The last month at Genesis has been quite the experience, particularly when we were working on our ventures in our course. The second day we were all already working on ideas for social ventures. We all had to think of an idea and include the mission statement and our target market. There were four chosen ventures and we were split up into groups to work on them.
By the second week we had developed our idea and started pitching it to teachers, participants, and different types of entrepreneurs making us experts at pitching our company, EZstudy. We had also trimmed down our idea to a simpler form and figured out how exactly the machine would work, even though we had no technical founders or designers.
By the third week, Dave, our teacher, had decided that we were ready to approach investors, not real ones of course. We paired up with the Law course, who acted as different types of investors and we pitched our idea and we talked about how much money we needed for investment. In the end, it was the investor’s choice and EZstudy ended up winning the best deal with the investor, receiving $2.5 million, giving 4 out of 13 seats on the board and 18% of profits to the investor.
Right now, we are in the process of creating our website and continuing to pitch our idea to different people, hoping to attract the attention of anyone interested in investing in our product to launch the business. After doing some research, we now realize the demand in the market and how the U.S. already has pop-up bookstores in most schools, but since two of our co-founders are Spanish, we know that these don’t exist in Spain, making it the perfect place to launch our start-up.
We’ve learned a lot in the Social Entrepreneurship course and now have a better sense of reality when launching a business.