Worth Reading 2/28/14

Can our Entrepreneurs-in-Residence have the same effect on professional football players that they have on student entrepreneurs? We’ll find out this Sunday when EIRs Harry Geller and John LaPides participate in a four-day entrepreneurship conference for current and former National Football League players.

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Participants will include: NFL cornerback Phillip Buchanon who is creating a board game to teach money management and other life skills to kids;  Arizona Cardinals long snapper Mike Leach who is developing a product to help parents toilet train their toddlers; and Pittsburgh Steelers receiver Plaxico Burress who has introduced a line of colorful, luxury socks. Read this Baltimore Sun article for more details.

Now, here is what’s Worth Reading this week.

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Worth Reading 2/21/14

Dingman Center GAs at work.

Dingman Center GAs at work.

As happens every four years, the Olympics are dominating the media. We can’t get enough of reading about athletes from all across the world. While it’s clear these Olympic athletes are fully committed to training for their sport, many have a day job. American snowboarder, Travis Rice, is not only a sensational athlete, but also a successful entrepreneur. He is the owner and the founder of the online gallery AsymbolGallery.com. There are many more athlete/entrepreneurs out there–who’s your favorite? 

Check out some non-Sochi news we found Worth Reading this week: 

  • For startups, the more social media you can execute yourself, the smalles your budget will need to be. Check out Social Media Stats 2014 (Infographic) to learn which network will work best for your business objectives.
  • As teams grow bigger, it is harder for the boss to motivate and engage with each and every employee. If you’re a founder of startup with a growing team, read  Why Don’t My Employees Care? and learn an important lesson. 

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MBA Students Work for MD Startup VisiSonics in Venture Practicum Course

In the second installment of our Venture Practicum series, Dingman Center marketing graduate assistant Grant Lee interviews Salomon Camhi, a second year MBA student focused on marketing strategy. Camhi joined Venture Practicum to experience what startup life is all about.

Grant Lee (GL): What startup will you be working with this semester?
Salomon Camhi (SC): The startup I am working for is VisiSonics. Specifically, I am working for the product, RealSpace 3D Sound. RealSpace creates 3D immersive sound effects that allows users to use headphones enjoying sounds from 360 degree. The traditional sound effect is more flat and comes from 2D, whereas the RealSpace is more complete and exciting.

Grant Lee (GL): Describe your project? What are the deliverables?
Salomon Camhi (SC): My focus in the MBA program is marketing strategy, and this project is all about marketing and new product development. For the project, my MBA team partner, Semret Lemma, and I will be working on the competitor and SWOT analysis. We need to analyze VisiSonics’s own SWOT, create a go to market strategy and find a channel to enter. Other things that we might be tackling include webpage design and product positioning.

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Grant Lee (GL): What do you want to take away from this project?
Salomon Camhi (SC): Prior to Smith MBA, I had ten years experience in the sales, but I have never been involved with the strategic planning process. This project serves a good opportunity for me to develop the strategy and actually implement it. Also, this is a real company not just a school project. I will see the impact of my work in real life.

Grant Lee (GL): Have you worked in a startup before? Describe the experience.
Salomon Camhi (SC): Yes, last summer I worked as a marketing and development intern for UberOffices in Virginia. My project was similar but the scale is much bigger this time. Working at a startup is different from a traditional corporate environment. It is less structured and the organization is more flat so communication is faster.

Grant Lee (GL): Describe the working environment. Is your startup located in a co-working space–like an incubator? Or, do they have their own office space?
Salomon Camhi (SC): Visionics belongs to Technology Advancement Program on the UMD campus. It is a cool place. I know two people who currently work there are UMD graduates. It used to be a chemistry lab, but now it is more of a demo-testing center. There is little office space there.

Grant Lee (GL): What skills do you think you can contribute to Visisonics?
Salomon Camhi (SC): Coming from the sales background, I understand the sales process. This specialty allows me to think from a sales’ perspective when creating marketing strategy. I will be able to develop more realistic and actionable strategy for the company to implement. Also, personally I like technology, especially gaming. This will help me to be familiarized with the industry.

Grant Lee (GL): How do you think the project will help you in your career?
Salomon Camhi (SC): This project will give me hands on experience in developing marketing strategy. It also gives me a picture of how a new technology product will be launched into the market.

About Salomon Camhi
Salomon Camhi is a second year full time MBA student at Smith School of Business. He was born and raised in Guatemala City, Guatemala. He graduated from Purdue University with dual degrees; one in Management with a Minor in Marketing and a the second in Computer Programming Technology. Professionally, he work as a sales representative for two different construction material companies in DC area. Solomon worked for a lumber yard in the DC before beginning his MBA journey.

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Grant Lee is a second year full-time MBA student focused on Marketing Strategy at Smith School of Business. Prior to MBA, he had four years of experience in retail marketing and advertising in Taiwan. During first year, he differentiated himself by participating in three business plan competitions and won top five in Wake Forest Retail Innovation Challenge. Now in his second year, he is dedicated to learning more about entrepreneurship by working as a Marketing Graduate Assistant for the Dingman Center, where he enjoys every moment of it. Grant shares his perspectives in his personal website mrgrantlee.com 

About VisiSonics
VisiSonics’ was spun out of the department of computer science at UMD, and is led by the original scientific team working with experienced entrepreneurs. The technology, based on a deep understanding of how the human brain perceives 3D sound, allows creation of immersive sound over any headphones with pinpoint precision. This allows stunning virtual realism in gaming, movies and music. VisiSonics hardware also can capture and stream sound at live events with precision, creating a “best seat in the house”  experience.Visisonics Logo

Follow the Dingman Center blog for updates on the other students and startups participating in Venture Practicum.

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Worth Reading 2/14/14

This Wednesday, we kicked off the Idea Shell cohort of Fearless Founders with 30 new student companies. The University of Maryland is closed again today due to inclement weather; stay safe!

Now, let’s see sit back and enjoy what we have prepared for this week’s Worth Reading:

  • Bisnow recently released it’s list of Power Women in Tech, including the Dingman Center’s managing director, Elana Fine! (@elanafine)
  • Since we have to cancel Innovation Fridays this week, take a look at How To Come Up With a Breakthrough Idea and be ready to pitch to an EIR next week.
  • For startups, one of the most efficient ways to get noticed is to become a thought leader in a certain field. Here’s How to Become a Thought Leader in a Month or Less.
  • Entrepreneur.com tells us that customers are looking for long-term relationships with brands, not a meaningless fling. In honor of Valentine’s Day, here is an infographic that will answer the question “Does My Customer Love Me?”
  •  The Walt Disney Company is encouraging digital startups ten startups focused on media and entertainment ideas will work with Disney leaders. Read more about Disney Accelerator in The New York Times. 

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Worth Reading 2/7/14

Today, the Dingman Center is leading the Smith School’s MBA Entrepreneurship Club in hosting the regional Venture Capital Investment Capital Competition. Smith MBAs are joined by teams from the Wharton School, the Darden School of Business, the McDonough School of Business, the Tepper School of Business, the Carey Business School and the Columbia Business School. Follow our Facebook and Twitter pages for updates on the winners. Now, let’s check out what’s worth reading.

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MBA Students Work for DC Startup Homesnap in Venture Practicum Course

Dingman Center recently launched the second year of Venture Practicum, a course that provides MBA students with hands-on experience at startups. Selected students are paired with a local startup based their skills and interests. We invited Jimpei Harada, second year full-time MBA student from Tokyo, Japan, to share his experiences thus far in the course. Along with part-time MBA student, Tadhg Moriarty, Jimpei will be consulting for Homesnap, a real estate search platform for people to explore homes online or from a mobile phone. Dingman Center Board of Advisors Chairman, Mark Walsh serves as Executive Chair of this D.C. based startup. You may also remember Homesnap from last year’s Cupid’s Cup Showcase.

Grant Lee (GL): Tell me how and why you decided to participate in Venture Practicum?jimpei
Jimpei Harada (JH): Last summer I interned in the Amazon Japan leadership program in the Supply Chain Department. My role was more of a consultant than a supply chain intern. Traditionally, in the business world, people tend to collect and analyze data and then come up with possible solutions. However, at Amazon, my boss, who was an experienced consultant in McKinsey, taught me a different framework which is to develop the potential solution first and then prove that work by gathering and analyzing data. For this project, I want to leverage the skills I have learned through my internship and MBA coursework and apply them to Homesnap. Plus, I have never worked in the US; I believe it will be a valuable experience.

GL: Describe the startup will you be working with this semester?
JH: Homesnap is a real estate broker platform. Users can download the app, take and upload pictures, and search information using the property search.

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GL: Describe your project. What is the goal?
JH: The goal is to create a platform to measure user engagement. The company wants to know how users test, track, and behave with the website and app. Tadhg Moriarty and I will investigate website analysis like Google Analytics and create tutorials in the end.

GL: Do you think working at a startup will be unlike any other job you’ve had?
JH: Definitely. Prior to beginning MBA, I had ten years of corporate experience as an IT engineer in Japan. Through the MBA program, I have learned that startup companies have a fast decision-making process, and now I am going to see how it works.

GL: How do you think the project will help your future career?
JH: I hope I learn to have an “entrepreneurship mindset” while doing this project. This project will help me to ease the pain of transition period from a student into a full-time employee.

Founded in 2008 and based in Washington DC, Homesnap is a trusted real estate search platform for people to explore homes and search real estate listings online or from a mobile phone. Using the Homesnap app (available for iPhone, iPad and Android devices) you can snap a photo of any home, nationwide, to find out all about it. For listed homes, you may be able to see interior photos too! When you’re ready to buy or sell real estate, you can contact a real estate agent within Homesnap to schedule a showing or list your home in the Multiple Listing Service.

Follow the Dingman Center blog for updates on the other students and startups participating in Venture Practicum.

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Worth Reading 1/31/14

Program Manager, Rebecca Thorman, talks to students about Innovation Fridays

Program & Project Manager Rebecca Thorman talks to students about Innovation Fridays

Welcome back to Worth Reading! It felt great to see students back on campus and in the Dingman Center. It’s another busy Friday for the team with Innovation Fridays resuming, the Fearless Founders course kicking off, and students watching pitches from regional startups at Dingman Center Angels Review Day. We’re re-launching a few other programs this semester, particularly for MBA students. In case you missed it, take a look at a recent post on what we’re planning for the Smith Experience.

Now, check out what’s worth reading this week:

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UMD Startup Launches Indiegogo Campaign

It has been two weeks since the last time I sat down with student entrepreneur Brooks Gabel and talk about his startup justlikeyou.org. We discussed his journey starting a nonprofit social networking platform as a student to now having a team of more than 20. This time, we discussed his upcoming Indiegogo campaign that will launch this Saturday, February 1.

Danielle Bennings (DB): Hi Brooks, welcome back! I’m glad we get to sit down and talk again.
Brooks Gabel (BG): Hi, thanks for having me back.

DB: So, when does your Indiegogo campaign launch?
BG: Our Indiegogo campaign is launching February 1 which is this Saturday!

DB: Kickstarter has become popular among startups and many campaigns hosted on the platform have been successful. The example we talk about a lot at the Dingman Center is another UMD student, Chase Kaczmarek, who raised a over $30K on Kickstarter for his startup Wheel Shields. Why did you choose Indiegogo?
BG: We had to look at many different online fundraising platforms. One drawback of Kickstarter is when you have a company with a social networking component you’re actually not allowed to fund raise there. So, we started looking at other options and Indiegogo kept popping up. They’re more cause related. As a nonprofit organization with tax exemption status you can get even better deals on the percentages you have to pay, so Indiegogo seemed like a good fit for us. The justlikeyou team has been divided into five groups. We have a business development sector, a volunteer and training experience team, a marketing team, a legal and insurance team and the Indiegogo team.

DB: Do you call them staff or team members? And how many do you have?photo (4)
BG: We call them team members and there are 21 total.

DB: Wow. Are they all based in Maryland?
BG: They are not. We have 16 from the United States and five international. We all operate remotely and everything is done through Skype and conference calls. Working in different time zones is definitely a challenge but everyone has been great about it.

DB: Do you remember any Indiegogo campaigns that stood out to you and served as inspiration?
BG: We looked at who was fully funded, the kind of messages they were sending, how long it was, and what they were communicating through the video versus in the description. You want a video that entices people to get involved. The people that are really interested in your mission, are going to read more.

DB: So it sounds like you did a significant amount of research which I think is really impressive.
BG: Yea, we made sure to look at campaigns that were similar to what we’re trying to do and mimic their success from creating perks that made sense to our constituency to creating content that is able to be read by anyone.

DB: I’m really interested in hearing about the video. How did you come up with the concept and how did you create it? I saw you recording it here in the Dingman Center. 1555465_340630939407921_1269829022_n
BG: We created the video in partnership with another UMD student, Jeff Hilnbrand. He’s done some freelance projects for other units within the business school — I know he did some work for the Center for Social Value Creation and a lot of other freelance work around campus. I was actually introduced to him by you, so its great that we were able to connect. We did our first shoot a few weeks ago here at the Dingman Center. I felt that since this is where we spend the most of our time it was an important place for us to shoot. People will be able to see the video for the first time this Saturday.

DB: What do you hope people take away from the video?
BG: I want people to get a full understanding of what it means to be a social network for people coming out. That really is the only thing that we have put out there – we are the social networking platform for people going through the coming out process. Defining that through the video is going to help people to relate to their own experience or the experience of a sibling, a friend, or maybe even a parent whose been through the coming out process, and really see the value in the resource we’re creating. We also want to show a global perspective. This isn’t just coming from two or three students at the University of Maryland who ended up in the Dingman Center together. This is a collaborative effort from people all around the world.

DB: How much money are you raising? Are you willing to reveal that?
BG: Sure, it will be completely visible on the campaign. Our goal is to raise $50K and we’ve structured incentives in order to get us there. Also, the people we’re targeting for the network itself are not going to be the ones donating to our campaign.

DB: So you’re expecting donations from people who believe in what you’re doing but might not be using the site themselves?
BG: Right. With justlikeyou, the top three people that we’re looking at are: the free and anonymous user; the volunteer who wants to give back, and the donor who probably sees this is the resource they, or a loved-one, never had.

DB: Right, many donors may think “I wish my mom or my brother or my best friend could have used this”.
BG: Yes, because it’s personally linked to you in some way.

DB: What are some of the incentives? 2b92662744c5f71d26b9bc5fd884dcd1_g4
BG: We have custom justlikeyou apparel, early site access, and tickets to our red carpet launch party in Washington D.C. in April. We also have ways to sponsor the organization to support a mobile extension.

DB: I’d like to get one of those justlikeyou t-shirts, they look great. Are they available online right now?
BG: Yes, we have to get you one! As soon as the Indiegogo campaign goes live they will be available just on Indiegogo. We did a pre-sale for the month of January where they were all $29.99.

DB: How did that go?
BG: It went well. The biggest takeaway for us was that we needed the shirts beforehand. One of our greatest strengths has been using the team to reach their networks. We have really been able to showcase the team on our social media sites over the last couple months.1002359_347923908678624_1105782082_n

DB: I’ve been noticing that, especially on Facebook.
BG: The use of social media has been growing the network because people like pictures of the team members. One of the latest things that we’re doing is having everyone take selfies of themselves in the shirt. That’s how we highlight our team members from week to week. It has a dual purpose; showing the #LoveisLove shirt and introducing our greatest asset which is our people.

DB: In a perfect world, your Indiegogo campaign launches February 1, it ends April 1, and you reach your $50K goal. What is your next step from there?
BG: Our immediate next step is to make sure that we have our education and training program complete. That’s our priority. The program is fully developed so we’re going to be doing all our trainings in March, but we’re looking to make that a more sustainable model. On the network, minors can only talk to volunteers. Volunteers aren’t people that we employ, but they are trained and in our team member system and we want to make that experience accessible to anyone regardless of if they live in the DMV area or not. Learning how to put the trainings online is definitely a priority for us. Going forward we’re going to need to scale in order for the training to be accessed from anywhere in the world.

DB: If there are people who can’t buy a t-shirt or contribute to your Indiegogo campaign, what are other ways that people can support justlikeyou.org?
BG: The best way is to share the network. You never know who may be looking for this resource. Regardless of whether you can personally identify with it or not, I can guarantee there is someone within your circle that you have no idea is going through this. By supporting the network or sharing a picture of the t-shirt, they’ll know that you’re a great person to come to when they’re ready.

DB: What’s the best way to connect online? Do you want people using #loveislove, like on the t-shirt, or do you want people to mention @justlikeyouorg on Twitter?
BG: I would always go back to the justlikeyou Facebook or Twitter pages. It’s justlikeyou.org for Facebook and @justlikeyouorg for Twitter and Instagram. #loveislove is fine, but we’ll also be coming out with branded hashtags when the Indiegogo campaign launches this Saturday.

DB: We’ll be sure to look out for those when the Indiegogo campaign launches. Thanks so much for sitting down with me again, Brooks.
BG: Thank you, Danielle. We appreciate the support.

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The Smith Experience

The Robert H. Smith School of Business offers experiential learning opportunities that give MBA students real-world, hands-on experience with companies in the Washington D.C. area– better known as, the Smith Experience. The Dingman Center has three unique offerings within the Smith Experience: AdVENTURE Challenge: China, Venture Practicum and Dingman Venture Fellows.

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AdVENTURE Challenge: China is version 2.0 of the China Business Plan Competition. Still an eight-day global experience, we’re kicking it up a notch by taking MBA students to both Beijing and Hong Kong. Think Amazing Race meets venture creation in an opportunity unlike any other offered at the Smith School, including a 2-day competition at Peking University, focused on lean startup methodology. For the first time, Smith MBAs will participate in multinational teams including students from Chinese universities. Students will be able to earn additional points as the group visits Chinese startups and corporations, cultural sights, and by completing mini challenges that will push them out of their comfort zones.

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Venture Practicum is a three-credit course where MBA students use skills learned in the classroom on projects for startups in the Washington D.C. Metropolitan area. This program has also made a slight change, now accepting only second-year MBAs who are in a better position to work at startups sourced from the Dingman Center Angels investor network. Startups will submit proposals for mission-critical projects that they need MBA talent to work on (no licking envelopes for these students). The students then choose companies based on the projects they want to work and participate in a day-long bootcamp where they are briefed on the project, get to know the company, and ultimately get to work. The course culminates with an in-depth final project and a big boost to the students’ resumes.

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Dingman Venture Fellows is our newest program designed specifically for first-year MBA students who are highly interested in entrepreneurial innovation and startups. Once designated a fellow, students work closely with the Dingman Center team and the Office of Career Services to pursue summer internships with VC- or angel- funded startups and early stage companies. Most startups can’t afford to hire the MBA talent they desperately need, so the Dingman Center provides a minimum $5,000 matching fund to Dingman Venture Fellows so that they can secure these internships. Students interested in becoming a Dingman Venture Fellow must submit an application by February 3. For more information, contact Joel Marquis, Assistant Director of Venture Programs at jmarquis@rhsmith.umd.edu.

Are you a student interested in getting more involved with the Dingman Center? Review our website for information on all of our program offerings.

Dispatches from Inside the Classroom: Day 8

Best Marketing’s Liz Sara, Entrepreneur-in-Residence at the Dingman Center of Entrepreneurship and former Dingman Board member, concluded the Business to Business Marketing course with a tall order for the part-time MBA students: create and present a marketing plan for a real startup. Four company CEOs participated in this project:  Sean Virgil, founder of last year’s Cupid’s Cup finalist company Diagnostic anSERS; Brian Johnson, founder of Divvy Cloud; Jack Reis, founder of ManageUrID; and Payam Fard, founder of Subject-7.  All four CEO’s attended class, listened, probed and commented on the marketing plan presentations.

This type of pitch was a first for many students including Antwan Jefferson. “This was the first time in my education I have had the opportunity to interact with an actual company. Being afforded the opportunity to provide solutions to a CEO is one of the more exciting experiences that I have had,” said Jefferson.

After the final class Sara felt the students took a sip from the fire hose of B2B Marketing. “From hearing more than a dozen CEOs who took the time to present a marketing challenge to class discussion to actually developing a plan for a real company – well it just doesn’t get more experiential than that,” Sara concluded.

Sara-05Aug13-97Liz Sara has 20 years of experience in the local high tech community as an entrepreneur, business leader, angel investor and philanthropist. In 2001, she founded Best Marketing, LLC to provide early stage software companies with strategic marketing, PR and business development services. Her company offers clients all the benefits of a full-scale, seasoned marketing department on a ‘virtual’ basis — eliminating overhead and headcount associated with full-time staff. Previously, she played a principal role as co-founder of SpaceWorks, an eCommerce software company, where she facilitated its startup and growth to nearly $25 million in revenue; at America Online, where she designed the PR program and investor road show for the IPO; at United Press International, where she facilitated a turn-around strategy; and for LEXIS/NEXIS, where she was instrumental in the creation and successful launch of a new division. Ms. Sara holds an M.A. in Journalism from the University of Maryland. She is a member of the Business & Professional Women’s Committee of the Corcoran; the Women’s Committee of National Museum of Women In the Arts; and the Board of the Capital City Ball. In addition, Ms. Sara is an Entrepreneur-in-Residence at the University of Maryland’s Dingman Center for Entrepreneurship.

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