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Blog 5: A true entrepreneur

For the past few weeks we have learned a lot from this subject, various lectures were given to substantiate our understanding on different concepts circulating around entrepreneurial mind. Being an entrepreneur doesn’t revolve being in a family of entrepreneurs. Or being mold, and grown to be one. It comes with being creative, dedicated, and open to new changes, and innovations. It is having the sense of becoming the answer to problems that our society have been facing in every turn. As the end of the semester has come to end, there were two topics discussed, first is doing things that don’t scale. And the second one us pitching and fundraising.

With the first lecture, three processes of producing a product where mentioned. These are the test our hypothesis, launching fast, and doing things that don’t scale. With the latter as the focus of the lecture. Various examples were given which aims to help us understand the meaning or concept of the topic and comprehend what is MVP or Minimum Viable Product.

I have learned the importance of validating the hypothesis of the system or product. Such that if you do it, you’d be able to understand further on how to progress, create new innovation, and improve your situation. Validating the hypothesis also allows one to see what truly matters, such as what does the mass or the costumer really needs. It shows the engagement between the buyer, and the seller.

In producing a MVP or Minimum Viable Product, one starts by identifying what problem is to be given a solution. This solution is then tested or validated.  MVP is then produced to be the medium on testing the viability of the product or solution. This is basically the basis, backbone, foundation, or layout of the product or solution.  In a simpler view, we can say that MVP the miniature model for the actual building. But is usable and contains most of the features of the actual product.

In connection with our product, VITAL check, if we are done conducting more consumer validations through tests, interview, and patent research to know whether or not our product is unique and needed in the market. A prototype can be created, released, and tested on the market. This will serve as the product’s MVP. It is simply another way of validating the purpose of our product. And to see whether or not the product will be accepted by the target market as what we have hypothesized. The results will then be used on developing the system of the product to become even better. Or it also can serve as an implication to cancel out the product to avoid wasting time, efforts, and investors.

It also helps us improve the product in a unique way which would lead us the correct consumers that we should be targeting. Such that in our product, our target marker is the general public. After releasing the prototypes, we should be able to identify if the general mass should be our target or should it be a more specific group. Furthermore, MVP of our product should be able to help us focus on a specific goal, and to make this goal more achievable, and develop it to be better as time goes by.

In the lecture of pitching and fundraising. Doing a startup, one must have enough budget do realize his/her idea or project. Some ways of doing or attaining funds are through co-founders, family or friends. But sometimes, this budget is not enough to realize the envisioned project. So pitching and fundraising would come into picture. This would encourage private, and public investors to help the project flourish until it develops from a startup into a company. We can simply say that money is an essential part of doing or realizing an entrepreneurial vision.

Most investors use three bases on investing. These are tractions, big market size, and TEAM. Traction defines how far the project have gone in the market. Market size is how fit the product into the chosen market. It shows the area of opportunity where the product can be used monetize. Or how large is the scale of ownership of the company. Then TEAM shows the founder’s story and reputation. In this area, the investors would be evaluating how capable the team is.

And there are three types of pitching. One is elevator pitch, this lasts form a minute. Where the pitcher would tell the investors everything about the product or idea for a minute. While short form pitch lasts for 3-10 minutes where the pitcher would try to elaborately explain the advantages of his/her product. If the short form pitch works, the long form pitch would then be done. This one lasts for 20 minutes long. This is a much more prepared formal type pitching.

If I am to be honest, I am not entrepreneurially inclined since the beginning. The lessons were amazing, I wouldn’t deny such fact, and the instructors made the learning easy and fast. But in some point of my day, after listening to the lessons, I am still bewildered with the essence of some topics. And then I realized, that maybe I’m just simply being negative about it. And that time, when I accepted my need to venture other fields of learning, I have come to love the subject, and the learnings started to grow in me naturally.

I have learned that being an entrepreneur doesn’t need a lot of credentials. It doesn’t need one to follow a certain criteria. One just simple need to see what’s happening in the society, what’s wrong with, and what needs improvement. With that mindset, I and my group mates ended up with envisioning a better healthcare system for our community. And with that vision, we have created the idea of VITAL check.

Validating the need for our product made a great deal with how I see people. I have come to realize that people would want different things. That is even if they are offered with the same product. They would want different features provided by a single device. I think this is because of our reckless want of a-one-to-go item. Something that we can carry around with not getting bothered with the item’s weight, and space consumption. This made me see the importance of targeting the correct, and appropriate consumer for the product.

This journey developed my whole appreciation of entrepreneurial, or startup businesses. It made me understand how important it is to the country, the community, and us as an individual. Such that this plays a great difference in the improvement of the economic status of our country. This brings creative minds together. And this makes a new finer way to help us with our daily basis.

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Entrepreneurial Journey: Entry no.4 Lecture Series:STARTUP

           In the past weeks, we have listened to talks about startup businesses. First was about startups given by Sir CJ Brasileno, and the second one, an introduction to TBIs by Ma’am Geisha Mae Getuaban, and a startup journey by Sir Kit Laurence Nacua. Collectively, I have learned a lot. Not simply on knowing one thing but getting accustomed to it. Knowing a principle not just by definition but its whole package.

           Now, in this entry I would be listing down my learnings for each of the sessions. In Sir Brasileno’s lecture, entitled “THE STARTUP ECOSYSTEM IN THE PHILIPPINES & WHY DO YOU NEED TO START NOW”. Startup is technically any business that is new and that shows great uncertainty with it made by 2-3 persons or “founders”. It is any business, may it be a product or service, which no one has ever heard of. It addresses various problems, present in the status quo, in new innovative ways. One example that can be point out with the latter is an application that might help with the traffic problems of the Philippines. Another distinguishable characteristic of a startup is that is changes the common ways or the ways to which we have been used to.

           Apparently, Philippines being quite new to startup businesses, needs to further establish the ecosystem of startups in the country. It is for the reason that if we are able to do such, we can perform and compete with other countries efficiently. With that being said, the lecture shows how startups affect the total revenue of a country, and how these improves the economy and investments coming in the country. Generally, startups are being affected by five (5) criteria; (1) Talent, (2) Density, (3) Culture, (4) Capital, and (5) Regulatory Environment.

           How does talent affect startups? And why the Philippine government or any Philippine based private agencies does should support aspiring Filipino founders? It has been mentioned how important startups in developing the economy. In connection to that, Filipinos are known to be innovative, smart, and talented. Even big tech companies that started as startups such as; Microsoft, Cisco, Google, and Apple have Filipino talents behind it. Personally, I believe that one of the main reasons for a company to flourish are the people behind it. Having said that, we can initially say that if we provide support, and enough encouragement to young Filipino talents, we are a step closer to the goal of improving the economic state of the Philippines.

           In the criterion density, Philippines has been blessed with various tech companies interested in supporting developing startups. We also have the TBIs or Technology Business Incubators which can help individuals who wants to start his/her own start up and help them flourish it further. Now in the criterion culture, Philippines is highly diverse and have been always a tech reliant country.

          In capital, various activities such as Startup Competitions and other related activities or events are conducted around the Philippines. Startup Academes are also present to bring these activities into process. Angel investors are also coming into Philippines to help interested individuals with their projects. The Philippine government is also partaking into giving regulation and policies to help, encourage and protect the people who wanted to start a startup business.

           In the second talk, with Ma’am Getuaban, she introduced to us what is the TBIs and also the CDO b.i.t.e.s. TBIs or the Technology Business Incubators are groups that help equip starting startup ideas or teams with their venture. They help startup to be fully developed as it is being released into the market. Mindanao have several incubators, and CDO b.i.t.e.s. is one of those. It was established 2016. They provide services that aims to help startup businesses by conducting series of activities and programs intended to provide knowledge, and experiences on doing startup businesses.

          With the sharing of Sir Kit Laurence Nacua, he shared about the Ehatid. This is a startup available in Cagayan De Oro that aims to help people shop by hiring someone to do the shopping for them. He talked about the pros and cons of their business and how they started with it. He said that it started to be quite frustrating. But as time goes by, they were able to identify what they needed to improve. He also mentioned how the experience made their product or service more community based. In the sense that as they add more features or partnerships not just simply based on how other services work.

           His sharing made me understand that doing business is a risk, and a trial and error. That no business would flourish up ahead when as you start. It is something that you would need to develop along the way. He also mentioned the important aspects needed for starting up a business, such that you do not solely need presence of mind, communication, and attentiveness but also capital. In having a startup business, to standout, it is very much important to have advantages that can make the service or product the best among its competitors.

           Updates on startups: In Mindanao, we have several local or small startup ecosystems conducting series of activities that introduces the importance of startups in the economic progress of our country. These are usually being governed, headed or developed by academes such as MSU-IIT, USTP, UM, CMU, and BukSU. We also do have TBIs around Mindanao that is steering the innovation talents of the young Filipino students by doing lectures, gathering, and competition to start up the fire of interest within the Filipino heart. One of this is the recent competition being spearheaded by UM Davao, to which they offer cash prizes to winning innovators.

              Some startups present, and were Filipino founded; Cropital, StyleGenie, cleaning lady, WELA school system, Pinoy Travel, Zinergi, and Tactiles. These are some of the various Startups that innovatively help provide solution with our daily challenges or problems. However, as being quite evident into the current situation of our country, we need more answers for our piles of problems. One that might help us with it is to be a part of our country’s startup ecosystem. This doesn’t mean that everyone should be a founder. But instead, we can be part of it by joining events such as; informative webinars and lecture, and startup competition activities. We can also take part by joining communities or groups being inclined into the startup businesses, becoming a developer, an innovator, and of course become a founder.

            Indeed, these lectures given to us by our wonderful speakers were eye opener of what we should be doing to take part in the economic journey of our country. We don’t need to be something big in the beginning. We all just need to support each other, encourage each other, and challenge each other. That is, to become better, and create change by innovation. 

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Entrepreneurial Journey: Entry no. 3 Empathy Map and Interview to Potential Consumers

Empathy Map and Interview to Potential Consumers

The past two weeks was kind of a roller coaster ride. A lot of ups and downs throughout the time. And also small to big turns were experienced. This time, I have further established my understanding of the customer, on how he/she thinks, of how he/she would react on things that are something new and on what he/she wants. I also understood that a lot of customers would pay for something, may it be a product or services, despite of being expensive, as long as it’s for their own benefits. Such as in the health care related undertakings. In connection to that, we can say that the cost of health in the Philippines is quite expensive. This is not just a claim but is experienced by our group members as well. Even one of our interviewee said during a video call interview, “Ang health care sa Pinas is like a leech that would suck out blood (money) out of you (pocket).” It is a sad truth that our fellow Filipinos have been facing for years.

With the problem in health care, previously, our group has agreed on envisioning an all-in-one vital checker. In connection, for these past new 2 weeks, our group has agreed on how we would attack things now. Such that, we have talked on what questions we would be asking our interviewees these weeks and on how we would part the work for each member. Since there are 7 numbers that needs to be filled out on the empathy map, we have decided that 3 of us would need to do 2 numbers and the remaining 1 would have the last number. We think that through this we would be able to finish things up fast. After sending the questions, we talked and tried to answer the questions ourselves and identify which needs to be improved. We all agreed that through such method, we would be able to come up with questions that makes good sense and are really related on our venture. While our other option is to formulate each question as a group which we all think that be very time consuming and stressing.

In our interview, we have asked 15 different questions. Though all aims to see the current situation with vital checker devices specifically with glucometer and pulse oximeter. As identified, 8 out of 8 interviewees doesn’t have any idea whether there is an all-in-one vital checker device that is automatically connected to an application. This information validates that our product is something new in the market if fashioned. And as humans being curious enough that continually seek for convenience at low cost, they might end up purchasing this product. That is as long as it lives up into their standards, that is accurate and user friendly at low cost. The realization of it, especially during this pandemic would be very helpful according to them. For it doesn’t just give patients convenience but also safety, especially considering on how high is our COVID-19 cases nowadays. One of our respondents says that few pharmacies in their area offers free vital checking. However, due to the pandemic their patient comes to the pharmacy much rarely than before.

Most of our respondents have their own vital checker devices, may it be a glucometer, a pulse oximeter or both.  That is to keep track of their health status even being at home where their family members are the ones to check it. And those that doesn’t own any would go to the pharmacy to avail these. The brands of glucometer they own are OneTouch and Viva-Check Fad. On the other hand, the pulse oximeter they own is the VMED pulse oximeter. Though as have been mentioned by our respondents, the accessories of these devices are quite costly and would make the patient spend more every now and then. And sometimes, thinking of all the expenses can be very stressing. But as what all our respondents have claimed, “It is all worth it” ... “Health is wealth.”

We have learned that there is no product that is connected to an application just yet. In relation to that, we asked our respondents, on where do they store their gathered data. Now, some answered that they don’t record it all, some said that they write it up to a record book intended for such reason to keep tracking the changes. And there’s also those who have downloaded some separate applications used to record or tally the data. One of these applications, as I have looked into, is the Sugar Tracker. Though one needs to manually input the data which sometimes can be time consuming. And sometimes makes the person forget to record it.

It is not new to our knowledge that in regards to using products, we have learned or heard about it to our family members and some friends. Our respondents, have chosen the mentioned brands for it has been used by their friends and some family members with the same problem. Some were influenced on seeing the nurses using it during their doctor’s appointment. With this, we can assume that when we are able to please one customer with our new product, it would be a big hit. Such that creating a domino effect to the market.

Some would think of checking vital signs regularly to be something so overrated and not needed. However, as what we have gathered, doing it regularly actually helps the patients. Such that it gives them peace of mind and it allows them to evaluate when to call out medical help. Or when they just need to relax and rest. Also, we can say that when we know about our health status through these devices, we actually are opt to be careful with what we eat or do. And it makes us provide more attention to our body.

In conclusion, these interviews have made a solid backbone on how we would improve our product. Aiming not just to earn but to provide what is expected based on what is needed by our market. I really agree on the response of our interviewees on whether or not regularly checking vital signs is important. For personally I believe that understanding or knowing our own body is the best way for us to be healthy.

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Entrepreneurial Journey: Entry no. 2 Product Design and Interview

Product Design and Interview to Potential Consumers

The past two weeks have been an awesome one and a bit of challenging, to note. I have learned quite a lot though interactions with strangers and my classmates. It has been an adventure where designing the products through brainstorming with my group mates, and discerning all other possibilities that should be taken account of when developing a solution for a certain problem were some of the main things on the table. I have experienced being the creator of a product by thinking what is the problem and what solution would I like to have for it.

We have proposed three problems in the group, one is the inconvenience of big-plugged-in refrigerators that we can’t bring with us when we go for a vacation or emergency travels. Another is the inconvenience of going to the hospitals especially during this pandemic where you need to undergo long triage processes before you get to your check up, and lastly is the expensive devices a hypertensive or diabetic patient needs to purchase to regularly monitor her/his vital signs.

We have taken the first problem into consideration because of how we understand the urges of wanting to bring all our stuff when we go out for a long week vacation. The second one was discussed for we are aware of the situation in the hospitals nowadays, where medical personnel are afraid of accepting new patients without pre-examination that sometimes takes too long due to the long lines and triage team shortage. And the last one, which the group has agreed to solve, for we understand the struggles of some patients that cannot afford the regular monitoring of their vital signs. We think that regularly checking one’s vital signs is a great prevention for the occurrence of further serious health problems. In such way, the person would know what should be done at the moment and the times to come. We think that purchasing devices that monitor the vital signs is a good health investment. Also, the group agreed on what questions we should be asking our potential customers during our interview to come up with synchronized data.

In regards to the problem the group agreed to, it is known to our knowledge, may it not be to all, that elders tend to get sick and develop hypertension and diabetes. And for instance, we all as well as we grow over the years. Where some would even end up having stroke attacks if these are not regularly regulated. And a way to regulate it is to regularly check various vital signs such as glucose level, blood pressure level, oxygen level, and pulse rate. The problem with it though is how expensive the devices and the accessories are. A glucometer, used to check glucose level, would range from 1 000 – 2 000 pesos not including when you ought to buy the test strips and needles for lancet. A pulse oximeter, used to check pulse rate and oxygen level, on the other hand would range 1 500 – 3 000 pesos. And getting checked in a hospital or the pharmacy is not as convenient as it can be, especially in the midst of this pandemic. Due to that, some would end up turning a blind eye on getting their vital signs checked. That eventually would cause more problems to the patient.

With that, our group had envisioned a solution that would give an answer to such a problem. Giving convenience and quality at a consumer friendly price. That is the development of the VITAL CHECK device and application. We think that this device would allow patients to afford getting their glucose level, oxygen level and pulse rate regularly checked without spending too much money and not taking too much time doing all the tests one by one. Which would eventually result for the patients to know about their health status and giving them the advantage to be as healthy as possible. This product is envisioned to be used not just by those with hypertension and diabetes but all those who want to check on their health status regularly.

To validate the occurrence of the problem and the need of such intervention to the existing solution, we have asked 4 questions to 8 potential customers. In number one where we asked, “Do you know someone who is diabetic and/or hypertensive?” All of our interviewees answered yes. On the second question, “Does he/she regularly check his/her glucose level, oxygen level and pulse rate?” Some answered yes, others answered that their patient doesn’t regularly check on their vital signs. There are also answers where the patient doesn’t check on these vitals at all despite being hypertensive and diabetic. And on the third question, “Do you think that constantly or regularly checking these vital signs is quite expensive?” All of them agreed that regular monitoring of these vital signs can be very expensive. For some, this is one of the reasons why they do not regularly check on their vital signs. Though to some, despite of such, they think that the expenses are worth it because it’s for the health of the patient. And lastly, when we asked, “Considering how expensive the devices needed and the inconvenience of having checked outside, would you consider using an all-in-one device that can serve both as a glucometer and pulse oximeter?” In that question, all of our interviewees would like to try the product given that it is highly accurate, highly convenient and less expensive. Some of them also mentioned that this device might lessen the stress of the patients on thinking about their every day’s expenses.

During the course of this past two weeks, I have learned that interventions to known solutions are done to give consumers more options. To make them see and evaluate which product or service gives them more convenience at lower cost. Also, another thing based on the interview that I noticed, is that every customer has a different outlook on the presented product. Some would directly just say yes when they read that our product is an all-in-one vital sign monitor, while some would set up standards and expectations such as in accuracy and quality of the product. This indicates that each customer thinks differently from each other making the seller expect some criticism and rejection. In our group, we have been expecting some rejections and doubts, but so far our product has been wholly accepted by our potential consumers and that boosts up our confidence with our designed product.