Entrepreneurship is awe-inspiring. In essence, its identifying a problem faced in society, designing a solution, and marketing the “fix” to others. Entrepreneurs are individuals who takes action to make a change in the world. The companies presented in the Brief Case presentations truly embody that mentality.
Something that stood out to me yesterday was that 2 out of 4 companies heavily relied on a subscription model. For customers, it provides convenience, and a more manageable recurring pricing, so budgeting expenses is easier. For sellers, it means recurring/smoother revenue flow and it makes inventory easier to manage. This model also creates a customer base and builds brand loyalty, which is how similar products can distinguish themselves from their competition. 3 out of the 4 companies also had a heavily online presence. Imperfect Foods created a website full of information about imperfect produce, and engaged with the consumer by posting “imperfect recipes” and hosting “imperfect bingo” online. Keap created a no-waste candle with ever-changing scents, and videos to engage the customer (such as how to use the recycled candle-holder). The New Raw is using 3D printers to create innovative designs for park benches using recycled plastic material. Individuals can go online to design their own benches that they may even see built in their local park one day. The barriers between producer and consumer are quickly eroding. Companies are embodying social change, and gaining followers, not just users.
Another commonality that I found between the companies presented yesterday was that in terms of living principles, the environment was often considered a strong factor- but not THE strongest. Often, a product/service would be “economically beneficial AND good for the environment”, or “culturally beneficial AND good for the environment.” In a previous class, Professor Luchs mentioned that individuals will not necessarily spend more money on a product if it is better for the environment, but they will spend more if it betters themselves. Entrepreneurs realize this, and understand that in order to benefit the environment (if thats what they want to do), there also must be a “tangible” gain for the buyer.