Funding / Key Resources


“The individual investor should act consistently as an investor and not as a speculator.” – Ben Graham

As Heidi Roizan DFJ said one must understand its current investors if they are going to take you to your goals / ideas.

The team as a whole faced challenges which set us back a little from reaching goals set last week. Firstly, we struggle to get together as a group as some of us are only free on Thursdays and Fridays; Secondly, trying to organise and invite the public to attend our focus group meeting on Tuesday (26th July) was a nayhem: An email  was sent to the reception at GEC on Thursday ( 21st July) for members who might like and want to attend the focus group for Tuesday (26th July) and we were all anxious as we were told we needed approval from the manager before the email can be circulated , this looked blink initially but before the end of Friday (22nd July), the email was approved. Thirdly, struggled with finding prototype products for focus group testing was a grapple. And finally, the group set up a survey on Facebook with 34 names for memory  box rebranding, we picked the top 5 names, continued with process and we have a brand new name which will be revealed soonest.

However, aside from challenges faced, we had an interesting week with great presentation from Sean Judges (co founder of Unituition) on funding and how an idea he did not take serious developed into a business flourishing outside Ireland and how he had to resign from his job as a stockbroker. His presentation was particularly interesting to me as it is an eye opener to the types of grants available to new start ups. I was particularly taken aback with the entitlements from NDRC ( €30,000, office space for 2years and a mentor assigned). He made mention of the EU: horizon 2020 grant, Enterprise Ireland and SME.

The left side of the business model canvass was looked at in the past week which are: Key Resources, Key Activities, Key Partnerships and Cost Structure. Also Raomal Perera talked on how to raise fund and an insight on his journey on raising fund. “Without which, there is nothing” …….. Sine Qua Non

 

 

Key Resources: These are the most important assets to make the business model work.  These could be finance (capital, credit resource), human, intellectual, physical. However, Eternal Whispers key resources would be finance (capital, financial advisor),  physical (data security, cloud storage) and human and must thrive to keep human resources.

Key Activities: These are the activities to become experts. As Eternal Whispers will be classified as a problem solving mechanism, it needs activities such security standards to be high, profile / demographic of customers, needs and wants of the customers to be met.

Key Patners: What activities would be performed, when it will be performed and what could be acquired. In terms of “Eternal Whispers” would have to note that patners / suppliers might be different year in year out. We are hoping to partner with the Irish cancer Society, Irish Hospice Foundation, Funeral homes, Physical Box Suppliers, information sourcing, quality of information and a host of others who would be beneficial to the business and vice versa, in terms of acquisition and activities.

Cost Structure: This particular segment of the business model canvas adds up the key resources, key activities, key partners to make up the cost structure. It involves looking at the entire cost to run the business, not just the obvious such as the people, materials but the important, the expensive, the fixed and variable costs and what you might end up using to run the business. We have looked into cost of company registration, cost of physical box, cost of laptop/hardware, distribution cost, website maintenance and will have to looked into advertising/ business development, patnership deals and a few of other costs.

image

information + knowlegde = wisdom.

It is said knowledge has power and controls access to opportunity and advancement.

We looked at the types of markets and what the market type of our business might be.

  • Clone Market
  • Existing Market
  • Resegmented Market
  • New Market

However, “Eternal Whispers” could be said to be both a cloned market and new market because from the previous week, Wendy Coyle, the brain behind the business idea, sourced for competitors, found and realised most of our competitors are located mainly in America, as “Eternal Whispers will be the first of the kind in Ireland and Europe as it is a new market which will be creating a new class of product, also, there are business models that can be copied from these competitors moving forward.

When sourcing for fund, it is advisable to consider corporate banks, investors, mentors, lawyers and fellow entrepreneurs. It should be noted that investors seek to find integrity, passion for the business idea, knowlegde of the business and business idea in conjunction with other skills, knowlegde and values such as vision, leadership, commitment, experience and coach.

As mentioned earlier from Sean Judges talk of the different funds one may be entitled to as a new business idea, there is also what is called crowd funding: it is a way of raising finance by asking a large number of people for a small amount of money. Crowd funding could be donation, pledges, straight debt, specialist debt, equity or social enterprise.

It is advisable to have a plan B at hand and when sourcing for funds or investors not to make an offer first as this offer might be low to what investors or funders might want to offer.

 

Blog written this week by Oluwadamilola Sotade.

Nicholas Carr “Thoughts on is Google Making us stupid”


A couple of week’s ago we had a discussion in class about the article Nicholas Carr wrote about how technology has changed us and is changing at an ever rapid rate.  It has changed the way we think and act.  No longer do we buy a book and just read it. 

Everything is done with a click of a mouse and people don’t want to waste time sitting down and having to go to the effort of reading. Carr arguesw within his article The Shallow’s ” how human thought has been shaped through the centuries by “tools of the mind” — from the alphabet, to maps, to the printing press, the clock, and the computer”

— Carr interweaves a fascinating account of recent discoveries in neuroscience by such pioneers as Michael Merzenich and Eric Kandel. Our brains, the historical and scientific evidence reveals, change in response to our experiences. The technologies we use to find, store, and share information can literally reroute our neural pathways.

He argues that the brain is now seen as a mechanical clock which is highly influenced by technology.  Google is seen as an artificial brain that is available to people and it is taking awat the whole concept of reading books or even a daily newspaper.  The average time spent looking at a web page only really amounts to 56 seconds so this can not be expected as a reosonable amount of time for people within this geneation to take in enough information.  The richness of our thoughts, our memories and even our personalities hinges on our ability to focus the mind and sustain concentration.  The internet in all has led to a decline in peoples ability to enjoy the process of sitting down and reading. 

The web never encorages us to slow down, It keeps us in a state of permanent mental locomotion.  It never stops.

Video


Yesterday was the end of an era!!  the video production over!!They were all so good.  I was happy with my one in the end I have to say!!I will add it on my blog later in the week.  All the video’s were so different.  We are all a talented bunch of people.  The amount of time and effort that was spent producing them videos went to great use.  It all worked out in the end.

Christmas is coming!!


Well the Christmas is nearly here!! Saw this video about the nativity as told from a digital media perspective

Its funny!!

The Digital Story of the Nativity

It tell’s the story of the nativity through the use of Digital Madia

http://www.youtube.com/watch?v=GkHNNPM7pJA

Still the old traditional Christmas tree has not gone Digital as of yet.  Thought this digitally made of a Christmas tree was pretty interesting.

Christmas trees made out of stars dots and ribbons against a dark blue “night-sky” background.

Christmas trees made out of stars dots and ribbons against a dark blue

Posters


We were asked to create a poster for January so am looking around at what is on offer.  Here is what I found!!  It is very important you advertise the correct way for the kind of film you going  for.

This film tells a story about a boy done by a student in college.

Is a love story about a girl who loses her memory after a car accident and her boyfriend helps her get it back.

 

Images that are Good and Interesting!!


This is good advertising for miller at the bus station.   The writing is descriptive and colourful.  Yet the image background is just one colour but that is al this image needs I think.

As Christmas comes close it is being advertised everywhere!!

Just waiting at the bus stop there the other the other day.  Some of the advertising at Bus shelters is just great.  This advertising for Barry’s tea is just great.  As it is coming up to Christmas they renamed Barry’s tea with name Santa and all of his reindeer’s just for Christmas!!

I thought it was very clever as it will hopefully help to boost sales over the Christmas season.

Photography- Elements


Different elements are used in every kind of photography to tell a story to the viewer.

Elements such as to-

Inform

Illustrate

Show

Explain

Teach

All these elements are used in conjunction with the message we want to portray to our target audience.

This photograph quiet simply states this is a Mc Donalds drive through.   No hidden agenda to this message.

The composition of items within a photo is very important also.  The one main item in the photo you want people to see should be of most importance.

The contrast of an image is very mportant

The depth of field that you select when taking an image will drastically impact the composition of an image.

Where you position the image on the page is of critical importance with any image

The shoes look massive in this image and therefore are the most important variable here

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