#pidot's

[pochulo-tidor-blog]

The Final PITCHHH!

The day has come and we are now in our final pitch. We learned and experience a lot of things that is so beneficial for us where we can use those knowledge in our future endeavors.

After months of validating the problem up to the last activity that we have in technopreneurship, we will pitch right now as if that we are pitching in front of investors who are very willing to invest money for the product that we have.

I am so grateful that I was able to experience this kind of scenario and simulations, to the Center of Entrepreneurship and Technology thank you so much for giving us student plenary sessions.

This one is one of my favorite journey in my college days, there are many eye opening discussions that I witnessed. To my group I am also so thankful that I have them because without them this techno journey that I have is boring and worthless, I will cherish this moment.

Our pitch went well, we were able to really explain the problem and the product and the team is compose, we are all able to answer the questions that is given to us and I am very proud of this achievement with this team.

[pochulo-tidor-blog]

Pitch

One of the greatest thing that I learn from this subject is the pitching, where it is an art of story telling base on my own perspective. A good pitching should be an explosive one where you can really catch the ears of the listeners most especially the investors.

The pitching should be precise and emphasized in order for the pitch to be easily understood. From what I learn in this discussion is that the elements of a pitch are very important, a short but very detailed is very important.

Also, in the discussion I also learned the different types of pitching. The most important thing on a presentation its precision, no other details except to those very important key points, and the art of communicating is also very important in a pitch.

[pochulo-tidor-blog]

Traction Metrics and Validation

After we launched our FB page, we can now see our metrics where we can see the data on all the engagements that we have and the reach of our FB page. Our page has a total of 109 likes and there are also reaction on our post.

In our Fb page we also conducted a survey about the willingness of the people who liked our page on using our platform, immediately after posting the survey, many people have responded. It is overwhelming sometimes because the page have grew in just a span of days and also our friends and family also shared the page to their friends.

[pochulo-tidor-blog]

Traction and MVP Launching

Traction is very important, it is important for us to understand its importance for a startup, and we need to give attention to it. In the plenary discussion, Sir Bronson really explained , detail by detail all the traction channels that could potentially help our product and service grow.

In our bulls eye framework, we list down all the possible channels that we think can advertise our product, to help the product grow. In our top 6 channels, we include all those channels that we are familiar with, those channels that we think it can reach many people. Then in our top 3 channel, the top of the list is the existing platforms, because in those existing platforms especially social networking sites, we know that there are a lot of traffic in those platform and it is perfect for our product to get exposed.

Before we launch our Minimum Viable Product, we are still finishing our high fidelity prototype in order to have a better appearance and to make sure that it is user friendly. This MVP will serve as our initial product, enough to attract those potential customers.

We created a facebook page in order to launch our MVP in the platform in the hopes of getting engagements and to expose our product to the general public. But before we launch our page to the public, there are many things that we need to prepare, in that case somehow the team struggles a bit with deadlines with other subjects filing up and me personally really struggling to manage my time that's why the team is a bit late in launching the MVP.

Even though we are late in launching our MVP, the support that we receive for our product is very overwhelming.

[pochulo-tidor-blog]

BMC

During the plenary discussion, I understand on how important really a business model is, it needs to be repeatable and scalable. As a startup it is really important to really know the value of our product and with that, we need to have consistency and easily adapt to changes, those are one of the factors that we really need to consider in order to create our business model canvas. This week, we are task to create our own Business Model Canvas, although it is quite hard to create a BMC which is consistent enough and reliable at the same where it can easily adapt especially in times of sudden influx of customers that our product will cater.

As the one who stands as the leader of the team, I quickly gathered the members and in every part in Business Model Canvass, anyone should have contribution for the model, any contribution that could benefit the team. We faced certain challenges while creating our Business Model Canvass, we really need to review some part of customer segments and value proposition, also, at this point it is important that we need to identify all the needed resources and other things in order for the business to be reliable and sustainable enough. We really asses all the important ingredients to our product like the resources that we should have and the approach that we are going to implement in order to make the customer happy and at the same time grow our market.

At this point also we were able to identify the potential cost like services and other things that is vital for the company to keep running and to be sustainable. Even though during the presentation of our BMC there are many inputs that we have that is questionable and any unnecessary things that we include inside the Business Model Canvass. But we are also thankful to Ma'am Yam as she highlighted all the wrong inputs that we have and with that we are able to really understand certain things. After the consultation, we immediately work on the revisions, research more and learn things in order to supplement all those wrong inputs that we have.

[pochulo-tidor-blog]

Revenue

Revenue is very important in a business because without or small revenue means the business has failed. I remember before when I was still in my elementary, there is a one guy that always keeps telling me that it is better to have a business than working a full time regular job and I asked that guy "how to get money from business if you are also investing money to keep the business running?" Immediately he answered "That's why there is a revenue, for example you invest money to buy a product for 6 pesos each then you sell it for 10 pesos then if you sell 10 pcs then you gain 40 pesos aside from your initial investment", I remember that moment as I understand the concept of revenue for the first time.

From the weekly discussion one of the things that I understand is to really have a revenue model where it can indeed gives you more income. Formulating an ideal and perfect revenue model of our product is one of the challenging task that I encounter during the final term where there are many factors that we need to consider in order to come up with one. One of the things that we did as a team is to research about the revenue system of the competitors where it serves as our basis for making our model. Since our product is like a socio economics where we value the sellers and we wanted to grow their market, that's also one of the factors to consider and we need to come up a way where they pay for our platform for a lower price. What we are trying to achieve here is a win win situation for the customers and also for us, to come up with a model we to unleash the business minded side of us in order to think a feasible idea.

[pochulo-tidor-blog]

Who are the competitors?

Competition is very important in a market where it can help businesses to grow and find more opportunities for expansion and more quality products and services. There are already existing and more established companies in our market since our concept is already existing and most of the general public uses this kind of services in almost everyday of their life. As a startup trying to enter the market where this established companies is already competing with each other, take note not just a company, but multiple companies.

For this we need to have a great strategy on how we can compete with those established brands, as a team we really need to be composed and dedicated. It is important for us to really find that uniqueness that we have compared to those existing products, with our unique features it is considered as our edge from those companies. In our case Grab Food, Food Panda is considered as our competitors since we offer similar services to the customers, also included in our competitors is the homegrown Streetby. Although we display different products in our platforms, but still we offer the same services to the customers. The existing users of their platform can be our potential first customers because they are more familiar with this kind of service and that's why it is really important that we have our unique characteristics from the existing platforms.

In this week's discussion, Sir Franch really emphasized the importance of the uniqueness of our products because this can transcend us and gives us superiority to our competitors. There are a lot of insights that I gain from the discussion regarding creating competitive advantage. With this week's activity we were able to really know the unique features of our products that can potentially gives us an edge towards our competitors.

[pochulo-tidor-blog]

The TAM, SAM and SOM

It is really important to identify the market for our product, during midterm we already validated the problem that exist but the question now is do we really have the market? how big is our market is? or is there an opportunity with those numbers?

During this week the task is to really identify the size of our market, with this it is very important that we already know our customer segments because, with our customer segments we will be able to know who are our potential customers and how big they are in terms of numbers. During the weekly discussions, I learned that we need to asses the market, identify their population but we must also put in mind that general population is not a good idea to include or to put in our TAM or the Total Available Market. It is really important to really identify a specific characteristics of the potential customers to really know who they are.

In order to accomplish our weekly activity, since our products is an e commerce platform where it can be accessed with the use of a smartphone. Using the available data we make an assumption of the total population of adult in CDO since the product or the platform will be based in CDO, after calculating we already come up our TAM or the Total Available Market. The result is somewhat a huge number, with that, we need to trim down this data in order to get our SAM or the Serviceable Available Market. Since our concept is already existing and there are already many people using those products, we calculated the total population of adult smartphone user in CDO and afterwards we further trimmed down the data and lastly our SOM or the Served Obtainable Market is the total population of users of food delivery app in CDO.

The assessment of the team is that, with those numbers there is an opportunity and we can further grow those assumptions that we have in order to obtain more potential customers of the platform.