On February 14, students from all disciplines and levels attended Randall Bootcamp, the kickoff event for our Randall Family Big Idea Competition. In addition to learning about the ins and outs of the Randall Competition itself, over 70 teams had the opportunity to learn key entrepreneurship lessons from the director of the Big Idea Center and our five entrepreneurs in residence. Here are some words of wisdom that our staff had imparted to the Randall teams for them to take into the rest of the Randall Competition:
Babs Carryer, Director of the Big Idea Center, on Problems & Stakeholders:
I love the Randall Bootcamp because it’s one of the few times so many students at all levels, freshmen to post-doc, and across disciplines get together in one room for a common purpose – learning how to compete and win the competition. When I look out over the hundred plus faces, I see eagerness, concern, confidence, and determination. As I spoke with the groups individually, some took notes, some asked questions, others just listened intently. The stakes are high and the students want to do well.
I explained why you must focus on the problem, more deeply than you might think, because it’s the frame for the rest of the presentation. If the judges don’t understand the problem you are solving then the rest of the presentation does not resonate. I encourage the students to dive deeply into the problem and to spend a good amount of time explaining the problem and validating why it is a problem. All this before they start with the solution. The problem is the start, and it’s where they have to be clear from the beginning to reach the end where the judges will decide which big ideas are worth rewarding.
EIR Phil Marzolf on Solutions & Benefits:
We grounded our discussion upon the fact that a solution is meaningless if it is not associated with a problem. Further, we recognized that problems aren’t generic abstractions, rather they impact specific people in specific ways. Our entrepreneurial journey begins only when we identify the “who” (whom we serve). Once we identify the people, we need to understand how we can improve their lives; that is, what benefits do they desire that they cannot economically realize today?
This is where bridge building comes in. A bridge connects two places that are separated by an insurmountable chasm. The entrepreneur’s solution bridges the gap between a customer’s current problem and the desires they benefit, enabling customers to realize benefits they could not previously afford or imagine.
Aspiring entrepreneurs are encouraged to keep the bridge analogy front and center as they develop solutions. If a clear link cannot be made between a specific customer’s problem and the benefits provided by the proposed solution, something is going wrong. This is particularly important for technical entrepreneurs as we are susceptible to becoming blinded by a solution’s sophistication and elegance, causing us to lose sight of the fact that we need to build a bridge between problems and benefits.
EIR Jeanine McCreary on Competition & Differentiation:
“The weakness of an enemy forms part of your own strength.” – Anonymous
Would you believe that avoiding your competitor’s strengths and finding their greatest weaknesses is a key element of success in business? Sun Tzu believes this; he is traditionally credited as the author of The Art of War, His works focus much more on alternatives to battle.
Is there an alternative to battles in business?
Could it be as simple as bringing more value to the customer?
How do you know what the customer needs? Is this done by researching the market?
I strongly suggest to research your competition, both direct and indirect. I have had countless encounters with teams who believe they have a big idea only to discover it has been taken. Sometimes this is revealed by an EIR, mentor, or worse, a judge during a competition.
To be competitive, you must know what has been developed and what is trending in the market and that can only be accomplished by doing your research. Thus, use the Pitt Entrepreneurship Librarian at https://pitt.libguides.com/innovation
Words to the wise: Research and win big!
EIR Jessi Trybus on Market Analysis:
Entrepreneurs should do the stuff in the Randall workbook to convince themselves of the plan first and foremost.
Talk to stakeholders -- get potential customers if possible. In other words, identify and quote someone that has an oozing pain (and a potential solution is a have-to-have). This will put a name to the problem and then you can add all the market research and data to show that this problem is scaling, compounding, and getting worse.
Who are the stakeholders? There can be a difference between users and clients... sometimes they are two different demographics and have different needs!
As for the competitive matrix, sometimes the biggest competition is the status quo. Also, competition can be groupings of companies or other startups (i.e. ed tech start ups).
EIR Joanna Sutton:
1. Take your judge’s comments to heart. All the and judges and mentors have many years of real world experience and genuinely what to help every team be successful. Their feedback is there is improve your idea, not tear it down. The best entrepreneur’s listen - to mentors, to customers, to employees, to investors, etc.
2. Hope for the best, plan for the worst.
3. The best ideas find niches of people who are actively trying to solve a problem. Leverage their momentum, and make it easy to fix their problem.
EIR Don Morrison on Pitching:
Business competitions (like Randall) and all pitch competitions are essentially a story telling competition. To win, you must tell a good story that captures the judges attention and interest and convinces them that you are onto something special. You need to develop a compelling narrative. There needs to be a strong opening to pull the judges in, a middle section that flows logically and a strong ending. Don't rely on your slides to tell the story. The slides just reinforce your narrative. So, tell me a good story!