This was not the first time I went to Venture Forum, but I got a lot from this venture forum. This experience made me feel so good about venture forum, what I did not really get involve with.
Since we are all doing business model and trying to run our own ideas, this experience came just in right time. I remembered that the first speakers said we need to keep track of the head questions. This is what we need to do when we make our hypotheses into real. Actually I used this method already on our business plan—deliver service. I asked several friends about what questions they generated after hearing our business model. And I realized that the question they asked most frequently is that how we can differentiate with existed delivery companies since they also provide online service, re-deliver, and pick up DIY services. Then we discussed about this question and then conclude that we need to give our customers most convenience---distribute at walk distance for most of target customers. Then another question came---how can we cover the high storage cost if distribute so intensive? This question helped us finally decide to cooperate with gas stations and some retail stores to build warehouses inside gas stations and retail stores.
For the second part, I think MoMe would have huge potential market if it gets a good start and operate. I remembered some people asked a question about how to do research in early market, especially some brand new products which had no similar product in market. That would be a question in front all of marketing people. And the answer we got from that was really instructive: data from whole industry, data from parallel industry, or simply talk with people. For the angel invest part, I have to admit that I got somehow lost. (I’m really not a financial person) But I Google angel invest and found that 1 out of 10 projects will fail for angel investors. I couldn’t help but wondering how many profits they can get from on success project can drive them take risk of 9/10 failures!
The man sat beside me, whose name is David, is a really kind person. He took WPI’s courses every year in last 32 years!! Holly! Do we have that many courses in WPI？I found that he is doing the same business with what my families trying to do in China. And I’m pretty sure that venture forum is really a good place to build network and lean from each other.
Nan, I enjoyed the Venture Forum, too! The part that you combine the take way from Venture Forum with your own experience when doing your business plan interests me. The hypothesis you make and the resolution you give is really helpful for me to further understand the content of our first guest speaker. Also, I appreciate that you googled the percentage of successful investment for anger investors. I have no idea for that, either. Moreover, I have the opinion with you that networking is important and venture forum is a good way to establish networks.
ReplyDeleteWe got the same sentence to start with!!!
ReplyDeleteI share the same feeling that this venture forum comes in the right time for us to combine the knowledge we learned with practices. Therefore, it was really a great experience.
To your confusion of the angel investors, I considered the same question before. But I think there is difference between angel investor and venture capitalist. VCs care more about the investment of return but not AIs. Maybe that's the reason why they are called "angel" investors, lol~
Nan,
ReplyDeleteI like your take-away from the venture forum, especially your thoughts about your business plan generated from the event. I got the same feelings with you. I can’t stop connecting what I heard from the speeches to what we are doing on both our MKT566 and ETR500 classes. I was hoping that all my ETR500 team members were there to share the knowledge and ideas.
Your story with David reminds me again that you are the sweetest girl I have ever met. You got this beautiful appearance as well as the sprit. I am sure that all these great things of you will help you a lot everywhere in your life. You will always have my best wishes on everything.
Wa!!!Thank you soooooo much about speak sooooo highly of me!!I deeply believe all the experience we are going though right now would help us a lot in the future no matter in China or here, especially meeting and being friends with all of you. I believe people we meet right now would give us so lot of help to each other no only on business but also on our lives and emotional right now and in the future.
DeleteThank you again and you cheer me up on this hurricanes day!