We participated in this three-day EPIC Summer Bootcamp to learn business knowledge systematically. As we all major in STEM (Science, Technology, Engineering, and Math) with no background in economics, this event help us a lot to step in business as beginners.
On Jul 1, iGEM EPIC community member firstly introduced the topics to be discussed in Day 1-3. We can feel that topics are set up as a gradual explanation, which is comfortable for start-up beginners. We are also excited to begin this journey with so many lovers of entrepreneurship.
In the learning of Product-Market fit, we learned professional resource and description from Kennedy McDaniel to demonstrate the marketing scale of our project. For example, some terms like TAM (Total Available Market), SAM (Serviceable Available Market) and SOM (Serviceable Obtainable Market) can easily simplify and professionalize our description when presenting to investors.
Kennedy is a PhD Biologist, Founder, Advisor and Product Manager. She firstly convinced that she would work in academia in brain signaling for her entire career. But she changed her mind after finishing her PhD degree to focus on Startup and Product managing. She is now currently in Opentrons with previously Canid & Koniku. She is also a co-founder of Banting and advisor to Ursa. Bio.
As a similar choice of transferring from STEM to Startup, her experience also inspired us a lot.
A useful motto learned from Kennedy McDaniel: Product=strategy+execution.
On Jul 2, Fadhli Adesta focused on how to turn our iGEM project ideas into real solutions with an organization in written form. Thus, we have known that the business model canvas and its components.
In the Business Model Canvas, we need to answer WHAT by completing three parts: Key Partners, Key Activities, Key Resources; and answer WHY by completing one part: Value Propositions; and answer WHO by completing three parts: Customer Relationships, Customer Segments, Channels; and answer HOW MUCH by completing two parts: Cost Structure, Revenue Streams.
The Business Model Canvas is a hugh barrier to startup beginners but also allows startup beginners to figure out every details in their business plans.
After today, we have separated product users from customers, and figured out that our project fits the strategy of “to C” but not “to B”. These are all necessary and essential decision making during the journey to make ideas turn into real solutions with bioeconomy development.
After lecture, we gathered in gather.town to discuss our projects and business plans. Gather.town is such an interesting application that it creates a session happening much like in reality but not online. As I approach a group of people, their cameras become clear and their voices become louder, just as if I were approaching them in a conference room.
On Jul 3, we learned pitching and investments from the view of VC. Cheng Kai introduced the VC Return Model to let us know what factors can convince VC that our startup is wothful. We learned that VC will firstly focus on the team not project details. They will give their speculation whether this group can make it according to our stability, career plan and personality. After these considerations, they choose projects that are likely to succeed.
These give us new inspirations that we need to consider people’s future plans and personality in a startup group to make sure similar steps and values. People is much more important than project. And sometimes things beyond business will make or break a business.
