The Bright Ideas sprint was held on 19th and 20th of January 2019. Its aim was to help and support students to improve their business idea before the Bright Idea competition. Our team applied for the competition in October and we were very lucky because our idea was in the top 20. So we went there full of excitement and pride but honestly also a bit worried because we were struggling to build the FoldAble tray.
On the first day they taught us how to write a value proposition, which we had done before but it was useful to go through it again. Also, they introduced the business model canvas and let us work on it for our business. In the afternoon session, we gave an update on our business to the coaches so they could give us feedback and some recommendations.
On the second day, we learnt how to get others to believe in our ideas and how to make money. Then they put us in groups and asked each group to create their own coffee shop. We needed to provide a name, description, perfect customer, prices and financials, fixed and variable costs and lastly, a marketing strategy.
Our group decided to make a coffee shop for students who wanted to have a quiet area for studying as well as a convenient price for them. This exercise was very helpful and we covered the important parts of the business in less than an hour.
After that, we had a guest speaker from the Mayor’s Entrepreneur to give us an idea of how to participate in their competition. There were also some entrepreneur guests. They shared their experiences with us from the start of their business until they became successful, including the difficulties and obstacles they faced.
At the end of the second day, we pitched in front of the judges; we had 2 minutes to present our idea then 2 minutes for Q&A from the judges. After that they chose a winner from each category. Our group was in the healthcare category but unfortunately, we did not win.
In my opinion, attending these workshops is very important because learning never ends and above all, it gives you a good chance to network. Also, entrepreneurs can share their ideas with people to evaluate different aspects and who knows, you might find a partner for your business, which is an excellent thing, especially at the early stage.
In future I am planning to continue attending workshops and participating in competitions.