#8thblog

Seminar

On Saturday February 2, 2019 there was a intellectual property rights lecture which is helpful for us and the products was really quite interesting. We were shown different kinds of products which are unique in there own way.  When producing a produce you must first think if will this sell?, can this be use in long term?, will this be useful or will this be just another product that will eventually lost its fame on passing days.  Many people have different kinds of idea maybe because of religion, culture or habit.  

There are different kinds of products they have shown us like a glasses with a dropper.  Peoples mind are really amazing and sometimes lazy.  We actually make product for convenience purposes.  To lessen the time needed for something to be done we do thing to make it simpler to reduce time of work.  This come the product we invented and produce for use.  

After sir bgm discuss about Lean Canvas (Last Meeting), this week he tough us about Validation Board.

Validation Board

               This topics is about to manage or to track the progress of the startups. The startups should focus only on what really matter of their project  in business ideas. There are steps on how Validation Board works:

Customer Hypothesis - in this part, the startups should define their hypothesis that includes the customer.  The target customer should be a specific group of people, example in our group our target customer are the people who have knowledge about smartphone.

Problem Hypothesis – seek problem to the specific group of people, what’s problem of your chosen customer. For us, the problem is most people who use smartphone are don’t know how to use smartphone in terms when there’s an accident.

Solution Hypothesis – “Tip: Do not define solution until you’ve validated the problem”.

After defining this hypothesis the startups should design a experiment.

Riskiest Assumption – from the word assumption, the startups should assume of what their target clients or customer wants. Then pick the riskiest one in your several assumption you’ve made. Example, why ambulance is late to arrive when there’s an accident? Because the driver don’t know the location? Or because the public are late to call an ambulance?

Method – this how the startups gonna test their ideas.

Minimum Success Criterion – ask yourself if your experiments are effective or have enough data to validate your idea.

Get out of the building, collect data from the target customer. Analyse the result if it is invalidated or validated. And next is

Pivot – in this process the problem of the startups setting out to solve isn’t what the target customer really wants with but there is another problem that startups is like to help them solve. For example in our group project the problem is most people who use smartphone are don’t know how to use smartphone in terms when there’s an accident but the real problem is people are afraid to call an ambulance because it’s too expensive (time-to-time call). (117 or Landline-Php12 call per minute and regular number-Php6 call per minute) Note: Most of emergency hotline are landline or 3 Digit Number.

       Last Wednesday February 22, 2017, Engr. Mabulay discussed about Leadership, Entrepreneurship, and Failure. Our instructor started his discussions by asking a question “Are Entrepreneurs born or made?”. That question sink-in my mind and silently answered, Entrepreneurs are made through to the passion and dedication put in their work. And with this discussion about Entrepreneurship it gets more interesting for me.

       I know to be an Entrepreneur is not easy because you have put a lot of time to come up with a good idea, and being an Entrepreneur is just putting yourself into a stressful one. But the exchange would be a long-run success. Based on the presentation of Engr. Mabulay, Entrepreneurs have failed over many times before they become a successful one. Entrepreneurs believe that it is Ok to Fail because smart Entrepreneurs put failure to work through perseverance and learn something from those. Additionally, to be an Entrepreneur you should have the skills and wide-ranging mindset to become one of them.

       On the other hand, he discussed about how to validate ideas through validation board. Where you start first at Customer and problem hypothesis - you have to balance the two markets since our project is a two-sided market. Then have a design experiment where you list all your assumptions including the riskiest one. Next, the Methods and the Criterion. In methods and criterion, you have to interact with the potential customers through; reproduce the problem (Exploration), collect currency (Pitch), deliver customer expectation (Concierge) and from that, decide on the weakest outcome you will accept as validation. Then from the results, you will analyze whether it is invalidated or validated. If invalidated, then go to 1st pivot and repeat the process until it gets validated. Lastly, is the Solution hypothesis where you will come up with this part if the results from surveys or interviews gets validated.

       Additionally, Engr. Mabulay instructed us to work on our validation board and gave us 2 weeks to comply. As of now, we haven’t started to interview our potential customers since we are having a strategic planning on how we will do that. And we are expecting that this will be hard for us since we will be interviewing random people. By next week we will fill-up with our Lean Canvass and we will pitch again about the first four-parts of the Lean Canvass.

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