Thursday, July 30, 2020
28A - Your Exit Strategy
For my exit strategy, I have determined that I will stay with the venture until I retire, but with a twist. I am certain that this venture will not be my only venture so I will have people responsible for the day to day operations of the company but executive decisions and company goals would be something overseen by me. I would want to split my time between my ventures similar to Elon Musk does with Tesla, SpaceX, The Boring Company, etc. I chose this strategy because I think that this venture will be profitable for a long time and eventually could become a household name that is associated with Netflix and Hulu.
Reading Reflection No. 3
For my last reading reflection for this course, I chose to read Steve Jobs, Walter Isaacson. A bittersweet moment knowing that this class is about to come to an end. The overall theme of the book is that the way Steve Jobs was seen in the media was, in fact, the real Steve Jobs. He was a man who had a vision of what his products would look like and how they would be the best in the industry. Something that caught me by surprise that I did not know was that he was a college dropout, for some reason I had always thought he graduated from MIT or such. If Steve Jobs were alive today the only question I would have for him is why the simple fashion sense.
26A - Celebrating Failure
Earlier this semester I made it a goal to learn how to code and try to build a simple app from scratch. When I first started I found it to be harder than I had previously anticipated. I would get a couple lines of code in and then run the application to see how my progress was going so far and each time I would run it there would be some kind of error in my code. I quickly started to get discouraged and frustrated, asking myself if this was something I could do. Fortunately, the little voice in my head always told me to keep trying so that I could reach my end goal. I eventually did it and wrote the code to run a basic application. The satisfaction that I got from writing that code from scratch was a great feeling. In the moment I believe failure is something that we all think we are never going to overcome, but only after we are long over with our obstacles can we really look back and reflect on how it helped us grow as a person. The obstacles we faced yesterday helped me be who I am today.
Friday, July 24, 2020
25A - What's Next?
Existing Market
1. My company will continue to provide recommendations that are in line with not only what Netflix and Hulu are streaming but also what other platforms are streaming. We are also going to add a feature that recommends movies in general that are available to purchase through Itunes and Amazon.
2. After the interviews I was informed that the next thing for the company would be to expand to other industries than just movies, perhaps recommending music, books, and other things that are not personalized to individuals based on their taste.
3. What makes the most sense for the company is to stay on track for what it came to business for. Perfect the movie industry and then if we think we can do a good job recommending other things such as music and books then we will do it but above all, we want great customer satisfaction.
New Market
1. Another radically different market would in fact be the music industry.
2. I think that if done correctly we could provide just as good recommendations if not better than apple music and Spotify because we would not be in the market of acquiring licensing but rather just recommending what people might like to listen to
3. They think that the idea is very optimistic and could have potential if I somehow got a big artist to back up the name of the company
4. How similar and dissimilar both industries are.
24A - Venture Concept No. 1
Opportunity - The opportunity that this idea stemmed from came to the realization that I was not the only one who would go on Netflix and Hulu and spend more time looking for a show/movie than actually watching one. This problem only became more apparent when quarantine was in full effect and forced us all to stay home, with very little to do Netflix and Hulu were our saving graces but the problem of finding shows/movies was still very apparent. Often time it became only harder when you were with someone else because you could never find a show/movie that both of you agreed on.
Innovation - The idea consist of an app that works similar to Tinder, you make a profile and then start "rating" movies and shows that have you seen in the past, once you give the algorithm enough information it will then generate a list of recommendations. This list will only keep expanding as you give it more and more information. The companies name would be Flicks.
Venture Concept - As of today the only ways you could get recommendations are from Netflix themselves but 9/10 times the recommendations suck. Another solution is searching up lists of good movies or shows but the problem with this is that the list is not tailored to your taste but someone else's, also the content of Netflix and Hulu changes quite frequently.
Innovation - The idea consist of an app that works similar to Tinder, you make a profile and then start "rating" movies and shows that have you seen in the past, once you give the algorithm enough information it will then generate a list of recommendations. This list will only keep expanding as you give it more and more information. The companies name would be Flicks.
Venture Concept - As of today the only ways you could get recommendations are from Netflix themselves but 9/10 times the recommendations suck. Another solution is searching up lists of good movies or shows but the problem with this is that the list is not tailored to your taste but someone else's, also the content of Netflix and Hulu changes quite frequently.
23A - Your Venture's Unfair Advantage
1. Network
Valuable - In a world where who you know will get you further than what you know I believe this is a great asset to have in starting this company.
Rare - Although having an extensive network is valuable it is not something that is rare to come by
Inimitable - With enough charisma anyone is capable of attaining this type of network
Non - Sustainable - Sustaining this could be done by being sociable and continuing to expand the network
2. App Development Experience
Valuable - Having experience in developing an app as extensive as the one proposed is no easy task and having some experience in writing code and working with app development software will only help and make the process easier
Rare - Having experience in app development is not rare and could be found relatively easy
Inimitable - After so much trial and effort another company could do the same thing
Non - Sustainable - In order to sustain this advantage the company must continue to expand their horizons in terms of gaining more experience in app development to stay ahead of the curve
3. Perfect Timing
Valuable - With anything in life, it is all about perfect timing, and I think that now would be a perfect time to develop and release an app with such capabilities
Rare - Not necessarily, but would be a while before another opportunity like this presents itself
Inimitable - Not easily, in this global pandemic many people are staying home which means they are streaming more than ever and could use a service like ours
Non - Sustainable - In order to be number 1 in our industry we must provide the best user experience now so when the pandemic is over we are still relevant
4. Adequate Funds
Valuable - For a company who is starting up the hardest part is coming up with funds in order to start buying things the company needs
Rare - Not rare, but difficult to come around
Inimitable - With the proper resources any company could come up with funds in a number of ways
Non - Sustainable - Using the funds properly will allow the company to not only pay back the loaned funds but also generate more revenue
5. Unmet Customer Needs
Valuable - The basis of this class is that in order for a product to work is that there must be a solution to an unmet customer needs, in our case the lack of finding shows/ movies results in an unmet customer need
Rare - Not rare either but the solution is not always so obvious, in our case the solution was right in our faces
Inimitable - Another company could not come up with the idea first, allowing us to have the advantage of hitting the market first
Non - Sustainable - Making a great product that consumers love will result in satisfied customers
6. Work Ethic
Valuable - Very valuable for any company. A company whose employees aren't focused on their work will result in poor performance
Rare - Somewhat rare, not everyone is willing to put in the work and you can't have people like that on your team
Inimitable - You could have it imitated but it would require a great work ethic
Non - Sustainable - Continue to work just as hard as always
7. Passion for what we are
Valuable - They say that if you do something you like you will never work a day in your life, we think we are designing apps and in doing so we are fulfilling a passion of ours
Rare - Very very rare, not everyone can say that they are doing something they are passionate about
Inimitable - Not at all, you must be passionate about your work in order to give it your all
Non - Sustainable - We will continue to innovate and work on our passion, providing the best service
8. First In the Industry
Valuable - Being the first in any industry could result in that company being the sole player if done correctly
Rare - Yes, spawning new industries does not happen overnight
Inimitable - Not at all, in fact, the opposite
Non - Sustainable - Once you have an idea you must act quickly on it before someone else thinks of it and beats you to it
9. Social Media
Valuable - With knowledge of social media, one can promote and advertise their company to reach audiences they could have previously never have reached
Rare - Not so much
Inimitable - A company could just make a social media account and have a presence
Non - Sustainable - Post and share content periodically in order to have an active fan base
10. Human Captial
Valuable - Very valuable, but in designing apps it does not require a lot of people
Rare - Not so much
Inimitable - Very imitable
Non - Sustainable - Expand the company in order to make it bigger and better than it was
Reflection - The biggest advantage that this idea/ company has going for it is it being the first in its industry. There are websites like rotten tomatoes but they judge movies and shows based on reviewers. Our company will allow the user to be the judge because ultimately they are the ones who will determine if they liked something or not.
Valuable - In a world where who you know will get you further than what you know I believe this is a great asset to have in starting this company.
Rare - Although having an extensive network is valuable it is not something that is rare to come by
Inimitable - With enough charisma anyone is capable of attaining this type of network
Non - Sustainable - Sustaining this could be done by being sociable and continuing to expand the network
2. App Development Experience
Valuable - Having experience in developing an app as extensive as the one proposed is no easy task and having some experience in writing code and working with app development software will only help and make the process easier
Rare - Having experience in app development is not rare and could be found relatively easy
Inimitable - After so much trial and effort another company could do the same thing
Non - Sustainable - In order to sustain this advantage the company must continue to expand their horizons in terms of gaining more experience in app development to stay ahead of the curve
3. Perfect Timing
Valuable - With anything in life, it is all about perfect timing, and I think that now would be a perfect time to develop and release an app with such capabilities
Rare - Not necessarily, but would be a while before another opportunity like this presents itself
Inimitable - Not easily, in this global pandemic many people are staying home which means they are streaming more than ever and could use a service like ours
Non - Sustainable - In order to be number 1 in our industry we must provide the best user experience now so when the pandemic is over we are still relevant
4. Adequate Funds
Valuable - For a company who is starting up the hardest part is coming up with funds in order to start buying things the company needs
Rare - Not rare, but difficult to come around
Inimitable - With the proper resources any company could come up with funds in a number of ways
Non - Sustainable - Using the funds properly will allow the company to not only pay back the loaned funds but also generate more revenue
5. Unmet Customer Needs
Valuable - The basis of this class is that in order for a product to work is that there must be a solution to an unmet customer needs, in our case the lack of finding shows/ movies results in an unmet customer need
Rare - Not rare either but the solution is not always so obvious, in our case the solution was right in our faces
Inimitable - Another company could not come up with the idea first, allowing us to have the advantage of hitting the market first
Non - Sustainable - Making a great product that consumers love will result in satisfied customers
6. Work Ethic
Valuable - Very valuable for any company. A company whose employees aren't focused on their work will result in poor performance
Rare - Somewhat rare, not everyone is willing to put in the work and you can't have people like that on your team
Inimitable - You could have it imitated but it would require a great work ethic
Non - Sustainable - Continue to work just as hard as always
7. Passion for what we are
Valuable - They say that if you do something you like you will never work a day in your life, we think we are designing apps and in doing so we are fulfilling a passion of ours
Rare - Very very rare, not everyone can say that they are doing something they are passionate about
Inimitable - Not at all, you must be passionate about your work in order to give it your all
Non - Sustainable - We will continue to innovate and work on our passion, providing the best service
8. First In the Industry
Valuable - Being the first in any industry could result in that company being the sole player if done correctly
Rare - Yes, spawning new industries does not happen overnight
Inimitable - Not at all, in fact, the opposite
Non - Sustainable - Once you have an idea you must act quickly on it before someone else thinks of it and beats you to it
9. Social Media
Valuable - With knowledge of social media, one can promote and advertise their company to reach audiences they could have previously never have reached
Rare - Not so much
Inimitable - A company could just make a social media account and have a presence
Non - Sustainable - Post and share content periodically in order to have an active fan base
10. Human Captial
Valuable - Very valuable, but in designing apps it does not require a lot of people
Rare - Not so much
Inimitable - Very imitable
Non - Sustainable - Expand the company in order to make it bigger and better than it was
Reflection - The biggest advantage that this idea/ company has going for it is it being the first in its industry. There are websites like rotten tomatoes but they judge movies and shows based on reviewers. Our company will allow the user to be the judge because ultimately they are the ones who will determine if they liked something or not.
Friday, July 17, 2020
21A Reading Reflection 2
For my second reading assignment I read Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance. The overall theme of the book was inspirational, the relentless hours Musk puts into his craft must not go unnoticed. I think this book connects flawlessly with this course as it solidifies the idea of going out and just trying new things and working for what you believe in. If i were to make an exercise from reading this book would be list out 10-20 of the most outrageous things you want to accomplish in life and take one step closer to achieving them. The most interesting this was that Musk lived in his office space to save money on rent with his brother.
20A Growing Your Social Capital
1. Domain Expert - I came across Patrick on Instagram, I follow a couple apple developer accounts and stumbled across his account. Patrick has his own app development company and has worked on a few big named apps. The nature of our friendship stemmed from me sending him a personal message and suing bum questions on app development. I have very limited exposure and experience with app development so having someone like Patrick on my side to ask questions will only be beneficial to my company.
2. Market Expert - Next, I came across Mark at the Mercedes dealership when I was getting my car serviced. In our short conversation we talked about a wide range of topics. Mark works for a marketing company in Florida. Mark would be great for my company since he would be able to give me advice on marketing products and services in order to generate traffic to our app.
3 - Supplier Expert - Amy, I met at the same time that I met Mark. They are a couple and work for the same company. Although Amy is in charge of distribution of signs, posters, and etc. My product would. it require physical advertisement but she would help me convince Mark to help me out.
Reflect - I really like this assignment because it makes you target people who are actually in your industry. These people wether we knew it or not can help us out tremendously in expanding and growing our business quicker. I stand by your network is your net worth.
2. Market Expert - Next, I came across Mark at the Mercedes dealership when I was getting my car serviced. In our short conversation we talked about a wide range of topics. Mark works for a marketing company in Florida. Mark would be great for my company since he would be able to give me advice on marketing products and services in order to generate traffic to our app.
3 - Supplier Expert - Amy, I met at the same time that I met Mark. They are a couple and work for the same company. Although Amy is in charge of distribution of signs, posters, and etc. My product would. it require physical advertisement but she would help me convince Mark to help me out.
Reflect - I really like this assignment because it makes you target people who are actually in your industry. These people wether we knew it or not can help us out tremendously in expanding and growing our business quicker. I stand by your network is your net worth.
Friday, July 10, 2020
19A - Idea Napkin No. 2
1. I am Jorge Spinatto, and as previously discussed I possess skills that make me a nightmare for Netflix and Hulu's recommendation algorithm.
2. I am offering a plug-in/app that allows the user to rate movies/shows they have previously watched and then generate suggestions based on what you like and don't like. We think there is an unmet need in this area as finding shows/movies on platforms such as Netflix and Hulu can be difficult, their selections are always changing which only adds to the difficulty.
3. I am offering this service at first to Netflix users as the 'trial' run. From there we will evaluate how the algorithm is working and if customers are satisfied or not, making improvements as quickly as possible. Thereafter we will be available on both platforms.
4. People will care because they hate going on Netflix and searching for 20-30 minutes and then end up not finding a show that piques their interest.
5. Our competencies are that we are the only people in the industry, essentially creating a new market.
Looking back at all 5 elements of this assignment I can see how beautifully this idea and business will be. There is indeed an unmet customer need and our company will fill the gap. Our elements complement each other and without the other elements it is only an idea, but put it all together and you have yourself a very successful plan.
The feedback I got was very positive, the main thing was how do I plan on generating revenue at first and generate traffic. I believe that word of mouth will be our biggest friend, making a great product, and having the results speak for themselves.
2. I am offering a plug-in/app that allows the user to rate movies/shows they have previously watched and then generate suggestions based on what you like and don't like. We think there is an unmet need in this area as finding shows/movies on platforms such as Netflix and Hulu can be difficult, their selections are always changing which only adds to the difficulty.
3. I am offering this service at first to Netflix users as the 'trial' run. From there we will evaluate how the algorithm is working and if customers are satisfied or not, making improvements as quickly as possible. Thereafter we will be available on both platforms.
4. People will care because they hate going on Netflix and searching for 20-30 minutes and then end up not finding a show that piques their interest.
5. Our competencies are that we are the only people in the industry, essentially creating a new market.
Looking back at all 5 elements of this assignment I can see how beautifully this idea and business will be. There is indeed an unmet customer need and our company will fill the gap. Our elements complement each other and without the other elements it is only an idea, but put it all together and you have yourself a very successful plan.
The feedback I got was very positive, the main thing was how do I plan on generating revenue at first and generate traffic. I believe that word of mouth will be our biggest friend, making a great product, and having the results speak for themselves.
18A - Create a Customer Avatar
My prototypical customer is someone who is young, they are in their late teens/the early 20s. This is because my product is for people who use Netflix or Hulu and the people who use these platforms tend to be younger. They are in college and love to watch Netflix on their free time but always find it difficult to find new shows/movies. They are very outgoing people and talk about their favorite shows with their friends. Most of the shows they've seen are based on suggestions that their friends have given them.
I have a few things in common with my prototypical customer, I also use Netflix and Hulu but struggle often to find shows/movies to watch. I mostly watch shows/movies based on friends suggestions. I am also a very outgoing person and discuss shows with my friends.
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