I chose to read The Art of Social Media: Power Tips for Power Users by Guy Kawaski. I specifically chose this book due to the fact that I have never been a diligent user of social media. I decided that learning about how social media can impact businesses and entrepreneurs would be valuable to my future goals. The general argument was that social media is not utilized to its full potential. It also argued that social media can be a powerful force for a business if certain steps are followed. For example, the book described the importance of visual appeal when a potential customer visits your social media page. Your photos should convey a message and be appealing to customers when they look at them. Aside from this, they go into more detail regarding the importance of collecting a larger audience across multiple platforms.
Throughout this class we have discussed a lot about identifying our target audience. As we progressed through the class, we all became better at identifying opportunities and potential customers. However, we rarely discussed methods of acquiring customers. Social media is becoming an incredible method of customer acquisition. I believe that a solid understanding of social media can drastically improve our customer acquisition rate.
I would have students find a business that is in the same marketplace as them. After this, I would have them make a list of positives and negatives associated with their social media. Lastly, the students would be tasked with inventing creative solutions to the problems they identified in the previous step.
My biggest surprise was when the author discussed not caring if people saw the same tweet or picture multiple times. He explained that it was far more likely for a customer to receive the message if they saw it multiple times. In addition, he explained that different types of people use social media at different times. Understanding this was a major point he made in connecting to your audience.
Friday, November 30, 2018
Exit Strategy
As it pertains to my exit strategy, I hadn't thought about it until we had the guest speaker two weeks ago. He made me realize that having an exit strategy is crucial to entering a business or starting one. After some thought, I realized that my ideal exit would be to be purchased by a larger firm and transition into a new market. I know that my personality doesn't fit with working in one market for several decades. After acquiring business across hundreds of U.S. coastal communities, Red Tide management will be very effective. Our patented methods will work in harmony to prevent future outbreaks from ever occurring. I find the acquisition of new clients and new areas more interesting than the actual management of a particular area. Therefore, a buyout would be ideal for me. It would provide me the necessary funds to transition into a new market of interest for me. Specifically, I would want enough money to pursue a new venture in biosecurity risk assessment and management.
I believe that my exit strategy has played a major role in my decisions to this point. Although I didn't realize my exit strategy, the choices I made were very conducive of a buyout. For example, I focused on acquiring markets across the United States instead of a particular region. If I had focused on a small area, it would be more likely that I would grow attached and not want to sell. Not to mention, I planned to have local authorities work with my company to oversee the Red Tide management. This will allow each individual community to have a say in the management program. Lastly, I wanted to grow very quickly. This is not conducive of a small business because it requires a lot more employees to manage a company that is working across a large geographic area.
I believe that my exit strategy has played a major role in my decisions to this point. Although I didn't realize my exit strategy, the choices I made were very conducive of a buyout. For example, I focused on acquiring markets across the United States instead of a particular region. If I had focused on a small area, it would be more likely that I would grow attached and not want to sell. Not to mention, I planned to have local authorities work with my company to oversee the Red Tide management. This will allow each individual community to have a say in the management program. Lastly, I wanted to grow very quickly. This is not conducive of a small business because it requires a lot more employees to manage a company that is working across a large geographic area.
Celebrating Failure
1. This past semester has been very difficult, and I have experienced several failures. However, my greatest failure this semester was my trading decisions in my portfolio. For several years, I have traded stocks, bonds, and crypto currency to make extra money. Prior to this year I had never experienced a major loss due to my diversification and diligent trade techniques. Unfortunately, after making a significant return on my investment from Bitcoin last year, I invested into Apple heavily. To my dismay, this quarter has been very poor for Apple stock holders. Lack of interest in the new Iphone and slowing sales have tanked the stock price. Over the course of a few week, I lost a significant portion of what I had invested.
2. Experiencing a large loss like this was very disheartening and made me consider stopping any trading. However, I had to understand that major losses happen to even the biggest investment firms in the world. I learned that diversification is always important and that markets are closely related. For example, oil prices affect the energy market, but they also influence markets that depend on shipping products or use a large amount of power. This loss has made me even more cautious as an investor in terms of investing in things I fully understand.
3. Failure is a very hard thing to go through, but everyone experiences failure at some point in their life. Failure does not define who we are or what we can become. Instead, the way in which we respond to failure defines who we are and what we can become. Personally, I used to take failure poorly and try to forget about it. This led me to making the same mistakes that I had previously. This class has taught me that taking risks is a good thing and failure will help you grow as a person!
2. Experiencing a large loss like this was very disheartening and made me consider stopping any trading. However, I had to understand that major losses happen to even the biggest investment firms in the world. I learned that diversification is always important and that markets are closely related. For example, oil prices affect the energy market, but they also influence markets that depend on shipping products or use a large amount of power. This loss has made me even more cautious as an investor in terms of investing in things I fully understand.
3. Failure is a very hard thing to go through, but everyone experiences failure at some point in their life. Failure does not define who we are or what we can become. Instead, the way in which we respond to failure defines who we are and what we can become. Personally, I used to take failure poorly and try to forget about it. This led me to making the same mistakes that I had previously. This class has taught me that taking risks is a good thing and failure will help you grow as a person!
Friday, November 16, 2018
What's Next?
Existing Market:
Currently, my market needs a company that can combat Red Tide outbreaks. With our patented protocol involving biocontrol instead of chemicals, we can eliminate Red Tide. In addition, we can work with local agencies to prevent outbreaks in the future. I believe that the next step for this company will come as a result of climate change. After speaking with potential consumers (local government officials and residents), I have come to the conclusion that our next opportunity will come from global warming. Many of the people I have interviewed have suggested to me that problems with Marine habitats extend well beyond Red Tide. They explained to me that important species for ecological health and economic prosperity, like Red Snapper, have been disappearing from the population. Overfishing, climate change, and the destruction of reefs has been the primary cause of these declines. With Algae Solutions working closely in these coastal communities, we will be poised to exploit this opportunity. I believe that working on the restoration of reefs will be a great transition for Algae Solutions. Phytoplankton and other microorganisms are essential for the health of these complex ecosystems. With our knowledge and vast network, I believe we could expand our business in these markets further.
New Market:
Switching my market was very difficult because my business was targeted at coastal communities. However, the knowledge and experience that Algae Solutions will give me over the course of its life will give me the tools to transition into a new market. I am talking about the fuel and energy industries. I would target a large company like Shell or Exon Mobile to hire us. Our services would include researching and conducting tests of biofuels derived form algae. This would allow larger companies to focus on what they do well, making money. I was unable to reach any executives at large energy and fuel companies. Instead, I interviewed two people who work in lower level management positions for Shell. They explained to me that their company had been experimenting with biofuels for two decades. Unfortunately, this research had not yielded a product that was able to be brought to market. I think that the experts at Algae Solutions would be able to do a better job conducting research and testing the feasibility of biofuels. I think my existing market is more feasible because large companies have a lot of people targeting them for business.
Currently, my market needs a company that can combat Red Tide outbreaks. With our patented protocol involving biocontrol instead of chemicals, we can eliminate Red Tide. In addition, we can work with local agencies to prevent outbreaks in the future. I believe that the next step for this company will come as a result of climate change. After speaking with potential consumers (local government officials and residents), I have come to the conclusion that our next opportunity will come from global warming. Many of the people I have interviewed have suggested to me that problems with Marine habitats extend well beyond Red Tide. They explained to me that important species for ecological health and economic prosperity, like Red Snapper, have been disappearing from the population. Overfishing, climate change, and the destruction of reefs has been the primary cause of these declines. With Algae Solutions working closely in these coastal communities, we will be poised to exploit this opportunity. I believe that working on the restoration of reefs will be a great transition for Algae Solutions. Phytoplankton and other microorganisms are essential for the health of these complex ecosystems. With our knowledge and vast network, I believe we could expand our business in these markets further.
New Market:
Switching my market was very difficult because my business was targeted at coastal communities. However, the knowledge and experience that Algae Solutions will give me over the course of its life will give me the tools to transition into a new market. I am talking about the fuel and energy industries. I would target a large company like Shell or Exon Mobile to hire us. Our services would include researching and conducting tests of biofuels derived form algae. This would allow larger companies to focus on what they do well, making money. I was unable to reach any executives at large energy and fuel companies. Instead, I interviewed two people who work in lower level management positions for Shell. They explained to me that their company had been experimenting with biofuels for two decades. Unfortunately, this research had not yielded a product that was able to be brought to market. I think that the experts at Algae Solutions would be able to do a better job conducting research and testing the feasibility of biofuels. I think my existing market is more feasible because large companies have a lot of people targeting them for business.
Venture Concept
Opportunity:
Red Tide outbreaks have been occurring in tropical marine environments for centuries. This algae emits toxins that can be transported through the air. In addition, this algae kills marine life as it siphons vital nutrients like oxygen out of the water supply. As global climates become warmer and pollution increases nutrient availability, the range of these algae blooms has drastically increased. These outbreaks drive tourists away from coastal communities. This causes large economic losses for these local businesses and economies. Not to mention, the toxins in the air can cause respiratory problems to people who are exposed to it. The elderly and young children are most likely to develop these medical problems from exposure to Red Tide outbreaks. However, these are not my target audience because they don't have the funding to pay for a treatment and prevention protocol for Red Tide. Therefore, the local, state, and federal governments have been tasked with finding a solution for these outbreaks to preserve tourism and resident satisfaction. Currently, companies only offer chemical treatments that are very ineffective and have adverse side effects on other marine life. Governmental agencies have spent millions of dollars researching and funding efforts to control REd Tide outbreaks across the country. However, these algal blooms still hospitalize thousands of people every year.
Innovation:
I took several assignments and a significant amount of time to investigate the current methods of combating Red Tide. Currently, there is only one method of controlling these blooms. This method involves the use of a multitude of harsh chemicals. In addition to these methods being very expensive and harmful to the environment, they tend to only treat the outbreak. I didn't find any companies offering a prevention protocol for Red Tide outbreaks. My innovation is a biocontrol method utilizing microscopic organisms to feed upon and subsequently destroy any Red Tide outbreaks. After a lot of testing, these organisms have shown to have no adverse side effects on the environment. Not to mention, they are actually less expensive to implement than traditional treatment protocols. I sourced these organisms from a researcher in Tampa that was studying their ability to feed upon toxic algaes like Red Tide.
Venture Concept:
Utilizing the liquid cash I have available and money raised from VCs, I will begin constructing a network of facilities capable of treating Red Tide across the country. The idea behind this business is to lock up several counties by convincing them our method is superior to other people. As we get contracted from these counties we will utilize funds to pay off investors and expand our network. I plan on our company, Algae Solutions, working closely with local agencies to adequately solve the problem.
Red Tide outbreaks have been occurring in tropical marine environments for centuries. This algae emits toxins that can be transported through the air. In addition, this algae kills marine life as it siphons vital nutrients like oxygen out of the water supply. As global climates become warmer and pollution increases nutrient availability, the range of these algae blooms has drastically increased. These outbreaks drive tourists away from coastal communities. This causes large economic losses for these local businesses and economies. Not to mention, the toxins in the air can cause respiratory problems to people who are exposed to it. The elderly and young children are most likely to develop these medical problems from exposure to Red Tide outbreaks. However, these are not my target audience because they don't have the funding to pay for a treatment and prevention protocol for Red Tide. Therefore, the local, state, and federal governments have been tasked with finding a solution for these outbreaks to preserve tourism and resident satisfaction. Currently, companies only offer chemical treatments that are very ineffective and have adverse side effects on other marine life. Governmental agencies have spent millions of dollars researching and funding efforts to control REd Tide outbreaks across the country. However, these algal blooms still hospitalize thousands of people every year.
Innovation:
I took several assignments and a significant amount of time to investigate the current methods of combating Red Tide. Currently, there is only one method of controlling these blooms. This method involves the use of a multitude of harsh chemicals. In addition to these methods being very expensive and harmful to the environment, they tend to only treat the outbreak. I didn't find any companies offering a prevention protocol for Red Tide outbreaks. My innovation is a biocontrol method utilizing microscopic organisms to feed upon and subsequently destroy any Red Tide outbreaks. After a lot of testing, these organisms have shown to have no adverse side effects on the environment. Not to mention, they are actually less expensive to implement than traditional treatment protocols. I sourced these organisms from a researcher in Tampa that was studying their ability to feed upon toxic algaes like Red Tide.
Venture Concept:
Utilizing the liquid cash I have available and money raised from VCs, I will begin constructing a network of facilities capable of treating Red Tide across the country. The idea behind this business is to lock up several counties by convincing them our method is superior to other people. As we get contracted from these counties we will utilize funds to pay off investors and expand our network. I plan on our company, Algae Solutions, working closely with local agencies to adequately solve the problem.
The most valuable resource is patented technology and methods. Without these methods, our business wouldn't have a service to sell. In addition, if our protocol to control and prevent Red Tide wasn't patented, anyone could sell it to coastal communities.
After establishing accounts across the country and treating Red Tide outbreaks. We will transition into a monitoring and prevention company. This will ensure that communities affected by Red Tide won't have to deal with anymore outbreaks. Our protocol will focus on limiting the algae's ability to reproduce in the environment without harming any beneficial organisms.
The next opportunity after Algae Solutions will be Biofuel companies. Currently, algae is very unknown. There are several gas companies experimenting with algae cells for biofuels, but nobody has successfully gotten one that can produce enough energy.
Unfair Advantage
Resources:
1. Experience in the Industry
1. Experience in the Industry
- V: This resource is valuable. Experience in the industry implies industry knowledge at multiple levels.
- R: This resource is not rare because there are many players in the industry.
- I: Although experience is unique to each person, experience in the industry can be replicated.
- N: Although you can read about the industry, there isn't a substitute for experience.
2. Good relationships with local politicians
- V: These are the target audience for my business. Good relationships with your clients is always valuable.
- R: This resource is rare because politicians have close circles, and it is difficult to gain their trust.
- I: This is hard to replicate because consumer loyalty in this type of industry is very strong. Contracts are often several years in length.
- N: There is no substitute for good customer relationships.
- V: A startup requires teamwork and employees to go above and beyond to succeed. This is a very valuable resource.
- R: This resource is not rare. Collaboration is very common within businesses.
- I: You can replicate teamwork and procedures that get people to work together.
- N: There is not a substitute for good teamwork and the ability to work with others.
4. Relationships with suppliers
- V: Supplier are the backbone of a company and are very important.
- R: This resource is rare because suppliers only work with people who will utilize their products in an effective manner.
- I: You can steal a supplier, but it requires proving that you are more deserving.
- N: There is no substitute for a good relationship with supplier. They give you the materials necessary to run your business.
- V: Understanding the problems of your consumers besides the statistics is very valuable.
- R: This is not rare because millions of Americans have experienced Red Tide outbreaks and the effects of it.
- I: You can't copy personal experience unless you move to an area affected by it.
- N: The only substitute for personal experience is interviewing people who have been affected.
6. Patented technology and methods
- V: This is the most valuable resource of all. Without these, any company could put us out of business.
- R: This is very rare because people have been battling Red Tide outbreaks for several decades.
- I: Due to the patents this is very hard to copy.
- N: The only substitute would be a better protocol for treatment and prevention of Red Tide.
- V: This is valuable because cash is hard to come by in businesses early on.
- R: This is not rare. There are a lot of people with liquid cash starting businesses.
- I: You can copy this because cash is everywhere in the business world.
- N: Alternatives would be paying for things with credit or loans.
8. Positive culture within the workplace
- V: This is valuable because positivity has good effects on the success of businesses.
- R: This is rare because it is unique to each company.
- I: You can replicate culture by hiring similar people and working on your culture.
- N: There are no substitutes besides doing everything alone.
9. Personal relationships with large venture capitalists
- V: This is valuable because VCs can help support a business in times on need.
- R: This is rare because large venture capitalists are more likely to invest in someone they trust.
- I: You can't just become friends with a venture capitalist overnight.
- N: Substitutes would be working with banks or other personal investors.
10. Free time and willingness to devote it
- V: This is valuable because businesses require a lot of time.
- R: This is not rare. Many people have free time to devote to their business.
- I: You can easily copy someone's time commitment and routines.
- N: No substitutes.
The most valuable resource is patented technology and methods. Without these methods, our business wouldn't have a service to sell. In addition, if our protocol to control and prevent Red Tide wasn't patented, anyone could sell it to coastal communities.
Friday, November 9, 2018
Elevator Pitch 3
https://www.youtube.com/watch?v=OgPJN5DFTiI
I only received one comment on my Elevator Pitch 2.0. This person explained to me that I drastically improved my gestures and eye contact while giving the speech. In addition, they mentioned that I seemed more confident and trusted myself. I believe this has to do with the fact that I practiced more and made a conscious effort to maintain good eye contact and use gestures.
Aside from memorizing my speech, I only made very subtle changes. For instance, I removed filler words and upgraded my adjectives to make it sound more professional. The most drastic change was my movement. I made an effort to utilize the space around me while giving the speech.
Aside from memorizing my speech, I only made very subtle changes. For instance, I removed filler words and upgraded my adjectives to make it sound more professional. The most drastic change was my movement. I made an effort to utilize the space around me while giving the speech.
Reading Reflection 2
1) What was the general theme or argument of the book?
I chose to read Mindset: The New Psychology of Success by Carol Dweck. The book focused on the differences between the growth mindset and the fixed mindset. Citing research and real-life accounts, Carol Dweck discussed the advantages of the growth mindsets. The fixed mindset focused on absolutes and the idea that traits and skills are innate and cannot be learned. This usually leads people to feel inadequate or sadness because they cannot live up to the expectations they place on themselves. However, the growth mindset focused on how individuals can learn from mistakes and shortcomings and don't place permanent labels on themselves. The major debate in the book is whether traits that successful people have can be learned or if they are born with them. Dweck choses to focus on the idea that people can learn these behaviors and traits through practice, hard work, and self reflection.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
Throughout ENT 3003, we have done assignments that have required similar procedures. However, as we have gained more experience, we have become more efficient and better suited to complete these tasks. I believe this is evidence of a growth mindset in our class. As we take feedback and reflect, we have learned a lot about how to improve. Overall, this book made me want to reflect upon previous assignments and reread my feedback to see if I have improved.
3) If you had to design an exercise for this class, based on the book you read, what would the exercise involve?
This book focused extensively on the ability to learn and adapt from failures (growth mindset). As a result, I would have students reflect on their top 5 biggest failures or shortcomings that they have had in their lives. In addition, I would have them discuss how those failures impacted their life, what they taught them, and how they have positively affected their lives today.
4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
The most surprising part of the book was the discussion of parenting and how it plays a role in being in a fixed vs. growth mindset. Growing up my parents always encouraged me to try my hardest and supported me through failure and success. As a result, I grew up unafraid to take risks or venture outside my comfort zone, but I never realized why. This book discussed how praising children for accomplishments rather than hard work created a false sense of success. It also led to children having a fixed mindset and not associating hard work with success.
I chose to read Mindset: The New Psychology of Success by Carol Dweck. The book focused on the differences between the growth mindset and the fixed mindset. Citing research and real-life accounts, Carol Dweck discussed the advantages of the growth mindsets. The fixed mindset focused on absolutes and the idea that traits and skills are innate and cannot be learned. This usually leads people to feel inadequate or sadness because they cannot live up to the expectations they place on themselves. However, the growth mindset focused on how individuals can learn from mistakes and shortcomings and don't place permanent labels on themselves. The major debate in the book is whether traits that successful people have can be learned or if they are born with them. Dweck choses to focus on the idea that people can learn these behaviors and traits through practice, hard work, and self reflection.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
Throughout ENT 3003, we have done assignments that have required similar procedures. However, as we have gained more experience, we have become more efficient and better suited to complete these tasks. I believe this is evidence of a growth mindset in our class. As we take feedback and reflect, we have learned a lot about how to improve. Overall, this book made me want to reflect upon previous assignments and reread my feedback to see if I have improved.
3) If you had to design an exercise for this class, based on the book you read, what would the exercise involve?
This book focused extensively on the ability to learn and adapt from failures (growth mindset). As a result, I would have students reflect on their top 5 biggest failures or shortcomings that they have had in their lives. In addition, I would have them discuss how those failures impacted their life, what they taught them, and how they have positively affected their lives today.
4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
The most surprising part of the book was the discussion of parenting and how it plays a role in being in a fixed vs. growth mindset. Growing up my parents always encouraged me to try my hardest and supported me through failure and success. As a result, I grew up unafraid to take risks or venture outside my comfort zone, but I never realized why. This book discussed how praising children for accomplishments rather than hard work created a false sense of success. It also led to children having a fixed mindset and not associating hard work with success.
Friday, November 2, 2018
Growing Social Capital
Domain Expert: Erik Stenn from Algagen LLC
Erik is the CEO and President of Algagen LCC. His company specializes in the study, control, and reproduction of macro-algae and micro-algae. Their team has worked with several coastal communities to control Red Tide Blooms throughout the United States. Erik's has a masters in Marine Ecology form the University of Oregon and has spent most of his career studying algae bloom patterns. I found Erik through my father who had funded research in the early stages of Algagen when they were researching algae as a potential biofuel source. I asked him to examine my plan to use biocontrol instead of chemicals to prevent and limit Red Tide blooms. After reviewing my plan, he referred me to my next expert, Dr. Richard Pierce.
Important Supplier: Dr Richard Pierce of Mote Marine Laboratory
Dr. Pierce is the Associate Vice President for Research at Mote Research Laboratory. He has been working at the Mote Lab since 1981 when he was a research assistant. He has more than 60 peer reviewed publications on this research and he remains involved with students as Courtesy Graduate Faculty at the Univ. of South FL, College of Marine Science and FL Gulf Coast Univ. College of Arts and Sciences. He has a PhD in Chemical Oceanography. His research involves breeding organisms that can feed on toxic algae like Red Tide. Currently, he is examining how creatures can break down the toxins that cause sickness in humans. His research is being licensed to private companies and government agencies that are currently working to reduce Red Tide outbreaks. I asked him to meet up and share his research with me on organisms consuming toxic algae. I have not received an email back from him, but he did inform me that he takes several days to respond to emails when we spoke on the phone. I believe that his research is the key to formulating an effective and environmentally conscious protocol for Red Tide management.
Expert on the Market: Dave Berkman, Mayor of Indialantic
Dave Berkman is the mayor of Indialantic, a town less than ten minutes from where I grew up. During his term as mayor, he has had to deal with several Red Tide outbreaks and the impacts of them. He is exactly the type of person that I would be targeting with my business. As a politician with a vested interest in the health of coastal communities, he would be interested in purchasing a solution to Red Tide. I contacted him through the mayors office and he returned my call in 3 business days. I asked him to introduce biological control as a possible method for limiting Red Tide outbreaks to the department tasked with this problem. He informed me that increased funding had allowed him to create a department specifically tasked with investigating control methods for Red Tide. He told me that he would have his team look into my plan and return to me with their findings. Establishing relationships with local politicians will allow me to get my foot in the door when I launch Algae Solutions.
After this experience, I will definitely be more aggressive in my networking. I realized the importance of social capital and how hard it is to come by during this assignment. It took me over 10 hours of work just to get a few minutes on the phone with these individuals. In the past, I did not actively seek out people to add to my network.
Erik is the CEO and President of Algagen LCC. His company specializes in the study, control, and reproduction of macro-algae and micro-algae. Their team has worked with several coastal communities to control Red Tide Blooms throughout the United States. Erik's has a masters in Marine Ecology form the University of Oregon and has spent most of his career studying algae bloom patterns. I found Erik through my father who had funded research in the early stages of Algagen when they were researching algae as a potential biofuel source. I asked him to examine my plan to use biocontrol instead of chemicals to prevent and limit Red Tide blooms. After reviewing my plan, he referred me to my next expert, Dr. Richard Pierce.
Important Supplier: Dr Richard Pierce of Mote Marine Laboratory
Dr. Pierce is the Associate Vice President for Research at Mote Research Laboratory. He has been working at the Mote Lab since 1981 when he was a research assistant. He has more than 60 peer reviewed publications on this research and he remains involved with students as Courtesy Graduate Faculty at the Univ. of South FL, College of Marine Science and FL Gulf Coast Univ. College of Arts and Sciences. He has a PhD in Chemical Oceanography. His research involves breeding organisms that can feed on toxic algae like Red Tide. Currently, he is examining how creatures can break down the toxins that cause sickness in humans. His research is being licensed to private companies and government agencies that are currently working to reduce Red Tide outbreaks. I asked him to meet up and share his research with me on organisms consuming toxic algae. I have not received an email back from him, but he did inform me that he takes several days to respond to emails when we spoke on the phone. I believe that his research is the key to formulating an effective and environmentally conscious protocol for Red Tide management.
Expert on the Market: Dave Berkman, Mayor of Indialantic
Dave Berkman is the mayor of Indialantic, a town less than ten minutes from where I grew up. During his term as mayor, he has had to deal with several Red Tide outbreaks and the impacts of them. He is exactly the type of person that I would be targeting with my business. As a politician with a vested interest in the health of coastal communities, he would be interested in purchasing a solution to Red Tide. I contacted him through the mayors office and he returned my call in 3 business days. I asked him to introduce biological control as a possible method for limiting Red Tide outbreaks to the department tasked with this problem. He informed me that increased funding had allowed him to create a department specifically tasked with investigating control methods for Red Tide. He told me that he would have his team look into my plan and return to me with their findings. Establishing relationships with local politicians will allow me to get my foot in the door when I launch Algae Solutions.
After this experience, I will definitely be more aggressive in my networking. I realized the importance of social capital and how hard it is to come by during this assignment. It took me over 10 hours of work just to get a few minutes on the phone with these individuals. In the past, I did not actively seek out people to add to my network.
Idea Napkin
1) My name is Zane Vliegenthart and I am currently a microbiology major at the University of Florida. Through my undergraduate education and research, I have discovered the immense diversity of algae that exists on Earth. Red Tide is a specific algae that has caused significant problems along coastal communities. I have extensive experience working in a laboratory with controlled agents. Not to mention, I have an ability to work well with others. I grew up in a coastal community that was often negatively impacted by Red Tide. My aspirations for this company include rolling out a comprehensive plan to prevent and stop Red Tide outbreaks.
2) My company will offer a biological control agent to limit the ability of Red Tide to grow in coastal areas. As it currently stands, Red Tide is only controlled using harsh chemicals that negatively impact marine organisms. In addition, increasing nutrient availability and warming global temperatures have made Red Tide blooms more frequent and severe. My company brings in experts that can access outbreaks, control them, and limit future ones from occurring. This service cost varies based upon the severity and size of the outbreak.
3) (Attached my custom avatar that best describes my consumer) Due to the fact that my business is solving a problem that falls on the government's responsibility, I believe my prototypical customer is a local politician. This could be a town mayor, member of the city council, or member of an environmental committee. Regardless of their position, they have some influence on the disbursement of funds towards projects like the one my company is offering. In addition, these individuals have a strong appreciation for and understanding of the environment. Not to mention, they see the local environment, specifically the marine habitats, as an irreplaceable resource. This will be a driving decision in their buyer behavior as I determined in a previous assignment. My prototypical customer understands the value of beachfront communities. Not only do they understand the economical value of beaches and tourism, but they appreciate them for their beauty and uniqueness. Beachfront communities are home to species that are heavily endangered like Leatherback Sea Turtles. My prototypical customer wants to preserve the beauty and biodiversity of coastal communities. I also believe that my prototypical customer has a family and children. It is more likely for them to care about the future of the environment if they have children. By preserving and protecting coastal communities, their children will be able to enjoy them in the future. My prototypical customer also enjoys outdoor activities. Their personal interactions with the environment make it a priority for them. Without a personal connection, I believe an individual will be unlikely to hire my business to prevent and limit Red Tide outbreaks.
4) My prototypical consumer cares due to the impact that Red Tide has on coastal communities. As local representatives it is their job to maintain a strong local economy and keep residents satisfied. Red Tide hurts residents' quality of life because of the harmful toxins it emits during a bloom. Not to mention, these blooms drive away tourism which is a major economic driver in coastal communities.
5) We have a solution that is designed to harm only Red Tide algae. Other solutions are detrimental to marine life and erode the complex network that exists along coastal communities. Our solution is not a chemical control and maintains the biodiversity.
Feedback: I didn't receive feedback on the last one.
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