In preparation for the second session, all the teams were instructed to target their ideal customers and ask them questions about their product. This would give the teams a greater understanding of their target market’s opinions such as whether they would buy the product, how much they would value it, and their ideas on what could improve the product. When the teams presented at the Lowell Innovation Hub, they introduced their findings and how they plan to evolve with their customers’ feedback. For example, the creator of Security Top, a device to prevent someone from drugging one’s drink, found that his customers would not want to be the only one out of their friends using the device. Therefore, it might be a better idea to sell the product to bars and clubs rather than individuals. After the presentations, Paul Schor a lawyer at Gallagher & Cavanaugh LLP, gave a presentation on intellectual property and the use of patents, trademarks, etc. Within the first week of bootcamp the teams have already made great strides and improvements to their business models!
A big thank you to all of this session’s special guests!
- Yi Yang, Professor, Manning School of Business
- Rekha Paleyanda, Director, Office of Technology Commercialization
- Todd Morgan, Professor, Manning School of Business
- Theresa Chadwick, EforAll, Program Coordinator
- Paul Schor, Attorney, Gallagher & Cavanaugh LLP
- Nancy Saucier, Director, New Venture Development