"Pitch not Pristine: We have much to Learn, with Endless Curiosity to Earn."
By: ECOBRO_LORIE JANE BANTACULO
"Midterm Pitching: Our Journey with Ecobro"
The midterm pitching is one of the requirements to pass the Entrepreneurial Mind subject. We were not very prepared during that time because there were many quizzes and requirements in other subjects, especially in the major subjects. However, we still did our part to fulfill our responsibilities in these subjects. We experience hard time making our cost structure since we are engineering students. Although studying is manageable, it is not always perfect like it is for other business students who excel in such tasks effortlessly. The reality is that I struggle in every subject because I am just an average student. It takes a lot of effort and time to understand the concepts, especially in major subjects. Time management is a major struggle when balancing different subjects and allocating enough time to each.
Nevertheless, pitching is a mandatory task to complete, and the day of the presentation arrived. We prepared by creating a PowerPoint presentation, deciding who would present, and finalizing our business model canvas. The pitching took place at the CBM building, and we were the fifth group out of eight to present. As we entered the room, the pressure and doubt were palpable, knowing that the panelists were experts in the field. Despite this, we did our best, hoping that the standards would not be too high considering we were not a business students, and they would take our consideration.
However, things did not go as expected. We found ourselves cornered with every question they posed. I felt disappointed that I couldn't defend our product adequately. I struggled to answer their questions because, of course, they were experts in that field, and my knowledge on the subject was limited. Their suggestions and questions highlighted the need to improve our business model canvas and prepare better for the final pitch. I just felt that I lacked functionality during that critical moment, were I wasn't able to answer the question thrown.
One of their major concerns is that more money will be going out than coming in. They are questioning whether purchasers of our product will be able to make a profit considering the various expenses involved. The panel is skeptical about whether we can convince them to buy our product. There were also numerous corrections suggested in our business model canvas (BMC), and some revenue streams were removed. It was expected that our BMC would not be perfect since our background in business is not extensive.
Before the pitching session, we meticulously considered all aspects that needed to be addressed. As engineering students focusing on innovation, we also took into account the environmental benefits and how our product could help people. However, during the pitching session, we were scrutinized as business students rather than being appreciated for our innovative approach. This shift in perspective and the emphasis on financial viability posed challenges that we had not fully anticipated.
"Customer Validation: Insights from Central Mindanao University Students on Ecobro Reverse Vending Machine"
After our successful presentation of the Ecobro Reverse Vending Machine in the midterm pitch, we were tasked to get feedback from students at Central Mindanao University. We spoke with 15 students from different courses to hear their thoughts on our innovative solution. To make sure we got a mix of opinions, we randomly selected students from various courses with different backgrounds.
During the interviews, we explained how the Ecobro Reverse Vending Machine works and asked if they would use it. The students had different reactions. Some were enthusiastic and supportive of the idea. They liked the environmental benefits of the machine, seeing it as a way to reduce waste and keep the campus clean. They also appreciated the chance to earn money by depositing bottles into the machine.
However, not everyone was convinced. Some students had concerns about the financial side of the machine, questioning the investment needed to set it up. They doubted if it could generate enough profit from bottle deposits and worried about potential costs. Another group of students doubted the machine's effectiveness in tackling the broader issue of waste disposal. They felt that while it could benefit individual students, it might not solve the bigger waste management problem. They raised questions about where the waste would go and how it would be properly managed.
Despite these mixed opinions, most students were willing to use the Ecobro Reverse Vending Machine. They saw the positive impact it could have on the environment and on themselves. However, it's important to mention that some students still had concerns or were unclear about certain aspects of the machine. The insights from these interviews gave us valuable feedback. We now have a better understanding of the challenges and concerns that may come up when implementing the Ecobro Reverse Vending Machine. This feedback will help us improve our approach and address any issues or misunderstandings that potential users may have.