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INKPRINT VENDOPRO: IT'S A WRAP!

Like how autumn and relationships come to end in this approaching winter, this business venture journey comes to a close; to face another season ahead.

The last few weeks have not been easy. It was the weeks of revision, multiple product validation, and application of the things we learned from our Entrepreneurial Mind subject so far. In our final pitching, we produced the best that we can to give an output that would be qualified and substantial enough to call a ‘business venture’. Yet, the turn of events was never smooth at all. We faced multiple questions, errors, with nothing but embarrassment because we feel like we've never done it right, even after all the weeks and months of effort.

We were slammed with questions we've got no answers to. We came in confident and came out weary. However, we’ve learned from that experience how important it is to mindfully create the financial statements, to surely validate the feasibility of the business as well as the costs, and most importantly, to listen and apply suggestions and advice from mentors.

With those final moments, we've experienced a new type of feeling, but something we will never call ‘failing’. With all the sleepless nights, with all the struggles to make the ends meet, and to face our fears to speak in front of the panelists, makes the frightening final pitching a memorable and worthwhile experience.

It is due to ma'am Lovely being a responsible instructor that we learned how to cope with the aftermaths of our business venture. She, from the very start, has already reminded us how a start-up business requires strong will, determination, and multiple back-up plans until we’re left with nothing. She has taught us what it means to be humble, to persevere, and most importantly the essence of a business that does not only benefit the entrepreneurs but that it should have an impact and should benefit its community. She's a woman of empathy and compassion. We wouldn't have made it this far without her guidance.

Moreover, we believe that in this, we've put our utmost best. It was never as smooth as a marble countertop, and it was not always rainbows and sunshines. We don't always agree with each other’s opinions and ideas, but we have unitedly come to support each other hand in hand, from the crafting of the business title, to the making of PowerPoint presentations. Even in a short span of time, we learned a lot from each other. We learned how to be extra patient, to be understanding of the situations of others, to be open-minded to ideas, and to be cooperative. A goal would be hard to achieve when it's only a hand working. But with the group working together, we are able. It was never easy, but with people you know who got your back, everything feels light and bearable.

Hence, for almost four good months, this Entrepreneurial journey has come to an end. Thank you so much! To God be the Glory.

INSIGHTS:

For almost four months of entrepreneurial journey I am very grateful for having these teammates who taught me personal and professional growth. The challenges we faced as a team is definitely

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INKPRINT VENDOPRO: IT'S A WRAP!

Like how autumn and relationships come to end in this approaching winter, this business venture journey comes to a close; to face another season ahead.

The last few weeks have not been easy. It was the weeks of revision, multiple product validation, and application of the things we learned from our Entrepreneurial Mind subject so far. In our final pitching, we produced the best that we can to give an output that would be qualified and substantial enough to call a ‘business venture’. Yet, the turn of events was never smooth at all. We faced multiple questions, errors, with nothing but embarrassment because we feel like we've never done it right, even after all the weeks and months of effort.

We were slammed with questions we've got no answers to. We came in confident and came out weary. However, we’ve learned from that experience how important it is to mindfully create the financial statements, to surely validate the feasibility of the business as well as the costs, and most importantly, to listen and apply suggestions and advice from mentors.

With those final moments, we've experienced a new type of feeling, but something we will never call ‘failing’. With all the sleepless nights, with all the struggles to make the ends meet, and to face our fears to speak in front of the panelists, makes the frightening final pitching a memorable and worthwhile experience.

It is due to ma'am Lovely being a responsible instructor that we learned how to cope with the aftermaths of our business venture. She, from the very start, has already reminded us how a start-up business requires strong will, determination, and multiple back-up plans until we’re left with nothing. She has taught us what it means to be humble, to persevere, and most importantly the essence of a business that does not only benefit the entrepreneurs but that it should have an impact and should benefit its community. She's a woman of empathy and compassion. We wouldn't have made it this far without her guidance.

Moreover, we believe that in this, we've put our utmost best. It was never as smooth as a marble countertop, and it was not always rainbows and sunshines. We don't always agree with each other’s opinions and ideas, but we have unitedly come to support each other hand in hand, from the crafting of the business title, to the making of PowerPoint presentations. Even in a short span of time, we learned a lot from each other. We learned how to be extra patient, to be understanding of the situations of others, to be open-minded to ideas, and to be cooperative. A goal would be hard to achieve when it's only a hand working. But with the group working together, we are able. It was never easy, but with people you know who got your back, everything feels light and bearable.

Hence, for almost four good months, this Entrepreneurial journey has come to an end. Thank you so much! To God be the Glory.

INSIGHTS:

— For almost four months of entrepreneurial journey. I am very grateful for having these teammates. Working alongside such a talented and dedicated group of individuals has been an incredible journey, and I am truly thankful for the privilege of being part of this team. The challenges we faced as a team were definitely worth fighting for. Also, I am very thankful for all the lessons and advice from our instructor Ma'am Lovely L. Tecson, all of your advice will remain in our heads, we couldn't make it this far without your guidance and mentorship. What I learned from this course is you need dedication, creative/innovative ideas, accept defeat and do better next time, always go for the opportunity that is given to you for our own growth development and success. Moreover, I appreciate the unique strengths that each team member brings to the table, contributing to our collective success.

As we move forward, we will still continue to support and inspire each other because I believe that together, we will reach even greater heights. xoxo ♡

[Documentation from the beginning of our entrepreneurial journey. August — December 2023.]

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The Heartbeat of InkPrint VendoPro: Vision Crafting in Motion

Welcome to the latest chapter of our startup adventure!

Step into the vibrant pages of our team's entrepreneurial journey as we delve deeper into the exciting realm of our business startup, "InkPrint VendoPro."

This journal entry invites you to accompany us through the twists and turns of innovation, where convenience and technology intersect to revolutionize the current way in which we approach printing. Our journey began with the meticulous crafting of the Business Model Canvas with each element serving as a stroke on the canvas of our vision. We navigated through the intricacies of market segments, value propositions, revenue streams, and more, all the while shaping a comprehensive blueprint for our path ahead.

The heart of our narrative beats with the creation of our startup product promotion video—an immersive journey into the core of IVP or InkPrint VendoPro. We embraced the creative process from conceptualization to execution, which aims to convey the essence of our innovative vending printing machine that allows Bluetooth connectivity with the simplicity of bill/coin-operated transactions.

[Images taken from CBM Main Building 2nd floor]

And as avid learners, we seized the opportunity to enrich our entrepreneurial perceptions through a series of enlightening lecture sessions. The virtual landscape came alive as our screens connected us with seasoned speakers via Zoom meeting and Facebook live last November 15, 2023. We will need a lot more pages just to enumerate all the things we learned from these amazing speakers, so allow us to present their names and topics that they shared:

Dr. Gamaliela A. Dumancas

∆ Intellectual Property Rights and Technology Transfer

— We learned that understanding intellectual property and technology transfer is essential for individuals as it empowers them to protect their innovative ideas and creations, fostering a culture of innovation. This knowledge is not only crucial for safeguarding one's intellectual labor but also holds economic significance by enabling individuals to leverage and commercialize their innovations. Moreover, being well-versed in intellectual property rights ensures legal compliance, reducing the risk of unintentional infringement and potential legal consequences. In the context of technology transfer, this knowledge facilitates collaboration and the responsible exchange of knowledge and technology for mutual benefit. For entrepreneurs and businesses, it is instrumental in maintaining a competitive edge, attracting investors, and building a strong brand presence. Overall, a comprehensive understanding of intellectual property and technology transfer is indispensable in navigating the intricacies of the modern knowledge-driven economy and promoting ethical practices.

Ms. Alice Therese L. Caballeda

∆ Startup Ecosystem

— One of the most important things we learn in a startup ecosystem is the function of invention, networking, and cooperation. Often covered subjects include industry trends, funding sources, mentorship, and the function of incubators and accelerators which offer specialized infrastructure, direction, and assistance to help businesses develop and prosper. Building a good team, being scalable, and familiar with regulatory issues are all essential for effectively navigating the difficulties of a startup ecosystem. It provides resources, networking, mentorship, and funding opportunities, it also encourages creativity, teamwork, and mutual learning, which makes an environment that is favorable for businesses to flourish.

Ms. Doreen Elsie Jane Gersava

∆ Start-Up Journey (VIRTUALAHAN- a visual eskwelahan for disabled persons founded by Mr. Ryan Gersava)

— There are several stages in the startup process from ideation to growth. Important lessons we learned include the value of conducting market research, coming up with a workable business plan, getting money, assembling a solid team, responding to input from the market, and remaining resilient in the face of difficulties. We realized that rebuilding from setbacks, challenging ordeals, and tough situations is essential to a successful startup path. And that agility, impeccable decision-making skills, and ongoing learning are all necessary for surviving in the fast-paced world of business.

As we embark on our next journey — the startup promotional video and preparation for our final pitching, their wisdom and experiences became guiding lights, illuminating the path forward and inspiring us to elevate our startup endeavors. Join us on this exhilarating expedition, where every page turns and unfolds new insights, challenges, and triumphs. Together, let's venture into the uncharted territories of business innovation, embracing the spirit of collaboration, learning, and growth.

Buckle up—our IVP startup saga is just beginning!

INSIGHTS/LEARNINGS:

Moreover, in another week of our entrepreneurial journey, the team has faced multiple challenges that aren’t easy to overcome. Starting a business provides priceless insights and lessons, highlighting the importance of resilience, adaptability, and strategic vision. From developing an effective business plan to managing the complexities of market dynamics, every obstacle is a chance for development. Startup lessons are ultimately a tapestry made of the strands of creativity, tenacity, and the unwavering quest of transforming obstacles into victories. Understanding intellectual property rights and technology transfer is essential for preserving innovation, encouraging teamwork, and attaining long-term development. From the strategic sharing of technological innovations to the strategic protection of creative ideas, these lessons highlight the delicate balance between innovation and collaboration, creating an environment where ideas thrive and technology fluidly cross boundaries.

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Empathy Mapping: Understanding Customers Better

"Life is either a daring adventure or nothing." - Helen Keller

Hey there, we're back again! We talked about our journey on the outside-of-the- classroom customer discovery during our first blog, so in this moment we will be sharing with you the unforgettable adventures that my team was able to acquire after our venture proposal presentation to our empathy map construction journey.

To begin with, our instructor, Ma'am Lovely L. Tecson, provided us with 2 steps we can take after the presentation of our venture proposal;(1)to either completely change the whole concept of our business proposal and submit a new one or (2) to settle with our chosen problem and just change our solution or target market or the plans on how we can earn, in short, just a minimal revision/change. It was an easy choice considering that we are all confident in pursuing our chosen field of venture from the beginning and we had no plans of surrendering what we have already started, so we chose step 2 and decided to start on changing our business proposal title as recommended by our instructor.

This has been the most difficult part we have encountered so far - choosing a business title that is catchy enough to pique the interest of our target market. It is quite hard that it took us a long time to contemplate what to name it. We honestly came up with a suitable business title on a last minute pretext as we had no choice because we're running out of time. After giving it a lot of thought, our team finally agreed on a particular title during our allotted time of discussion from our vacant time, "InkPrint VendoPro".

We formulated the following hypothesis:

1.) A lot of students struggle with the distance in printing their lesson materials.

2.) There's a struggle with technical aspects of setting up and configuring printers (compatibility issues, driver installations, connectivity problems).

3.) The inconvenience of having to go through long queues of other customers that are also printing their documents.

The next step we had to do was to construct our empathy map using Dave Gray's Customer Empathy Map Guide, and of course we had to conduct another wave of interviews so as to know more and understand our customers better. In this situation, we can say that we are quite prepared considering that we have a clear goal and a specific topic or product in mind which makes it easier for us to construct a particular interview questions that are fit for our chosen interviewees. What we have to do is to validate our hypothesis or to consider the opinions and ideas from potential customers.

As per our Instructor's guidance, we used the 'Customer Empathy Map' as a guide in knowing more about our potential customers and it enabled us to imagine what a specific person is thinking, feeling, hearing, and seeing as they use printing services or anything related to our product. So the team then gathered together in order to share our own individual thoughts and brainstorm about our plans and strategies on constructing our answers.

{Empathy Mapping Guide developed by Dave Gray.}

The following are the Goals of our Empathy Map Canvas:

Who are we empathizing with?

We are empathizing with those students whose colleges are far from the printing services providers. Specifically, the College of Environmental Science, College of Veterinary Medicine, College of Business and Management, and College of Arts and Sciences. We aim to gain a deeper understanding of the customers' behavior, experiences, and perspectives towards printing.

What do they need to do?

They need to look for a nearby printing station where they can personally print their documents while ensuring the accuracy of their desired output such as paper size, orientation, and if it is colored or not.

What do they see?

They have seen that the university printing services in the market are having a hard time accommodating their customers due to the long queue of students who aim to print their documents. The method used in transferring files/documents is bluetooth, as a result, they often see other students who get to be the last to finish whenever they have troubles connecting to the PC even if they arrive earlier than the others because the operator accommodates those who sent their files first. They also noticed that a lot of students prefer to print their learning materials as it is time-consuming to write their lessons by themselves.

What do they say?

Based on their experience, students struggle with the technical aspects of setting up and configuring printers. Compatibility issues and connectivity problems can be time-consuming and frustrating. And there will be instances wherein the owner can't apply the first come first serve basis. Some students say that it was frustrating especially when they had to walk miles just to reach the printing station (some college buildings are quite far from the university market) only to find out that the line was too long.

What do they do?

The frequency in which customers print their documents depends on the season/occasion, mostly before or during the term exams. They might opt for other alternative printing stations once they notice even the slightest error with the printing services and then tend to choose the printing shops where they can be able to save resources such as time and money. However, some are willing to sacrifice time if the document is urgently needed.

What do they hear?

Most customer's sources of information are word-of-mouth from classmates or colleagues. Especially in the type of accommodation provided on whether the operator is friendly or strict. Their preferences to printing depends on the rumors as to how crowded and long the line is most of the time, the biases to priorities in printing, the quality of operator services, and the overall printing quality performance.

What do they think and feel?

|PAINS|

There is an unpleasant feeling of poor accommodation and prioritization, the unethical approach to customers, distorted quality or mistakes in printing (e.g., paper size, colors) and the overall printing quality (paper and ink). The following are some opinions we have gathered through conducting interviews.

It's painful when you notice that some ink was spilled through the documents but you can't complain thinking that it's kinda embarrassing.

When you're in a hurry and need to pass your documents urgently but the printer malfunctions or there's a sudden occurrence of electrical interruptions.

|GAINS|

The service provides all of the customers an equal opportunity in regards to printing, and first come first serve basis must be manifested. There should be an accuracy of output such that the orientation of the documents and the paper size should be accurate. They want a convenient and smooth printing experience, proper attention and accommodation, and affordable pricing and discounts especially if they print their documents in bulk.

INSIGHTS/LEARNINGS:

I learned that prioritizing customers is not just a business strategy; it's a commitment to building lasting relationships, driving repeat business, and staying responsive to their evolving needs. We need to stay attuned to customer needs and adapting to meet them is crucial for maintaining a competitive edge and fostering customer loyalty.

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Addressing Response to Customer Difficulties: Starting Point

What are the common problems encountered by CMU students nowadays?

In this journal, you will learn about our journey of finding problems and how we were able to come up with this particular product in order to achieve a more efficient and productive academic life for college students.

The first thing we did during the first week was to create a plan on how we will conduct our interview and how many prospective people we need including the college they should be from. The team agreed on making interviews by pair; one person will do the asking while the other will do the documentation.

After some interviews, we gathered all the information and shared it together with other members.

After giving it some thought, we took notes of the problems raised and created possible solutions to each of them. The next day, we interviewed another group of people for further investigation. The following is the summarization of the data gathered from respondents.

Data Gathered:

2 males (Agriculture Students) — lack of trash bins in Agri benches.

1 male (from CAS) — lack of trash bins and CR (no water)

1 female (from CFES) — CMU market is too far for printing documents.

1 female (from CBM) — CMU market is too far for printing documents.

2 female (Graduate students) — Financial problem.

1 female (from CVM) — CMU market is too far.

1 female (from COEd) — Slow internet.

5 females (from CAS) — Lack of benches.

A total of 14 customers are interviewed.

And then we all gathered together to brainstorm and discuss our possible plans.

In consideration of the datas we have gathered while conducting interviews, we noticed that there was a diverse array of problems from our customers' answers. The group decided to formulate possible solutions to the problems while also considering the opportunity to profit. The most significant one was financial problems, our chosen solution for this was to construct or create a platform for a marketplace where we will play the role of a broker. It aims to give opportunities for students to:

Dispose of their old possessions through selling second-hand items(books, print-outs, yoga mats, swimsuits, etc.)

Allows them to buy items at a lesser price.

Easy access for available boarding houses in the area.

However, it requires a lot of estimations and assumptions and we found out that Central Mindanao University already has an online marketplace.

Another best alternative we are able to formulate was the solution to the distance of the University Market in regards to printing services. We came up with the decision to choose the printing problems to be addressed. After considering other variables, the team has made an idea of providing a self-service, coin-generated, vendo printing machine rather than using a regular printer which needs someone to operate and provide assistance for all the time. It is super convenient and can be less hassle since we only need to provide maintenance for it for once in a while. For that cause, we did research if this product is available in the market or is yet to be created.

To find out that it is currently unavailable in the local market, we are advised to manufacture the product ourselves, because formulating it on our own and managing its service function would dampen the fixed cost, causing us to hardly match the value of the product in the value the customers can afford to give which can dampen the possibility of profitability. With that in plan, we established steps to properly manufacture the product and as to where we will market it.

The group formulated the following measures:

Collaborate with people with expertise in the making of the product (IT technicians/ Engineers)

Interview experts as to the costs of manufacture, the processes and licenses needed to manufacture the product.

Have the estimation as to the possibility of profitability or determine the economic value of the product in a certain point of time.

Make a model or prototype of the product, as to the process of using it.

Devise a clear plan on whom to sell the product.

To conclude:

Team work and Cooperation with the team

Work with Unity, and Diverse Perspective

Adaptability

Constructive feedback

Having this kind of behavior and attitude makes the team create a unique and successful product and/or service, it also helps the students life easier in terms of printing their outputs. Moreover, the team should not waste time on thinking of innovative ideas that can be useful not only for students but also a product and/or services that we can still benefit in the future.