On Thursday, February 24^th, DifferenceMaker held Workshop 3: Developing Business Models and Solutions in Lydon Library, Room 110, North Campus, from 5:30 – 7 p.m. This session helped student teams who applied to the $50,000 Idea Challenge to focus on their idea’s solutions by piecing together their business models.

To kick off the night, Holly Lalos, Director, Rist DifferenceMaker Institute welcomed everyone. She then provided students with information on submitting their Idea Plan, announcements for semi-finalists, and reminders to schedule a meeting for one-on-one coaching with mentors. Then, she introduced the guest presenters for the night, who were Professor Carter Keough, Francis College of Engineering, and Tom O’Donnell, Senior Director, Innovation Initiatives.

Professor Keough started off by providing examples of companies such as Gillette, FedEx, Zipcar, and Pill Pack. Each are successful companies in their own way, all from various industries in today’s market. For example, Gillette makes their profit by selling cheap razor handles that go along with expensive, high quality razor blades that attach to them. This allows customers to stay loyal to their brand, as they need to continually purchase the specific Gillette blades that fit to the handle that they already own.

Then, Mr. O’Donnell went further in depth and explained the multiple components needed to have a successful business model. He discussed factors such as the new venture timeline and each component of the business model canvas, such as customer segments, value proposition, revenue streams, and more. This allowed students to think deeply about details that will drive their ideas to success in the real world.

After the detailed lessons, the guest presenters encouraged students to work on their business models and solutions. They utilized business model canvas poster boards and solution worksheets to assist with this process. A business model canvas glossary was also provided to each student to help refresh their memory on the information that was provided. DifferenceMaker mentors Ryan Berube, Vice President, Commercial Loan Officer, Lowell Five and Steve DeVries, FocalPoint Certified Business and Executive Coach, FocalPoint Coaching walked around and further helped guide students towards creating a well-developed Idea Plan.

Thank you to everyone that joined DifferenceMaker for Workshop 3! If you are interested in learning how to further develop your project for the $50,000 Idea Challenge, recruiting new team members, and gaining new skills, please register for the final workshop this semester. Dinner will be served!

Workshop 4 – Delivering Your Rocket Pitch, March 17

Questions? Email us at DifferenceMaker@uml.edu.

On February 22, 2022, DifferenceMaker held the second workshop series session to prepare students for the $50,000 Idea Challenge this semester. The topic addressed was assessing opportunities and value proposition.

To start off the event, Rist DifferenceMaker Fellow David Vatalaro opened by providing a brief recap of what occurred during the first workshop session, which highlighted identifying problems. Then, he introduced the guest presenters for the night, which were Professor Brent Shell, Zuckerberg College of Health Sciences, and Professor Neil Shortland, College of Fine Arts, Humanities, and Social Sciences.

After the introduction, Professor Shell mentioned that while our ideas seem incredibly valuable to us, it may not be the case for potential customers and buyers. He provided the example of pickle toothpaste, which is unique to him. However, at the end of the day, no one ends up purchasing it. Assessing opportunities is important because it allows you to see if it is worthwhile creating the product before it is too late. If there are no willing buyers, the product does not fill a customer need or add enough value. Therefore, market research is imperative.

Then, students were given time to write down their opportunities on the “target market opportunity” and “competition opportunity” worksheets. DifferenceMaker mentors Ryan Berube, Vice President, Commercial Loan Officer, Lowell Five and Steve DeVries, FocalPoint Certified Business and Executive Coach, FocalPoint Coaching walked around and further helped guide students with this process. After some time on this, students presented their work to the audience, receiving feedback from the presenters.

Then, Professor Shortland presented the importance of value propositions. A value proposition demonstrates how a potential solution provides more value than what competitors are currently offering. Students broke out into groups again to work on their value propositions on poster boards, then were given the chance to share their ideas with the audience.

Thank you to everyone that joined DifferenceMaker for Workshop 2! If you are interested in learning how to further develop your project for the $50,000 Idea Challenge, recruiting new team members, and gaining new skills, please register for the upcoming workshops. Dinner is served at each session, which all take place from 5:30 – 7 p.m. at Lydon Library, Room 110, North Campus:  

Workshop 3 – Developing Business Models, February 24 

Workshop 4 – Delivering Your Rocket Pitch, March 17 

Questions? Email us at DifferenceMaker@uml.edu. 

On February 17, from 5:30 – 7 p.m., the Rist DifferenceMaker Institute held the semester’s first workshop session! The focus for Workshop 1 was on identifying problems. Over 35 students attended to learn and network with students interested in pursuing their ideas for the $50,000 Idea Challenge.

To start off, Holly Lalos, Director, Rist DifferenceMaker Institute welcomed everyone. She provided a brief overview of the DifferenceMaker program, what to expect from the workshop series, and the agenda for the evening. She then introduced the Faculty Fellows guest presenters: Professor Mazen El Ghaziri, Zuckerberg College of Health Sciences, Professor Tom Wilkes, Kennedy College of Sciences, and Professor Rae Mansfield, Honors College.

Next, Professor El Ghaziri presented the definition of problems. He opened a Slido poll that allowed students to share what comes to mind when they hear the word “problem”. This created a brainstorming discussion, helping students figure out what they are trying to solve.

Shortly after, Professor Wilkes extended the talk by showcasing examples of problems presented by past DifferenceMaker student teams. Videos of their pitches were provided to give students clarity on how to move forward. For example, a team that was highlighted was the CAT Mat pitch, presented by students Katie Muise and Michelle Mailloux, both from the Zuckerberg College of Health Sciences. The problem they identified is the inability for patients to practice relearning how to walk. Going outside to do so isn’t the safest option, while staying indoors does not fully prepare patients to go back to the real-world.

This is an example of a team who worked diligently during their time at DifferenceMaker, as they ended up winning first place against teams such as Harvard and MIT during the Beantown Throwdown competition in 2019!

Then, a brainstorming activity took place where students were able to discuss the problems they are looking to solve with each other. Along with the guest presenters, DifferenceMaker Faculty Fellow Kevin Willet, Manning School of Business, and two DifferenceMaker Mentors, Steve DeVries, Business Coach, Focal Point Coaching, and Ryan Berube, Vice President, Commercial Loan Officer, Lowell Five, assisted with this process.

This allowed students to network with one another and gain new connections for potential teammates. Each person/group utilized the “DifferenceMaker Problem Toolkit Worksheet” to help with narrowing the specifics of the issue at hand.

Afterwards, students presented their ideas to everyone. The problems ranged from a variety of topics, such as unaffordable Epipen injectors, vitamin D deficiencies, lack of information about personal finances, and more.

Thank you to everyone that joined DifferenceMaker for Workshop 1! To revisit the topics discussed, watch the video featuring its’ highlights here.

If you are interested in learning how to further develop your project for the $50,000 Idea Challenge, recruiting new team members, and gaining new skills, please register for the upcoming workshops. Dinner is served at each session, which all take place from 5:30 – 7 p.m. at Lydon Library, Room 110, North Campus:

Workshop 2 – Assessing Opportunities and Value Propositions, February 22
Guest speakers: Professors Brent Shell, Zuckerberg College of Health Sciences and Neil Shortland, FAHSS

Workshop 3 – Developing Business Models, February 24
Guest speakers: Professor Carter Keough, Francis College of Engineering and Tom ODonnell, Executive Director, Innovation Initiatives

Workshop 4 – Delivering Your Rocket Pitch, March 17
Guest speakers: Professors Cathy Levey, FAHSS and Kevin Willett, Manning School of Business, and Rick Sherburne, Pitch coach and CEO, Sherburne Communications

Questions? Email us at DifferenceMaker@uml.edu.