28A – Your Exit Strategy

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?

If i were to create and start a business, I would intend to sell my business in the next 5 years for a large return. 

2) Why have you selected this particular exit strategy?

I've experienced that most small businesses do not last forever unless they are able to influence a large population. I think some markets and businesses experience fads and are greatly influenced by culture and technology, which constantly changes.

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?

This exit strategy has influenced the other decisions I've made in this concept by focusing more on the impact of the customer in the status quo and not how it will effect them for years to come. In the future, battery technology will increase and like everyone new innovation, something bigger and better will replace it as do most inventions over time. 

27A – Reading Reflection No. 3

• Makers: The New Industrial Revolution, Chris Anderson

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

The general theme of this book is that the world is entering a third industrial revolution. The first was the invention of advanced manufacturing, which prolonged human life, made populations grow, and expanded cities. The second was the birth of the digital age, which interconnected everyone on the planet through the internet. This new revolution is a combination of both called digital manufacturing , which takes advantage of self automation and robotics to aid in efficiency and production of anything.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book connected with what I am learning in ENT 3003 by showing how markets changes drastically once new technologies emerge. It seems as if products will exist, but the standard level of technology is dependent on the efficiency of any product or company to exist.

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

This exercise would be to see how much of an impact digital manufacturing currently has in our society and to learn about the advantages and disadvantages of this current revolution.

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?

My biggest learning moment is how different occupations will be in the future. At the current rate of technology, some occupations may be replaced by robots and automation and it may displace a lot of people and force them to conduct new careers or pursue different professions.

26A – Celebrating Failure

During my internship this summer, I was in charge of image post processing to increase the resolution and quality of the video we were recording for an experiment. I had thought I had corrected the imagery for several errors to increase the quality including adjusting the brightness, contrast, and dead pixels, but I had forgotten to reduce the amount of other noise errors in the picture. I showed my progress to my boss to show in an important meeting and he said that he wouldn't show my video to anyone unless he wanted to get fired.

I learned to always get a second opinion on the completion of the work you are doing for any experience. Your opinion matters , but most of the time getting someone else's opinion on how something looks or if you made any mistakes really improves the quality of your task.

I handle failure as a learning process. If I start playing a new video game, most of the time in the beginning I'll get stuck on a certain task and my character may die in the world. Over time, I fail less often because I learned from every mistake that I made. In order to truly innovate , you must learn to fail because you wouldn't learn about a way that doesn't work. This class changed my perspective on failure by allowing to be more accepting of people's opinions towards certain products and how everyone has a different opinion on use and innovation. I am less likely to take a risk.

25A – What’s Next?

Existing Market. 

The existing market is heavily dependent on the research and development of the technology for wireless charging. Spending several years experimenting and developing a functioning product is where this device falls into.

I interviewed three potential customers that are heavily dependent on their mobile devices. The first customer suggested to implement this device into something that they already carry around like a backpack or purse. The second customer suggested to ask experts and professionals with experience in this technology to develop into a portable product. The third customer I interviewed suggested to investigate the health concerns from radiation of the current being put into the air and how too much exposure may be harmful. I asked all of them about my current ideas to prolong this venture and they all agreed that a prototype needs to be made in order to see the products capabilities from a concept to actual power gained. 

The venture will have to grow into the existing market by first introducing this technology to the public. Most people have no idea this concept exists. It is important to get the need out their first in order for people to have time to form an opinion about it. 

Sometimes a product may be too advanced for a customer and it may be a generation before people are able to get used to have this technology around in their environment. 

New Market.

The new market will be to also influence people from all parts of society to tap into the global network of the Internet. This product won't sell if people don't have devices to charge. The more people become dependent on their devices for work, leisure, and communication, the more successful this product can become.

This product will provide people with a lot of value once they become accustomed to using smart devices everyday. A lot of people still use flip phones and can't afford to buy tablet and laptops so giving people more access to devices they can charge will be very fruitful.

The first customer was a an elderly person that doesn't use any smart devices. He suggested that people who don't use smart devices aren't included in this market and has no use for them. Also he suggested that giving elderly people devices to charge would be the first goal. The second customer was someone who can't afford a portable device and suggested that giving poor communities more access to portable devices would be key to buying this new demographic.

I learned from this market that everyone doesn't necessarily use mobile devices. It is becoming more and more popular to use these devices but the entire population isn't yet completely intertwined with the Internet in the same way that Millenials and Generation Z are in their lives.

I was most surprised that people can't afford mobile devices and it is most likely because the need doesn't outweigh the cost of the product . This can have a huge impact to the general population in trying to pitch this to this demographic. 

24A – Venture Concept No. 1: WiCharge

Opportunity.

The forces and changes in the current environment that were able to create this opportunity is the constant use of portable devices in daily life. Since the birth of the iPhone in 2007, portability has been key to the needs of the customer to have information, communication, and instantaneous processing available to them at all times of the day. With the evolution of the smartphone, the development of the tablet, smaller laptop computers, smart watches, portable video games, etc., customers globally have become dependent on their devices. It is upmost important to be able and prolong the life in which individuals are able to use their smart devices to get the most amount of work done and not be dependent on the battery life of the device.

This market is defined globally as a majority of individuals in the world use smart devices to communicate, access information, and distribute results from information at their finger tips.

Customers are currently satisfying their need to prolong the battery life of their devices by using wired chargers, bringing battery packs along for a long journey, and using cases for their devices with built in batteries to inefficiently charge their devices to maybe 1.5-2X the current battery life of their devices. I wouldn’t say that customers that own smart devices are loyal to a particular product, but they are more loyal in being able to have a full charge to their devices, so that they are able to emerge into the global network known as the Internet. As long as there is a device that provides the user with unlimited battery and access to their phones, customers will be most loyal to a product that provides them with the best experience to give life to their products.

This opportunity is huge due to the fact that it is a key buying point for customers buying smart devices to have a strong and long lasting battery life. As long as batteries stay at their current state, the wireless advantage of charging their devices with little ease will be monumental to the technology industry, the business industry, the banking industry, and any industry that relies heavily on technology and portable devices.

This window of opportunity for this product will be open indefinitely until there is a next revolution in energy, which with the slow development of greener and alternative energy will be for decades to come.

Innovation.

This device will ultimately solve the global energy crisis for portable devices. This will be a hand held device that an individual will be able to carry with them on the go in their pocket, backpack, or purse. The technology will be sending current through the air in a limited radius for the user to be able and sync their smart devices with this product and the ionized air particles will interact with the batteries of the smart devices and give them energy without being plugged in directly to a energy source that would not be portable. The service that this venture will be selling the product for $500. The leisure that customers will be provided with will pay for itself in the ability to give the user unlimited amounts of energy from merely the particles of air that will be in the environment. Although the objective is to solve the energy crisis, this device is not perfect yet and the user will have to charge their device after long term use. The average use of this product will last up to a week, so the customer will not have to charge their charging device everyday. It has come to the point where individuals have to charge their smart devices everyday and multiple times a day. Being able to reduce this necessity to once a week to all devices, will be monumental for the amount of time saved charging those smart devices and increase the productivity of the user because individuals do not use their devices while they are charging. It is upmost important that the user will be able to be productive and use their smart devices while they are being charged wirelessly and not have to depend on being near an outlet or electricity source.

Venture Concept.

The reasons customers will want to switch to this new product is because people are constantly on the move and rarely in one place for very long. The capability of users to be able to use their smart devices on the go and efficiently will be the reasons why they switch. It will not be hard for them to switch because this device gives the user a friendly, effortless experience to charge their smart devices.

There are currently no competitors to this because the technology is just starting to develop. A possible weakness for this product will be that customers will not want to carry around another device to their armada of smart devices they currently use in their every day life.

Customer experience will play a huge role in defining this business concept because if the individual isn’t able to have a effortless experience in charging their devices, they would rather use traditional methods to give them energy.

This venture will be organized into a business by locating itself in a technology and innovation hub. The number of employees will depend upon the success of the product. The roles of this venture will be to give everyone in the world access to portable, wireless energy and it will be key to development of energy processes for all devices that use energy and electricity.

The three minor elements

This venture’s secret sauce will be the technology of wireless charging. A patent will be made for this technology and it will be very hard for competitors to copy a service that has a patent on it.

The next opportunity for this current innovation will be to increase the amount of range and battery power the device will give to other devices.

Research and development for several years will have to take place to develop a functioning product.

23A – Your Venture’s Unfair Advantage

Capabilities:

1) The technology of wireless charging is completely unique to this venture because it hasn't been developed or researched enough by companies due to the huge market of wireless charging.

2) The portability of our product gives this venture another competitive advantage by how easy it would be to carry around a device that automatically charged a device that was within a certain radius.

3) The organizational culture of this venture will be disciplined to advocate for the two capabilities mentioned above because these are the top two selling points of the product.

4) The uniqueness of this product will also be up to the products privacy ability to just being able to charge your own devices only and not have anyone else mooch off of your wireless energy.

Financial Capital

5) This venture will be unique in advertising and proposing this technology to other companies for them to invest in the technology to be implemented for similar products, like a template for an operating system, but not give away the uniqueness of the product itself.

6) Although this venture will be looking for investors, it is important and rare that the first founders of the company to put in a mass lump sum to work with and produce a prototype to propose to other companies and individuals.

Human Capital

7) This venture will be rare to hire professionals and experts of the experimental processes that have already gone into this development and help create the perfect environment for a product like this to survive and take over an industry.

8) Other than the professionals that would be hired for this venture, their knowledge is most unique due the patents and trademarks people have made, which will flow into the research and development of an ultimate product.

Social Capital

9) This product will be very useful for anyone with a portable device, like a smart phone, and thus the need for people to use it is immense and will be used as a big selling point to fix a global problem.

10) The location of this venture will most likely be in a hub of innovation, like Silicon Valley, to promote competiveness in the workplace and give opportunities from the local community to jump start the development of this product.

The top resource for this venture will be the technology of wireless charging because it is so new and yet to be developed and just starting to develop a product like this will lean the market into straying away from wired charging just as wired headphones evolved into the convenience of wireless.

22A Elevator Speech #3

21A – Reading Reflection No. 2

The Art of Social Media: Power Tips for Power Users, Guy Kawasaki

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

The general theme of this book that social media can be exploited to great lengths to ensure a device, idea, or thought goes viral and in today's age of technology and media, negative news is good news.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book enhanced what I have been learning in ENT 3003 by using tools that are at your disposal, especially free services like Facebook or Instagram.

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

This exercise would involve making a creative Facebook page to promote a product and to be able to make sure people don't think its spam or click bait by adding characteristics to make people want to click on it. 

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?

This book taught me that people are always making decisions based off what they see online and formulate their opinions based off other people's opinions and some individuals become trend setters, whearas there is just a large group of people on the internet that follow. 

20A – Growing Your Social Capital

1) One person must be a domain expert in your industry. This would be someone who's engaged in the same type of business activity as you would like to be. They may own the same kind of company that you would like to own, or they may be a technical expert who knows a lot about the kind of product or service that you would like to produce.

1) Who they are and what their background is.

Aaron Hanushuck and he is a computer engineer for Apple Repair store.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain Expert

3) A description of how you found the person and contacted the person.

I wanted to see  how I could fix battery issues on my iPhone and called the Apple repair store in Gainesville.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

He gave me advice on how to reduce my battery over time so it doesn't drain as quickly. The return expectation is to probably return to that store if I need any more help.

5) How will including this person in your network enhance your ability to exploit an opportunity?

This enhanced my opportunity by someone in the industry who can see this solution as a need for people with smart devices.

2) One person must be an expert on your market. This would be someone who is targeting your market with similar products services -- or knows a lot about conducting customer research in your area -- or represents a major piece of your market (this might be most applicable with B2B markets).

1) Who they are and what their background is.

Karen Bansil he is a computer engineer for Best Buy

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market expert

3) A description of how you found the person and contacted the person.

I wanted to see if Best Buy had any alternatives for battery packs or supplies to charge your devices battery and I went to Best Buy.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

He showed me their selection of battery related products and told me how each one has been impactful.

5) How will including this person in your network enhance your ability to exploit an opportunity?

This enhanced my ability to exploit an opportunity to see whats already on the market making a difference for people.

3) One person must be an important supplier to your industry. This would be someone who is selling products and services to other organizations/firms in your industry. 

1) Who they are and what their background is.

Power Core Inc.

2) Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier

3) A description of how you found the person and contacted the person.

I saw they were selling supplies on recyclable phone batteries that plug into your phone.

4) The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 

They sent me a sample and the return expectation is to promote in my network.

5) How will including this person in your network enhance your ability to exploit an opportunity?

This enhanced my opportunity to succeed by finding a supplier to produce a potential product.

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

This experience will shape how I participate in any future events by being prepared to ask a lot of questions and develop a personal relationship with others. This was different than in the past because these peiople had technical backgrounds in the field and were willing to tell me a lot about the market and indsutry.

17A Elevator Pitch No. 2

19A – Idea Napkin No. 2

On your entrepreneurial journey and the path to identify and solve a potentially lucrative business opportunity, feedback is critical. On your first Idea Napkin, you received feedback from your fellow students. In this second effort, I'd like to revise your napkin by taking into consideration the feedback you received.

In this exercise, there are two parts. First, the idea napkin; second, the 'feedback memo.' I explain them below.

For the idea napkin, please describe the following (these are the same elements as in the first idea napkin). However, this time, please adjust your napkin to reflect the feedback you received.:

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a millennial aged college student and I spend a lot of time on my electronic devices for school work, programming, video games, and social media. My skills are developing software and working with plasma for experimental research. My aspirations are to develop a product that will end dead batteries forever. If I were to start this project, it may help me gain connections to others in industry.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

The product I am supplying to others is a portable electronic device that ionizes the air particles near where you turn it on and wirelessly charge devices with smaller voltage batteries. This product could be available for smartphones, tablets, and small laptops.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

I am offering this product to anyone who indulges in heavy usage of mobile electronic devices that depend on a limited supply of battery. 

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

People care about this type of issue because people are almost dependent on their devices batteries life. Most people feel energetic in the morning because there devices are charged  Once their batteries die, they feel less motivated to work. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

I believe that I have the ability to produce a need that hasn't truly been addressed in today's world. Our life is completely dependent on power and being able to have your devices charged at all times could be monumental. 

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

I feel that my business model could be weak in a sense that people won't want to carry another device around just to charge another device. I believe that adding a product to solve the issue isnt the address, but it may be possible to add this type of technology to an accessory we use everyday like in a backpack, a watch, or in clothing.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. 

One positive feedback that I received was being able to reduce the amount of devices that a person holds around on a daily basis. It was helpful to start and formulate ideas on how to incorporate this device in everyday used items.

A second negative feedback that was addressed with me was that this technology could produce a significant amount of radiation to the user . This concern can be addressed by not standing next to the device for long term use . 

18A – Create a Customer Avatar

                                         

The picture above is my customer avatar for a person that has an atypical smartphone and conducts in heavy usage for everyday activities.

My customer avatar likes to enjoy night life with his friends, going to the beach, and hiking around nature trails.

My customer avatar tends to drive a black suburban van due to having room for his activities.

The TV shows that my customer watches are mainly on Netflix and he enjoys Disney films.

My customer avatar does not have children.

My customer avatar doesn't read books because he is a millennial and reads his dailt news and content online and uses his phone and laptop for for this.

My customer avatar is a centrist and doesn't typically indulge himself with political discussion.  

My customer avatar is 24 years old.

I have a lot in common with my customer avatar because I am of similar age and being in the generation that we are in equates with heavy electronics use in everyday life. The ability to charge your mobiles devices and small computers with a device that wirelessly charges your products and you are able to bring your device everywhere you go.