The purpose of this exercise is to figure out what actually makes your venture special! What will be the resources that keep competitors from copying what you do and serving your customers better?
The three contacts from the last exercise who serve as my domain expert, market expert, and industry supplier.
All three of these contacts asked me to keep their personal names removed from my blog.
1. domain expert
v- While she is connected to other domain experts within her own company, she has past experience with other real estate agencies, as well as a myriad of peer entrepreneurial and tech-savvy individuals who could be valuable assets to my team and get this idea off of the books and into the app store.
r- The area surrounding the Univerisity of Florida is largely residential, and locating a leasing agent would not be difficult considering the large volume of real estate and leasing agencies in the area.
i- While there are many leasing agents available to consult regarding my application, no one has the same network that my contact has, and that is inimitable.
n- Any student leasing agent will likely provide similar benefits: knowledge and network contacts.
2. market expert
v- This person has a great amount of experience with short term leases in the local area and working with other students to meet each other's leasing needs. He understands the trials and tribulations associated with the process of locating and also selling leases, and thoroughly understands the target market's unmet needs. Furthermore, his network can be utilized to promote and advertise this application or online service and help acquire a mass amount of customers.
r- It is not rare to find a student who has experience with short term leases and has this unmet need (thankfully or my app would be a bust!)
i- This person likely has very similar experience with short term leases. Likely, I can find someone who can relate to this individual's leasing history.
n- Any student who rents an apartment will likely provide similar benefits: experience and network contacts with similar stories.
3. industry supplier
v- they have experience working with other organizations and markets to write articles regarding their services and gearing it for a target audience of college students. Likely, I will be able to collaborate with this person to help advertise my cutting edge app as well.
r- There are many industry suppliers who can provide PR for my application. This is not rare.
i- This can be easily copied by others, and as I said prior, there are many newspapers, bloggers, and journalists who provide the same service
n- I can find another resource with the same (or even greater) benefits. What's non-substitutable are the subscribers to this specific magazine who gain majority of their news and updates solely through College Magazine.
4. innovation academy resources
v- The Innovation Academy provides resources that encourage and enable business start up for students. I have the ability to rent space to open a business, utilize design and prototype space, as well as collaborate with MADE@UF (Mobile Application Development Environment) to get my application going.
r- some of these resources are exclusive to Innovation Academy students, a group of students which are only 2,000 strong in numbers.
i- These resources are very difficult to copy. These resources were created because nothing existed like them, specifically the ability for a student to open a business out of their own dorm area.
n- these resources are certainly substitutable but come at a much greater financial cost.
5. innovation academy ambassador position and network
v- In an undergraduate program which collects students from 32+ majors of all colleges and unites them under one minor in innovation to foster a culture of leadership, entrepreneurship, and innovation, it is so valuable to be a well known resource for students as an ambassador. Not only can I connect to a myriad of trades, knowledge, and talents, but also I am a respected member of the community.
r- There are only 60 students who are honored with ambassadorship, but all students of the innovation academy have access to the same academically diverse network.
i- This is the first program of its kind, and it has not seen a sister program yet.
n- Certainly, joining any large student organization can provide the same benefits, but not with the same spirit, culture, and focus.
6. personal network with computer science undergraduates and graduates
v- My mobile application can only get off of the ground if I locate the human resources to produce the tangible product. My personal network with moible application developers and tech savvy programming individuals is crucial to the success of my business.
r- There are thousands of compurter science graduates, it is not rare
i- Programming mobile applications is a trade and business that is easily copied by others
n- There are other resources and services that can assist in the development of my mobile application.
7. exposure to tangible target market
v- Being a part of my market audience and being an actual customer for my market amidst all of my peers who serve as my target market is key to releasing word of my mobile application and creating an awareness of my app.
r- This is not rare. There are many businesses who target the same market I do.
i- This is not easy to copy, there are hundreds, thousands, of other students that create mobile applications geared towards college students
n- There are resources that provide similar benefits, I could easily change the product I am marketing and gear it toward a different crowd... I could turn this subleasing app into a forum for people trying to locate any sort of lease for any term at any price to reach a larger market or different market.
8. major in industrial and systems engineering with coursework in project management
v- I may not know how to develop the mobile application itself but I do have extensive knowledge on the management of projects and how to structure the adgenda and identify the resources necessary to complete the job.
r- This is not rare. There are many others with the same coursework, experience, and knowledge.
i- This is not easy to copy. If you do not have the leadership and communication skills to pair with your education you cannot effectively manage a team and a project. I believe I posses key human capital that will drive my success in this app development.
n- There are many others who can provide the same benefits, and it may benefit me to work with those people.
9. internship as a project engineer with DPR construction managing large scale commercial projects from the chartering, endorsement and contract processes, through the design and cost analysis
v- While many people have knowledge of project management and education in systems engineering, not everyone has a valuable hands on experience that activates them to utilize their knowledge and apply it in practice.
r- This is not rare but it is more rare than point #8. I know how to take what I've learned and engage in the practice of accessing all of the resources and conducting necessary action to see projects through.
i- This is not easy to copy. If you do not have the leadership and communication skills to pair with your education you cannot effectively manage a team and a project. I believe I posses key human capital that will drive my success in this app development.
n- There are other students who have undergone similar internships and greater internships who can provide the same human capital I possess.
10. experience with prototyping mobile applications
v- It is valuable to have a background in programming and mobile application so that I have some basic understanding of how the application is running, suggest ways to improve the app with the knowledge of programming I have in order to collaborate with my team, and also engage directly in the development of the application.
r- It is rare to have personal experience when it is not your profession or field of study.
i- This is easy to copy - anyone can learn to program with the right program and practice.
n- This is not something that is substitutable. You either possess the knowledge or you do not, and know how to interpret the code or you do not.
I think my top resource is my social capital. I have all of the necessary contacts to enlist a great team of students to help me develop this mobile application, all of which will are vital to the success of my business. There are no further contacts I need in order to get this started... what am I waiting for?
Hi Kenzie!
ReplyDeleteOnce again, you did a fantastic job of showcasing the time and effort you put into this assignment. Like you, I used my domain expert, market expert and industry supplier for three of my resources. If you can make good connections, social capital can definitely be one of the most valuable resource categories. You were able to make great connections, and I totally agree with your conclusion that your social capital is your top resource. Honestly, all of your resources were really useful and relevant to your product idea, but I really was interested in your internship. I think the real world experience and hands on practice you were able to get from that position will prove to be extremely helpful with your venture concept. Overall, you did really well with organizing this assignment and hitting every section of the VRIN analysis in detail.
This is a great post, you clearly have a great concept of your venture's social capital and unfair advantage. It will be easy to get your app of the ground with your level of dedication and commitment. I think your connections will really help you out in the long run. Connections really make your life easier so the amount of people you have behind you will be extremely useful.
ReplyDeleteHi Kenzie,
ReplyDeleteOnce again brilliant work on your assignments. You do have a strong network in place already which gives you a tremendous advantage. It helps with confidence building and I am sure you are adept at using your contacts as a sounding board. I look forward to seeing all of your hard work come to fruition. Your field experience on other projects is very important as well to give you practice making all the key decisions that will be coming at you.
Hello Kenzie,
ReplyDeleteand thank you for your contribution to this class.
It seems to me like you have a strong idea of not only who you are, but also what unique advantages you bring to the table such as experience with prototyping mobile applications, experience as a project engineer, as well as your experience and many advantages you receive from being a student in the "innovation academy."
I imagine you will use all your assets at your disposal to the best of your abilities, and this will be a great success.
Hey Kenzie,
ReplyDeleteYour post was very thorough and clear as to what your unfair advantages are. You have a very strong network circle of professionals that will aid in your products success. The facilities that the university offers benefits all of us enrolled. The developments with the Innovation Academy have been exponential and can only keep growing. We have a similar advantage -- both being apart of our markets. I strongly believe that this will allow for a better understanding of the needs that need to be met.
Hi Kenzie,
ReplyDeleteI have to say it again, you have done a great job again. You were extremely thorough with your advantages as you have always been with your other assignments. I think its great that you have experience in almost every field that you need it with your opportunity. Keep it up!