THE ENTREPRENEURIAL MIND DISCUSSION
“A major reason why startup fail is because they design their initial product based on assumptions. They assume that people care enough about the problem to pay for a solution.” – Laura Holton
It’s been a while since we have our discussion on our Entrepreneurial class. One of some worth recalling information during our classroom discussion was when our instructor, Ma’am Rhea, introduced to us the term MINIMUM VIABLE PRODUCT (MVP). Basically, it is a beginning form of product in which Entrepreneurs furthermore develop and assess its potential by using their customers or users’ feedback. I was also amazed how some begin from a simple step which includes the Zappos in which Nick Swinmurn created a web site that offered the absolute best selection in shoes in terms of brands, styles, colors, sizes, and widths after recognizing the point of pain on not being able to find shoes on store you wanted. Ma’am Rhea gave us a simple example to visualize how it works. She presented to us how one should begin from a simple skateboard until it gradually develop into a car rather than slowly purchasing or acquiring some parts of the car. This simple explanation helped me understand that MVP launches a product with significant use in the early phases of a startup and then expanding functionality.
Last April 19, 2023, I attended the lecture series program facilitated by the Business Administration Department faculty at our University Convention Center which aims to give us, the students, an opportunity to hear insights and viewpoints from the invited lecture speaker from their various experiences on industry and academe.
LECTURE SERIES # 1: Intellectual Property Rights & Technology Transfer
Dr. Gamaleila A. Dumangcas
“Intellectual Property is the oil of the 21st Century. All the richest men have made their money out of intellectual property.” – Mark Getty
Intellectual Property is the creation of our mind. This includes invention, literary and artistic works, symbols, names, images, and designs. Thus, it’s essential to secure protection on the intellectual property to be able to transform it into a more tangible product and to secure the ”first to file” basis. Its need for protection requires an attentive measure since having it was like also owning a land property, which demands a regulation, valuation, taking ownership, and monetizing transfer. Thereby, its vital to register first your intellectual property before disclosing it to prevent any competitors from copying your trademark, technology or product; and avid wasteful investment in research. That’s the reason why acquiring intellectual property rights, such as patents, trademarks, copyrights, and trade secret, an important move since it’s protected in law that provides the creators a protection on their original works, inventions, or ideas. Furthermore, technology transfer is also an essential process which allow the knowledge developed at one organization to another, with a purpose of commercializing it to be able to manage distribution channels and identify potential markets.
LECTURE SERIES #2: Incubating Innovation: Exploring Start-Up Opportunities in the Philippines
Unfortunately, I wasn’t able to listen throughout the said lecture since I had to process my clearance. However, my short participation in the lecture gained me a little background on how it works. This Business incubators provides a support and resources on start-ups and someone who’s starting their business. I believe this program really help some start-ups at least good starting point of foundation, its like a toddler being assisted by their parent to their following steps in their early-stage.
More than a lecture, the speaker had shown to us videos related to some start-up programs and seminars that occur in the Philippines, as well as her various experiences and seminars she attended. I was really eager to take some of notes on some of her videos she presented because I planned to watch and search on my way home.
Start-up is a company working to solve a problem where the solution is not obvious, and success is not guaranteed. She also shared her experience on how one of her business idea, Alima Home Healthcare for Every Juan − a booking app for nursing which aims to provide healthcare for rural area, had failed because of the pandemic. I was really amazed on her dedication and her ability to cope-up with the failure. I also love how she also said that “it all starts with the IDEA”. I wasn’t really fond on at least considering to be an entrepreneur in the future since my heart already settled for being a Nephrologist, however, learning that her course was actually BS Nursing, I was really amazed on this discovery. In which I realized that anyone could really become an entrepreneur and it will all start with the idea. Especially now where there are a lot programs that would support a new start-ups which includes the start-up grant fund, step up program, Philippine start-up challenge, and etc.