Scouting Young Companies!
Beyond the Business Idea
Within the last two decades, countless first-time entrepreneurs have developed business ideas they think would disrupt the market they’re targeting. Whether that be in the pharmaceutical or fashion industries, these ideas are formulated to turn into the new billion-dollar projects. But what many first-time entrepreneurs don’t realize is that it takes much more than a simple vision. The harsh reality is that the idea cannot only be innovative: it has to be scalable and has a potentially unlimited growth rate in order to receive investments.
Last February 7th - stepping out from its marketing “comfort zone”- Bocconi Students Marketing Society tried to understand the drivers behind startups’ success (to watch the event, please see our facebook page!), by getting to know startups from different industries:
FRNSHX, which targets the luxury furniture segment, uses augmented reality for its customers to enhance the shopping and designing experience.
WeStudents, a social app for high school students, provides a social space for students to create events, sync school data, and share information with their peers.
U-Earth, which aims to provide clean air for all casual and professional environments, highlighted segmentation as an area of focus in order to gain global recognition.
During the event, their CEOs and representative (respectively, Giuseppe Signorelli Giorgio Morelli and Giuseppe Di Cataldo) stressed that having a good idea is essential - only if you are able to spot a niche in the market and satisfy needs you will grow. However, the idea only constitutes 1% of the process. Giorgio Morelli (undergraduate second-year student at Bocconi) explained to us that the real challenge is to find the right investor; this is especially tough if you are in Italy, where going throughout the bureaucratic process of setting up a business can be a … mess. Only once you have found the right investor, your concept becomes a physical and concrete entity, and you can begin to generate your product or service.
While they all encountered different success and limiting factors for their businesses, there were a few aspects that were consistent across all three companies: the vision, commitment and the “never giving up” attitude that should be embedded in any young entrepreneur, that all the speakers had.
What have they stressed the most?
“Create a clear business model, find a supportive ecosystem to grow your business, and clearly identify revenue streams”
To watch the event on streaming: click here.
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Written by: Shawn Chang and Priscilla Greggio
Edited by: Priscilla Greggio