My MBA is coming to a close. Looking back through my Sloan blog posts; I reflected on the evolution of my MBA studies. I started focusing on vehicles and clean energy, and shifted to photography and film. All the while, I have taken advantage of the resources of MIT beyond the business school and remained focused on entrepreneurship. And in the end, I have reached my goal... I'm starting a company.
In my final semester, I aligned all of my efforts at starting a new venture. I registered for a course in the MediaLab called Imaging Ventures, which gave me the structure to develop a new product. The product that I worked on enables filmmakers to move a video camera with fluid rolling motion. I was able to have the product, dubbed CineSkatesTM, rapid prototyped in the MIT student machine shop, and it is exciting to see the fully functional prototype working better than any competing product. Oh yeah... it is now patent pending!
To verify the market demand for the product, I worked with a team of my classmates in my Pricing course to create a survey and analyze the results. We were able to clarify the pricing structure for the initial product line, and we quickly realized that the likelihood that we would be able to generate enough revenue to justify production was remarkably high.
Sloan Prof. Pat Bentley was kind enough to work with me in an independent study to help me strategically think through the creation of the new business. She helped me craft the vision for a company, which is to develop camera gear that combines the power to captivate with the luxury of portability. Prof. Bentley’s feedback was also critical to help me make sure I have been focusing on the most important elements of launching a new business.
The last class on my final course list was Entrepreneurial Finance, and it enabled me to understand the valuation of young companies and the ideal financing mechanisms to help them succeed… information that will undoubtedly be beneficial in the near future.
Last week I pitched my new company for the first time to my colleagues at the MediaLab, and the reaction was overwhelmingly encouraging. Now, I’m moving forward to launch the company… CineticsTM!
The last thing I would like to share is our funny video that we created for the Sloan Follies show last week. We filmed it during our Global Entrepreneurship Lab course in Vietnam and Cambodia. Hope you enjoy it...
It has been amazing having access to the resources of MIT while starting CineticsTM, and even better to have the support of the community. Thanks for reading about my journey at MIT Sloan!
- Justin
