Venture Concept No. 2

Venture Concept

            After a struggle to come up with which opportunity to pursue, I decided to clear my mind and go out for a run. There’s just something about running outdoors that a treadmill can’t compare to. It just so happened that a few minutes into my run, I began to cross paths with several bees. The average person would continue to run and hope to avoid them; I am not the average person. I have a level 6/6 life-threatening allergy to bees. If I do not carry my big, bulky Epi-pens—plural since I require administration of two doses upon reaction—I risk my life within minutes of a bee sting. And then it hit me: I have an opportunity to change the lives of people with life-threatening allergies.

            My opportunity begins with a clear target customer: those with severe allergies whom require epinephrine in order to prevent fatal reactions from anaphylaxis, a deathly reaction due to the release of histamine in the body after coming into contact with a specific allergen. These reactions occur to each and every age group, gender, race, etc., and are due to venom reactions such as bees, or food reactions such as those from peanuts or shellfish. Although the cause differs as well as the target consumer (allergies do not discriminate), the opportunity is based on one great similarity: any fatal allergic reaction can be stopped by only one specific drug: epinephrine. This drug is often seen in the form of an auto-injector, a long, bulky needle encased in a large plastic container, which requires you to release a cap before jabbing the needle into your own outer thigh. If that’s not scary enough, oftentimes people with 5/6 and 6/6 allergy levels require 30 mL of epinephrine, meaning two injections, because each epinephrine auto-injector only holds 15 mL of the medication.

Currently, Epi-Pen is the leading brand of this auto-injector, with sales of over 60 million units since 1987. Their followers are loyal, but to the extent that they believe the Epi-Pen is the only product available to save their lives. If they knew there was another product that could save them faster and more efficiently, I believe they would revert sources. My belief would not normally be a strong determinant, but I am my own consumer of a very particular life-saving product, so it does hold some ground.

What I am offering is a new and improved epinephrine auto-injector—the EpiBand—that will not require you to stab yourself in case of emergency. Instead of the manual injection of an extremely large needle, a needle will be encased within a very small device. This device, about 3 inches long and 1 inch in height, will contain the needle that will painlessly be placed in the thigh (think: insulin auto-release devices, but slimmer). It will also hold a very small microchip that’s sole purpose is to detect histamine levels in the blood stream. The chip will be connected to an app on smartphones, but doesn’t need to be. The app will display current blood detail level related to allergies (i.e. histamine levels) and will be a second place of alert if epinephrine is released from the device. The app is not necessary, however, because the device itself will beep repeatedly before and during administration of epinephrine. The small device will be encased in a very slim and flexible waterproof band that can be worn 24/7 around your thigh. In summary, it’s as easy as 1. Putting on the band, 2. Reacting to an allergen, and 3. Getting saved by the EpiBand. This sounds expensive, however, I plan to either sell it through medical companies which often are paid for through insurances. So, it has the potential to cost way less than it seems.

Although this product may need positive reviews to drive customers away from Epi-pens, I believe it has the potential to be life changing. The benefits that EpiBand provide are enormous. Consumers will no longer be afraid of walking the streets, hiking, eating at restaurants, etc. without feeling that their life is at risk. In the case of food allergies, the EpiBand may actually know you are having an allergic reaction before you are. Because it reacts instantly, you don’t have to run around looking for a large needle to inject yourself with while your throat is swelling shut, a main effect of anaphylaxis. No longer will consumers miss out on opportunities, especially as young children, who can’t bring parents along and cannot obtain consent to be somewhere because an Epi-Pen administrator is required and unavailable to come along. No longer will consumers have to be for immense hospital bills and near-death sentences because they couldn’t find their Epi-Pen in time and the ambulance took too long. This product won’t just change the life of someone in one instant, it will change their quality of life all of the time. No packaging, marketing, or input cost can put a price on the variable of someone’s life.

Epi-pens' main weakness is human error. Humans misplace items, no matter how important; humans fear needles, no matter how necessary; humans make mistakes. Machines do not make mistakes, and so my machines will be machine made and operated. Though I don’t know how many employees will be required to make inventory, Epi-pens have sold over 60 million, so I’m definitely going to need quite a few hands. I need someone to develop the design perfectly, and I need someone to help me get patent approval and approval to sell medication. I have a lot of work in store for me, but as we’ve learned, sometimes it’s whom you know, not what you know.

My most important resource is my knowledge of my consumer, because I am one, unlike developers of other epinephrine auto-injectors. I know what exactly needs to be developed, because it has to change my own life as well. When I am using the product, I will know the exact quirks and kinks that need to be adjusted in order to be the best possible design on the market. 

My next venture will be the encasement band. I will create different patterns and designs to appeal to all ages. They can also range from waterproof designs to more comfortable and sleek textures. This band cannot be placed anywhere other than the thigh, due to the large size of the muscle. Because it is the largest in the body, it spreads medication the fastest, ensuring efficient and immediate delivery of epinephrine throughout the body. If it were placed anywhere else, it would not be as effective and would be a potential risk, not a safety element. So, due to the placement of the band, my expansion is very limited. I do want to take advantage of this, however, because people will crave a unique design, whether it be for fashion, comfort, or lifestyle.

A decade from now, I hope to be sitting pretty on a lump sum of cash from the profit of my design.  I have all the comfort in the world saying that, because If I’m sitting pretty, that means my product has been a success; I’m saving lives.

Feedback Summary

The only opposing feedback I received was on my "What's Next" assignment. Students agreed that my venture indeed can be expanded through the bands I am offering. However, I think if they read my full project potential, or read my venture first, they would realize that my bands are very limited. This is mainly because they can only be around the thigh, the largest muscle to receive and immediately spread epinephrine. Any other placement of the band around the body would prevent my device from offering its full potential, and I want to save lives, not risk any! So, I decided to add on a little bit to my bands, but generally kept my venture the same. Other feedback insisted this was my best assignment yet, which I really appreciate!

Have a wonderful summer, everyone!

Final Reflection

Looking back at my posts from the past 12 weeks, I can definitely recall the emotional rollercoaster. The first few weeks really stand out to me as the most transitionary. Recalling my post, "Bug List" (http://kinetikbalance.blogspot.com/2016/05/bug-list.html) I remember initially looking at the assignment and scoffing to myself at how easy it seemed. I think I was into my fifth or sixth bug when I thought, "Well, I either am really low maintenance or my brain is not thinking out of the box." I went with the latter, mainly because I wanted to believe I had room to grow.

Fast forward to my first interviews, and boy was I nervous. It seemed almost impossible that people would allow me to just walk up to them and ask them questions that may or may not be kind of personal. But then I was interviewing nurses and really enjoying it. By the end of the class, sort of now, I feel like a pro. I love talking to people and I can honestly thank this class because it turns out a silly fear is something I'm really good at it. The worst thing that can truly happen is rejection. Some people say no, and that's okay! That doesn't mean the world is over, that means that people are different, and if nobody was different, all of our ventures wouldn't exist or be profitable. These interviews are definitely my proudest accomplishment (unless I decide tomorrow to be part of the extra credit presentation projects... then that will be my proudest accomplishment).

I do see myself as an entrepreneur. I no longer thing of ideas and feel silly when explaining them. I now can back it up by describing everything I've learned in the class when I describe it, especially through a VRIN analysis. However, I mostly see myself as an entrepreneur because I've already done it. I basically have created an entire business without launching it, and that is pretty impressive.

My final statement to the future ENT students: DO THE ASSIGNMENTS! It sounds pretty silly and like a syllabus statement, but it's true! Just do them. Why? Because you can. Because these are not outrageous assignments and nobody is asking you to bare your soul and run naked around the world. Dr. Pryor is just asking you to step out of your safety zone, take off those training wheels and discover what you can do. You will, and this I promise, be amazed at what you are capable of doing. Once you do each assignment, the realization at what you can achieve will be the mindset that fosters the drive to complete the class with a big, fat A. So go on, and as Shia Le'Bouf says...

Reading Reflection No. 3

The other day someone mentioned to me how funny it seemed to them how we can look at words and see places rather than definitions. The way we talk about eating at Friendly's, and think of ice cream rather than a friendly person. Or how we talk about going to "Fats" and think of a bar rather than anything to do with weight.

This is how I saw Chanel. I saw Coco Chanel as the letter 'C' on my handbag. I saw Coco Chanel as the No.5 perfume so often adorned in high fashion. Truthfully, I didn't even know Chanel was the name of the person behind the designs. It was "Chanel." That simply meant chic to me.

And so I read of Gabrielle (Coco) Chanel, and boy, could I have been wrong about her. Not only did she create an empire that reigns 100 years later, but she did it coming from nothing. Her father was a wretched man who abandoned her family as often as he could, and finally (from what Chaney believes) for good once they left to Aubazine, a commune for girls who were orphaned or could not afford to be cared for by family. According to Chaney, this fact resonated deep within Gabrielle, and caused a lot of her need to hide her past and drown her appearance in pride.

What shocked me the most about this woman, however, was the person she was before the fame. Coming from nothing was common in those days, and people generally stayed in their social class of which they were born. It shouldn't have shocked me that leaving Aubazine, Gabrielle worked lowly positions, often taking on a part time job as a prostitute of some sort. I say some sort because in that time there were various levels of prostitutes, ranging mostly in the level of respectability. And by the time Gabrielle was a young woman, she herself briefly aspired to be a courtesan, the most respectable prostitute title of all. Still, however, these occasional lovers she held did not hold a ring to the fire that burned inside of her to be powerful. And so although I was shocked at who she was, I admire it the most as well. She would be nothing today without her lowest lows to shape it. Instead of allowing those to bring her down, she used it as inspiration to rise even higher than anyone in her family before her. I also admired so much how as soon as she believed she would do something, she would set out and do it to the fullest, whether it be the most adorned prostitute, the most famous singer/performer, the best female horseback-rider or the most famous designer, she took it all the way.

Although I did admire so much about her, I least admired how she handled herself around men. It seemed that for a while, she either used them or allowed them to use her. For years she just lived with a man, unmarried and allowed for him to spoil her with riches while she accomplished almost nothing. She also allowed him to tell her she could not do so.

However, she did learn from those least admirable traits.

Coco's competencies were unlike many women I've ever encountered. She was very observant and rather quiet, but she knew the right moments to speak loud and be heard. This was especially important while she dated Arthur, because his lifestyle made women less dominant when the couple was not married. Her other greatest competency was her pride. She never allowed Arthur or any many to pay for anything without accomplishing exactly what she set out to do. When she found out a man was paying for most of her endeavors, she was furious, and paid him back. That is very noteworthy and respectable, especially in a time where promises are taken by their word.

What confused me in the plot was more of Gabrielle's personal life. Chaney describes Gabrielle's living situation for a while as almost child-like. She was fed, taken care of, and barely taught. However, she seemed to galavant around and eventually left her caretaker for his best friend, and it seemed just fine. I'm sure there was more to the story, but it was not explained very well.

I would ask Gabrielle, "What was the greatest thing you ever learned that inspired you to always find success in each endeavor?" and I would also ask, "How do you overcome your greatest fear?" Mainly because it seems as if she never had any. I have a fear of failure, and I wonder if her fear was the same.

I believe that Gabrielle saw hard work as necessary. It didn't seem like she chose between work and life, it seems that her life was her work. She always found a way to take something and turn it into something desirable and trendy. She also turned her daily life into her work designs. For instance, she loved to wear manly clothes that were flattering enough to fit her in a feminine way but still be accessible to wear on a horse. Women loved it! It's exceptional, the things she saw while looking at something else.

Making it Real

My Exit Strategy

My business idea is very complex, but in the next five years, I hope to be the go-to prescription when a child or adult finds out they have a life-threatening allergy. If this is the case, it means that my product was a great success.

It took Epi-pen over 25 years to sell over 60 million units, meaning that year 5 was just their beginning. That may just as well be the case for me. But i'm still hoping all 60 million people order one of my products instead of the Epi-pen at all. Again, if this is the case, I will have no intention of giving up or selling my company.

This potential for great earnings has really pushed me to follow through to the end of my venture in as much detail as possible. I've learned so much about myself as an entrepreneur, and as a girl who struggles every single day with a life-threatening allergy. Now that I've created it, I know that there is potential for improvement in our lives, and I don't plan on stopping anytime soon. This product has become my baby, and I want to see it physically made and ready to work.

Venture Concept No. 1

            After a struggle to come up with which opportunity to pursue, I decided to clear my mind and go out for a run. There’s just something about running outdoors that a treadmill can’t compare to. It just so happened that a few minutes into my run, I began to cross paths with several bees. The average person would continue to run and hope to avoid them; I am not the average person. I have a level 6/6 life-threatening allergy to bees. If I do not carry my big, bulky Epi-pens—plural since I require administration of two doses upon reaction—I risk my life within minutes of a bee sting. And then it hit me: I have an opportunity to change the lives of people with life-threatening allergies.

            My opportunity begins with a clear target customer: those with severe allergies whom require epinephrine in order to prevent fatal reactions from anaphylaxis, a deathly reaction due to the release of histamine in the body after coming into contact with a specific allergen. These reactions occur to each and every age group, gender, race, etc., and are due to venom reactions such as bees, or food reactions such as those from peanuts or shellfish. Although the cause differs as well as the target consumer (allergies do not discriminate), the opportunity is based on one great similarity: any fatal allergic reaction can be stopped by only one specific drug: epinephrine. This drug is often seen in the form of an auto-injector, a long, bulky needle encased in a large plastic container, which requires you to release a cap before jabbing the needle into your own outer thigh. If that’s not scary enough, oftentimes people with 5/6 and 6/6 allergy levels require 30 mL of epinephrine, meaning two injections, because each epinephrine auto-injector only holds 15 mL of the medication.

Currently, Epi-Pen is the leading brand of this auto-injector, with sales of over 60 million units since 1987. Their followers are loyal, but to the extent that they believe the Epi-Pen is the only product available to save their lives. If they knew there was another product that could save them faster and more efficiently, I believe they would revert sources. My belief would not normally be a strong determinant, but I am my own consumer of a very particular life-saving product, so it does hold some ground.

What I am offering is a new and improved epinephrine auto-injector—the EpiBand—that will not require you to stab yourself in case of emergency. Instead of the manual injection of an extremely large needle, a needle will be encased within a very small device. This device, about 3 inches long and 1 inch in height, will contain the needle that will painlessly be placed in the thigh (think: insulin auto-release devices, but slimmer). It will also hold a very small microchip that’s sole purpose is to detect histamine levels in the blood stream. The chip will be connected to an app on smartphones, but doesn’t need to be. The app will display current blood detail level related to allergies (i.e. histamine levels) and will be a second place of alert if epinephrine is released from the device. The app is not necessary, however, because the device itself will beep repeatedly before and during administration of epinephrine. The small device will be encased in a very slim and flexible waterproof band that can be worn 24/7 around your thigh. In summary, it’s as easy as 1. Putting on the band, 2. Reacting to an allergen, and 3. Getting saved by the EpiBand. This sounds expensive, however, I plan to either sell it through medical companies which often are paid for through insurances. So, it has the potential to cost way less than it seems.

Although this product may need positive reviews to drive customers away from Epi-pens, I believe it has the potential to be life changing. The benefits that EpiBand provide are enormous. Consumers will no longer be afraid of walking the streets, hiking, eating at restaurants, etc. without feeling that their life is at risk. In the case of food allergies, the EpiBand may actually know you are having an allergic reaction before you are. Because it reacts instantly, you don’t have to run around looking for a large needle to inject yourself with while your throat is swelling shut, a main effect of anaphylaxis. No longer will consumers miss out on opportunities, especially as young children, who can’t bring parents along and cannot obtain consent to be somewhere because an Epi-Pen administrator is required and unavailable to come along. No longer will consumers have to be for immense hospital bills and near-death sentences because they couldn’t find their Epi-Pen in time and the ambulance took too long. This product won’t just change the life of someone in one instant, it will change their quality of life all of the time. No packaging, marketing, or input cost can put a price on the variable of someone’s life.

Epi-pens main weakness is human error. Humans misplace items, no matter how important; humans fear needles, no matter how necessary; humans make mistakes. Machines do not make mistakes, and so my machines will be machine made and operated. Though I don’t know how many employees will be required to make inventory, Epi-pens have sold over 60 million, so I’m definitely going to need quite a few hands. I need someone to develop the design perfectly, and I need someone to help me get patent approval and approval to sell medication. I have a lot of work in store for me, but as we’ve learned, sometimes it’s whom you know, not what you know.

My most important resource is my knowledge of my consumer, because I am one. I know what exactly needs to be developed, because it has to change my own life as well.

My next venture will be the encasement band. I will create different patterns and designs to appeal to all ages. They can also range from waterproof designs to more comfortable and sleek textures.

A decade from now, I hope to be sitting pretty on a lump sum of cash from the profit of my design.  I have all the comfort in the world saying that, because If I’m sitting pretty, that means my product has been a success; I’m saving lives.

What's Next

Existing Market:
What's Next?

I believe there is huge potential in store for my product. I hope to develop and secure a patented design, and earn approval to sell epinephrine. One this is guaranteed, I can either go right into the market, or offer my idea to a company. Regardless of what I do, I believe that it is extremely profitable. However, I'm not just out for the profitability. I hope that what is next is a solution for my own life struggles. I hope that one day I can wake up without the fear of running outdoors, vacationing, hiking, biking, traveling, etc. and dying from an allergic reaction.

My product does not have much of an extension, besides the interchangeable bands that encase the automatic needle. It is not a solution to an average problem, it is a specific design for a specific consumer base.

Interviews

https://youtu.be/sd3o_GiiD4s

New Market:
What's New?

Because my existing venture pertains only to a specific consumer, my next venture will extend to all consumers. Well, practically all: anybody with a cell phone.

New Venture:
Application development to allow cell phones to create multiple profiles, similar to logging into a computer. For example, many people I know currently have two completely different cell phones, 1 for work and 1 for personal. This means you have to hold TWO devices on you at all times!

What if you could hold down your power button and simply be offered the opportunity to switch profiles. Each profile could hold completely separate phone data, i.e. Photos, contacts, messages, etc. this could maintain complete organization with one simple handheld.

The best part is that it could be completely customizable. If you'd like to receive notifications for messages and phone calls from one profile while on the other, you can set your phone to receive them so you can know to switch over and deal with it. If you'd like to go on vacation and turn work notifications off, more power to you!

This venture really takes the power to control your own life into your own hands (well, one hand).

Interviews

https://youtu.be/YhnCiaUeHzk

After interviewing Maria, RayC and Evan, I got a lot of great feedback. They explained that this is actually a big problem in their everyday life that they have! The best feedback is to ensure: it can cross between carriers, could hold a lot of storage, and that it would be fast enough to avoid any glitches.

Celebrating Failure

Of all the assignments we've had thus far, I never thought one about failure would be my favorite. It turns out, that once you learn to take failure by the reigns and ride it into success, it just becomes something new that you've learned.

This past year, though this past semester specifically, I've tried and failed many times. My whole life, I was known as the quitter in my family. That is an especially terrible title to own when you have six sisters and two step parents. But it was stuck like glue, and it seemed pretty fitting. I really did give up all the time. If things got too hard, I said it was just impossible for me. I blamed things on my height, my strength, my gender. It seemed that everything was at fault, except for me.

When I started dating my boyfriend last year, things got a little different. He was the polar opposite of me. To this day I think he's superhuman because he truly can do anything he tries. Slowly, but surely, he started pushing this mindset into my own head.

In the past year I've: successfully wake-surfed, gone skydiving, drove an enormous ATV across Canadian mountains, persuaded others to believe my own beliefs, and earned the 4.0 GPA I've long believed was impossible.

This was not without failure, however. (Ok, the skydiving clearly went well.)

These successes came with a lot of falls, a tipped-over ATV, a lot of backlash from others on their opinions, and strenuous hours of studying. But I did it, and I learned. I now see failure as opportunity. The worst thing that happens, truthfully, is nothing. If you fear an interview, the worst you hear is no. If you fear embarrassment from not making an awesome snowboarding jump, the worst thing is you fall and can't put on a show. So what?! Get up and do it again. Nothing is easy, but anything truly is possible.

Amazon Whisperer - Week 11

Revenue Drivers
I will earn revenue from two aspects of my product. The first is the actual epinephrine auto-injector device which holds the medication and administers it to the patient. The second is the replaceable bands for the younger consumers. The market here is for them to customize their encasement band and make it fun to protect themselves.

Next Product

**Disclaimer: Unfortunately, the product I am creating doesn't really have anything to take it further. So, I'm just going to describe a product that I've considered doing before.

My next product I'd love to create would be a dish sanitizer that you slide dishes through that are sanitized and dried in seconds.

https://www.amazon.com/Champion-UTC-6-Pot-Pan-Washer-UTC-6/dp/B005ETDFG8/ref=sr_1_102?s=kitchen&ie=UTF8&qid=1468719081&sr=1-102

I imagine my product to be a sleeker, slimmer and smaller version of the product above. You could slide dishes through but it could be placed on your counter top. It would high pressure and temperature sanitize and then dry--like a mini car wash--and then come out the other side.

There are not customer reviews, but it did say that it is commonly used in restaurants. Restaurants have a larger amount of dishes going through, so the size there makes sense. For a home, it could be much smaller.

Elevator Pitch No. 3

Venture Project: Epi-Band



Feedback Reflection:
On my original elevator pitch, I got some really helpful feedback. They told me that they appreciated that I spoke calmly and smoothly, but that it was pretty obvious I had to get some help from my written script. This time, I made sure to memorize what I had to say. People also said that I should add more information about my product, especially how much it would cost. Luckily, it would be most often purchased through insurance. Finally, I was told that dressing up really helped make it seem professional, so I continued to do so.

Thanks everyone for the feedback!

My Unfair Advantage

1. Firsthand Consumer Knowledge
Valuable: I am a consumer who will be buying my own product. I have a severe, life-threatening allergy and I know what people will want because I have to approve.
Rare: I would have to search far and low to find someone to work with me who has the same life threatening allergy and all the experiences I have
Imitable: You cannot fake life experience on personal health issues
Non-Substitutable: This is a very non-substitutable resource, nothing else can replace firsthand experience

2. Academic Knowledge
Valuable: Very valuable to have a degree in business and economics because people trust real knowledge
Rare: Not extremely rare because a lot of people have degrees, but not everyone has a degree at a top rated university
Imitable: I can potentially learn on my own, but you can't really fake a degree
Non-Substitutable: There is no replacement for a degree. Certifications are not equivalent

3. Social Capital
Valuable: "It's not what you know it's who you know"
Rare: The people that I know aren't specifically rare because I can always find a better resource
Imitable: Someone else may know someone who has better access to patents, technology, etc.
Non-Substitutable: Knowing people can't be replaced by anything else!

4. Time
Valuable: I have tons of free time right now to complete what I want. This isn't a side project, it is the only thing I'm doing which provides a lot of speed to completion.
Rare: Not everyone is in college right now who wants to create something.
Imitable: Nothing can add time
Non-Substitutable: People can potentially outsource if they don't have the time

5. Leadership
Valuable: People can manage, but not everyone can lead. Leaders create success
Rare: Leadership is a very valuable trait but it can be learned, I believe
Imitable: You can't imitate a leader, you can only be one
Non-Substitutable: If you're not good enough, someone could always be better

6. Financial Capital
Valuable: It is very valuable to be able to have money to invest in your idea
Rare: Many people don't have financial stability to make investments that can fail
Imitable: Someone else potentially can find investments or loans somewhere
Non-Substitutable: Nothing can replace money

7. Patent Pending
Valuable: Completely valuable
Rare: Only one of every patent, completely rare
Imitable: No one can copy your product if you have protection
Non-Substitutable: Completely original and irreplaceable

8. Management
Valuable: Human capital and very valuable to make your business efficient
Rare: Not very rare, anyone can learn management
Imitable: Pretty able to be replicated
Non-Substitutable: Someone can replace you if you're not doing well

9. Self-Motivation
Valuable: Ensures that your product will follow through and become complete
Rare: Very rare, certain things only motivate certain people. This is mine
Imitable: Motivation is a major driver to doing something, and if you don't have it you can't fake it
Non-Substitutable: Cannot be substituted, it needs to be in place

10. Credit
Valuable: In order to get investments, you need to have good credit
Rare: A lot of people have poor credit and can't receive loans
Imitable: Money cannot be imitated if you can't get loans
Non-Substitutable: If you can't get a loan, and you can't find capital elsewhere, you're stuck

I believe my best resources are either my first-hand consumer knowledge, time, or self-motivation. Altogether, these resources provide me with the best chance and motivation to create a product for my prototypical consumer: someone or anyone who has a life-threatening allergy. Because I am one of the consumers, I know what I need to do to make it marketable. Because I have the time, I can perfect it as long as I need. And because I'm self-motivated, I am determined to make it work. Altogether I think these resources provide a strong foundation to succeed in my venture.

Growing My Social Capital

My New Social Capital:

Akaluck Thatayatikom, MD

1. Doctor of Allergy and Immunology at Shands

2. Domain Expert, she actually studies and recommends which products should be used, and prescribes them to patients.

3. I found Dr T.'s phone number through the American Academy of Allergy, Asthma and Immunology and called.

4. Because they are closed until Monday and I foolishly waited until Friday evening to begin, I was only able to leave a voicemail describing my request to ask a few questions and must await a response. They probably won't request anything. Since she works for UF, I'm sure it will be easy to gain a response because I'm a student interested in her work.

5. This person is going to have a huge impact on my product because she is the person who works closest with life-threatening allergies. If I sell this to her (not physically but mentally), she may have a huge impact on whether or not I will actually go forth and create it!

Charlie

1. Charlie is the physician's assistant to Dr. Baldwin at the Urgent Care near me

2. Expert; though Charlie is not the actual expert, she assists the Doctor who provides her with all of the knowledge she needs to pass on all information required from allergen patients

3. I found this person through my roommate who had gone to Urgent Care when she had strep throat.

4. We spoke over the phone and I relayed my project and idea for this class. She had free time so she didn't ask of anything back, she just spoke to me and answered all of my questions.

5. She already helped me just by telling me information that I was surprised to learn at an Urgent Care!

Brady Cairns

1. Brady is a pharmacist who graduated from the University of Florida. 

2. Supplier of medical equipment and medication, i.e. Epinephrine Auto-Injectors

3. My boyfriend, Evan, gave me contact information for Brady because they are close friends.

4. Brady spoke to me as a favor through a mutual friend. He is really good friends with my boyfriend, and as I've learned, it is best to take advantage of networking through the people closest to you. Also, it kind of allowed me to ask a favor without having to do anything in return.

5. Having Brady in my network is especially helpful if I am looking to have my product available through prescriptions in pharmacies. Brady is very respected in his work and I believe this would encourage his opinion to be taken into great consideration if he suggested my product be purchased by his company.

Reading Reflection No. 2

1) What was the general theme or argument of the book?

In "The Long Tail: Why the Future of Business is Selling Less of More," by Chris Anderson, Anderson argues that there is a Long Tail of demand for the least popular products that equals the demand for the popular products in a world where sites like iTunes, Rhapsody and Spotify create an endless inventory for endless genres of products. The Long Tail is all of the niche markets that are often wrongly considered the 80% to fail in popular stores that supply physical products. These niche markets are now available digitally, which proves that the demand for popularity has been misguided all along. The only reason certain books, songs, movies, etc. are so highly demanded is because they are the ones that are so widely marketed and pushed in front of us. When we have the availability to choose for ourselves and look across over 735,000 songs on Rhapsody (Anderson), the Long Tail becomes just as profitable. Anderson's argument is clearly stated in the title of his work, and it basically concludes that working in a market that provides the sales of unpopular demand such as Amazon, Netflix, eBay, etc. will earn a profit that will total a greater amount than the sales of popular products. His overall rules include: Cover all of the market (even unpopular), cut prices, and help people reach those unpopular products.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

Overall, I have to say that Anderson did a really great job at explaining his idea. However, not only was it explained, it reinforced the idea that in order to succeed, you need to clearly identify your market. Early on in the class, we were asked to do an assignment that was solely interviewing potential target markets. Here, Anderson suggests that you take this idea even further. Don't just create something that limits your audience, create something for everyone. This was also encouraged in one of our assignments where we were asked to interview people who would not fit into our target market, and figure out how we would apply this to our good/service. I was able to see from feedback that my medical device would only be for one type of person. However, because I saw its innovative design as an opportunity, I can potentially make the medicine part interchangeable with different medications. Now I reach all markets of health!

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

If I had to design an exercise based on this book, I would challenge students to find an opportunity that has a small market and make them find a way to expand their consumer market. In this way, they are covering an entirely new market, and it also allows for people to really reach out of their comfort zone and expand their ideas/viewpoints.

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 biggest surprise for me was actually about a topic that I am learning in Macroeconomics. It is called Pareto's Principle, and suggests that only 20% of popular films, books, songs, etc. will successfully return a profit. The other 80% will fail. What I learned from Anderson, however, was that this is only true of a popularly demanded products. Anderson explains that this is because popular movies, for example, will only be physically available in theaters if the theater expects a large enough audience in two weeks. The rest of the movies aren't even available to us in physical form or marketed to our knowledge for years. With streaming technology however, this availability proves that there is demand everywhere, and they will return just as great a profit as the recent Oscar-winner.

Idea Napkin No.2

1. You
My name is Josephine Rosario and I'm an Economics major at the University of Florida. I am strong-willed, dedicated worker who loves to complete projects, ranging from an art piece or a book to a class assignment or case study, and accomplish my goals. My long-term goal is to graduate this upcoming May and find a career that will challenge me while allowing me to use my greatest talents. I believe these to be communication, time management, leadership and desire to learn. My short-term goal is to finalize my Venture Project for ENT3003, which is the production of a unique epinephrine auto-injector that can save the lives of people with life-threatening allergies.

2. What are you offering to customers?
I am offering a unique band that contains two doses of epinephrine that will be administered immediately through a tiny needle device (unlike the enormous needle in an Epi-pen) the moment histamine enters the body (which occurs as soon as  a life-threatening allergy enters the body). This band is innovative and new and can save the lives of millions of people who fail to bring or properly administer their current large, bulky epinephrine auto-injector. In the future, I plan for the product to also carry an application that can be sent to your phone where it shows clear data any time the product is in use. This includes histamine levels, dose released, etc.

3. Who are you offering it to?
My product does not have any specific demographic or physically featured characteristic. The only similarity in consumers is their life-threatening allergy. This product can be worn by either sex at any age.

4. Why do they care?
These people care because their life is at risk. Having an epinephrine auto-injector, such as the Epi-Pen, requires so much responsibility, much of which young children do not have. And more often than not, it is a young child who experiences these life-threatening reactions. People who do not have their Epi-Pen on them and go into anaphylactic shock can die within minutes. My model will administer it without the fear of injecting yourself with a needle and it will be so immediate that you may not have even known you were about to go into shock, but it will inform you when it is doing so through an alert that will go off.

5. What are your core competencies?  
My core competencies in my project are its innovative design that allows it to be "life proof" and worn 24/7, as allergies can occur at many a time based on what it is. It is also very slim and can be discreetly hidden under clothes so that people don't even know you have it on. Finally, it is immediate and takes away the fear of living, so even if you do go into shock, it will be there to immediately save your life. My core competencies in myself are my determination and belief in this project. So often people work for companies as their representatives to make money; they don't even believe in the project. Furthermore, I'm not just creating a product for others, I'm creating the product for myself. This benefits my ideas drastically because I personally have to be willing and actually want to purchase and wear my own product.

Evaluation:
I believe strongly that my product has the potential to change the world. People have a greater chance of living, and that is one of the strongest desires to purchase something: life dependence. Some psychological models are based on the fact that people buy things in order of need, with safety being the first level of purchases. My product provides this. Furthermore, with my own personal need for this product, I will take it all the way and ensure it will be useful because I, personally, will wear it. Finally, my target market for this product is enormous. Millions and millions of people have allergies, and that right there screams 'Profit.'

Feedback Memo:
After putting my idea in the Thunderdome (as well as gaining feedback in the blog post), I learned what I need to do to make my product the best.

1. I need the product to be slim and flexible, so it can fit the body types of every possible consumer, while not being bulky or dysfunctional to wear under clothing. I explain this in my core competencies of the product.
2. My product has to have a monitor that alerts when it is administering epinephrine, because people may not even know they have gone into shock but it will still give the needle. This is reflected above under the answer to number 4.
3. This product has to have insurance backing it up in case it does not work. I'm still working on that because I'd have to actually develop the product to know if I could have it purchased through health insurance.
4. I need to have a pain-free needle administration. I describe this in section 2.
5. Finally, I should develop an application that allows my product to be easily understood through clear data. This is also described in section 2.

My Secret Sauce

What makes me unique?

1. Visual Learning
My visual learning skills may not sound like something that makes me extravagantly unique, however, it allows me to learn almost immediately. I am able to do something almost perfectly on my first try because I don't just watch what someone is doing, I visualize and feel myself doing it. I think this is something that many people have trouble doing. But, I think it has a lot to do with my mind-body connection, which has improved so much this past year, and began by working out. This has, however, expanded in my everyday activities, and even made me more confident, leading to my next strength.

2. Desire to Try
My desire to try is one of my greatest strengths, mainly because it is something that is learned. I was known in my family as the "scaredy-cat" my entire life. One day, I decided to be different. It wasn't overnight, but for the next year I decided to make it my mission to stop being so scared and just do it. At first this led to me wake-boarding, tree-climbing, and sky-diving, but it eventually spread to my work-life. I am no longer scared of rejection or being shut down and told no. That is the worst thing that can happen, I realized! And then you just get back up and keep trying. And trying is what I love to do. I've even made it one of my life goals to always try something at least once.

3. Efficiency
This skill is something I would say I was inherently born with, though I wouldn't say it is necessarily a strength in every aspect of my life. From the time I was born, I've done everything as swiftly as I could. And to this day, I make every decision as a calculation of time. Whether it's an assignment or project, or simply which parts of my house to clean and rearrange first, time has always been very important to me. I like to make as much use of my time in the best way possible.

4. Empathy
My entire life I felt beyond my years. I never understood why it was so easy to talk to anyone or know the right words to say. When I was in high school, I began watching a show (the only one on at my grandparent's home in Minnesota whose name I still forget) about a man who solved crimes by reading facial expressions. It was then I realized my ability to empathize. Not only do I get an immediate sense of someone by their expressions, but I can almost feel what they are feeling. This has translated to my friends calling me their therapist or "relationship guru," with even those beyond my years coming to me not necessarily for advice, but just to talk. I believe this will be a very good strength when dealing with consumers. However, I am reading a book now that will help me prevent this from becoming a weakness and allowing employees to walk all over me or take advantage of it.

5. Communication
I'm one of those people who are modernly called "extroverted introverts." Sounds contradictory, right? But after reading about it, it made perfect sense, and I felt I was reading my own autobiography. These extroverted introverts are described as being thoughtful and very in their own minds, though extremely talkative in situations around many people. We love being alone, but excel in environments where we are required to be great listeners and communicators. I'd say I'm a social butterfly who doesn't mind reading alone in my apartment without saying a word to civilization for two days. I'm very odd, I'd say, but I believe it to be a strength because I feel that my words are saved for great and necessary occasions. And though they may be few often, they are many and powerful when spoken. I also have no fear of strangers. As a matter of fact, my boyfriend says we work together so well because oftentimes I easily can speak for both of us (which yes, he prefers, because he is rather introverted towards strangers).

https://youtu.be/yK67C1fvPMQ

Evan's interview summary:
After hearing what my boyfriend had to say, (besides almost being brought to tears), I realized how powerful this assignment was. He didn't just say random adjectives, he really showed me how much he knows about me and how he sees me through his eyes. I do have to say that I did agree with a lot, which I'm not sure is cocky or just being very sure of myself! I am always very happy, and I do truly catch on to things very fast. He also gave away that he never likes to let me down which made me very happy to feel that I had that effect on people.

Nickie's interview summary:
My sister really took the bucket for making me laugh! She definitely knows me inside and out so I wasn't just able to see the good things, I was able to see the accurate things. However, she said something that made me feel so incredible. She said that I don't just make myself better, I make the people around me better by wanting to be better. That seemed very powerful to me. She also ended it with a crack about how I hate when things are over, especially my dinner plate. That is very true.

Lauren's interview summary:
Lauren really just cut to the chase. It was short and simple but made me feel really great coming from my best friend. She said that I'm a hard worker and love to do things for others. I'd have to agree that is true.

Mom and Dad interview summary:
My parents interview together was almost hard to hear because parents brag about you so much that it makes you feel self conscious! However, they did say that I'm not just a dreamer, I'm an adventurer and I turn my dreams into reality. For instance, traveling the country right after I said I would!

My Customer's Avatar

My customer image for my Epi-Band product is not very specific. There is no average or typical race, gender, ethnicity or age who has severe allergies. However, I do imagine the customer who would get the most out of it would range from a young child to a pre-teen, about 2-12, who is very active and oftentimes in school or doing extracurricular activities and sports. The reason being that these kids with allergies are often the ones who miss out in these ventures or require special attention in doing so. The Epi-Band would also release a lot of stress for those adults who would originally be in charge of administering and epinephrine auto-injector without the band.

The band will be best for consumers who are active outdoors, doing activities, and not around nearby hospitals. This can range from beach and woodland activities to an everyday house party where someone may accidentally eat the wrong food.

It's kind of difficult to really narrow down my consumer, because I would have to come up with a bias description and it would end up being someone who looks like me and has similar hobbies. This is due to the fact that I am a consumer for my own project. I am the one with a bee sting allergy. I love being outdoors, but am oftentimes limited to what I want to do. However, my cousin who is pretty inactive, lives where its typically cold, and looks very different than me also has the same allergy and is prescribed epi-pens. Do you see where I'm going with this? Anyone can have severe allergies and have a different daily schedule all over the world.

I have everything in common with my consumer, because the only specification is our severe allergy. A deeper specification must require knowledge of their actual allergy. For bee stings or animal related allergies: someone who is oftentimes outdoors. For someone with a food allergy: younger children who are unaware of what they are eating when not around adults.  My product can work for anyone who needs epinephrine. And that cannot be taken very much further.

Halfway Reflection

After two months, this class has not only strengthened strong behaviors, but taught me many more in order to be a successful entrepreneur. While once I believed myself someone who had decent time management skills (though seemed to work best under pressure), I am now not only completing assignments days and weeks early, but also doing them will full passion and excitement. Creativity is constantly flowing within my mind, and where I used to see the world as something to be lived in, I now I see it as something to improve, something to change. I honestly believe that I can see the difference now between looking at the world as an inhabitant vs. as an entrepreneur. More than anything, however, I now really believe in myself. With the proper guidance that Chris has given us, he has shown me how to take an idea and really turn it into something. I may create nothing from what I have created thus far in the class, but that would be my own choice, not because I can't. Chris has really instilled the concept that anything is possible if you take it to its core and have the drive to make it reality.

There was a time in this course where I felt like giving up. It was our first assignment to interview five people about our idea. At the time, I was unsure whether my idea was even good enough. Then I learned that it didn't have to be. It had to be a foundation to build upon, and it was okay to receive negative feedback. That doesn't mean you stop, that means you fix it. After struggling to find even two people to interview, and then struggling even further to make the interview last ten minutes, my mom sent me a text message. It was a quote that said, "A goal without a plan is a wish; If a plan doesn't work, change the plan, not the goal." I then decided to take a different route and really take the advice of speaking in interviews as if it was a conversation. You can't go in expecting to ask ten questions, because you don't know what you may learn within the first minute. By the end of my last interview, the guy had asked me how long I had been working. When I told him I have almost no work experience, he seemed shocked. He said that I spoke with such confidence and ease that it made the interview a really great experience. That was something that has stuck with me today, and made me really believe in myself.

Three Tips for newbies:

1. Watch the lectures! They're so easy to access, and they really help you get an idea of the class you're in. Chris really makes them so easy to watch, and he helps you develop your own persona as an entrepreneur, while helping you to see the world differently. It isn't intimidating, it really is eye-opening, and makes you want to complete every assignment at its fullest. Seriously, just watch it with your morning breakfast and BOOM, done. Plus it means extra credit is easy peezy.

2. Don't give up on your interviews. Yes, extra credit is there, but don't shy away from this opportunity. No, your first one won't be perfect. But after your tenth interview, you WILL see a change in how you speak to people. This change will come with confidence and people will have new reactions to you. It's not only motivating, but it's inspiring for all future projects. Imagine being able to say in an interview one day that one of your strengths is communicating and interviewing strangers!

3. Believe in your project. Everyone else may not see it, but if you saw it then there is probably something there. Like my mom told me, it's not about changing the goal. Keep your goals! Maybe just change the path you take to get there.

Portmanteau: Esproffee

Esproffee (noun):  Coffee with a shot of espresso. Similarly known as "A shot in the dark".

I came up with this word a few months ago, actually. Almost every single morning my boyfriend takes out his "poor man's" espresso maker, and makes a double-shot espresso for himself, while I make a pot of coffee. One day I was exhausted, and really needed a pick-me-up, so I told him that if he gave me a shot of his espresso, I would give him half of my coffee. We made the trade, and about an hour later we asked one another if they were as "cracked out" as the other. The answer was yes.

As someone who has not always been a morning person, this esproffee drink began to turn me into one. I started sharing the idea with my friends and sisters, and they actually just thought it was a great idea (not specifically a new one, but an easy way to order what they wanted). I even started saying it to the people who serve me coffee at Know Where Coffee! At first I called it "cospresso," but esproffee seemed to stick more.

To this day, my boyfriend still wakes me up with the same question, "Espresso, coffee or esproffee?" I'd like to think that means my word was a success.

Idea Napkin No. 1

1) You. 

My name is Josephine (Josie) Rosario. I'm an economics major with a passion for nutrition, writing and sketching, which seem odd for the education I am receiving. However, I want to use my skills in quantitative methods, business management, marketing and finance to be able to run a company dedicated to bringing health to people's lives. Im unsure of what exactly that will entail, but for now I see myself working for companies such as FitBit, Onnit, etc. 

I believe my business venture plays a huge role in my aspiration because it is a solution for those with severe allergies who struggle in everyday situations. We live in a world that is fast-paced and often ignorant of those who have needs that seem rare, yet these needs are often and come about in situations that are dangerous to them yet seem normal to everyone else, i.e. swimming, golfing, dining, etc. 

2) What are you offering to customers? 

I am offering a solution to the everyday struggles of an epinephrine auto-injector, called an Epi-Band. This band will encase a small monitor encased in a comfortable wrap around your leg. This monitor will hold four small needles on one end with a medical monitor on the other that will read blood levels 24/7 or whenever you feel the need to have epinephrine on you. For me, with a level 6/6 bee sting allergy, it would be anytime I am outdoors. When the sensor detects histamine levels in your blood stream, it will release the four thin, undetectable needles into your thigh muscle which will immediately administer epinephrine. A second dose will be released if the first does not help histamine levels. 

3) Who are you offering it to? 

I am offering this product to people with severe and life-threatening allergies. This usually entails those on a scale of 5/6 or 6/6 in the allergy measurement test. However, the demographic truly just engulphs anyone who already has a prescription to an epinephrine auto-injector such as the Epi-pen. This covers all age groups, because allergies are not very selective in certain people. However, I do predict that my band design that comes in specific designs to allow for a fun and unique experience will be for those in a younger age group. Customizing and creating medical products that are carried in fashionable designs usually appeals to a younger customer. Often, I see this with braces, casts, etc. 

4) Why do they care? 

This kind of immediate detection->administration that my Epi-Band offers will take out the possibility of human error regarding the carrying of the Epi-pen and the way it is administered. Because it is attached to you, it may detect histamine levels before someone even knows they are going into anaphylactic shock. People with severe life-threatening allergies begin showing signs of anaphylaxis almost immediately, sometimes in less than 60 seconds, and timing is everything. The longer they wait, the longer they have to pay for medical bills in the hospital to do what the Epi-pen could have done early on, because anaphylaxis worsens all symptoms and causes a string of other issues as it continues to push the body towards death. The time utility for the Epi-Band is unbeatable, and enhances chance of survival by 100% for those who cannot even find their Epi-pen and are far from a hospital. Who wouldn't pay for a life-saving device when they're already paying for the old model epi-pen?

5) What are your core competencies? 

My product is separate from what's out there because it is the ONLY other epinephrine product on the market. As of now, there is one distinct model of an epinephrine auto-injector and it is the common pen-like model that encases a long needle and requires manual injection. Often, people even inject themselves with the wrong end, and the needle ends up piercing through their entire thumb. My product takes out any and all human error regarding administration and even the human error of forgetting or misplacing the modern epinephrine auto-injector. The Epi-band will change the way people live with their severe allergies on a day-to-day basis.

Summary

I believe my Epi-band has the potential to change people's lives. It is not only innovative, it is risk-free and emphasizes a normal life for those who feel theirs were cut short. Quality of life matters, and with the benefits and possibilities that my product offers, people will be able to take advantage of a solution that takes away fear of living and allows them to partake in situations they never thought they could before. My next step is to look into the technology costs that will go into this. However, microchips and blood sensors are often seen in diabetes patients who wear insulin needles everyday. With updated technology, I believe we could take this further without bearing the burden of price on the consumer. Furthermore, I believe this product has strong potential to be reimbursed by insurance companies.

Tweaking the Innovation

This week, I struggled to find the exact revenue drivers for my product, as it is a medical service offered to a particular group of people. What I have discovered, however, is multiple ways I could sell my product that doesn't involve simply insurance or direct medical billing. For those who have not been introduced to my product, it is called the Epi-Band. It is a modern and innovative design based on an epinephrine auto-injector; however, it can be worn 24/7 in a comfortable band around your thigh, and will immediately release epinephrine into your blood system the minute its auto sensors detect high histamine levels.(See my week 5 Thunderdome project for further information!)

1. I've found that I can potentially profit not only from the actual sale of the product itself, but as a fashion statement. People who wear things for necessity find it appealing when it comes in fashionable pieces, the way young kids wear colored rubber bands in their braces or some people find decorate body casts. My outer band that encases the sensors can potentially be sold as separate, stylish pieces for when it is visible an worn with shorts or a bathing suit. With this in mind, I won't profit solely from billing insurances or direct consumer costs just for the medication it holds.

2. The core level of my product is that it delivers epinephrine and saves peoples' lives immediately when they go into anaphylactic shock. This product is purchased because it, regardless of anything else, holds the medicine that decides life from death. The tangible level of my product is the model and design that the epinephrine comes in. No longer will it be a large bulky pen that doesn't easily decipher which side the giant needle comes out of. No longer will it be forgotten in dire emergencies. And no longer will you waste minutes searching for your auto-injector when those minutes can cost you your life. My model is attached comfortably to you 24/7, the way an insulin monitor is. However, the needle remains inside the sensor until histamine is detected. The needle will then release automatically and deliver the epinephrine dose inside. The augmented level of my product really lies within the fact that it potentially can be covered by insurance depending on the individual case. Furthermore, it may have place utility if it is easily accessible in every pharmacy.

4. There isn't much I can do to alter my product's core level, because it is one medical treatment for a specific group of people. I could, however, look into other diseases that could use this potential technology that would be worn 24/7. I would like to alter the aspects of the tangible level and provide more ways to wear this design comfortably. As of now, however, it cannot be changed because the thigh is the only medically functional place that epinephrine can be injected to work immediately. Potentially, I could make the carrying case more functional, sleek, or stylish. The augmented level seems to be best changed through money incentives. This could be by allowing discounts on carrying cases (the bands) when purchasing a basic band! It is similar to the way iPhones are sold bare, and people automatically buy the case afterwards.