During the technology-based entrepreneurship course I have learnt a lot. Both regarding the theoretical material with the lecture notes but also through the course book Technology Entrepreneurship has been very given. I have understood the difference between an entrepreneur and a technology entrepreneur and what advantages and difficulties that they have depending on previous knowledge base.

Moreover, the guest lecturers have been very enhancing to the course content. Receiving external knowledge and experience has been great for the understanding of entrepreneurship and what it actually means to run a start-up. I had a clue about it before but I definitively know more about it know.

If I should criticize some part of the course, I would have liked more theory and focus upon concept regarding entrepreneurship and running a start-up. At times I thought there were too many guest lecturer and too little focus upon knowledge. I would have liked more lectures based on the book and in deep knowledge about theory and concept. The way the course is built now, I had my own drive in reading the book and taking on new theory.

One thing that has been very given is the events that I have been participating at. The first one was the lecture at House of Innovation and Epicentre. It was amazing to see that they have chips in their hands that helps them open the doors and so fourth. The lecture was very giving and makes you really look forward to the future of technology. The same week I went back for the Bootstrapping your Start-up event, which I blogged about on Intropreneur. I had never heard about the concept before so that made it specially interesting, Also, the people talking at the event had real life experience of bootstrapping which made it very tangible and knowledge-enhancing. This Monday I visited Pirate Summit Stockholm and their pitch competition. What was very interesting about that was that it was very similar to the pitches made in class and I must say that you guys keeps a high level!

Thanks for this course, it have been very given! Especially, since I know have at least four new friends the group work, one frim India, one from China, one from Italy and one from Greece, its been a pleasure getting to know you all!

 

  1. The start-up Anchr App

I met with the Start-up Anchr on the 18 of April and their founder, Marcus Skagerberg who is in our class, to discuss their start-up background, idea and business strategy. They are making an app that I believe will be of great use, especially for international visitors and exchange students, who are their first test users, but also other people seeking information based on a particular place. I find their business strategy very interesting and I look forward in using their app. I wrote about them on our class LinkedIn page earlier and you can read about them here: http://anchrapp.com

 

  1. Moggi – a start-up for cats

I came across this start-up at the Pirate Summit event Monday 23 of May. They participated in the pitching competition and afterward I sent an email discussing their venture strategy. The idea is a color connected to the app who shows the cat’s medical state and when you need to visit the vet. I was wondering how come they chose only cats and why they didn’t also include dogs, rabbits, and other pets that people have high medical fees of. I was wondering if it was their strategy to begin with cats and then diffuse to other pets. The answer to that is that it is their strategy, which I belive might be a good strategy if comparing with Amazon who begun merely as an online store for books. Its smart to begin within a specific niche in the beginning of a start-up phase, to more easily get market introduction. If you have a cat and would like to try it out, you could help them with feedback to their product, here is a link: http://www.moggie.me. Unfortunately, I don’t have any cat, which stopped me from trying it out.

  • Nelly.com

Nelly.com is a Swedish leading online fashion business for fashionable and trendy women and men between the ages 18 to 35. Their costumers are very fashion sensible and that’s why I decided to contact them.

  1. How did you find these people?

I sent an email trough their costumer service

  1. Which feedback did you get from them?

Their feedback was very positive. They thought it was a great idea and they added that they have had similar products earlier. They exemplified with a pair of sneakers.  

  1. How did you found the feedback? How will their feedback influence you ?

Unfortunately, they couldn’t answer more detailed due to short of time. Although, they wished us good luck and greeted us back in the future in case of further inquiries and possible collaborations.

  1. Will you change your idea based on their feedback, why, why not?

Since their feedback was utterly positive, we will keep the product as it is.

 

  • Dolce & Gabbana
  1. How did you find these people?

I’ve sent e-mail to their mailbox online but received an answer where they said that they couldn’t answer these kinds of questions.

  1. Which feedback did you get from them?

None.

  1. How did you found the feedback? How will their  feedback influence you ?

Since we didn’t receive any feedback from Dolce & Gabbana, we can’t guess their answer. What we could do is try to reach out to them again through another channel or by using our network to see if anyone knows someone working there.

  1. Will you change your idea based on the feedback, why, why not?

I might see some risk with the market segment of luxury fashion brands because we won’t be the only one trying to contact them or trying to sell products to them. Therefore, we need a great sales team and contacts to succeed!

 

  • Ellinor, 23 year old student, Lund, Sweden
  1. How did you find her?

I sent a personal email because she is in my network.

  1. Which feedback did you get from her?

She was very positive and said that she would definitively wear a dress like this! She imagined herself having a LED dress at parties. Depending on the dress shape, she could imagine wearing it on a costume party or some sort of fancy cocktail party where women wear cocktail dresses. She added that she have a lots of girlfriends who she thinks would like an shining LED dress at parties.

 Moreover, she envisions that celebrities would like to wear this kind of dress at a big gala. I wrote in the email that we will sell to luxury fashion brands and she was very posive about that. She thought it would be smart to add exclusivity to the dress.

  1. How did you found her feedback? How will her  feedback influence you ?

She was super positive and really liked the idea. The thing that she said that she herself could wear this kind of dress was a really good sign.

  1. Will you change your idea based on the feedback, why, why not?

I wouldn’t change our product based on this feedback since she was so positive and even wanted to wear it herself. A better answer is hard to find.

 

  • Vilhelm, 19 year old student, Uppsala, Sweden
  1. How did you find him?

Personal interview, Wednesday 25 of May 2016, Stockholm.

  1. Which feedback did you get from him?

Fun idea and he thinks some party people could wear it. Not as usual clothes though, in that case it would be childrens clothes.

  1. How did you found his feedback? How will his  feedback influence you ?

He is a man who wouldnät wear this kind of clothes himself. Therefore he found it difficult to answer.

  1. Will you change your idea based on the feedback, why, why not?

No, he is not our main costumer and therefore, we would need to speak to the women of his age too first, before we should change anything.

 

  • Marcus, 25 year old, student, Stockholm Sweden
  1. How did you find him?

Personal Interview on Monday 23 of May, 2016, Stockholm.

  1. Which feedback did you get from him?

He thought this was a very interesting idea and venture project. He belived, due to the technology theme at the MET gala this year, that this sort of clothes are very up and coming. http://fortune.com/2016/05/04/met-gala-2016-manus-machina/

  1. How did you found his feedback? How will his feedback influence you ?

He wouldn’t like to wear this sort of clothes himselves but he had knowledge of the fashion industry which makes his feedback valuable.

  1. Will you change your idea based on the feedback, why, why not?

I would not change the idea based on his feedback. He was very positive to the idea and as I just written, had valuable knowledge of the latest fashion.

This Monday I visited the Pirate Summit Stockholm. Pirate summit global is a start-up conference held each year. The participants are carefully selected to increase the value for everyone participating. Everyone you talk to at the summit could give you some sort of value. The Pirate Summit don’t want to take money from the start-up’s that already have short of capital, they want to actually give them something.

The event begun with two speakers; one from Northcap and one from 500Startups, which both gave advice on how to run a start-up. The first speaker, from Northcap, said that there is four types of pitches: Technology, Traction, Vision and Team, where most pitches are either Vision and Team because they are the simplest to preform. The Traction pitch is the one you should give to investors. What’s interesting is that many believe that they make the technology pitch, although, according to the speaker, there are fewer technology pitches than one think. The second speaker, from 500Startups, talked about the Nordic market as their next focus and gave advice on what they look for in a pitch. It was three main focuses:

  1. Live products (MVP or more, not only in the idea stage)
  2. Growth data from at least a fem months (3-4 months at least)
  3. Revenue à the start-up should make revenue or have a clear path on how and when to make revenue.

After these two presentations, it was time for the pitch competition. Very exciting! Seven start-ups pitched and the rules were as follows: 3 minutes pitch and 2 minutes Q&A from investors. So it was very real, although I think that the investors questions in general where too kind, they could have been tougher.

Two pitches won and the price was to go to Pirate Summit Global in September this year. The two who won was iControl and MiK. I had some problem understanding the product of iControl, even though the pitcher was good. But it hade something to do with production site and their product was an app that would decrease their time for reporting. Their slogan was “never write a report again”. I really liked the idea behind MiK, which is a platform for home-chefs to connect with hungry people via an app. Their business model is to take a service fee on each payment. I actually downloaded the app at the meeting because their pitch made me curious.

In general, all the pitches begun with stating “the problem” and then going directly to “the solution” which was their product. Only a few showed their business model and revenue stream because they ran out of time. I would definitively suggest those who didn’t have enough time to practice more and knowing the time limit.

It was a great meeting which I could imagine myself participating in again.

You find a link to my tweet here:

That quote came from one of the speakers at yesterday’s Startup event with Stockholm Entrepreneurs at Epicenter. He said that originally this is the expression that bootstrapping your Startup comes from. The speaker, of who’s name I unfortunately didn’t catch, added that this is very difficult to do and that it is easy to get stuck in your “bootstraps”, which I can imagine.

Bootstrapping-event

Since Paulina already has written so well about the event, I will only add some more thoughts. I was very impressed of the speakers at this event who all have dedicated their life to their startup.

One tip that I found well is that you have to prioritize. As a starup it is difficult knowing what resources you need and it is easy to throw money at anything. Therefore it is highly important to prioritize the resources you actually need. Also, there are no limitations when you have a startup and you could build your company as you like. Here you find the possibilities! When you lay your time into something, make sure it gives you value now or in the future.

Another important learning when bootstrapping your startup was to early on have costumers, so you at least get some money for the work. The speakers also added that the value of having costumers early in the process is that it gives you a clear view of the market. You need to know the market and the costumers in order to give them a product their willing to pay for.

Lastly it is important knowing what company you have and not comparing with other startups. Some might need funding, others don’t and then there is some in the middle. And be sure of why you want to have a startup, because it will be tough. Make sure to have the right reasons and to keep a positive attitude!

I tweeted a picture of the event and by now its been retweeted by @EpicenterSthlm and liked by one of the panel speakers Therése Gedda at the event. So that made me happy.

San Francisco is now the largest city in US to legislate all new buildings of 10 storeys or under to install rooftop solar panels. It is not surprising that San Francisco, US’s leading cleantech hub and head area of start-ups and entrepreneurs, makes this resolution for the environment.

I believe that this is a great step toward a stronger environmental situation in the US and hopefully, if successful, will lead to further legislation in the favour of green energy. Scott Wiener, who introduced the legislation in San Francisco, said in the article; “This legislation will activate our roofs, which are an under-utilised urban resource, to make our city more sustainable and our air cleaner”. Hopefully, the technology of solar panels and perhaps also the strength of the legislation will diffuse into regionally near cities and also across the sea to other continents with a great amount of sunlight.

From an entrepreneurial perspective, this new law is interesting since Elon Musk, CEO of Tesla, also was the co-funder and still is the largest shareholder of SolarCity, one of US largest provider of solar power systems. They claim to decrease the electricity cost for the users even though there is an investment cost to get it installed. This new legislation will increase the number of solar panels installed which eventually will lead to economies of scale and the cost of the product will drop further. The solar industry will grow and Elon Musk will be seen as even more successful. It’s all about timing when it comes to be an entrepreneur.

You can read the article about the legislation here: http://www.theguardian.com/environment/2016/apr/21/san-francisco-adopts-law-requiring-solar-panels-on-all-new-buildings