In such a cold day, One Minute did a great effort to attend the trade fair. Although we had no product for sale, we attempt to extend the brand Tyton through these opportunities and let the public know more about us. For this reason, we intend to handle as many business cards as possible, so people knows about us and has a reminder to check our media.
Taking into account the weather, we must thank the judges and Young Enterprise for coming a Saturday to be part of the event, and a special gratitude to the organizer for staying with the teams during the whole event.
The most satisfying experiences of the day were seeing our colleagues selling their product and fighting together the snow.
For future events, we expect to have an MVP for sale and do the most for the experience. Actually, we are currently entering this stage, and we expect to have a product for sale soon.
Also, and as the weather seems to hate our trade fairs, as the next one is indoors in Penrhyn road campus, we forecast a lovely spring day outdoors 🤦🏻♂️. However, if we move outdoors it will probably snow 😜.
After a long journey of pitching, One Minute finally faced the judges pitching the Tyton case.
Although we felt confident with our work after a hard effort to stand with a consistent seed startup in front of the judges, we knew there is always floor for improvement (and a huge one in our case!). Therefore, we were willing to hear the judges´feedback and motivated to implement these ideas into our business.
After our 2 minutes pitch and the Q&A, we felt the day was really useful for us in terms of feedback. Also, operating on a lean way, we attempt to benefit from these events to let people know about our product.
All in all, we enjoyed such an amazing experience and had a lot of fun. From a team perspective, the satisfaction of a good performance strengths the connection as a group and motivates us to keep going and achieve our best.
To conclude, we will be looking forward to the event on the 22nd, and hope to be in the national competition!
Although this blog post is quite late from the original date, I personally cannot skip this topic.
During February the second, we used some templates based on decision-making strategies and risk calculation. On the top left corner, a “radar” identifying the most likely and most dangerous risks our company has to dodge to succeed. Although our company is not a “high risk startup” from our point of view, the execution of it and the initial strategy we chose had some risks we had to tackle.
Our main risk was related with the marketing strategy, as focusing on a niche market (weight lifters) inside an already existing market segment (gym goers) was quite risky.
On the left bottom corner we have the journey for the following months, with the milestones to be achieved. The most important milestones to achieve is having the product manufactured soon and implementing and executing properly business-related activities, such an updated accounting and a guerrilla marketing strategy to optimize our costs.
On the right top corner we have a major risk analysis situation. In this case, we decided to focus on the lean startup approach we are focusing on, and the costs already incurred. Analyzing this situation, we understood we could have minimized some of the existing costs, and we are already taking this into account for current decisions.
Finally, the bottom right picture is a decision-based chart analyzing the pros and cons of a given decision. As explained before, we have focused on the target market approach. By targeting a small niche market, we can capture more value added in customers and attract them for future products. However, a coming company competing on price imitating our product could easily take away our market. On the other hand, focusing on a broader market makes easier to achieve a higher volume of sales (more income), but having to compete in price and value to customers for different niche markets.
Amazing experience at the trade fair! We had the chance not only to introduce Tyton to the public, but to get feedback.
At the beginning of the day, our first prototype got stacked in the 3D printer. For this reason, we only had one available sample to introduce. This fact changed radically our sales strategy. This one was based on finding out the willingness to pay (price) of customers who heard of the idea for the first time. For our company, this was an invaluable data to research and collect.
To engage customers and receive their contact details, we agreed with David Lloyd gym to sponsor a couple two weeks passes for their gym in Kingston.
To conclude, we had an amazing experience with this fair. Furthermore, we once more coordinated and worked and a team. For future presentations, we will do our best to have advanced in our product after out late pivoting of the business.
Yesterday I attended Tony´s talk about marketing in Kingston Uni. He explained to us his interesting career on the industry and his company, fifty3.
Personally, what I found interesting the most from this professional´s talk is his experience and the examples he provided us from his personal experience.
Currently, we are attempting to reach out Tony for marketing concern of our company.
Although I have personally specialized in marketing, it is always possible (and great) to learn something on the field. Apart from traditional marketing, it can be applied to many other fields not only inside the company but in live in general. For this reason, I consider there is always something to learn from this professionals.
To conclude, I would like to comment something Tony named but he did not highlight as much as necessary, from my point of view. The fact that marketing (and specifically advertising) is necessary for most of the companies nowadays, does not mean companies have to waste money in advertising. It has to be following the business strategy, and not just copy competitors´advertising expenses.
After several group meetings, we have decided to pivot to a different idea. In this case, we are going for a product.
After consideration, we are going for a gym phone case. We have identified a market need, as people fear to leave their phone on the floor while weight lifting.
We are currently considering exact features for our MVP. To develop our product, we want to apply lean startup method, as we want to improve the design and features with feedback from customers.
Our initial idea for our MVP is based on a case with suction cups. It can be sticked into glasses and mirrors, so anyone steps onto it or any weight hits the phone.
We are currently contacting manufacturers to have a prototype soon, and be able to show it during the trade fair at Kingston.
Amazing experience presenting our idea. Apart from getting used to the format, we had the chance to discuss our startup with business people.
It was a great opportunity not only to get used to introduce the idea to investors, but also to get feedback about our idea before even investing money on it.
After long consideration, we have decided to pivot our business into a market where we can offer a higher value added.