22A – Elevator Pitch No. 3

1) YouTube Upload: https://youtu.be/88t3scxHuhw

2) A reflection on the feedback you received from your last pitch. 

As noted in my previous post, the feedback I received from my original pitch was very complimentary. Feedback included that I did a good job in making my pitch personal by adding real life experiences. It was also noted that I broke the down necessary elements of the pitch succinctly. With minimal feedback outside of the one entry, I decided to look within for any changes that could benefit me.

3) What did you change, based on the feedback?

In my third pitch, as I did in my second, I attempted to better utilize my voice pitch. I tend to go up an octave when performing a presentation. I also worked harder on delivery/ timing, as well as maintaining of eye contact. Since the time of my most recent two pitches I have also cut off my hair and beard. This was as a result of my required Covid-19 travelling. I believe I looked more convincing with hair!

30A – Final Reflection

The End of Our Journey & The Beginning of Your Journey

The last several months have been extraordinarily useful in stretching my mind to think outside the margins, and at the same time, more concisely on details important to the assignment directives. While in most instances I did not find the assignment description to be easy, I understood the relevance as soon as I freed my mind from thinking I could just bulldoze my way to completion. One of the more formative tasks was that of the ‘Bug List’. Being requested to seek out and identify my unmet needs did not come easy. Attempting to make a list during the day of all the things that bug me pushed me to think extremely deeply. Once complete however I thoroughly understood why my mind needed to be trained. From then on, the groundwork had been set for future assignments.

 One of the more formative experiences we undertook was that of the idea napkin. Sketching out my business concept was a very enlightening process. From the experience, I can easily find the future me contemplating opportunities ventures, all while sketching an outline on a napkin. In thinking of a joyous experience, I would include the elevator pitch. The elevator pitch would occupy both my proudest and joyous moment. I recalled when you outlined the assignment While I don’t believe you said it directly, it was heavily implied that prior students may have decided to forego the visual presentation exercise. It was because of this I challenged myself to not only complete it, but also enjoy the practice. Having completed it successfully and receiving positive feedback gave me immense pride and self-assuredness.

After the completion of this course, I do see myself as an entrepreneur. In a short time under your tutelage, I was able to advance my thoughts and perspectives. It was almost as if the sky opened. It wasn’t always easy, however. Many times, I found my mind putting up a barrier to the creative seeds you attempted to sow. At times my mind won, and other times I was able to break through the barriers because of your unassuming passion. Since the beginning of this class I have decidedly taken more risk than I had previously all in pursuit of taking advantage of opportunity. I directly associate this new awakening with past lectures during the semester.

One recommendation I would make for students going down this journey in the future, is to trust the process. While many of the exercises seemed tedious and unreasonably repetitious, they were not. Your mind not being used to this level of creative thinking wants to find the logic in the exercise prior to its completion. Attempting to find the logic on the outset and not- was at times very frustrating. Only after releasing my inhibitions to the exercise did I have those a-ha moments. Every time they occurred; I credited the genius to Dr. Pryor!

To perform best in this course, you absolutely must not wait until the last minute to complete your assignments. These activities have an element of fun associated with them. When they are rushed, it is missed. Not only is it missed, but you also miss the assignment’s overall intent. To foster the correct mindset, I would suggest making this class the priority in your overall development regardless of whatever career path you decide on. Take this class serious and invest the time to your proper development.

29A – Venture Concept No. 2

Adaptations from feedback and What’s Next?

Opportunity

As far back as has been recorded, cannabis and the United States has had a contentious relationship. From being required to grow on every farm back in the 1600’s, to being criminalized by President Nixon in the 1970’s, this plant has seen its share of highs and lows, no pun intended. While criminalizing weed use may have fit political agendas of that time, it did not work to decrease its popularity. As of today, marijuana maintains a two thirds approval rating. It is this statistic that has the country moving closer and closer to legalization. Eleven states have approved it for recreational use, and thirty-three medicinally. Changes in attitude and opinions toward marijuana has led to a colossal revenue construct. As of 2019, one of the first states to legalize saw its highest-grossing revenue periods recorded. During April and May of that year, approximately 24 million was collected… each month! Fast forward to 2020 and marijuana’s immense popularity combined with the it is increasing income potential has seen the federal decriminalization debate resurge as a sort of political football. Some say we are one presidential endorsement away of full federal legalization.

With the continued changes in law comes a very significant adjustment period. I myself would never have imagined the likelihood of someone sitting on a bench smoking marijuana outside my local library. How do I explain all of this to a child? This truly is where my opportunity to enter the market has been created. The market for my product is defined demographically although the issue affects all levels of our society. The market segment I perceive to be most impacted by these new laws and forthcoming rampant use, would be that of middle aged / middle class families with small children. While my market also encapsulates marijuana connoisseurs, both recreationally and medicinally, the deepest impact would be felt by those with the highest political clout. I believe this to be true as some will feel marijuana use in public infringes on other’s constitutional rights of quiet enjoyment. Appealing to the largest voting block typically concerned with such constitutional issues I am hopeful will result in an increased awareness and counter reaction. I will also be reaching out to elected officials, so they are not blind sighted to my efforts. Having them aware at the outset of my plight may prove to be beneficial.  If nothing is done, marijuana use will face the same negative connotations and stereotyping that cigarette smoking does. Users will be ostracized which will make it more difficult for its market acceptance.

Innovation

The multi-billion-dollar cannabis industry has created many opportunities for support products. With this being true, I have yet to find any product that offers the ability to both remediating air quality and serve as a public relations advertisement. My idea the outdoor smoke remediation hub would do just this. While it is true ventilation does not eliminate all the toxins and chemical components associated with secondhand smoke, my device does remove the odors. For best visual interpretation, think part humidor / part bus shelter. My hub would be introduced into areas of city centers most congested with foot traffic. The device would model a bus shelter’s style and have accessibility from both the front and the rear. Much like the devices that deliver mists of water at Disney and other entertainment attractions, my device would be modified to have suction devices on both sides to collect exhaled marijuana smoke. The hub could be made from aluminum materials and outfitted with the suction/ purifying devices. The purified air would then be collected and introduced back into the atmosphere. These hub-like devices would be manufactured for state and local use. The device concept and manufacturing would occur locally once the prototype has been engineered. This prototype could also be engineered to include remote visual observation in order to protect users in this public space, as well as shielding from the elements. The hub program would also offer an app. Within the app you would be able to locate via GPS, hub locations along a route you may be travelling. This will also serve to remove random use while being in motion. The hub would cost in the area of $5,500 plus installation, and locales would be charged a monthly maintenance fee. It would be suggested to have these installed every 600 - 1200 feet in high trafficked areas.

Venture Concept

As indicated, the recent changes to legislation, have created both a market opportunity, and a problem. The problem is how do we contend with the odorous smell in congested areas? Marijuana unless it has changed much from when I was younger has a very pungent odor. These odors transfer easily to the clothing of users as well as their surroundings. With the advent of my innovation, there would be ways of remediating this nuisance. Users would be able to maintain anonymity from having it collect in their clothing, and less awkward moments of passing by someone full indulgence would be likely to occur. In resolving this pressing concern, my innovation by design also facilitates ease of market entry. These devices would be placed similarly to cigarette smoking stations. Those with respiratory issues would not feel their health is being jeopardized, and those with the propensity to smoke would have their semi private outlet.

Revenue would be created from those benefiting most from the industry’s legalization. Marijuana cultivators as well as the state taxing authorities would be responsible for funding. From both perspectives, the installation of these devices could be introduced as a public relations effort. The shelters can be made to have messages associated with safest use practices, hygienics, or any other messaging or advertising deemed appropriate. Marijuana cultivators would be encouraged to share in the cost of manufacturing, and as such would be allowed to have an allowable amount of branding for those hubs that they chose to adopt. Local business would appeal to local jurisdictions for support in making certain their individual strip centers are included in strategic planning decisions. All would be looked upon as positive steps for integration. I would be involved in applying my passion of social acceptability for those requiring marijuana use for medical purposes. Painting a picture of reconciled harmony amongst all involved would be my strongest resource.

After successful launching my product, my company would maintain the shelters much like a bank does an ATM or the local department of traffic outsources for its bus shelters. Fines would be levied for vandalism etc. Long term, I would hand off the maintenance to the local jurisdiction. I would however continue to manufacture the hubs and modify and outfit as needs change over time. Over time, I see a device/ hub family coming from this first option. These devices would be employed in an assortment of varying circumstances. Because of my initial success, I would then be called upon as a subject matter expert in other needs related to marijuana’s public acceptance.

Feedback

The level of feedback I received during the What’s Next? Blog entry proved to be very beneficial. In speaking with customers included in my current market segment I received advice such as:

1.      Making public officials aware of my product prior to consumer/ constituent outreach in order to build a bridge. It was suggested this may work more to my advantage than an adversarial approach.

2.      Adding modifications to the hub for element exposure, GPS locating, law enforcement visual monitoring, as well as adequate means for disposing of use related paraphernalia.

3.      Additionally, the suggestion was made to research other countries and states to see how well ventilation systems are working or if they had been introduced at all.

Changes Made

After the feedback received, I decided to add changes to my original opportunity and innovation. The cost of the hub increased as the features suggested seemed sound and made my product both safer and convenient. After researching Colorado, one of the first states to legalize marijuana use, I found there had been some descent to ventilation systems but only ones used indoors. Detractors noted studies which indicated ventilation systems do not remove the poisonous toxins found within secondhand smoke, and merely removed odors. I found this fact important to include. I updated my opportunity section to be clear on my products objectives and, it’s limitations. The adding of reaching out to public advocates and office holders for buy in at the outset was also updated. With these changes I feel I now have a superior product.

25A – What’s Next?

Existing Market.

Step 1: Talk about what you think is what is next in terms of products and services for your venture.

Once we are able to create the breakthrough in softening marijuana’s use and acceptance into public spaces with our hubs, we will then use additional research and development dollars to determine other areas we can assist the industry and general public in creating a more harmonious union.  As time progresses other opportunities for ancillary products will present themselves. With the current crisis, any addition related to a more hygienic space during public use would be accepted. Because at that time we will be considered an industry leader, we will be better positioned to create change in order to offset found disruption.

Step 2: Interview three customers who are already part of the market you have identified and ask them what they believe is next for a venture like yours. Describe to them your business, and simply ask "What should we be doing that we aren't planning to do?" Next, ask them about your ideas of what customers might want next.

Barbara C: After relating my business venture concept, Barbara felt additional research should be made into what local law enforcement would feel about the creation of the proposed hubs. Depending on geographical location and hub positioning, she felt there might be push back. More research should be involved was how she phrased it. Barbara indicated consumers such as herself with respiratory ailments like asthma would be relieved at the effort. Barbara proposed perhaps adding a discrete means of getting rid of the byproducts from the marijuana use on site could be constructive.

Joan K.: Joan also thought the idea to be necessary based on the changes in time. Working full time in a marketing firm, her advice would be building relationships with our local elected officials. This would work in our favor for being awarded vendor contracts. Joan indicated having an app which would denote where these hubs are located would lesson the likelihood of someone sparking up while being in motion. The user would plot their use to coincide with the smoke shelters.

Lee C.: Lee also indicated research would be beneficial in order to be prepared for market entry. Researching what if anything other countries who already have legal use are doing. Other states also may have similar options. Next steps he indicated would be to begin work creating a prototype and have patents preserved in my name.

Step 3: Based on your own expectations and the feedback you received from customers, set a path for the future. In two to three paragraphs, describe what makes the most sense for your venture in terms of growing in your existing market.

                After received feedback I better understood some of the challenges I may be faced with within my new venture. Not having established relationships with public officials may hurt my credibility. Moving forward, being more intentional in the outlining of to whom and how I plan on marketing my concept would benefit me in future interview.

                In order to grow my existing market, additional research must be made in establishing a weather or not local building and health code could impact the installation of my proposed devices. Understanding local laws, legal enforcement, and the elected officials who-s tasked with writing the code would benefit me.

                Once I am more acutely aware of all factors which could prohibit my concepts creation, I can began a multifaceted marketing campaign which would include public outreach. Focus groups are a good source of research. I can then use the research to validate my claims of others feeling their rights to equal enjoyment of the air quality is being compromised. It is at that point that I will have the attention of those in position to create change.

New Market.

Step 1: Identify a radically different market from what you're currently planning to target. If you're currently targeting B2B, think about going after a B2C market. If you're currently targeting an affluent part of society, think about targeting a very poor part of society.

             While my initial outreach was for middle age, middle class voters with children, my radically different market would be young marijuana users. More specifically the cross section of society not partaking in marijuana use for medicinal purposes, but that are looking for passage of legislation for recreational use.

Step 2: Once you have identified a radically different market, describe how you think your venture concept might be able to create value for people in that market. You may have to get creative with this -- that's OK -- and perfectly welcome!

            While this cross section of society was not my primary audience when I thought of my venture concept, they did occupy a lower level consumer space. Not because they won’t be impacted with the creation of my hub stations, but because they have less political capital and having them be the face of my initial movement may be counter-productive. None-the-less, my product will create value for them as well. Within my description of the innovation I indicated the hub would work to remediate the looming odor of the smoke that usually saturates clothing during use. The removal of the odor from the clothing of this cross section of consumers would be very beneficial.  

Step 3: Interview two people from this new market. Again, describe to each interviewee what your concept is. Then, ask them how they think your business might be help to meet customers like them. What kinds of adaptations to the product/service mix do they think you should make to be successful in this new market?

Dwight D: Dwight being a Rastafarian relates marijuana use to being a religious sacrament. Dwight also living in Florida felt the shelters should be equipped with some level of tinting in an effort to block out the suns rays and create a more comfortable space. Dwight stopped short of suggesting seating however as he understood the hub was meant as a pass-through area for a quick smoking session while being in motion.

Corey B: Corey utilizes cannabis for its medicinal purposes. Having experienced a serious car accident, Corey was left with aggravating muscle spasms. If not for it, he would have excruciating pains in his back more times than not. Marijuana has helped to actively reduce the level of pain he experiences. Corey would like to know the hubs are monitored for his safety and protection. Corey also feels if it is monitored, it would help to keep away riffraff and as such remove the stigma of those who utilize medicinal marijuana.  

Step 4:  Reflect, in two to three paragraphs, on what you learned about this new market. What surprised you the most? Were any of your expectations/assumptions correct? Does this new market, on second thought, appear to be as attractive as your existing market? And so on.

In reaching out to the younger market, I found they were exceptional responsible in what they hoped to expect in the upcoming hub shelter. Because of the age variance, I immediate expected requests for things like charging stations and visual displays to pass the time. I was wrong. The suggestions that were offered were thoughtful and necessary.

While the new market did offer some exceptionally innovative ideas, the original market still offers the level of political clout and disruptive wherewithal I need in order to gain market entry. For the most part while the new market noted they would attempt to conform to the new environment they did not feel the hubs were entirely necessary. According to the new market, they are able to indulge discretely and have minimal concerns for the associated odors the primary market balked at having around.  

24A – Venture Concept No. 1

                                                   Putting It All Together


Concept: Outdoor Air Purifying Hub


        Opportunity

As far back as has been recorded, cannabis and the United States has had a contentious relationship. From being required to grow on every farm back in the 1600’s, to being criminalized by President Nixon in the 1970’s, this plant has seen its share of highs and lows, no pun intended. While criminalizing weed use may have fit political agendas of that time, it did not work to decrease its popularity. As of today, marijuana maintains a two thirds approval rating. It is this statistic that has the country moving closer and closer to legalization. Eleven states have approved it for recreational use, and thirty-three medicinally. Changes in attitude and opinions toward marijuana has led to a colossal revenue construct. As of 2019, one of the first states to legalize saw its highest-grossing revenue periods recorded. During April and May of that year, approximately 24 million was collected… each month! Fast forward to 2020 and marijuana’s immense popularity combined with the it is increasing income potential has seen the federal decriminalization debate resurge as a sort of political football. Some say we are one presidential endorsement away of full federal legalization.

With the continued changes in law comes a very significant adjustment period. I myself would never have imagined the likelihood of someone sitting on a bench smoking marijuana outside my local library. How do I explain all of this to a child? This truly is where my opportunity to enter the market has been created. The market for my product is defined demographically although the issue affects all levels of our society. The market segment I perceive to be most impacted by these new laws and forthcoming rampant use, would be that of middle aged / middle class families with small children. While my market also encapsulates marijuana connoisseurs, both recreationally and medicinally, the deepest impact would be felt by those with the highest political clout. I believe this to be true as some will feel marijuana use in public infringes on other’s constitutional rights of quiet enjoyment. Appealing to the largest voting block typically concerned with such constitutional issues I am hopeful will result in an increased awareness and counter reaction. If nothing is done, marijuana use will face the same negative connotations and stereotyping that cigarette smoking does. Users will be ostracized which will make it more difficult for its market acceptance.

Innovation

The multi-billion-dollar cannabis industry has created many opportunities for support products. With this being true, I have yet to find any product that offers the ability to both                  re-mediating air quality and serve as a public relations advertisement. My idea the outdoor smoke remediation hub would do just this. For best visual interpretation, think part humidor / part bus shelter. My hub would be introduced into areas of city centers most congested with foot traffic. The device would model a bus shelter’s style and have accessibility from both the front and the rear. Much like the devices that deliver mists of water at Disney and other entertainment attractions, my device would be modified to have suction devices on both sides to collect exhaled marijuana smoke. The hub could be made from aluminum materials and outfitted with the suction/ purifying devices. The purified air would then be collected and introduced back into the atmosphere. These hub-like devices would be manufactured for state and local use. The device concept and manufacturing would occur locally once the prototype has been engineered. The hub would cost in the area of $4,500 plus installation, and locales would be charged a monthly maintenance fee. It would be suggested to have these installed every 600 - 1200 feet in high trafficked areas.

Venture concept

As indicated, the recent changes to legislation, have created both a market opportunity, and a problem. The problem is how do we contend with the odorous smell in congested areas? Marijuana unless it has changed much from when I was younger has a very pungent odor. These odors transfer easily to the clothing of users as well as their surroundings. With the advent of my innovation, there would be ways of re-mediating this nuisance. Users would be able to maintain anonymity from having it collect in their clothing, and less awkward moments of passing by someone full indulgence would be likely to occur. In resolving this pressing concern, my innovation by design also facilitates ease of market entry. These devices would be placed similarly to cigarette smoking stations. Those with respiratory issues would not feel their health is being jeopardized, and those with the propensity to smoke would have their semi private outlet.

Revenue would be created from those benefiting most from the industry’s legalization. Marijuana cultivators as well as the state taxing authorities would be responsible for funding. From both perspectives, the installation of these devices could be introduced as a public relations effort. The shelters can be made to have messages associated with safest use practices, hygienics, or any other messaging or advertising deemed appropriate. Marijuana cultivators would be encouraged to share in the cost of manufacturing, and as such would be allowed to have an allowable amount of branding for those hubs that they chose to adopt. Local business would appeal to local jurisdictions for support in making certain their individual strip centers are included in strategic planning decisions. All would be looked upon as positive steps for integration. I would be involved in applying my passion of social acceptability for those requiring marijuana use for medical purposes. Painting a picture of reconciled harmony amongst all involved would be my strongest resource.

After successful launching my product, my company would maintain the shelters much like a bank does an ATM or the local department of traffic outsources for its bus shelters. Fines would be levied for vandalism etc. Long term, I would hand off the maintenance to the local jurisdiction. I would however continue to manufacture the hubs and modify and outfit as needs change over time. Over time, I see a device/ hub family coming from this first option. These devices would be employed in an assortment of varying circumstances. Because of my initial success, I would then be called upon as a subject matter expert in other needs related to marijuana’s public acceptance.

28A – Your Exit Strategy

My inventions as noted in previous blog entries, will provide havens for cannabis use on public streets. The device will look like a bus shelter and will help alleviate some of the strong scents that so many non-users object to. Because all of society (users/ nonusers) will need to utilize the same air space, this device should work to treble the level of discomfort that comes with the introduction to change. Users will benefit from preserved autonomy, and non-users, their peace of mind.  

My business will require significant effort in order to bring this invention to market. After that portion of the process is undertaken, a plan to sell the business will be the next step of the endeavor. My preference would be to scale and then sell the business within 2-4 years. This should be more than enough time to pay off debts accumulated in the start up portion of the process. I will then sell the business debt free so that it would attract the vast majority of interested parties.

I have decided to sell after what some would consider to be the short term, as I believe I have small window to show the businesses ability to turn a profit. At that point, I would sell to a larger firm to allow the company to reach its full potential.

I don’t believe my exit strategy has nor will impacted other decisions I am making for my invention. I am prepared to work as though the business were to be handed down to my airs. While I currently have another business that I will continue to hold in the family’s name, this business/ invention would be better served and marketed through an entity that offers national reach. My exit strategy will impact how I acquire resources. Because I plan to sell the business within the first 4 years, I will not be taking out any small business debt or loans or inventory or manufacturing. Any needs for capital in order to support customary business expenses, will need to be raised through marketing. The marketing to my sphere, personal network, and  will be my first course of action. I believe this to be the best course of action of my venture.

27A – Reading Reflection No. 3

         The book I decided to read was that of ‘How to Fail at Almost Everything and still Win Big by Scott Adams. In my humble opinion, this book is a must read for any fledgling entrepreneur, or recent graduate. Written by Scott Adams, the creator behind Dilbert is probably why I found this book so entertaining. In this book Mr. Adams shares his life through struggles and frustrations to high flying and achievement.

          The general theme of this book was working through failure. Moreover, Scott assists through humor and baring his soul in outlining all that he feels matters in being successful. Scott believes goal setting is pretty much for losers. In his theory, developing solid systems to be replicated repeatedly over time, as well as having a little luck is what is necessary to achievement. Scott goes on to identify that selfish illusion is also necessary.

           How to Fail at Almost Everything and still Win Big was a huge example of looking forward to failing repeatedly to be achieving growth. ENT 3003 has also taught me about failing forward. Through various lessons, the theme has always been not to give up.

           If I were to create an exercise for the class based on the book, it would have to do with repetition. I would model a sales task for each student and request that they memorize the steps and script for success. I would then follow back up after a week to have a sales exchange based around that step. The addition would be that I add the other students and their unique sales task to memorize into the equation. At the end, I would have a sales scenario that I could prove that if committed to memory would work 95% of the time in the associated sales exchange.

         My biggest aha moment from the book would be that of affirmations. From hearing Mr. Scott’s story, I have a totally different outlook on affirmations, and how they are to be used. Scott, an engineer reminds me of myself in my thought process. To hear an analytical mind, speak so strongly regarding affirmations intrigues me. I know would like to incorporate into my day as I believe they can be extremely useful and remaining focused.