Could be a million dollar idea??
Let's see. According to this article
, about 200,000 people take gmat every year. This data is a bit out of date, but there are fluctuations. Let's assume that 40% of these are from USA, 80% of the US test takers live outside a metropolitan area and drive to work, 90% of these last category will be interested in such product. Please note, I assumed a lot. But I am just doing a ball park estimate. Also I excluded the non US test takers. From my past experience I found that most of the countries have good transportation system and people use them.
So the number of people interested to buy such product, i.e. the size of the target market will be = 0.9 * 0.8 * 0.4 * 200,000 = 0.72 * 0.4 * 200,000 = 0.288 * 200,000 ~= 0.30 * 200,000 = 60,000! A $20 product will generate about $1.2 million! If we roughly multiply this with other tests (GMAT, GRE, SAT, MCAT), this becomes even more ($1.2mil * 4 ~= $5mil)!
To answer your question, could be a million dollar idea? It definitely seems to be.
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