Below are 4 report about 4 events attended by four of my classmates. Your task her to read what they wrote carefully; then answer the 1 or 2 question from each report (4 questions must be answered 1 from each student’s report) answer each student questions in 50-75 words
Student #1:
I attended Clarivate Analytics Patent Prosecution Strategies for AIA Realities: Streamliing the Patent Prosecution Process and Stretching a Patent Budget Efficiently. Speaking was Gene Quinn from IPWatchdog, Sherry Knowles from Knowles Intellectual Property Strategies, and Stuart Recher from Clarivate Analytics. Due to the uneasy nature of the patent world due to the American Inventors Act and decisions like Alice, patent prosecution has become more difficult. In response to this the lecture suggested that not one size fits all and the strategy will need to change for each client. The other suggested was to prepare your patent for litigations from the beginning. This process will allow you to be better prepared to prosecute the patent. The other option as suggested in a previous event I attend is to find alternative forums such as China to prosecute the patent first. The lecture also suggested understanding the difference between a low, medium, or high value innovations. This did surprise me to some extent, but understand that not every idea may be worth the cost or troubles of the patent process is vital to every day companies developing technology.
Questions:
My question is how do you develop a system that can be effectively communicated to everyone to assist with understanding that not every idea may be worth the patenting process?
Answers must be 50-75 words
Student #2:
What 2 or 3 key ideas did you learn from the event attended?
Dr. Thaler’s work focuses on behavioral economics, which in general attempts to describe why people make irrational decisions. In a way, Mr. Thaler explained that understanding behavioral economics could be used to influence the purchasing decision of a potential customer.
One classic example of behavioral economics was related to the organ donation option in driving licenses. In the initial study, people had to indicate if they wanted to be part of the donor program, and donor rates were low. Instead, when people had to opt-out of the program, donor rates increased. This extra, almost minimal, step had a lot of impact on the outcome.
Another example was a study of people who purchased a lottery ticket, and the majority refused to sell the ticket at a higher price (even when they could have purchased 4 or more tickets of the same face value).
I think a startup can utilize these concepts to create and retain customers, for appropriate pricing, and overall business model. For example:
Manage customer subscriptions. Customer are subscribed until expressed otherwise.
Auction-based models, such as eBay.
Gamification.
I also think that the idea of behavioral economics helps us realize that our potential customers can behave irrationally, and for this reason we should put some effort into understanding what they value. For example, a conjoint analysis could help us evaluate the product attributes from a monetary point of view, thus understanding their final willingness to pay.
Here is more information about a conjoint analysis.
Question:
Have you thought about how you will approach pricing for your produc/service?
Other than pricing, have you thought about other practices for customer acquisition or retention?
Answers must be 50-75 words
Student #3:
Escape Corporate: How to Smoothly Transition from Employee to Entrepreneur
key idea:
Picking target market that you like and has money, going networking, asking their biggest chanllenge is right now.
Trying to solve the problem yourself and they would pay you.
Delivering solution yourself or tea, with someone else.
Suprise:
Coming up with a great business idea and following step by step process. During this step you could just start a smart goal.
Maybe a smart goal is just a small goal but is the most fitness one for the business.
Question:
How to transfer the idea to reality that is launching fast and do not afarid to fail?
You must convintion in your own ideas that could success?
Answers must be 50-75 words
Student #4:
One of the first challenges entrepreneurs face is pricing. Many times, this is learned by trial and error after going through many formulas, benchmarks, suggestions, etc. but there are ways for a business owner to price appropriately. The presenter gave the following framework to approach the pricing task methodically:
Step 1: Change the client’s perception of you by presenting yourself professionally. You should be able to present and defend your price effectively.
Step 2: Put your value into practice by modeling, creating and communicate your pricing tailored to the customer. Deliver value based on what they want and show them which of their problems you are going to solve.
Step 3: Course correction. Keep track of the things that went wrong, record customer’s feedback and try to improve next time. Pay special attention to the most common objections and address the issue properly.
She also mentioned that you should forget about what your competition is doing and focus on tracking costs that will make the biggest difference. Other key element is to develop a Unique Selling Proposition that resonates with your audience. It is crucial that you identify with your clients to leverage word-of-mouth. Another very good idea would be to find influencers.
Question:
It seemed to me she is suggesting is a conjoint analysis. How can a startup in their early stages fund or survey enough potential customers to obtain their feedback regarding price.
Pricing is a bigger issue when your product has substitutes. However, what do you do if you are a true monopoly with a clearly differentiated product
Answers must be 50-75 words
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