LAW DEAN Jay Mootz, McGeorge School of Law, University of the Pacific What we will discuss: Law Dean, Jay Mootz discusses his journey over the last 26 years of his career and becoming dean. The high cost of administration overhead in academia. How the silo effect can trap you in certain frame of reference and the need Read More ...
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Product designer, Chris Lin, Flip Wallet, Founder.
What you will learn from the show:
Chris Lin - He is Not just the Founder but also the product designer of Flip Wallet.
He is a mechanical engineer by education, but an entrepreneur at heart.
Although his time as an undergraduate was spent focusing on getting a degree, he always found time to work on the various prototypes of designs including the flip wallet.
He recently graduated from the University of Delaware and was the winner of a Hen Hatch pitch competition, now he is in the process of launching his first product.
For Chris creating products for his own design firm isn't just a dream but a passion.
We discuss the journey for him becoming an entrepreneur upon graduation to building his startup.
What contributes to his success
What hs been his challenges.
How he found his testers for the flip wallet.
Discussion on his product, could not discuss cost of goods and services but importance of negotiating cost per unit up front negotiate price after tooling not a sticker but your mark logo is in the tool
Outsourcing manufacturing internationally: use Skype for international discussions - find a virtual assistant internationally for better communication - use text so helps with loss of translation. For international mailing use an upfront signed contract with DHL.
Testing product; prototype - patent; Logo design; website development; Advisory Board; attorney and accountant
Minimal design: "Minimal design could be defined as using less to do more. But it’s time we start pushing the envelope, and using more to do more."
Reach application and how to apply your philosophy to your startup and products that you development -
Quotes: Life entrepreneurship "I’m always looking for advice! I’m a little fish in a big pond, as they say." Chris Lin in his blog post says "having your back against the wall never hurts."
Anyone saying don't do this or get a job working for someone else - advisors mentors accountants lawyers parents
For our next interview show Jay Mootz Dean of the McGeorge Law School University of Pacific in Sacramento CA.
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The post-Medical Apparel Startup Vibrating Therapeutic Apparel CEO Founder Wear VTA Amira Idris Show 016 was republished on listenupshow.com
Our guest, Amira Idris, is CEO and Founder of Vibrating Therapeutic Apparel (VTA) that integrates wearable technology with vibration therapy. The patent pending technology is being used to create a line of therapeutic apparels that improve blood/fluid circulation and tissue activity in the body. This patent pending technology is a wearable therapeutic product that uses vibration technology to improve performance, health, and quality of life.
The Vibrosleeve is a device that helps amputees to keep their limbs healthy through massage that increases tissue activity, blood and fluid flow.
Amira tells us that she is a tinkerer at heart who is constantly seeking ways to improve on products that she interacts with daily. She observes her environment to search for unmet needs, and she also enjoys the user-centered research that serves those needs. Her passion is prototyping and designing new devices.
Amira earned a Master’s of Science degree in Entrepreneurship and Design at the University of Delaware (UD), with a Bachelor’s of Science degree in Biomedical Engineering, with minors in Biomechanical Engineering, and Bioelectrical Engineering from UD.
The Story behind VTA:
When VTA CEO Amira Idris was interning at a prosthetic clinic during her undergraduate studies at the University of Delaware, she came into contact with a disheartened amputee that would leave a lasting impact on her.
She saw how depressed he was and came to understand of the 2 million people in the United States living with limb loss, a large percentage also feel the same. Part of the 80% of amputees also experiences a condition known as phantom limb pain (PLP).
Concerned, Idris worked closely with prosthetic clients and discovered that this severe pain can lead to insomnia, difficulty functioning, and a decreased quality of life.
Treatments for phantom limb pain include prescription drugs, massage, and physical therapy, but these methods aren’t always effective. Idris also noticed that there weren’t any solutions designed specifically for amputees to alleviate pain.
Through research, interviews, and support, Vibrating Therapeutic Apparel was founded!
Wear VTA and Pitch Competitions:
Vibrating Therapeutic Apparel wins at the USASBE Student Exposition and Pitch Competition at the Loews Hotel in Philadelphia. VTA competed with other schools around the Tri-State Area (NJ, PA, DE). The pitch was a business and entrepreneurship professional conference. They won the $5,000 grand prize, which will be going towards funding the research and continual development of VTA!
VTA is making great progress on product development!
Members of the team are collaborating with amputees to test and develop the vibrating sleeve. CEO Amira Idris and apparel technologist Danielle Dubay-Betters work together to fit and test a product prototype with a volunteer amputee. Idris explains how the sleeve works.
VTA works with clients in the development of the vibrating sleeve and depends on client feedback on the sleeves effectiveness, quality, and overall feel to assist her in making products and achieve the VTA’s goal to build products that meet the needs of their clients.
Resources from this Show:
University of Delaware Horn Program – on Twitter – @UDHornProgram
On our next show 017 I interview Chris Lin inventor of Flip Wallet – now you know Chris as also going to the University of Delaware at the University of Delaware Horn Program and Amira you know him as being a fierce competitor during those pitch presentations – so we are really looking forward to that show 017. The University of Delaware Horn Program is really helping many Young and new entrepreneurs.
Subscribe at mitchellchadrow.com/signup for a full transcript of today’s interview, free premium resources to get your business started. Listen up to today’s interview at mitchellchadrow.com/show016. There are numerous ways to listen to the podcast by going to mitchellchadrow.com/signup – also an iTunes Review of the Podcast means so much as it helps with the rankings and allows others to find our Podcast so they can gain for these inspiration stories, get the resources they need to get started and join a growing community of Trusted Friends that can also provide help, advice and who knows maybe some crowdsourcing. So go to mitchellchadrow.com/itunes it will only take two minutes but it means so much.
Crowdsourcing, Crowdfunding, entrepreneurial ventures. Equity crowdfunding and crowdsourcing in the next ten years is going to be the next big thing. I have a friend who is a professional, smart, successful whose son is starting a software company. Guess what, they are going to use it. They are not going to use the big banks or VC's to fund them and they could if they really wanted to. For passive income this same friend has bought a lifestyle franchise / so for his next franchise purchase he is going to sell a share of the franchise store using, that's right, you guess it right, crowdfunding and he may consider crowdsourcing.
So what is Crowdsourcing anyway and why should you Listen Up Trusted Friends to this viable alternative for obtaining those needed services, ideas, or content by soliciting contributions from a larger group of people online rather than from traditional employees or suppliers.
Now Crowdfunding its the use of small amounts of capital from a large number of individuals to finance your new or next business venture, startup. Crowdfunding makes use of your networked platforms through social media and other websites that get the word out about your new business and attracts investors. So why you ask? Crowdfunding - it increases entrepreneurship by expanding your pool of investors from whom funds can be raised beyond your traditional circle of owners, relatives and empower you to focus beyond the big banks and venture capitalists by using alternative means to expand your reach. Remember your smarter than most.
Kickstarter IndieGoGo just to name a few.
Take small donations for charitable, artistic endeavors or contributions to launch your new or existing business in return for the product being made, service, or some type of a thank-you
So how can all this be done now you may ask - well the JOBS Act - so let me educate you but keep it entertaining - this Act creates a special exemption for crowdfunding so that companies can sell securities by way of crowdfunding. Generally, under the Act, companies are limited to raising $1 million in any 12-month period using crowdfunding and $2 million with audited financials. Companies cannot crowdfund on their own but will have to engage an intermediary that’s registered with the SEC as a broker or funding portal. These intermediaries will be required to vet the company seeking to fund.
Individual investors will be limited in the amount they can invest by way of crowdfunding in any 12-month period to: if your annual income or net worth is less than $100,000 – the greater of $2,000 or 5 percent of annual income or net worth, or if your annual income or net worth is more than $100,000 – 10 percent of annual income or net worth up to a maximum of $100,000. When calculating net worth, you should not count the value of your primary residence or any loans secured by the residence (up to the value of the residence).
Many other new and young entrepreneurs startups, franchises will want to do the same with their products and businesses as well. Maybe our guests or Trusted Friends in the Listen Up Podcast audience.
Just look at all the crowdfunding sites there are so many entrepreneurs that need help. I currently interview startups, young and new entrepreneurs on my podcast. Take my recent interview with Scott Pecorello Show012 and next Friday I am interviewing Amira Idris on Show016. These startups are so interesting to listen to, they have a wonderful outlet right here on the Listen Up Podcast, the Mitchell Chadrow Show and mitchellchadrow.com, to increase their visibility, with all the Free Premium Resources that we provide right here as they get going. All you have to do is subscribe at mitchellchadrow.com
So the take away Listen Up Now the startup news - you to can raise crowdfunding and sourcing from non-accredited investors since 2012. So what, you may ask? This is a really big deal! Don't let someone scare you out of this possible and extremely appealing viable option instead of going directly to the big banks or VC's.
Do you have to know what you are doing? Sure thing! That's why we have this community of Trusted Friends. Education, Trust, not just saying we are authentic but in the actions as well not just the words.
Doesn't matter if you can raise money from accredited investors, big banks or VC's. You can't rely on these entities to help you in the new economy and you must take action to consider other alternative options to raise your own funds. The crowd funding and sourcing way. Sure there can be a lot of noise in the Crowd but your crowd is smarter, right? Maybe. You'll get funded as well - they whisper? No guarantee but there are not many guarantees in life. There's no problem here - you are just trying to stack the deck in your favor.
Naysayers will say beware caution ahead - well dealing with the big banks and VC's but maybe just maybe there are better opportunities to empower yourselves.
So what must you and your non accredited know right off the bat? Yes, its the collective crowdsourcing experience of the group. Well your a new or young entrepreneur so we are all on notice - correct! The non accredited investors are not the big banks or VC's - precisely - why we want them - by our side - I hope that is obvious. The non accredited investors may have collective crowdsourcing sales or distribution experience and have experience in purchasing stocks in companies with great ideas. That's not the point. We are tired of relying on big banks and VC's for our education, training and thought control on what is or is not a good investment . These non accredited investors do love your startup concept, and do envision one in every household, thats the point of our interest in you and your company and our CrowdSourcing and the Group collectively is smarter and may even know more about getting it to the market, how to run the business, or achieve positive cash flow. We know that startups write business plan and the non accredited investors use that to fund it, but our experienced business owner guests and collective non-accredited investors are smarter then you may think, they know cash flow is important as well which at the end of the day provides the business with a viable business not merely a business plan.
Do you really think that the big banks and the VC’s are the only individuals that can drill down and ask the right questions of our startups or are the only people that have the secret sauce to success about just how these products will be brought to market and become sustainable. Well, think again! Our Trusted Friends and the non-accredited investors out there are being educated right here and will know about the importance of the cash flow plan in addition to the business plan of these startups as an essential focus point for success in their investment. We interviewed Damian Salas in Show 014 from the Close School of Entrepreneurship and as these Young Entrepreneurs and new startups need to tell there story they know they have a wonderful platform right here on our show. Our Trusted Friends the Non-Accredited Investor is not as naive we know that sales are an essential part of a good idea of the startup - we have the Crowd and Sourcing here for education, training, and wisdom from past experiences.
While we enjoy focusing on the product we are smart enough through proper crowdsourcing, delegating and listening to these startup management stories of the company. Sure we believe in our guest products and solutions especially when we are given a sample product so that these entrepreneurs can continue to grow, yes we believe that the startup will be able to manufacture and distribute the product in the future. By the way that's why smarter non-accredited investors are investing smaller amounts in many companies which help them diversify their own investment portfolio. We are smarter then you think we believe in the management team and the story of the startup which determines the success or failure of the product.
No, we are not going to oversimplify the sales process to lull us into a false sense of security in the product or startup. There is a lot of information out there online, in the stores and each day we can be overwhelmed by it. Yes, we are consumers but also entrepreneurs and Trusted Friends of a Community where we pride ourselves on educating ourselves, learning from one another right here right now. Yes, we are also producers and have faith that it takes more than just a positive response to the company offering.
We must be realistic of the timing between the product time offering and when it's actually available to the public. You know as a startup that the costs and time of production and distribution can be greater than you anticipate and build that into your plan. It will not deter nor discourage you as this Trusted Friends Community is here for support.
Meanwhile, you now get that publicity right here, providing you and your companies with Free Premium Resources and better access to the market non-accredited investors with the Jobs Act can level the playing field and move on good ideas and have those new ventures and startups move first to market. This can help the startup’s idea get to market so that does not becomes outdated.
The guest startups here don't get a false sense of security after a successful Crowd Funding. You are well grounded and realistic especially when you get constructive feedback news – such as the idea can be much improved with better management, delivery, and achieving a positive cash flow. So launching the business is merely the starting point as well as what kind of money you can raise. It’s all about the startups education and lessons learned which are required for what it takes to get to market and quantifying the actual cost of sales. We are smarter than you think regardless of what is raised for the company.
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