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Blog #4 GEE 16 Lecture Series

A Day of Learning and Innovation at Central Mindanao University

On a scorching Wednesday, the University Convention Center (UCC) at Central Mindanao University was abuzz with activity, hosting an insightful program for the GEE 16 subject, "The Entrepreneurial Mind." Despite the oppressive heat and not feeling my best, I attended the lecture series with friends, and it turned out to be both informative and enjoyable.

The event commenced at 1:30 PM with a solemn prayer and the singing of the National Anthem. An instructor’s opening remarks set the stage for our first speaker, Dr. Gamaleila Dumancas, who delivered an enlightening talk on "Intellectual Property Rights & Technology Transfer."

Intellectual Property Rights & Technology Transfer

Dr. Dumancas began by underscoring the significance of Intellectual Property (IP), likening it to land ownership. Key takeaways included:

Intellectual Property (IP): Creations of the mind, distinct from physical inventions. Protecting IP prevents competitors from copying ideas, akin to how land ownership deters trespassing.

Patent: A government-issued grant providing inventors with exclusive rights for 20 years.

Utility Model: Novel and industrially applicable solutions to technical problems.

Industrial Design: Ornamental or aesthetic aspects of products, protected for 5 years.

Trademark: Indicators of origin, such as the Google logo, protected for 10 years.

Copyright: Legal protection for original works like lectures, paintings, and maps, lasting for the creator's lifetime plus 50 years.

Dr. Dumancas highlighted the criticality of conducting prior art searches and the commercialization of IP, noting how today's wealthiest individuals have amassed fortunes through intellectual property. An engaging discussion followed on whether the 7/11 logo constitutes copyright infringement, leading to a lively open forum.

Startup Ecosystem

After the open forum, Ms. Keren Happuch Lacadin took the stage to discuss the "Startup Ecosystem." Her presentation covered essential points:

Definition of a Startup: A project with high growth potential, aimed at solving a problem with a non-obvious solution. Startups are disruptive and grow exponentially, unlike traditional businesses.

Difference Between SMEs and Startups: SMEs are market-proven with linear growth and rely on business plans. Startups are disruptive, use business model canvases, and experience exponential growth.

Startup Ecosystem: A network of people, startups, and organizations interacting to foster new companies. The pandemic accelerated the growth of online selling, showcasing the dynamic nature of startups.

Ms. Lacadin also elaborated on the Digital Startup Development and Acceleration Program (DSDAP) and stressed the importance of innovation in the Philippine startup ecosystem, which ranks 59th globally with a value of $3.05 billion.

Conclusion

The lecture series concluded with an overview of incubation programs and opportunities available for budding entrepreneurs. Unfortunately, feeling unwell, I had to leave early. Nonetheless, the sessions I attended were enriching, providing a comprehensive understanding of intellectual property rights and the startup ecosystem. Sharing the experience with friends made it even more enjoyable as we discussed the insights and ideas presented throughout the event.

Despite the intense heat, the day underscored the power of knowledge and innovation, reinforcing the importance of protecting intellectual property and nurturing a vibrant startup culture.

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Blog #3

After the BMC presentation Week 1: Testing Our Hypothesis

Our hypothesis aimed to determine whether our service provided convenience or inconvenience to students. To test this, we interviewed a student from Educ College, who coincidentally was also a CMU renting student. We sought her permission for the interview, respecting her decision not to have her picture taken. During the interview, upon explaining our service, she responded, "I would rather spend a few more pesos on a service to buy groceries than exhaust myself and take up my precious time." This interaction with a potential customer boosted our optimism, indicating that some students are willing to pay for convenience.

Week 2: Decision-making and Available Options

A pivotal decision centered around the appearance of our delivery boxes. Through several online meetings, we determined that opting for plain cardboard boxes would be better and cheaper compared to decorating them with a full-on print of our logo. An alternative option considered was affixing stickers to label the boxes with our product.

We weighed the options between making our boxes or purchasing them. Crafting our boxes proved too expensive and labor-intensive compared to buying them. The cost of materials and time consumption in making our boxes outweighed the benefits.

Lessons Learned:

Reflecting on our BMC presentation, one of the panelists commented that our presentation would have been better if the team had mastered our lines instead of just reading off our phones. The panelist advised us to be more confident, and energetic, and to project our voices to engage the audience. They also pointed out mistakes in the PowerPoint presentation, specifically on my slide.

My part focused on customer segments. On my slide, I had written "All CMU renting students" as the customer segment, which was deemed too broad. Additionally, I mistakenly wrote the value composition instead of providing the correct description of the customer segments. I felt remorseful for this oversight, especially towards my teammates. Thankfully, they were forgiving and said, "We'll do better next time." I learned that having great teammates inspires me to improve as a student. Lastly, having great professors and panelists who were honest with us during the presentation was a valuable lesson. It made me feel optimistic about our future improvements.

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Blog#2

Customer Interview and Hypothesis Testing - Week 3:

This week, as part of our ongoing efforts to enhance our "Students Essential Box" service, we conducted an interview at Central Mindanao University. Our hypothesis centered around the belief that there is a significant demand for a convenient and value-added solution among busy students. We aimed to address their needs by offering a service that saves time and enhances both academic and personal lives.

During the interview, a student expressed enthusiasm for our service, stating, "Your idea of creating a business sounds great, but I'm worried it might cost more than I already pay for." However, our essential box is designed to be affordable, catering specifically to struggling students at Central Mindanao University. The positive feedback from the interview reaffirmed our belief that our service meets the needs of our target audience.

Team Decision-Making Process:

One crucial decision the team made last week was whether to develop a product or a service. We engaged in thorough research, brainstorming sessions, and discussions to weigh the pros and cons. Ultimately, we decided to create a service named "Students Essential Box" or "Students Survival Kit." The team also deliberated on the choice of names, considering the options. Personally, I favored the second option, "Students Survival Kit," finding it more catchy and intriguing. We believed that this name would spark curiosity among students, drawing attention to our service.

Lessons Learned - Tower Building Exercise:

On February 27th, our entrepreneurial professor challenged us with a unique exercise involving 20 sticks of pasta, 1 meter of masking tape, yarn, and a single marshmallow. The task was to construct the tallest tower using these materials within 18 minutes. Excitement filled the room as we envisioned our impressive tower, focusing on its height. However, we overlooked a crucial element – the foundation.

Our tower, much like a business fixated on standing tall without considering its structure, failed to stay upright. This activity served as a metaphor for the importance of building a strong foundation in business. It reminded us that a business, like the marshmallow atop our tower, needs solid support to thrive. To create a successful business, one must prioritize a robust foundation that can sustain and elevate products or services. The experience was not only insightful but also a fun and memorable lesson for the team.

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INTRODUCTION

Given the challenges faced by students, such as a lack of time, limited access to affordable groceries, and inconvenience in transportation, we hypothesize that there is a significant demand for a convenient and value-added solution like the "Student Essentials Box" service. We believe that by offering a curated monthly subscription box filled with stationery, snacks, study aids, and self-care items, we can effectively address the needs of busy students, saving them time and enhancing their academic and personal lives.

To validate our hypothesis, we surveyed a small group of students in our department/college building, and just as we anticipated, the essential box was well-received. Encouraged by this positive response, we decided to continue enhancing the service by brainstorming and sharing ideas.

Overall, we hypothesize that by addressing the challenges of time constraints and limited access to essential items through the "Student Essentials Box" service, we can establish a sustainable revenue model while providing valuable solutions to students' needs.

After successfully defending our proposal, I realized that having the best teammates was more important than having the best idea. Everyone performed their tasks perfectly while having fun and without feeling pressured. I also learned that having friends as teammates can be very reassuring and stress-free, unlike my previous experiences.