My take away from Venture Forum

This is not the first time for me to attend such a networking event but I still have a lot of thoughts to share. After attending the venture forum held in WPI two weeks ago, I get three take away from this great networking event.

Firstly, the real elevator pitch given by the health care company was great. This is not my first time to see a casual business proposal in person, but this one is really an integrated and promising one. The content the elevator pitch covered was comprehensive and pinpoint in accordance to the Business Model Canvas I have learned. Therefore, it was a great real experience for me to observe a real elevator pitch, which combined the principle introduced by professor. Moreover, it gave me more idea of what a real elevator pitch should be and adopted them in my following presentations of my own business models both in ETR500 and MKT566. I’m glad to see that the knowledge I’ve learned in another course can benefit my work and can be adopted by other business man in real.

Secondly, communication is the key in networking event. As other networking events do, the Venture Forum gave considerable time for people to social with others, both during dinner and break. It was great time to talk to the people you are interested in, which widen your social networking circle at the same time. However, how can we achieve this goal and utilize the networking time effectively? The answer is communication. No one talk to people who do not talk. Therefore, looking at other’s eyes and say hi is the key process to start with!

Thirdly, clarify your goal before attending the networking event. I remembered a student asked a question of how to find the co-founder from technology domain. And two engineers raised their hands. You will never gain if you do not ask. Moreover, well preparation makes your time more effectively. You want to seek co-founder? Fund? Or just make more friends? People with clear goal goes faster. 

My considerations for Ad-supported Internet

After reading the report from IAB, I recalled a saying I read several years before," future market is not based on the computer but the internet".

The economic value of ad-supported internet ecosystem is absolutely huge. The statistics show that ad-supported internet offered 5.1 million jobs, both direct and indirect, and generated $530 billion revenue for America in 2011 alone. That is arresting and developed me two considerations towards the ad-supported internet issue.

My first consideration is how can we get a share of these profits? As we discussed a lot on the topics of how to market online before, I don't want to address this question in the position of a marketer but a student entrepreneur.
Here I want to share my own experience. I attended a networking event titled "1st annual inter-collegiate mixer for entrepreneurship" held by ePowerhouse, a MIT start up providing the online platform for innovative entrepreneurs, on 20, September in Cambridge. Ten student start ups from MIT, BU, Babson, WPI and so on attended this event to be appraised and elected as the most innovative start up. When I go through these student start ups, I noticed that nine of the ten start ups are internet-based social platform or app development. In accordance to the statistics in the report, which indicates Massachusetts ranked fourth as internet firms having highest employment number and consumer service layer accounts the highest employment in ad-supported internet industry, Internet-based firm is really attractive even to the student entrepreneurs in this digital-friendly state. Then how can we business people take a ride with this trend?
Firstly, business idea must be different and on-demand. The value proposition is fatal, thus making a differentiation is necessary. People are no more surprised at novel service offered since the internet makes nothing is impossible. But platforms provides pinpoint on-demand service still make sense. Researching on the customer behavior related to the internet is helpful. In addition, internet is also awesome to serve the niche markets.
Secondly, co-founder is fatal. In the point of most business people, we lack the technology ability. In this circumstance, it is important to seek technological co-founders. As the scenarios I mentioned above, co-founders who are expert in web writing and app developing are best candidates to enter the ad-support internet industry. Otherwise, a ideal business plan without physical technology support to turn it true is meaningless.
Thirdly, marketing matters. Developing a internet-based platform doesn't cost much, either writing a website or developing an app. I view it as a significant factor leading to the prosperity of internet firms. But how to make your platform famous among the strong competition and access to your target customers? If you searched on the Google, you will find the internet is flooded by tons of internet-based  business platforms. But I am sure that you never heard most of them before. Are they bad business ideas? I give a doubt. I think most of them didn't do a good job on marketing. E-marketing is important but internet-based companies can not only rely on the internet to promote themselves but combined the activities off-line which are able to reach massive target customers. Especially in the start up step.

My another consideration is that is this arresting phenomenon is a temporary bubble and how is the market prospect? 
In accordance to the statistics in the report, ad-supported internet accounts for 3.7 percent of US GDP, which increased from 2.1 percent in 2007. The total employment increase in ad-supported internet industry is 197% from 2007. But I view this industry dependent heavily on the middle-high end market and young generation-oriented market since most service the internet platform offered are not people's basic need but higher needs in the need pyramid. And young generation adopted the internet hobby most. Most internet-based platforms' target customers are young people. I am wondering will the ad-supported internet industry will among the heaviest attacked domains if the economic crisis happened again?


Article: "Economic value of ad-supported internet ecosystem" by IAB
Link: http://www.iab.net/insights_research/industry_data_and_landscape/economicvalue