Marketing: An entrepreneurial friend has decided to start a business bringing body implants (biohacking) to the mass market. He is particularly intere

When the biohacker movement was starting out, grinders sought simple ways to reimagine human enhancement. One of the first was tiny magnets inserted in the fingertips with a small incision. When the trend began, it was largely a DIY kitchen operation using a razor blade or knife, rubbing alcohol and possibly an ice cube to numb the skin’s surface. But over the years, the magnets have come to be offered by a small number of body-modification artists as just another type of piercing. Though there are no official statistics, Dimoveo estimates that thousands of people worldwide have magnetic implants.
Olivia Webb, another member of Grindhouse, had her magnet put in earlier this year. She can almost lift a paper clip by simply touching it with her finger. But party tricks are far from the point, she says. The magnet has allowed Webb to feel electromagnetic fields, almost as if she possesses a sixth sense.
"Microwaves, for instance, have a lot of wattage that goes through them," says Webb, who has an undergraduate degree in biology and learned electrical engineering while "on the job" at Grindhouse. "Originally, it just felt like a field, but now I know what a microwave field feels like. It has a certain tingle to it. It’s hard for me to describe because (Webster’s dictionary) hasn’t made words yet for me to understand (it)."
Using his intuition your friend wants to target a wealthy 20-30 year old, female segment. Your friend thinks he can build on a tattooing fad and extend it. He cannot understand why people would undertake body modification and hasn’t tried, but figures he can make some money out of it anyway. He sees the modifications as technology and plans to position the products as alternatives to other technology choices.
Your friend plans to distribute (install) the body modifications using an agreement with a chain of tattoo studios. They are cheap (but not cheerful) and he plans to pass the cost savings to his consumers in the form of more economical (cheaper) pricing.
Critically evaluate your friend’s approach. As you do, make sure that you detail a more rigorous process and note potential for failure along the way.