23A - Your Venture's Unfair Advantage
1.
Connections to research platforms (some good,
some bad)
a.
I currently perform my own research at the
University of Florida. Therefore, I do have connections with fellow
researchers, phD students, and professors. These relationships could be
stronger, though.
2.
Connections with individuals in the drug store
industry
a.
Connections within the drug store industry are
very important because this is how you get placed on shelves. I can get support
behind the scenes and get advice on how to better pitch my product.
3.
Connections with nurses and doctors
a.
Connections with the people most knowledgeable
about the product are extremely important. This will provide a pathway for
creating the most useful product during the research phase. If the product has
value, then these connections will vouch for it.
4.
Connections with users
a.
Connections from the users themselves provide
the most valuable feedback. Knowing who would be buying this product is most
important because you can directly see the real life applications. Unfortunately,
this resource is easily replicated among others.
5.
Connections with biomedical engineers and
pre-med students
a.
Having connections with engineers is powerful
because they might see the problem differently. This is a direct application of
their skills, so they will be interested in giving feedback and helping with
the research.
6.
Connections within the entrepreneurship school
a.
I am lucky to have close connections with
entrepreneurship professors who could act as mentors during the process of
starting the business. This is actually an invaluable resource because they
have something that you can’t buy: experience.
7.
Marketing and advertising knowledge from
consulting experience
a.
Due to my business consulting experience in
South Africa, I have my own experience trying to create advertising pieces and
marketing strategies for products. This can be directly translated to my
product, but anyone with a business degree could do this just as easily.
8.
Sales pitch experience from consulting
experience
a.
Similar to the last example, having sales pitch
experience is valuable but can easily be replicated among others.
9.
Personal engineering background
a.
While pursuing an engineering degree I have learned
a lot about the process of research and designing a product. I also am learning
about cost savings on the creation of products, which will be very valuable to
this venture. Many entrepreneurs lack this knowledge, so this could make it
stand out.
10. Experience
finding funding for research
a.
I have needed funding for research in the past,
therefore I can apply this to finding investors. Investment in research is
similar to investment in a business.
Overall, I believe that my connections within the
entrepreneurship school are the most valuable to this venture. Currently, I am
an unexperienced student. Having mentoring from experienced individuals could
be the most valuable to the company because they can give guidance on areas to
focus on and make better. This will allow me to enhance the product to the
highest point possible, find investors, and learn how to get the product into
stores and hospitals.
It sounds good that you have connections with people in different aspects of the industry/business that your venture is in.
ReplyDeleteI think it is good that see that experience individuals would be great mentors as I think just meeting entrepreneurs helps you learn about many things even if they are not in your industry.
Good to see that you have other skill sets like marketing while pursuing an engineering degree, I think having a diverse knowledge is very useful
Jenna,
ReplyDeleteNice job on your VRIN. It is very evident you have a lot of connections, something that I am jealous about. Did you come into contact with all of these people through work opportunities and internships? Any advice on getting myself in touch with some influential people? Regardless, I agree on your last comment that your connections with the entrepreneurship school are most valuable. You are an upcoming entrepreneur, and who better to get advice from then someone who's been down the same exact path as you before!
Hi Jenna! I admire how many connections you have, and in my opinion, having connections is one of the best ways to get where you want to be. Also, I did not know you are engineering student too! That is beneficial because not only does it show that you are well-rounded, but you could also physically create your product on top of your creation of the idea. I believe it is very important to be qualified in multiple areas, and you most certainly are!
ReplyDeleteHello again Jenna! Great job on Your Venture's Unfair Advantage . Connections are key. USE the,. I've learned the importance of learning from mentors and using connections to further your ideas. How did you come into contact with these people? I respect your entrepreneurship qualities. Keep up the good work!
ReplyDelete