We have started the day with a brilliant lecture of professor Alejandro Crawford about the evolving innovation ecosystem in New York. For 3 hours he has provided us with as huge volume of valuable information as for a week of a regular lessons.
Here are some interesting things I have learned from today:
-Some important questions to answer before you consider to start a business: What are you paying for now that you would not like to pay in the future and what for are you willing to pay instead? Answering this question will help understand how does the consumer’s behavior change.
We should not talk about what people like. Understand the profile of your future market segment, find who is going to be your customer and what factors influence their purchasing decisions, their purchasing behavior. So its not only about what do they like today.
-There are some critical factors for assuring that your emerging venture will succeed. Try to find an answer to questions like: will you be able to find an investor? Do you have an access to market and channels? You may have a brilliant innovative ideas but without proper access to market and channels you will find yourself alone with your product. Do you have something new to suggest tomorrow? You always need to find something new to offer to your customers. Otherwise you will find your competitors thriving on your consumers. If the customers do not know about your product, how can they come to you? Is it your only innovative idea you are launching? Is it the only idea you have for today? Are you a good team-builder? Do you know your possible partners, stakeholders and do they know about you?
I have also learned very interesting facts about NYC:
-It is an excellent place for startup companies as it has the best environment for Startups to grow.
-It is a city that best prepares entrepreneurs and nurtures talents of young people tending to start their own business.
-37.2% of people living here are foreign-born which is about 3 million of New Yorkers.
-NY has the highest nominal and per capita GDP from US cities and was the second in the world after Tokyo in 2008.
-Every 4-5 years the big portion of population renews. People come- people leave but it remains the most welcoming city for different nations from all over the world.
After lunch we were exploring financial industry in NYC at General Atlantic, growth focused private equity company. What very much impressed me in this company is that their business is not just about investing in companies, financing them but actively supporting them to grow, manage risks and keep the right way. They provide trainings to their staff needed for staying fresh and up-to-date in competitive market, they went outside the boundaries of US and nowadays 50% of their investment are done abroad. The field of investment varies depending on the country, but whenever they go they work in a particular niche they know well, involving both US and best local experts.
Overall it was another very productive full of new information and impressions day.