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The Lectures 2: What I have learned...

E.M Turdos

December 6, 2020

Intellectual Property & Technology Business Incubation PART 2

Intellectual property is a creation of the mind. It comes from within us - our mind. A simple idea can create a new or unique product, invention, and many more. Intellectual property has rights and protection which protected by the law to prevent others from stealing our idea. To have the protection of that law, we must first file the data to the authorized intellectual property office so that we are entitled to that property.

During the discussion, I realized that having an invention or a product that can solve the problem is important to register it before others because it will become into waste if others claim it first. We should also start to build our idea because we might not know if someone have the similar idea of ours.

I realized that if you want to start a startup, we must know first if that product already exists so that the time we have spent brainstorming, creating our startup product or services will be in vain because later it will not be registered because it already exists.

As a student, creating our startup also need guidance so that we will know what our startup will become. The Technology Business incubation has helped many entrepreneurs for commercialization to improve innovation and give assistance to a small business or the startup.

We can enroll our self to be an incubatee ( in the TBI) that will give us support to our startup and also enhance/harness our experience. Aside from that, we can able to prepare in establishig a clearer and profitable business plan which is one of the benefits.

The TBI of CMU can help us commercialize our startup and know the value of the economic benefit it will give to the community. Furthermore, to be an entrepreneur or an incubatee we should have this kind of perseverance or the desire, skills, and knowledge to continue the business and learn from the hardship. But, we can choose not to enroll and just do things according to what we have plan. Depend on us.

Do Things That Don’t Scale

If we decided to not be enroll in TBI, we always do the things that don't scale. Doing things that don't scale is like doing things manually to serve and deliver value to the customer. When doing things that don't scale - we can learn the process, figure out the problem, or what the business is lacking by getting feedback from the customer to realize what is the need to improve. By doing things this way, we will able to gather the information firsthand with regards to our business.

Doing things that don't scale is also part of the lean startup. The Lean startup is a kind of strategy to gather information faster. It is when you identified the problem then develop the minimum viable product and measure it by testing or getting basic information to learn if it was able to address the problem and how to improve it, then repeat the process.

A minimum viable product is an early stage of a product build to test a hypothesis that answers problems of early adoptors while creating and delivering value to customers. It starts with a simple idea to create a simple product that is design, usable, reliable, and functional product. And along the way, it will evolve accordingly from what we have learned from the feedback of the customer. The MVP is a building concept where every stage has its usefulness. It is a kind of a solution to deliver value, save time & money, able to minimize error because we started small, and get quality feedback.

Through the discussion, I learned that we should be able to know our target and their problem. The features of the product must be developed one at a time or just a simple at first launched to know if it delivers the value we intended to deliver and if our customer is willing to use and pay for it. Starting a simple first launch of the product will get us an advantage to minimize our losses if it fails. Throughout the process of validating our MVP, our minds must be open for feedback to avoid biases and to learn more.

Pitching & Fundraising

As the business/startup grow, we need funds. Every firm needs capital and funds when just starting their business. Owners can get the funds needed in the business from their pocket, family, and investors. Investors such as angel investors, venture capitalists, or public investors and finding them are not easy.

Sometimes, I think that finding investors is easy as long as our business is rising and has the potential to break through to the next level, but the reality is not like that because we cannot do magic, and most of us start from the bottom with no back-up. Finding an investor is the basic thing to do when the business or the startup we build is starting to grow to be able to fund all the expenses and the needs of the business.

In my understanding, finding investors is hard to do if we cannot express the ideas comprehensively to the investor even if we're pitching. We need to make them interested of what we have to offer. Pitching is like an advertisement to the investors to convince them and make them interested in our business so that they will be investing.

From what I have learned in the lectures, there are types of pitching - the elevator pitch, the short and long-form pitch. The elevator pitch consists of 2 minutes only, the short form pitch mostly happens in competition with a time limit of 3-10 minutes, and the long-form pitch where you have a longer time to present and express the idea to the investors on why they should invest to us.

Also, we can use to present our idea by using the 10/20/30 rule of PowerPoint in introducing the business in an organized manner because it will be very comprehensive and effective to remember the overview of the business plan.

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The Lectures

E. M Turdos

November 21, 2020

This past few weeks, we had our lectures regarding the startup ecosystem in the Philippines and why do we need to start now that was discussed to us by Mr. CJ Brasilino from MSU-IIT. We hear about the startup journey of Mr. Kit Laurence Nacua and his sister Ms. Kristel. Also, the technology business incubation was introduced to us by Ms. Getuaban from CDO b.i.t.e.s. Because of our instructor and faculties, we are very blessed to have these speakers.

In the lectures that we had, we are grateful because we were able to acquire new knowledge and hear their startup journey.

To be an entrepreneur, part of its nature is to take a risk and make a sacrifice as well as the startup business. I learned in the topic discussion that a startup answers the needs and problems of the people and has a high level of uncertainty. Hence, it often fails but once the startup is successful, it makes a huge impact on the market and the world like Facebook, food panda, and many startup businesses that become successful. According to Mr. Brasilino, the early we start our startup business, the better because we are still in college, and faculties/instructors and business incubators will help us to give guidance to our startup business.

I am also thankful that I'm able to listen to the startup journey of Mr. Kit of Ehatid Online Grocery Delivery and how business incubation helps startup businesses to innovate. Hearing their experiences, I learned that it's not enough that we have the capital but we must also have a clear, specific, and concrete vision so that someone will believe and collaborate with us in doing the business. Experience also becomes a great help in doing a startup business.

To have collaboration, partnership, support, and to be able to adapt to changes will help us to survive and get the business enough sustainability.

To have a clear vision and idea of what we are going to do, the skills, to be able to know our focus or target market, and to be able to take the risk and make sacrifices are also part of what it takes doing a startup. Furthermore, there are many ways to gain supports doing startup business like TBI, our instructor, or joining startup competitions that will give us guidance and support.

Just 'Think Positive, Start, Don't be afraid and Keep Going'

With regards to our startup updates, we decided to change and we are still trying to process and figure out the idea well and how it will work.

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The Journey 3: Validation

EM. Turdos

October 3,2020

Every entrepreneur starts their journey with an idea and then turn it into a plan. They invest time and effort, yet success is always unpredictable, and giving up is a choice. Sometimes, the idea alone is not enough, and there is a lot of factors to be considered. At some points, our plans are already mix up, and where uncertainties are arising.

Last week, we had passed our team proposal with regards to our start-up plan. The solutions that we have come up with is about booking app because we had found out that there is a conflict between the availability of PUV van and commuters since some of them cannot be accommodated and for the convenience that it can give to the commuters.

The Booking app is an application that enables the commuters to book their schedule ahead of time for long-distance travel by land at the same time it provides full seatings in the van. The target market of this study are commuters and the van’s driver.

To validate if the start-up plan is possible and feasible, we had interviewed commuters who used the van as transportation for long-distance travel through virtual/physical/chats interview. We ask them if there is an app that can book their schedule ahead of time what benefits and conveniences it will bring to them and many more.

Most of them have positive feedback, but some are asking if the drivers of the van can be trusted because some drivers are ‘kaskasero’ and they worry about their safety.

Since we have not yet gotten the driver’s point of view because we have not yet interviewed a driver, we are not sure if they use the app or agree to this kind of set-up.

Along with this validation, we have seen many flaws about this plan and come up with many what if’s – what if there is only one person or few that will book schedule at that time, then maybe the drivers will make a loss revenue or earnings, and they will not agree to this and many more.

As we have our group discussion, we found out that there is so much to consider. And I always think that we had discussed the plan thoroughly last week base on the survey we had conducted, but our little confidence about this plan starting to waver because of unforeseen flaws.

As the plan has many flaws and very broad, we are afraid that it will backfire on us and lose control of it. We have been pondering if it is the time to change the idea, but before we have decided to give up, we must take our time.

Along with the discussion, we have come up with 2 options. [Option A] We Change the way we approach the commuters, instead of individual booking of schedule, change it to large-scale scheduling (pakyaw 2x). In this way, we will be the one to collect passengers and in contact with the van’s driver. As we have uncertainty to the 1st option, we got option B - to totally change ideas. Whatever we choose, we must take our time to figure out more of this.

We already have an idea that when starting a business or creating a plan for the benefits of the majority, One must gather information. Do research, survey, interview, or any ethical way of getting the data. In our case, a survey is not enough. We must interview both parties and validate them because they will be the target market. In such a way, we will have a better understanding of the situations and to arrange possible solutions.

I must say that dealing with the start-up plan is not easy.

Thank you for reading. Keep Safe and God Bless. See you next.

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The Journey 2: Entrepreneurial Mind

The Journey 2: Entrepreneurial Mind

E.M Turdos 

September 19, 2020

Talking, Chatting, Surveying, Observing our Environment, Finding problems, and Brainstorming with a little fun is what we do throughout the past 2 weeks.

It has been almost a month since classes have begun. We have already built a group called Juliet with a total of 5 members including me. For the past 2 weeks, we have begun brainstorming about the possible problems in the world so that we can provide possible solutions that can help while making a profit.

At first, we started suggesting the possible solution to the problem that we observe in our surroundings. We add it up and come up with 6 products that can be helpful to solve the problems– the earphones, solar ring light, keyboard, an improvise alarm clock, an application, and nature made deodorant gel. After that, we interview some people  and most  the people I interviewed said that they prefer applications that can use in the online classes

There was also a suggestion in the group that we should make applications for the driver or an application related to the reservation (booking app) for long-distance transportation by land because there is a conflict between the availability of PUV.

But to be able to know more about the problems of other people and not just by our observations, we decided to conduct a survey randomly to point out their pain/problem. The questions contained the possible problems that they may have encountered during COVID 19 and their suggestions(optional) to resolve the problem. 

Base on the result that we had gathered in the survey, the majority of the respondents said that they have encountered problems in education especially online/virtual learning followed by the difficulty in finding public transportation, and lastly, the inconvenience in going to the market and for medication.

But before we have come up with the decisions, All possible problems and solutions we have gathered throughout the survey and suggestion had undergone a thorough examination and debate by our group until we have come up with 2 feasible options to choose to have a focus in our study. The 2 feasible options are the possible solutions to the problem, 1st option is a booking app and the 2nd option is a delivery service.

We have come up with the first option because many people find it difficult regarding the time limitations of the Van staying in the terminal especially to those who are in a rush and cannot be accommodated unless there is enough van (like HiAce) on standby and by making applications & websites commuters can book a schedule ahead of time and at the same time, we can earn through advertisement.

As for the 2nd option, we have come up with the delivery service because some people find it inconvenience and hassle to go out to buy necessities during this time of pandemic where safety is the top priority.

As the consultation has been canceled or postponed, we have not yet consulted our instructor regarding this. For the meantime, the group decided to focus on option 1 which is the booking app because we find the 2nd option more complicated.

While doing the survey, I've released that conducting a survey online takes a lot of effort because some people can’t afford to participate because of their busyness, some have no/slow internet connectivity and some does not bother to answer and when doing the survey it is important to stay courteous, be patience and ask first if they want to participate in the survey. I also learn that the coordination and contribution of ideas are very important in the group for more information. I learn that some of the problems in society are hard to find the solution because sometimes only the government can solve it. As this week may made us mentally drain, what important is that we have make a lot of fun.

Keep safe everyone and God bless.

Thank you for Reading

See you next.

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Since the outbreak of COVID 19 in the Philippines or any part of the country, Classes have been suspended and ended online to ensure the safety of the students. As we start our new normal in this pandemic, we also started our 1st semester in my 2nd-year college using online class and its flat form as a new normal to hold classes. Google Classroom & Meet and Facebook were used as a mode of communications we use to send files, assignments, meetings, and many more.

The Course GEE 16 – The Entrepreneurial Mind was the first subject to confirm its schedule of class meetings in google meet and on Facebook live among my other subjects. When there is new, I’m always anticipating because this is my first time I experienced virtual face to face classes using google meet and I’m also afraid at the same time because of what will be the effect of having an online class to our grades and learning.

Theories of entrepreneurship were being discussed. According to Joseph Schumpeter, he explained that economic growth is started by people who called themselves entrepreneurs. They produce goods for everyone and find joy and self-fulfillment in gettings things done and have a strong need for achievement. They serve as the backbone of the economy.

As the world is changing and involving, the kind of entrepreneurship, we will be having is not like the same as we experienced in the senior high school. This course aims for the growth and global that can make or propose a change in traditional businesses. The type of entrepreneurship that thus course want venture is what we called technopreneurship, where science and technology-based, scalable, and can have an impact on the economy since most of us have and use technology. In the second meeting, we were task group ourselves into 5 members and give us an assignment to evaluate our self to know of what type of members we want to group ourselves. She give us the link 👇. We use to test or evaluate ourselves.

Our instructor has given us the task and instructions of what we will do throughout the semester.

As the discussion continued, I learned that being an entrepreneur is easy but difficult in the long run. It always requires the skills, strategies, and much more to come up with a solution to every problem and not be a burden to others. I learned that as an entrepreneur we must find the problem and find the effective and efficient solution to the problem. The solution may make you fail but we mustn’t take ourselves as a failure, but must learn from it. It is the risk that we take as an entrepreneur. I learned that everyone can be an entrepreneur and can propose changes. As an entrepreneur, one must keep innovating and creating new ideas and can start a business as long as they have the resources and ability.

Our instructor said that this may be the difficult course will take but this will be the most fun. I must ready myself to face difficulties and handle the kind of roller-coaster emotions I will have in this course. This is Estella and this is only the start of our technopreneurship journey. I hope everyone is Safe and Godbless. Thank you for reading.

Note:The first 2 image is the screenshot during our live discussions in Facebook and the last image is the result of evaluation.