Last week, my group and I participated in the 10th annual Innovation Challenge here at Muhlenberg College. At first, my group and I were hesitant about participating in it because everyone is very busy and this event requires a hefty amount of time. After going back and forth about this opportunity we decided to go ahead and do it. We already had some type of powerpoint to go from so we were able to make some need adjustments and create a story that would grab the audience attention. We spent numerous hours out of class and on the weekends practicing our pitch and making adjustments. The first round went well for us and it provided some necessary feedback about the format of our presentation. Within a day we heard back from the judges and we were selected to move onto the next round! Exciting news but back to the drawing board we went.
A couple of days later we were participating in the finals against four other groups. The atmosphere was amazing and many students and others should up and listened to our pitches. Although we didn’t come in first in the event we were awarded the audience best which was awesome to receive. In my perspective, this event wasn’t about winning or showing that we had what we thought was the best idea, but it was all about what we learned. As an entrepreneur, it’s important to be able to convey a story that illustrates the problem and the solution. This event gave us that exact opportunity to do so and I feel that my group did a fantastic job. Even after the event was over, some of the judges came over to our group and gave us some feedback. The feedback consisted of many logistical things that we have planned to implement in the future but just haven’t done yet.
Carrying the momentum from the Innovation Challenge into the class, we have started to talk about different revenue streams. Just for clarification, a revenue stream is a strategy a company uses to generate cash from each customer segment. Some of the questions that are connected with this idea are how much a customer willing to pay, what are they paying for (value), and how much are they currently paying for similar products? These are some very important questions that my group and I need to play with. We will have to do some extensive market research on UV-lights and cleaning products to see if there are any growing trends. This will take some time as there are many different avenues going about this research.