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Field Experience

Fascinated with the concept of entrepreneurship, I attended VEF Momentum Connect: Entrepreneurial War Stories, representing the UBC publication Global Ink. Dr. Ali Tehrani, the speaker at the event, is the President and CEO of Zymeworks- a Vancouver based biotechnology company which has recently landed a multimillion dollar deal with Merk.

Dr. Tehrani talked about his trials and tribulations in finding and negotiating with investors and potential partners to start his business. During the talk he offered a few golden nuggets of advice (each of course, supported by a hilarious anecdote):

  • When establishing a relationship with someone, do it in person- it reflects poorly if all interaction is done via email
  • First impressions last a lifetime
  • Be open to new ideas- don’t be defensive
  • Passion must fuel your goal, or no one will be passionate about your goal

He was a confident and witty speaker, and while I won’t say he was inspirational, he was definitely charsimatic.

Another point I would like to note about the event, was the networking opportunities afforded. As my first time networking outside of Sauder, I was extremely nervous. One particularly amusing trend I found, was the way some would tactfully excuse themselves, after realizing I was completely useless in terms of helping them find jobs.  On the whole, however it was an enlightening experience.

In the weeks to come, I have been appointed by my club, to go “sponsor hunting”. I will have to approach businesses such as Coast Capital, develop relationships, organize face- to- face meetings and present advertising opportunities, all of course, armed with the arsenal of tools I have picked up in Comm 101.

END OF COMM 101 BLOGS!

Sources:

http://vancouverenterpriseforum.camp9.org/widget/Default.aspx?pageId=247904&eventId=401576&EventViewMode=EventDetails&fb_source=message

http://www.ibclub.ca/global-ink/

http://www.vancouversun.com/business/Lead+Canadian+biotech+spokesman+lauds+deal+between+Zymeworks+Merck/5347282/story.html

 

 

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Covered Green

Greenwashing is, as defined by Greenpeace "the act of misleading consumers regarding the environmental practices of a company or the environmental benefits of a product or service".

There is a  fine line between social enterprises and those businesses that  just slap on a false sustainability label on to their products. During various lectures in Comm 101, we have discussed on several occasions the importance of ethics, and most recently, the impact of social enterprises and social entrepreneurs.In the external blog site “The Unsuitablog- Exposing Ethical Hypocrites Everywhere!” Keith Farnish writes a post on “How To Spot Greenwash“.

This blog post brought my attention to the concept of Greenwashing and piqued my interest, as during the course of the year, I have observed instances where companies hide under thebanner of some cause in order to appeal to consumers (see breast cancer pink in Bottled Profit).

Keith Farnish mentions some key points in identifying the act of Greenwashing, such as questioning poor scientific claims and looking out for buzzwords such as “clean technology” and “all natural” which often indicate vagueness. Not that I wholly condemn those who do use greenwashing- at least not as much as the Keith Farnish does (the goal of his post is “to make greenwashing as socially unacceptable as consuming hard drugs in front of your grandmother.”) At times, companies that greenwash, do make a positive impact, albeit not as huge as they advertise it to be.

The Unsuitablog, as a whole is an interesting read, as it increases awareness and brings light to hypocritical business and their techniques.

 

Sources:

http://thesietch.org/mysietch/keith/2008/04/10/how-to-spot-greenwash/

http://stopgreenwash.org/

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Glorifying Jobs

Steve Jobs depicted as Moses holding the Ten Commandments "Tablet"

It has been over a month since Steve Jobs’ death, and while many of my classmates have put in their two cents regarding his death, hailing him a hero and a prophet of the technological generation, Joanna Zhu chose a different tact in viewing Steve Jobs’  death in her post “Cult Fanaticism for a Technocrat”. She questions the devout following that Steve Jobs’ has cultivated over his lifetime and (in her opinion) the overreaction to his death.

And indeed why did his death have such a major impact on people? What did he do for the Apple brand name that justifies such cries of despair? What makes him great leader?

Whoever you are, you have at least some basic knowledge of Steve Jobs. Or you’ve heard him talk. Since his death, I have been ambushed by an influx of Steve Jobs information- all positive of course, as no one likes to talk ill of the dead. But Joanna makes some good points- he was no Mother Teresa. In fact in watching various documentaries (and Pirates of Silicon Valley), I found that Jobs has been involved in some scandals- namely he has been accused of stealing from Xerox

Steve Jobs was an innovative entrepreneur. As CEO helped pull out a dying corporation from the dust making it into the 24 billion company it is today. A company which has ranked first among the 20 Most Admired Companies by Fortune magazine. However placing him on God-like pedestal? I’m afraid I’m going to have to agree with Joanna in saying that it’s a bit much.

 

Sources:

https://blogs.ubc.ca/contemporarynostalgia/2011/10/08/oct-6-2011-cult-fanaticism-for-a-technocrat/

http://money.cnn.com/galleries/2008/fortune/0802/gallery.mostadmired_top20.fortune/index.html

http://news.cnet.com/8301-13579_3-20124720-37/jonathan-ive-steve-jobs-stole-my-ideas/

https://www.youtube.com/watch?v=lEyrivrjAuU

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Flipkart- An Entrepreunerial Success Story

Flipkart has managed to zoom towards success in a short period of 4 years

Sachin Bansal and Binny Bansal were both employees of Amazon.com, when in 2007, they left the multinational e-commerce company to start their own. Flipkart is now the biggest online bookstore in India and is still expanding, working to go beyond just books and start operating as a major player in the e-commerce market.

According to QuickMBA’s article, a company which exhibits entrepreneurship must place an emphasis on innovation, create substantial wealth quickly and take risks. By this definition, these two men are the epitome of entrepreneurs- what with Flipkart’s quick rise to success in amassing wealth, not to mention the risk these two young men took in quitting a reputable firm.

How did they do it?

Flipkart has managed to hone in on the upward trend of online buying in India, making customer service their key goal.  The real key to their success, however, lies in their innovative supply chain which efficiently operates with the local book dealers and  postal services in the country. This has helped them to cut costs, thereby allowing them to provide an excellent online shopping experience.

Binny Bansal said: “We found that e-commerce hadn’t taken off in India because no one had done it properly. Everything was wrong from the websites’ usability to product delivery.” They identified a major gap in the e-commerce market in India and they worked to fill it.

Sources:

http://www.flipkart.com/about-us

http://www.quickmba.com/entre/definition/

http://articles.economictimes.indiatimes.com/2011-09-09/news/30135779_1_flipkart-internet-users-sachin-bansal

www.youthkiawaaz.com/2010/06/top-10-entrepreneurs-of-2010/

 

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Taking a step back from “Innovation”

Companies today must be aware of the increasing potential for technology in every facet of their business- whether it be internal management, accounting or marketing. QR codes have emerged as an important tool in a ‘marketing team’s arsenal’.

Thus the Home Shopping Network (HSN), has attempted to feature first ever on-air QR codes as a part of a three day experiment. This move involved broadcasting hundreds of products each with their own QR code, allowing viewers at home to scan their TV screen, access information about the product and have the ability to purchase the product from the comfort of their own homes. Being the first retailers to incorporate QR codes, HSN has definitely taken a giant step forward in innovative thinking, but has this seemingly brilliant move paid off?

In short, the answer is no.

HSN’s three day TV special has ended, with not very satisfactory results. Although HSN was correct when doing market research, that a majority of people use their phones/notebooks while watching TV, they failed to comprehend their viewers’ comprehension of using QR codes. A majority of HSN’s viewers are women aged from 30-40, a consumer group which, although aware of the concept of QR codes, are not adept in using their smart phones to access the information linked to QR codes.

In addition to this hurdle, I would imagine many viewers being frustrated in scanning a TV. Its all very well and good to scanning stationary items, but scanning something which constantly changes is another matter entirely.

Sources:

http://www.marketwatch.com/story/hsns-innovation-weekend-features-first-ever-on-air-retail-qr-codes-world-launches-of-top-brands-2011-10-07

http://www.forbes.com/sites/lydiadishman/2011/10/10/why-hsns-qr-code-experiment-wont-sell-more-products/

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BP is back in action

In response to Han Dong’s ethics post titled “Report blames poor management decisions by BP, others for oil spill” , I would like to address recent developments and approach the issue from a marketing perspective.

A year has past since the catastrophic oil spill in the Gulf of Mexico, and since then BP has attempted to rebuild its carefully constructed image as a company taking major strides towards sustainability. In the past BP has prided itself on its innovation in “riding the green wave”, but the oil spill nearly completely destroyed this image of their brand overnight. BP has however, managed to crawl out of this public relations nightmare and on October 21 2011, the federal government granted BP to continue drilling in the Gulf of Mexico.

In an age where the public is becomingly increasingly conscious about environmental issues, BP is literally treading dangerous waters in its attempt to continue drilling and the decision to allow this activity has been met with outcry from victims of the disaster.

Still in terms of public relations bungles, BP seems to be recovering. In fact  Netflix (where its decision to implement Qwikster caused stock prices to drop drastically) fared comparatively worse.

Although “green” still permeates people’s minds, and infractions on the environment can impact a company hard, BP is recovering- albeit slowly.

Sources:

Green to gold : how smart companies use environmental strategy to innovate, create value, and build competitive advantage. D.C. Esty and A.S. Winston. Yale University Press, 2006

http://www.nytimes.com/2011/10/22/business/energy-environment/bp-plan-for-gulf-drilling-is-approved.html?_r=1&scp=4&sq=bp&st=Search

http://www.theatlantic.com/technology/archive/2011/10/netflixs-missteps-or-bps-gulf-oil-spill-which-was-worse-for-stock-prices/247332/

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