Making it Real

Attached is my ENT3003 Resume. I couldn't figure out how to embed the document so it would be  larger and easier to read, so I'm apologizing now for making you guys squint! Here's a link to the document as well, if you cannot read the embedded document: ENT3003 Resume. Feel free to leave any constructive criticism! 

My Exit Strategy

I hate to see you go, but I love to watch you leave! My exit strategy would be to sell Recycle Rewards to another company in exchange for a large profit. There's a saying that goes: "if you love something, let it go". I would want another company to acquire my venture because I believe that doing so would open new doors for Recycle Rewards. I would want to sell Recycle Rewards to a company that could improve it even more, as there's only so much I can do in developing and improving an application with my limited skills.

In addition, selling Recycle Rewards would open up a lot of free time that I could use towards developing my next venture concept. I am a creative person and am always coming up with new ideas. I love the process of conceptualization so I think I would want to create more venture concepts and then sell them once they reach maturity. 

I don't believe that my exit strategy has really influenced the decisions I have made in my concept. Even though I plan on selling, I would still want to create a solid structure for my app and would still tackle the development of Recycle Rewards with passion. The opportunities I have identified aren't affected by my exit strategy. On the other hand, my exit strategy would affect my plan to acquire resources. I would want to create my application in a way that is economically efficient, since I would not be holding onto it as a long-term investment. My plan would be to utilize organic marketing to help cut costs. The less money I can put into my venture concept (without sacrificing the quality of Recycle Rewards), the more profit I can make when I sell it. 

Celebrating Failure

For this post, I'm going to use an experience that actually just happened to me today. As some of you may know, I am completing a 40 hr/week internship this summer. One major component of this internship is a group project that is to be presented in front of all of the executive leaders at the end of the 10 weeks. It's pretty legit... And terrifying.

I'm currently in the third to last week, and this presentation is coming up FAST. My group and I have been working for weeks on setting up the PowerPoint and figuring out what we wanted to speak about, and today was our first ever practice presentation in front of our mentors. Unfortunately, I had meetings all morning up until the presentation so I had no time to meet up with my group to prepare. Meanwhile, my group was frantically trying to finish up the outline enough so that it would be just presentable. So basically I entered this presentation a bit frazzled and also not knowing what changes my group members had made to the project.

The conference room we scheduled to meet in couldn't support our PowerPoint so we ended up having to verbally explain it, which was not ideal.  There were a ton of awkward pauses because we hadn't determined who would speak about certain topics yet, we forgot to mention a good portion of our ideas, and I certainly stumbled over my words quite a few times. As we were presenting, we realized that the progressive structure we chose for the talking points was super repetitive, yet couldn't do anything about it mid-presenting. In addition, there was a typo in the outline which threw me a curveball when I had to speak to that section.We were a bit of a hot mess to say in the least. I am aware that the presentation could've gone much worse, but I still had higher expectations.

After we finished presenting, our mentors gave us constructive criticism, which was beyond helpful. Although I would've liked to have done better as a group and personally, I was really grateful that we did mess up. Because we weren't completely prepared, we were able to gain insight on how to make ourselves better and how to fine-tune our project to be better for the final presentation. I'm also glad that I was really nervous and that my group wasn't on the ball for this presentation because that made me realize that it can only get better from here. That was probably the worst case scenario, and it still wasn't even horrible in the scope of things.

Reflecting on failure as a whole, it's a rough feeling. Whenever I fail at something, I often feel embarrassed, like other people are judging me or disappointed. In reality, that is most often far from the truth, and instead I am usually the only one judging myself. When I fail, I let myself feel the emotions that come naturally for a little bit, but then I think about what happened, where I went wrong, and how I can do better next time. Failure should be a motivating force rather than a suppressing one.

Sometimes I can be a little risk-adverse because I don't want to fail. I find that it helps to think of the most realistic worst case scenario that could happen and that's usually not even that bad. As long as you don't die, you can get through it! If you do a presentation and clam up, it's not the end of the world! Try again next time. Acknowledge your weaknesses and keep practicing them until they become your strengths. Once you feel comfortable with something, you won't be worried about failing. It's ok to trust yourself. More often than not, you can handle things thrown your way.

I believe that this course has definitely helped me shape my mindset of what failure is. In the beginning of the course, I felt weird writing blog posts that would be public for the world to see and I didn't feel comfortable interviewing people. I thought that people wouldn't be receptive. I've learned that the worst case scenario is never that bad and people are much more accepting than you may think. It's ok to put yourself out there. The same concept applies when it comes to failing because it makes you feel vulnerable, but in the end you can just turn that vulnerability into a strength.

Although I can be uncomfortable with risk depending on the circumstances, I've never let it stop me from pursuing what I want. I always make sure that my mind stays focused on the long-term goal rather than the fear of the moment. It really helps to think about the future. If I have to do a presentation, I'll usually think about how happy I'll feel once it's done and off of my chest. Taking what I've learned about failure from this course, I will definitely continue taking risks no matter how intimidating they may seem.

Keep on failing!

Venture Concept No. 1

My venture concept is Recycle Rewards, an innovative smartphone application that motivates its users to recycle more while equipping them with all of the information they need to recycle successfully and efficiently. To walk you through the full scope of Recycle Rewards, I am breaking the information down into three sections: opportunity, innovation and the venture concept.

The Opportunity

The main opportunity here is that recycling efforts in America are not as efficient as they can be. Inefficiency can occur at two different ends of the recycling process: the front end and the back end.

The front end of recycling consists of consumption to disposal, factors we have direct control over. We choose which products we consume and how we dispose of them. Recycling is an option. Inefficiencies in the front end occur when we choose not to recycle or simply forget to. Other causes include not having the knowledge to recycle properly, having a negative mindset towards recycling or even having the false belief that recycling takes too much effort. People have the ability to control their recycling-related decisions, therefore an opportunity is present to provide people with all of the knowledge and motivation they need to become effective recyclers.

On the other hand, inefficiencies in the back end are harder to control. These include issues with Waste Management not sorting recyclables properly or carelessness leading to the disposal of recyclables into landfills. If the Waste Management crew commingles the wastes, people’s recycling efforts become moot. Although this is an important issue, it is difficult for us to create a change in the entire waste disposal process. Instead, all we can do at this moment is increase awareness of the importance of recycling and instill proper recycling habits in Recycle Rewards’ users.

The issue of conservation and protecting the environment is wide spread and affects everyone. As our population continues to grow and people produce more waste daily, the Earth is going to become more damaged. The condition of the environment affects not only people living locally to the affected area, but also affects the population on a larger scale. The need for a safe and healthy ecosystem is crucial to human life. That being said, although everyone should be concerned about the environment, not everyone actually cares.

So, who are the potential customers?

The potential customers of Recycle Rewards are those who want to make a conscious effort to learn more about recycling and to start recycling more efficiently. These people want to see how their actions are benefiting the world and want to become better. The need is wanting to recycle more and help the Earth. There are no demographic boundaries on who may be a user, but the users are geographically bound within the United States.

What is the nature of the need?

This need has been present for many years now and will continue to be present well into the future. Waste is multiplying by the minute and something needs to be done to combat that. This opportunity is large because there are many ways one can educate and motivate people in regards to recycling.

The Innovation

My innovation is Recycle Rewards, a free iPhone application dedicated to the improvement of recycling efforts. The app will motivate users by offering a platform that allows users to track their recycling efforts in exchange for a coupon reward. Innovative technology built into the app will allow thousands of bar codes and recycling symbols to be recognized, scanned and logged in a user’s account. Users earn rewards in increments of 25 items scanned. For example, once the 25^th item is scanned, the user will receive a notification that they have earned a reward. The user is then given the choice to redeem their reward or to use the cash value as a donation to a charity.

When users download Recycle Rewards and create an account, they will be prompted to enter their zip code in. This will customize the localized recycling information provided for the user. Users can find their local recycling information under one tab and general recycling information in another. If a user moves, they can change their zip code in their account settings.

Since Recycle Rewards is a free app, profit will be made mainly through selling consumer data. Smaller profits will be made from selling ad space, but that is limited since I don’t want the app overrun with ads. I am also hoping I can enter a partnership with charities and organizations and potentially generate some revenue there as well.

The Venture Concept

The question that every venture concept faces is: “Why will people download and use this innovation?” Recycle Rewards will combat the present recycling issue for several reasons, as listed below.

-  It’s free!

- The barcode scanning action gamifies recycling.

        o   Gamification is HUGE nowadays and the act of scanning your items makes recycling 

            more fun.

- It’s a way to earn discounts with minimal effort.

        o   Coupons are easily earned and will incentivize people to be active users.

- They’ll earn customized coupons tailored to their consumption patterns.

        o   The more waste a user tracks, the more we can determine about a user’s product preferences.

- They can convert their rewards to donation money.

- They’ll feel like they’re doing something good for the Earth.

        o   The “Do good, feel good” effect

Elevator Pitch No. 3

Third time is the charm, right? I'm doing my third elevator pitch on Recycle Rewards. Again, I am supposed to be taking feedback from my last pitch and applying it. All of the comments from my "Elevator Pitch No. 2" were positive and didn't really include any constructive criticism. Because of that, I am going back and making minor changes to my pitch based off of what I personally think could enhance it. The main change I made was that I reduced the number of statistics I provided in order to use that time to discuss the details of my app more in depth.

Pitch:

Elevator Pitch 3

Script:

My name is Carolyn Ward and my product, Recycle Rewards, is going to transform the way Americans recycle. We live in a world where recycling is not nearly as efficient as it should be. According to the EPA, Americans only recycle about 30% of their recyclable materials. Why is that? How can we do better?  Research shows that the main reasons people do not recycle are because it is too time-consuming, they forget, or are simply unclear of what is or isn't recyclable.

What we have here is a problem that can easily be fixed. Recycle Rewards is designed to make recycling an easier and more rewarding process.This app will provide incentives for recycling as well as local and general recycling information. Users unlock credits when they track their recycling habits and are given the option to earn coupons redeemable in stores or to use their credits towards donations. Our technology will feature a high tech scanner that recognizes thousands of barcodes and an intuitive platform that will allow our users to become knowledgeable recyclers. Our goal is to incentivize people to make smarter recycling decisions. The Earth benefits, and so do our customers.

Amazon Whisperer

Recycle Rewards' main revenue drivers include selling user data and offering a few ad spaces. These funds may not be sufficient as the app continues to grow. After thinking more about my concept, I've decided that the next step for Recycle Rewards is to introduce a product that tracks recycling habits and ensures that recycled items are disposed of properly. 

Let's call this product RR Buddy (Recycle Rewards Buddy). RR Buddy will be an electronic recycling receptacle that tracks your recyclables and syncs your information to the Recycle Rewards app. There will be a built in bar code scanner that allows people to easily scan their items before throwing them away and a weight sensor that can track when the item is actually discarded. An increase in weight will indicate that the item just scanned has been placed into the receptacle. After the weight sensor notices a new item has been recycled, the item will be recognized as being successfully recycled and will be logged in Recycle Rewards.

RR Buddy should make the recycle logging process easier. Instead of having to pull out your iPhone, load an app and scan your trash before discarding it, you can easily scan the item with your recycling receptacle and then dispose of it instantly. This process should be significantly more efficient and should make it easier for customers to remember to recycle. With calorie tracking apps, I find it hard to always be tracking what I eat. Because of the effort I need to make to use those apps, I stop using them after a few weeks. I'm fearing that Recycle Rewards will face similar issues. It can also be so easy to forget to log a bar-code with your iPhone. RR Buddy should eliminate the difficulty of having to remember to scan and log each item with your smartphone before disposing of it. 

 

Searching Amazon, I wasn't able to find many similar products at all. I was able to come across an automatic trash receptacle that sensed when someone was near and opened its lid automatically, but that is a far-fetched comparison. This receptacle was stainless steel and looked very sleek. It got 4.8 stars out of 5 and several people loved the product. Some of the more notable features included the large mouth, the quietness of the lid opening and closing, the 10 year warranty and the fact that it is battery powered. The lowest review was 2 stars and focused on how the receptacle is not as good as its competitors. One person complained about the expensive price and slow sensor reaction time.

***

I would make several changes to this product simply because it isn't that similar to what I was picturing RR Buddy to be. That being said, I really like the look of the receptacle. I would add a device to the side of the bin for scanning the bar-codes. I'm also not sure if I would include a lid or change the dimension of the bin.

I think RR Buddy would be a great addition to Recycle Rewards because it would make the whole tracking process easier for users. With RR Buddy, this receptacle would act as the "main bin" source for most of a user's at home recycling, and the Recycle Rewards app would allow for portable recycling tracking. I think it only makes sense to offer a special bin to go with the app. 

My Unfair Advantage

For this next assignment, I am compiling a list of what I personally see as my venture's strongest strengths, or "unfair advantages". After coming up with the list, I am conducting a VRIN analysis to determine how unique each quality truly is.

***

My venture resource list:

1. Bar-code recognition technology

This resource is valuable because it allows Recycle Rewards to recognize a large variety of materials and items. The recognition technology will contain a large library of SKUs and recycling symbols that can be recognized through the iPhone camera. I think that this technology would be on the rarer side and would be hard for other competitors to replicate. Getting the technology patented would prevent competitors from using the same methods as Recycle Rewards.

2. Availability of up-to-date local recycling information

I believe that the easy accessibility of up-to-date local recycling information based on location will be valuable to users. Users can come to Recycle Rewards for all of their recycling needs and information. This may be easier for others to copy, but based on what I have looked up so far, it doesn't seem like an app that compiles local recycling information exists yet.

3. Availability of up-to-date general recycling information

Again, I think that having all of local and general recycling information in one app makes the app a "one stop shop" for recyclers. There are a few apps already existing that provide users with general recycling information. This would be easy to copy and probably isn't that rare of a resource.

4. Users feel good for being environmental

This resource isn't tangible at all and is really subjective. What may make one person feel like they're doing a good deed may not affect another person in the same way. There are many different ways people can feel good about themselves for making environmentally friendly choices so I would say that this resource is very substitutable and not very rare. That being said, I would say that it is a valuable resource that draws users back.

5. Collection of user product consumption data

Recycle Rewards will collect user data and create a library for each user to track their logging patterns. Based on what materials they scan and how frequently they scan similar materials, this data will be used to create a tailored user experience. It can also be sold to create a profit or exchanged for retailer coupons. I think that is a key component of Recycle Rewards and is very valuable to the app and user experience as a whole. Consumer data collection is very common now and is very valuable to companies. The differentiating factor is that Recycle Rewards will have a direct view of what users are consuming, when and how frequently. Although a lot of consumer data is available, I think that Recycle Rewards offers a unique set of metrics that would be important to other companies.

6. Customize reward options based on what items user scans

Based on what users have scanned in the past, predictive intelligence will be used to provide users with a tailored coupon. Predictive intelligence is not new at all, and is even used for targeted ads. This is probably inimitable and pretty common in today's apps.

7. Partnership with charities/organizations

Recycle Rewards wants to partner with charities and organizations to promote environmental protection. This partnership will benefit charities by raising donations and will benefit Recycle Rewards because charities will promote the app. Many apps allow users to donate to charities (like Charity Miles) so this resource is very imitable and substitutable. I think that it adds value to Recycle Rewards, though.

8. Users have option to turn rewards into donations to charities

People love having options, and I believe that allowing users to customize their reward options will keep them using Recycle Rewards. When users hit a certain threshold for scanning items, they will have the option to redeem a reward or to transfer the reward dollar amount to a charity of their choice as a donation. I'm not sure how many incentive-based apps allow users the option to redeem or repurpose their reward amount, but I think that this aspect will be very valuable to my users. This resource is most likely not rare and could easily be copied.

9. Intuitive, easy-to-use app

By providing users with a sleek and functional app design, users will want to use the app more. As technology continues to improve, apps are becoming more functional and better designed. This is a very valuable resource. You may have a great idea for an app, but if you create an app that has severe glitches and low functionality, you will lose users. Many apps exist that are very well designed so this resource is definitely not rare.

10. Minimal ad spam

As an iPhone owner, I have several apps that I use. Many of them feature tons of ads and spam to generate revenue. This comes at a cost though. Many users do not like being bombarded with ads since this is a hindrance to the app experience. I want Recycle Rewards to feature a minimal number of ads. These ads will feature environmental-focused content only. I think that will also be a differentiating factor because I will be offering my app for free with minimal ads. Many apps offer a free version that is overloaded with ads and a paid version that features no ads.

***

After analyzing each resource, I have concluded that my most valuable resource is the bar-code scanning technology. Because this technology can be patented, competition would be reduced since other apps could not copy the technology exactly. In order to copy Recycle Rewards, they would have to design and create an entirely new technology to recognize and record bar codes. This increases the value of this resource and makes it rare, inimitable and non-substitutable.