Week 8

Team OMG Coating with their breakfast treat from their track mentor, SJ

It is a known fact that cost would be a huge factor when business makes decision. Similarly, our product being almost x10 the cost of the conventional methods used now, would not be commercially viable unless it is the customized solution for our potential clients might be looking for, albeit, this niche is big enough for the business to even begin to start commercially.

After discussing with my team — especially with the inventor — together, we are discussing of coming with a new product line that might potentially be a complimentary product with each other. The new product line would not only serve a wider group of audience and consumer, but also, a much affordable and easier application. On top of that, the original product might be able to serve a smaller scale projects that would be able to specifically tailor to the unique challenges. — Hansen

We consulted our mentors on Friday about our direction. Here are the key takeaways:

1. Look beyond the price of our product and find value. Reducing labour time is also a part of raising value and reducing the customers’ costs.

2. Speak their language. Talk to the customers with the industry standard.

3. Having a case study on the website can help customers. — Vanessa

As progress were made and pages were flipped, we often forgot on the quintessential focus on the ventures we made. I remember the time where I set to to learn a new instrument, yet, as time pass and the level of skills increases, I forgot about the most important element that my teacher taught me previously, Practice. Practice made perfect. The core value of different abilities are often forgotten as these habits become routine. — Sherman

Always remembering the core focus of your venture will help in the ease of restarting anew when subpar validation leads back to brainstorming new business concepts.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store