SHOW ME THE MONEY!!!!

No Sweat

Act I: “No Sweat!”

The students have been making more progress with their Online Venture Challenge projects. As a reminder, they have one month to make as much money as possible that they will then donate to a charity. A few groups have made sales (three figures!) – which means they have identified a charity, identified a product that aligns with the charity’s mission, set up a Shopify store, marketed their cause and product, and closed customers! They for the most part don’t really see the progress they’ve made, even though I work hard to point it out. One student remarked “this entrepreneurship thing isn’t as hard as I thought.” That’s funny – can’t wait for him to hit the wall. Here is a quick breakdown of where they are:

Can Crafts

 

 

Can Crafts is supporting the Wounded Warrior Project with airplanes made from recycling cans. It’s a fantastic charity, a great product, and since these guys have a steady stream of cans, they should do well.

 

 

 

Drinksbee

 

 

Drinksbee is supporting Mothers Against Drunk Driving by selling a game popular with college students at tailgates and outdoor events and spaces. (I know – I had the same look on my face)

 

 

 

Wishbone

Wishbone Tees is selling t-shirts to support the Wish Bone Canine Rescue. Not just any shirts, though. They have a picture of a dog at the rescue and the saying “Rescued Is My Favorite Breed”.

 

Other groups are slowly getting there (I’m struggling as usual with wanting them to pull the trigger, but also needing them to learn that lesson on their own). I’ve explained to them the basics of customer development and experiments – how to set up the basic experiments they need to run, how to analyze data they get, how to set non-vanity metrics. I’m not sure they’ll put any of that to use in this one month challenge – they’re just going balls out without much experimentation and discovery and such. More just hardcore selling and hustling. Which is OK – that’s a great experience for them, to see just how much good they can accomplish with an idea and some hustle. But when they get to their individual venture after this, I will again revisit and stress the experiment and customer development process.

Act II: The Learning

We are continuing to read Diana Kander’s All in Startup. Every semester, every time I open this book I’m amazed at how engrossing it is. The students are devouring it (at least those that have cracked it open are). They’re really picking up and internalizing the ideas of making small bets and of looking for real problems that real customers have. I fear that many of them will still be focused on problems they have and get blinded by that. So, I keep hammering them with getting off campus and asking questions, measuring, analyzing, pivoting. And most of all, hustling!

Looking toward their individual efforts, I’m very excited to have developed a tri-class collaboration around my students’ new venture ideas (the next phase of my class):

*   I will to provide an IT prof 30ish startup ideas early October with name and concept, target audience, short-term goals, and tangible deliverable (app, website, etc)
*   The IT prof’s class will work on ideas, and develop them into flat high-fidelity mockups during the month of October
*   The IT prof will hand off 10 flat mockups (most likely with multiple screens) to an Arts Technology prof for online heat-map testing first week of November.
*   The Arts Tech prof will return data the second week of November.
*   The IT prof will return data back to his students for changes and edits to design

And then it all comes back to my students. It’s not a perfect scenario because it won’t be truly collaborative, but it’s very exciting that three classes in three different Colleges in ISU will be working together and all students are getting a “realistic” project to work on.

Last, I think to encourage and support them in their individual efforts, I will require them to individually meet with me for 30 minutes sometime over the next few weeks to chat about where they want to go with that opportunity. I want them to feel comfortable approaching me, to feel supported, and to feel excited. Best way to do that is to meet with them and lay it all out there.

In the meantime, I’m still struggling to find a problem to solve for my project. Oh well, it will come to me as I keep engaging with my environment and tons of folks in tons of settings.

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