Active Engagements

Seeing as I was already fairly well versed in the metaverse, VR, AR, MR, and XR before going into this event I did not learn as much as one would think, at least not directly about the topic at hand. This was exacerbated by me watching the what you need to know before podcast which seemed a little redundant, as they played an introductory bit before the main event that was a synopsis of this synopsis. In addition to this, I watched another podcast not affiliated with this event called Cortex: In The Metaverse and did my reading for my 4th Industrial Revolution that was about this topic too.  

What I did learn about this topic is that the consensus on whether to trust this technology is not present, but despite that, there is still a lot of investment behind it, which results in there being lots of risks involved with this technology that will need to be addressed.

What I learned that is applicable to this class though is something different. The questions that the Dean of the Business College gave the panelists where something that I believe would work wonders in the interviewing an entrepreneur assignment and how the panelists responded to those questions were good examples of how to pitch an idea to others.

I also had my first experience of asking a question to a panel, which was quite nerve racking and exhilarating. I asked the question: how do you think the problems of vertigo, motion sickness, and viewing text in XR can be solved? Jandel Allen-Davis responded by stating that the medical field was already addressing it and the rest did not comment. I did not find that such an answer sated my curiosity and I believe that if I had stated my question more eloquently that I might have gotten a better response, which is something that I intend to improve upon going forward.

I learned a great deal during this workshop and most of it applies to Introduction to Entrepreneurship, but most of it also applies to things beyond the class too. The first thing about pitches that I learned more about, and by proxy improved upon, was my clarity on my current level of proficiency with them. For example, when having to address specific points in a pitch I cannot do so effectively without some sort of visual aid to center my thoughts, especially when I do not practice before hand. I also found that it is easier to pitch ideas when you are in a group, for in both brainstorming and the actual performance of the pitch, having someone that you can bounce ideas off of improves the overall presentation while additionally expediting the process.

There was also helpful feedback within the workshop pertaining to things to keep in mind while pitching. Slower cadence is usually better as it increases clarity, mitigates the likelihood of stuttering, and takes the place of distracting filler words. Being confident, positive, and knowledgeable about what you are speaking about is vitally important, and doing so will also lead you to have a more relaxed body posture and tone which are also significant factors within a pitch. Additionally, it is important to be aware of the amount of time you have been speaking and to have a purpose, which allows you to evaluate your progress with the skill of pitching while also gaining something from the interaction.

Lastly, something that really stuck with me was the idea that it is better to invest in a B idea with an A team rather than an A idea with a B team. I think that this is very much so true as with the group projects we pitched in the latter half of the workshop the supposed bad ideas sounded quite appealing and even potentially plausible.

For instance, take my groups idea the Forever Pet Inc. While having a rock pet is a common joke that people use, I found that as we brainstormed how to market the product, the product itself seemed to take on new life and improve its own prospects. From the fully customizable aspects to the slogan of “Let it be your rock,” it actually took shape as a feasible product that people would buy, even if only as a gag gift. And so, I think the aforementioned quote could also add that if an A team gets ahold of a B idea, through hard work, determination, and creativity, said team can make that idea into an A idea too.

What I learned in this active engagement was primarily how ideas/creations interact with real world scenarios that I am going to face in the future if I wish to start a business. This included, but was not limited to, complications involved in funding, teamwork, permits, licenses, and legalities, what to expect work to be like as an entrepreneur, how to establish a market, and what to do when you must pivot your product.

This applies quite well to class because it is a real-world example of what we are trying to replicate in the long term. For example, the complications Ryan faced, like having his mother say no and eventually only say yes to get him out of a bad deal or having one of his teammates walk out on him while the government was trying to shut him down, are something that I believe will be, and already have been, addressed as potential risks in class, but learning about potential pitfalls in the abstract do not do them justice. Thus, having this firsthand account really helps highlight the conceptual aspect of the class, while amplifying the understanding of what could happen given the right circumstances.

The most valuable thing I gained was the insight into how to properly react to external pressures. The obvious example was how during the height of COVID-19 Ryan’s business lost 1.2 million dollars because everyone was cancelling events. As a result, he had a discussion with his employees, and they agreed to change their strategy to start selling in neighborhoods, rather than just having weddings and other venues, and then changing again to have preorders on account of the cops/legalities.

The less obvious example was how Ryan performed/spoke during the event. The mannerisms he used, how he engaged the audience in his stories, and how he recovered when a joke did not land, or it seemed as though people were losing interest, were quite impressive. This positivity and poise not only added to his overall credibility, but it also exemplified his business model/his approach to culture. While I doubt I will be able to achieve the level of mastery he has overnight, the way in which he performed is something to emulate and potentially strive for in the future.