Creating a Startup CompanyWHEELER HS

Welcome back!Here’s a video about school to get y’all in the mindset to thrive these last 3 weeks:

https://www.youtube.com/watch?v=paVkw5ZmsG4

Thoughts?

What to expect for the remainder of the yearWork on an End of Year Project!

Options:1. Startup/Small Business Project

2. STEAM project

3. Other project – Can really be anything!◦ Examples: building tables/chairs

What to expect working for a Startup Company?

Startup Company: A newly created company which is looking t create a repeatable and scalable business model.

Pros Cons

• Innovation• Get to be at the forefront of change

• Creativity• Wide range of work possibilities

• Autonomy• Having more choice & voice in your

work

• Less job stability• Uncertainty in when/if you’ll have a job• Pay likely less, at least starting off

What to expect if you complete the small business project

1. Need Finding & Creating an Idea

2. Customer Discovery/Market Research

3. Creating an MVP

4. Testing viability

5. Creating a business plan or Lean Canvas

6. Pitching your product

Warmup: What is a need?Read the following document about needs in a startup:

https://www.businessknowhow.com/startup/need.htm

1. What is a need? How is this different than an interest?

2. What are some needs you can think of?

Step 1: Need Finding & Creating an IdeaWhat is a need?

◦ An aspect or area which has the opportunity for growth

A need can be…◦ Something which causes inconvenience/frustration/damage/financial-loss/death/etc.

◦ Replacing something which takes up a significant amount of time

Many businesses fail because they do not solve a clearly defined need but instead get tunnel-vision on the on chasing “cool” technology

Developing Needs into Ideas: The Swiffer

The Need:

Mopping is time intensive and barely effective

The Idea:

Redesign the floor cleaning process (

Developing Needs into Ideas:Walmart

The Need:

Small towns don’t have lack the range of goods available in a big city

The Idea:

Create a one-stop-shop for small to mid-sized cities

Developing Needs into Ideas:Uber

The Need:

Taxis are inconvenient, undesirable and expensive

The Idea:

Crowd source it! People already have cars and are willing to drive/be driven by strangers, they just need a way to get in contact with one another

Developing Needs into Ideas:Clean Hands Safe HandsThe Need:

The Idea:

System that monitors nurses washing their hands and provides voice reminders

https://cleanhands-safehands.com/

Developing Needs into Ideas:SnuggieThe Need:

I’m cold and I wanna eat popcorn and life is hard

The Idea:

… Never leave the blanket

The takeaway: while the Snuggie is certainly a silly idea, it definitely made A LOT of money and was very successful (for at least one Christmas season). And notably, no one in this room can say that they do not have the creativity and technical know-how to have invented this “idea”

Startup Company ExampleExample of a startup in action:

https://www.youtube.com/watch?v=M66ZU2PCIcM

1. What was the need?

2. Once they had their need, what did they do next?

My favorite quotes:

“constructive chaos”

“Enlightened trial and error”

“Fail often”

What you’re doing today: Need findingFind a team:◦ Strength is in diversity of members/ideas, bringing different perspectives◦ Capitalize on every team members strengths

Look for needs in your life◦ Sources of innovation:

◦ Applying new technology to solve an old problem

◦ Translating a solution which solves one problem to solve another

◦ Finding a need people don’t know they have

Complete the need finding activity on a blank sheet of paper (directions on my blog)

Next Step: Market Research

Alternatively, you can find a different project or I can help you enter a STEM competitionThese are available with slightly more detail on my blog, but here are a few possibilities:

• STEAM projects

o Horticulture box

o Tilapia tank(?)

o Peanut grinding bike

o Track system for theater

o Lawn mower racing

• Competitions – Best If coming back for a second level

o GT Inventure

o MIT THINK

o NASA

o STEM Innovators of Tomorrow

• Building parts to the classroom

o Tables

o Seating

o organizational

Key TermsNeed

Market

MVP

Pivot

Business plan