Open link at the bottom of this post to read about the failed launch of new coca cola that Serdar mentioned last class. The learning as I understood it is that they launched the new product in large scale without any close company to customer relation thus not getting feedback from the target customer segment.
http://www.coca-colacompany.com/history/the-real-story-of-new-coke
I guess that most of you have an entrepreneurial idea that you would like to see developed. My assumption is that the largest obstacle hindering you from realizing your ideas is having to take risks, in particular financial risks. Not having the necceary funds or the willingness to take the financial risk is what I would assume stops most of us.
In order for you to overcome that obstacle I would like to bring your attention to crowdfunding which I think might suit severall of you.
If you havn´t considered using crowdfunding for your idea read the following were I clear up a few uncertainties that I had.
(The following is written after a review of three major crowdunding sites ; gofundme, kickstarter and idiegogo)
Don´t think your idea is good enough to be crowdfunded? Looking through projects which have been funded I have come across several ridiculous, simple, amateurish, and extravagant ideas. Make sure to check out some crowdfunding websitets to see what crazy ideas get people to empty their wallets.
Well, it must be a minority that get funded you might still think? Actually it´s a suprisingly high amount of projects, Kickstarter for example, boost that nearly half of all the projects get the asked amount.
What do the people funding get from it? It´s pretty much people giving you money to accomplish your project because they believe in the idea and want to be a part in creating it. To get the funders more interested you can promise them something, everything from a thank you note to one of your first launched products.
What is expected from you to campaign your project? Not much, mostly just a description of your venture and maybe a homemade video.
Then all you have to do is wait for the money to come in and hope your project wakes the same interest in others as it does for you.
Convinced?
Check out the following link that lists 10 major crowdfunding sites.
http://www.crowdfunding.com/
Yesterday Daan and me literally “Get out of the building” to prove his business idea: use the velomobile to do advertising, and in this way helping the people to buy this kind of vehicle at a less price.
For who doesn’t know what is a velomobile,like I was before know Daan, see the picture below.
At first I didn’t think that it was a good idea, but yesterday I totally changed my mind.
We drove from his house to KTH and then came back, through all Stockholm, making some stops; that were for me , it was very hard to follow him and at the sime time took pictures.
People asked him information about the velomobile, but more important, during the trip a lot of people stared at the velomobile and took pictures.
I think that Daan proved that his idea is good.
Here there is a good opportunity to do a good advertising, obviously he has to try to improve this vehicle(there are some visibility problem when it is closed) and he has to pay attention at the economics of the business, but he is a mechanical engineer and he is going to take a course into accounting, so I think he is in a good position and moreover he wants to improve himself!
P.S. I also tried the velomobile, but I’m too high 😛
This Thursday we had an extra guest lecturer in our class, entrepreneur Vasilis Macroudis.
Vasilis has been doing startup for most of his life and wanted to share some of his experiences with us. Here is some of his thoughts.
Three important keys to successful entrepreneurship
Only work on projects that matter to you. – “If you don’t care about cats in Guatemala, maybe you should not create a startup about that.”
“You want them to buy, you don’t want to sell” – Always strive to create an appealing product.
Vasilis is currently engaged in forming a new start-up community known as Guerilla Office. Where members setup makeshift offices once a week in public areas such as coffee shops and hotel lobbies utilizing that the only things an entrepreneur needs is a place to sit, free wifi and a power outlet.
Thank you Vasilis for an engaging 15 minute lecture.
I have got the opportunity to try out the product of a swedish-based startup – the Narrative Clip. The Narrative Clip is a small wearable life logging camera, funded via crowd funding site Kickstarter. They also recently got $8 millon in VC. I just got it in my hands on it but will keep you updated. Visit getnarrative.com to learn more.
