25A - What's Next?

·      What I think is next:

o   I think that the next step in my venture would be creating a platform where my product can be further utilized in a more effective manner. Since my product utilizes technological capabilities that allow authorities/emergency contacts to be alerted with your live location in times of emergency, I think a smart continuation in the venture would be to create an application that allows the consumers to be more engaged with the product. Having the application and running it similarly to “Find My Friends” will allow for more widespread coverage that can offer additional insurance in cases where the “panic” button is not utilized.

·      Existing Market Interviews:

o   The 1^st interviewee that I selected is a 2^nd year female student here at the University of Florida. When I presented her with my product concept, she seemed very interested and intrigued about the idea. She gave me some suggestions on how I could design the accessory aspect of my product so that consumers are more attracted to the product and more likely to actually utilize and wear it. Other than some suggestions on how to improve the designs/variations of the accessories, she thinks that I am on the right track in developing a product to combat a very serious issue.

o   The 2^nd interviewee that I selected is a 4^th year female student here at the University of Florida. I asked her about my product concept and as to what I can improve with the idea. She stated that having the product connected to an application would definitely add some credibility/legitimacy to the product and give consumer’s piece of mind that this product will work. I had thought about potentially adding an application so that consumers could directly interact with the product and it would be an interesting way to differentiate from other personal safety devices such as the LifeAlert.

o   The 3^rd interviewee that I selected is a 2^nd year female student here at the University of Florida. She mentioned that with the accessory/microchip versions of my product that I should consider adding a microphone/audio recording piece to the product as well. This could allow victims to directly speak and be heard through the product, giving authorities/emergency contacts a better understanding of the situation. Having an audio recording piece within the device can also help capture evidence against criminals discreetly and allow authorities to know exactly who is responsible for the crime.

·      Reflection:

o   After conducting these three interviews, I think I have learned a lot about how I can continue to improve my product and advance my venture. Talking to consumers provides me with feedback that I can utilize to improve my overall idea. The 2^nd interviewee’s suggestion to create an application to interact with the product is smart in boosting consumer interaction with the product. I think that if consumers are able to see the product work right in front of their face and know that they have an application that works side-by-side with the product will give them more assurance and peace-of-mind. I also am very excited about the 3^rd interviewee’s suggestion about adding a microphone/audio recording feature to the product. I hadn’t really thought about how useful this could be in serving as evidence in these crimes and helping put away these criminals. Since sexual assault cases can sometimes be seen as “she said, he said”, the audio recording feature could be a significant tool in deciding these cases and making sure that victims stay safe. I think that is probably the most insightful piece of feedback I have received since it goes past crime prevention and revolves around serving justice once the crime has occurred.

·      New Market:

o   Instead of targeting B2C, I think a new market that I can target is B2B. I think that I can go directly to clothing manufacturers and offer them the opportunity to possess “smart clothing”. “Smart clothing” is already becoming more popular and I think that by adding the technological capabilities of my product and offering it to these clothing manufacturers, they can utilize that and market their product as clothing that keeps you safe. Clothing brands will be more receptive to the idea as a way to stand out even more against competitors, which I think provides a lucrative and exclusive opportunity in targeting B2B.

·      New Market Interviews:

o   The 1^st interviewee that I selected is my friend from high school that has started his own personal clothing brand. I presented him with my product concept and the goal of my product, explaining how it can be utilized with what he is offering. He stated that it was definitely a smart idea and that the microchip version of my product is something that he would be interested in since it can be hidden within clothing easily. He also mentioned how targeting B2B will work much more effectively for smaller brands looking to gain an edge on other competitors and make themselves stand out.

o   The 2^nd interviewee that I selected owns his own online business creating and reselling custom accessories and sneakers. He was also excited about the technological capabilities of my product and can see how they can be paired with what he is offering consumers. He suggested licensing the product to major clothing/accessory brands as that would save me a lot of money in manufacturing the nonessential parts of the product and focus solely on the microchips that make the technological aspects of the product possible.

·      Reflection:

o   What surprised me the most was how receptive businesses were in collaborating and utilizing my product. I think I just underestimated how businesses would use this to distinguish their brand among the multitudes of clothing manufacturers. I think that the B2C target strategy is a little more attractive because of how big the market is and because I am more confident that I have identified the people facing the need for my product. However, I do think B2B offers more growth opportunity long-term since I wouldn’t have to manufacture the accessory aspect of my product and could focus on simply developing the technological aspect of my concept, which would decrease costs and increase my overall margin.

24A - Venture Concept No. 1

Techly Smart Accessories

·  Opportunity:

o   Unfortunately, crimes involving sexual assault/abductions are still trending at a significantly high rate. As a college student, I have been exposed to people who have been victims of these crimes and this has allowed me to gain some new perspective surrounding this issue and how we can potentially combat these crimes.

o   According to the National Sexual Violence Resource Center, an estimated 1 in 5 women and 1 in 71 men will be raped at some point in their lives. An estimated 19-27% of women report being sexually assaulted during their time on campus, in comparison to 6-8% of men. 

o   When looking at abduction rates within the United States, an estimated 800,000 children go missing every year, which averages out to about 2,000 child every single day that go missing. With how advanced technology that we currently have, it is very shocking to see rates for both of these crimes so high.

o   The need is for everyone to feel safe and not have to fear that they will be victims of these crimes. Going in even further, consumers want peace-of-mind that if they were a victim of these crimes, they would have the greatest chance at the best outcome.

o   The forces that allow these crimes to occur are increased response times due to a lack of knowledge of where the victims are. Often times, children are the victims of abduction crimes because they are harder to locate and these increased response times make these crimes more prevalent. In addition, sexual assault crimes are still trending at high rates because police response times are not as efficient as they could be as they are unsure of where the victims are. Being able to identify victim’s locations will quicken police response time and should result in a decline in both of these crimes. Until these forces are addressed, there will be a huge window of opportunity.

o   Currently, there is no real solution on the market to addressing this need. Cell phones are often used to contact authorities in times of distress, however police are not able to adequately locate these victims since phone batteries are not as reliable and criminals make sure to dispose of cell phones quickly. This leaves people having to constantly look over their shoulders and try to pray that they are never victims to these crimes. I would say consumers are not loyal to current solutions because they are ineffective. If they were effective, the statistics for these crimes wouldn’t be that high.

o   Potential Market: College students (more specifically female college students) and families would be the primary consumers to target. Female college students are often the target for sexual assault crimes so they would likely need this product to help reassure peace-of-mind and keep them safe. Families want to make sure that their kids are safe and that they definitely are not victims to these crimes.

·  Innovation:

o   My product is designed to function as a standard bracelet, necklace, or ring, but with one exception: these accessories contain a “panic” button that alerts authorities and emergency contacts with your live location. Another version of my product involves a microchip with similar functionalities that provides a more discrete and versatile option for personal protection. 

o   When the “panic” button is pressed, authorities and emergency contacts are alerted and are given the victim’s live location. This allows the authorities to locate victim’s faster and give them the greatest chance at the best outcome.

o   Each version of my product would be priced slightly differently, however the overall price range I am targeting is $40-$100. This makes the product affordable for my target consumers and is also priced lower than any of my potential competitors.

·      Venture Concept:

o   Switch really isn’t applicable to my product since consumers do not currently have a working solution to the problem. Thus, the main focus will be introducing my product and explaining how it effectively addresses their needs.

o   Competitors: Right now, there are very few competitors to my product. They haven’t been successful in marketing their products because none of the features of their product really address solving consumer’s needs. Having a pepper spray necklace or a necklace that shoots a high-pitch alarm doesn’t really do much to help deter criminals. I think that the fact that these crimes are at such high rates will give me more legitimacy in taking over the market share within the industry.

o   Role: I think that pricing and customer experience will all play a role in defining my business concept. Since I am targeting college students and families, I have to make sure that my product is affordable and effective. Consumer experience will play a strong role in establishing the legitimacy and effectiveness of my product. Customer support will also play a role in ensuring that the product is performing at the highest level and that consumers are getting the best from my product.

·      3 Minor Elements:

o   Most Important Resource: I would say that my firm’s secret sauce is the current network that I have at my disposal. Having a team of people with diversified skills will help contribute to the success of my product. Having experience operating my own successful business, I know what it takes to make it and having strong relationships with people in computer science/programming/engineering will help ensure that my product has the best technology available to ensure a high-quality product.

o   Next Opportunity: My next opportunity would actually be creating a prototype for the product. Utilizing the current technology that is available, I do not think it will be that difficult to create a working prototype. Creating a working model of the product will allow me to further test and refine my product to give consumers the best version possible.

o   What’s next for me: I want to be very successful with this product idea and I think it will help kick-start my career in entrepreneurship. My vision is that I will be able to develop and create products that are aimed at solving significant problems that we face in society today. My next venture will likely be related to solving environmental issues that the world is currently facing as that is something that I can see making a major difference in the world.

23A - Your Venture's Unfair Advantage

1.     Experience operating my own successful online business: I created and managed my own online business where I would buy/sell/trade sports memorabilia and sneakers, allowing me to develop key entrepreneurial skills.

a.     Valuable: This is valuable as I know what it takes to operate a successful online business and since I identified the internet as my optimal medium, experience will only help.

b.     Rare: This is somewhat rare; however, anyone can obtain this experience through attempting to operate their own online business.

c.     Inimitable: The capability is sort of able to be imitated, however the uniqueness of the business concept may not provide everyone with the same experience/skill development.

d.     Non-substitutable: The only other way this experience could be obtained is through hiring someone with previous entrepreneurial experience, which would cost a lot more money.

2.     Social Capital: Network Connections: I am fortunate enough to have people in my network with experience in computer science, programming, and engineering.

a.     Valuable: This is very valuable as having a strong network containing these differing skillsets all contribute to taking my business concept to the next level and making it a reality.

b.     Rare: This is kind of rare at this point in the development process, considering my age.

c.     Inimitable: It can be imitated, however the uniqueness of the network and how close you are with these people does play a significant factor in how successful you will be in utilizing their skills.

d.     Non-substitutable: I would say no just because there is no other way to build a strong network other than to know people or reach out to them and build that relationship.

3.     Lack of Competition: There are only a few competitors offering a product similar to mine, but absolutely zero of them offer the same technological capabilities that my concept possesses.

a.     Valuable: This is extremely valuable, especially early on, as it will allow me to penetrate the market and build credibility for my brand very early.

b.     Rare: This is rare because usually there is already competitors out there in the market offering similar products.

c.     Inimitable: This can be imitated since I do not have any patents to protect the technology that my product would possess

d.     Non-substitutable: I am sure there are other concepts that can be created as well that have few competitors, making it easier to push your product and get it in the hands of consumers.

4.     Prior experience studying business in Madrid, Spain: I was able to learn more about global markets, giving me an idea of how consumers behave in different economies

a.     Valuable: I would think this would be valuable in eventually expanding my product and getting it into the hands of consumers all around the world.

b.     Rare: I would say this is very unique, as not many people have had the opportunity to study business in different parts of the world.

c.     Inimitable: I guess this can be imitated, however it becomes more difficult if you are not currently a student.

d.     Non-substitutable: Spending time in different markets and operating businesses within these different markets can also provide experience learning about how different consumers behave and react.

5.     Fluency in both English/Spanish: This allows me to reach a greater amount of people and communicate my business concept to them.

a.     Valuable: I think this is valuable because it allows my idea to reach a greater amount of people and allows me to better connect with consumers.

b.     Rare: This is not too rare, as many people now are beginning to speak multiple languages and Spanish is growing very quickly.

c.     Inimitable: This can be imitated through learning Spanish from an online course or through school.

d.     Non-substitutable: I would say this would be difficult to obtain through any other experience, as learning a language requires a lot of practice and time.

6.     Strong Financial/Statistical Data Analysis Skills: Through my previous coursework and experiences, I have strengthened my analytical skills and learned to work with programs such as Microsoft Excel, QuickBooks, and Bloomberg.

a.     Valuable: This is very valuable in making sure that the company’s finances are being handled correctly and that money is being managed in the most efficient way possible.

b.     Rare: I would say that this is somewhat rare, however there are much more people beginning to learn how to work with these programs to strengthen their analytical skills.

c.     Inimitable: This can be imitated through learning how to use these programs and being able to apply their functions to the business field.

d.     Non-substitutable: The only substitute I can think of is working with a lot of financial statements or with statistical data, as this will strengthen your critical thinking skills and allow you to better identify patterns/trends within data.

7.     Publicity/Media Exposure to Issue: Right now, there has been increased media attention/exposure directed towards sexual assault crimes, as well as abductions.

a.     Valuable: This can be valuable in exposing my product to the market, making them aware of how my idea can solve this issue.

b.     Rare: It is somewhat rare because the media can choose to focus in on whatever is buzzing in the world right now.

c.     Inimitable: The publicity/exposure can help boost any company that is trying to solve the issue, however whoever has the superior concept will obviously benefit the most.

d.     Non-substitutable: This can also be achieved through marketing/advertising the product, however the media is doing this for free so it is saving a lot of time and money.

8.     Financial Capital: I have experience in investing and have a lot of knowledge about the market that will make it easier to raise capital.

a.     Valuable: This can be valuable in raising money for the company, however the amount that I would be able to make would likely still not be enough to completely fund my concept.

b.     Rare: This is not too rare as many people invest and have a solid knowledge-base about the financial markets.

c.     Inimitable: This can be imitated through reading the news daily and paying attention to the financial markets consistently.

d.     Non-substitutable: Knowing how to fundraise or crowdsource can be similar experience as well.

9.     Strong Work Ethic/Motivation: I have always been an extremely hard worker and once I set my mind to something, I am all in.

a.     Valuable: This is valuable as starting your own business and taking that concept and making it a reality is going to take a lot of work and effort.

b.     Rare: This isn’t that rare as I am sure that there are many hard-workers with a strong work ethic.

c.     Inimitable: It can be imitated, but it is honestly a characteristic so it is more than likely already a part of someone’s personality.

d.     Non-substitutable: This isn’t really non-substitutable because you are either a hard worker or not.

10.  Experience within this course: This course has allowed me to learn more about my potential target market and the steps necessary to take my concept and turn it into a reality.

a.     Valuable: This is valuable as it provides me with some structure and knowledge about how to go about advancing my concept and who exactly I should focus on in marketing my product.

b.     Rare: This isn’t too rare as every student within this course has been able to acquire this experience.

c.     Inimitable: This can only be imitated through taking the ENT3003 course.

d.     Non-substitutable: This experience cannot be substituted.

Reflection: After doing the VRIN Analysis, I would say that my strongest resource is my social capital/network connections. In my opinion, it is my strongest because having close relationships with people that have knowledge/experience in computer science/programming/engineering will allow me to best develop my business concept and utilize the best technology possible. My previous experience operating my own online business plays a role as well in the skills that I bring to the team. In having knowledge about what it takes to become successful operating an online business, including management, marketing, financial management, and building consumer relationships, I think that adds well with having people with more technical experience in the industry that I am pursuing. Everyone’s network is unique and I think having strong connections with people that contain pertinent experience/skills will obviously provide more value.

22A - Elevator Pitch No. 3

https://youtu.be/t7FphdE9OJE

Reflection of Feedback: Unfortunately, I did not receive any feedback for my last elevator pitch so I had to take into account feedback that I had gotten in the Idea Napkin No.2 Assignment and implement that into my elevator pitch. The feedback that I received in the first elevator pitch commended my enthusiasm and passion for my product that I was passing on during my elevator pitch. The use of hand gestures and changing the tone of my voice through the elevator pitch allows me to engage my audience better and emphasize certain points of my business concept. Overall, I was able to take the feedback that I received in the 2^nd Idea Napkin assignment and emphasize the fact that there are no significant alternatives and by introducing my microchip concept that makes my idea more discrete and versatile.

What I changed, based of feedback: Taking in the feedback that I received on the 2^nd Idea Napkin, I emphasized the fact that there are no direct competitors with my product. I mentioned in the elevator pitch the various alternatives of my product, followed by my conclusion stating that “if these products were truly effective, then we would have seen a sharp decline in these crimes a long time ago”. Implementing current technology into my product gives my concept an edge and plays a significant role in shortening response times and lowering these crime rates. Another piece of feedback that I utilized was introducing the microchip concept and showing a demonstration of how it can be utilized in an emergency situation. Showing the demonstration provides deeper understanding as to the application of my product. I made sure to just take it a bit slower and make sure that my points were being clearly understood by my audience. Emphasizing what makes my product effective was another key that I wanted to make sure was understood by my audience.

21A - Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big, Scott Adams

1)    What was the general theme or argument of the book?

·      The general argument of the book is that making mistakes is a pivotal part of becoming successful and that learning from these experiences is what will help you grow and become successful. Scott Adams talks about a lot of examples from his life where he made mistakes and how he took these mistakes and learned from them, emphasizing how these learning moments contribute to becoming successful. The overall theme was to not be afraid of failure or of making mistakes, as it is through these experiences where we achieve optimal growth opportunities.

2)    How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

·      In my opinion, this book connected with what I have learned in ENT3003 so far by demonstrating the value of making mistakes and learning from our experiences. ENT3003 is designed as a very interactive course with zero tests and all of our assignments coming from actually interacting with the material. In developing a business concept and trying to grow our product/service idea, I (along with many students) have faced difficulties in identifying who to target in the marketplace, what price the concept should be set at, or with how your concept will work. This book connected directly with what I have learned in ENT3003 by emphasizing that it is okay to make mistakes and that hardships are a part of the journey. It is through learning from these experiences and interactive assignments that we can best grow as entrepreneurs and as people. We have all learned about how difficult it is to be entrepreneurs, but our attitudes towards failure/mistakes plays a large role in determining how successful we will be in the long run.

3)    If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

·      If I had to design an exercise for this class, I would create an exercise that involved failure. This exercise would either just be close to impossible to achieve or with a very tight deadline so that nearly every student would fail. Then I would create a follow-up exercise that would make up for the amount of points the students lost with their failed assignment and ask them about what they learned from their experience failing the previous exercise and what changes they would consider implementing so that maybe they do not fail the second time. By incorporating this exercise, you are exposing these students to failure early on and are allowing them an opportunity to truly learn from their mistakes and grow from them.

4)    What was your biggest surprise or ‘aha’ moment when reading the book? In other words, what did you learn that differed most from your expectations?

·      I didn’t really have any big surprise or ‘aha’ moments when reading the book as I realized that Adams views align pretty similarly to my own. What differed the most from my expectations was probably Adam’s emphasis on truly learning from your failures/mistakes. Sometimes I don’t really think too hard about my failures and move on from them quickly, but Adams really reinforces the idea of taking time to pick apart your failures/mistakes, analyze why they happened, and what you can do differently in the future to prevent this from occurring again. The whole process revolves around self-reflection and analysis, which I think is often overlooked when people make mistakes and in individual’s attempts to become successful in life.