On January 22nd, together with eProjects, YWiB hosted an entrepreneurship and creativity workshop: My Big Idea! Designed to help students discover possible business solutions/innovations through exploring their passions and interests, this workshop was divided into two sections, including a short presentation from keynote speaker, Alexandra Greenhill.
YWiB kicked off the night by starting off with an innovation workshop, where students put their heads together with their neighbour to come up with a potential business solution. Ideas were tossed back and forth, and each student had the chance to gain insight into what it is that their partner wanted to achieve.
Following that, partners were invited to reflect and define their mission statement for their company-to-be. Why are you creating this company? What does this company aim to accomplish for/provide to its clients? After drilling each other to better solidify concepts, students were given the challenge of physically validating their partner's idea, whether it be through a drawing or actually building a model representation!
Our speaker for the evening, Alexandra Greenhill, followed by sharing her experiences in starting up her own company, My Best Helper, and how with the right business model and team, they were able to compete and come in 3rd place at New Ventures BC in 2012, the only non-revenue company to do so.
With her expertise as one of the Top 40 under 40, Alexandra gave key tips one should consider when wanting to start a new company, including always being open to a changing business model in addition to being careful with the team members one chooses to bring on.
“Why do so many founders build things no one wants? Because they begin by trying to think of startup ideas. It doesn't merely yield few good ideas; it yields bad ideas that sound plausible enough to fool you into working on them." - Paul Graham, VC
Finally, the night ended with eProject's portion, in which students were challenged to think beyond and consider all facets of product development: how does your product offer value in the existing market? What differentiates you? To answer those questions, market research must be done, MVPs must be created and tested, and most importantly, ideas have to actually be implemented! The biggest and most important advice is to not linger and start building a brand today! Sitting on it for too long may cause it to become obsolete or worst, someone else might break into the market first with the same concept.
"First, build a business around a demand. Then create demand around a business."
Thank you everyone for coming! If you were unable to attend but are interested in entrepreneurship and the endless possibilities out there, be sure to check out eProject's future events!