to provide this service to the community at a fair price point and much higher quality?
These are just a few examples of themes we are exploring in our Studio. What other markets get you excited?