MBA Journal: Trying on the Future

"Many go to business school with entrepreneurial ambitions and attempt to launch a startup at some point after graduation. I'm no exception"

By Joshua Jian

I have now completed the first of five terms at INSEAD. So far it has been exhilarating. In addition to the curriculum, there were so many people to meet and so many events and parties to attend. My days were jammed full of things to do from the moment I woke up to the moment I stumbled into bed late at night. INSEAD is demanding, especially considering that the contents of a two-year MBA program are crammed into one. But this is what I had been craving.

This term has been mostly about getting acquainted with my classmates, coming to grips with life in France, studying for the first time in four years, and enjoying the student lifestyle. It’s also been about exploring my dream job. Many go to business school with entrepreneurial ambitions and attempt to launch a startup at some point after graduation. I’m no exception. While everything I experienced was important, the Entrepreneurship Bootcamp stood out from the rest, making me grateful I enrolled at INSEAD.

I was lucky to be among 34 students who attended the Entrepreneurship Bootcamp weekend, a workshop/competition run by startup guru Paul Kewene-Hite, an INSEAD professor with years of experience. The aim of the bootcamp was to transform our ideas into viable business models and pitch them to a panel of angel investors and venture capital firms. In real-life ventures, entrepreneurs can spend months getting ready to make a pitch. In true INSEAD style we operated at a much faster pace with only 48 hours to prepare. Despite this, many of the ideas at past bootcamps have gone on to become successful businesses.

On a Friday evening after class, we set off for bootcamp. As soon as we got there we launched into our ideas, and each person stood up to share. (We were told not to prepare any business plans beforehand, but to come with ideas and let them blossom.) Then, after some discussion, we formed teams to move our idea forward. Most of the initial proposals sounded feasible, although a few wacky ones came about, including aluminum underwear to protect the male genitalia from cell phone radiation. My teammates—David and Aliyah—and I got together to pursue an idea we had come up with earlier in the week: smart (data gathering) clothing. Noticing a gap in the market, we had a vision. We believed we had an innovative solution (one that doesn’t require customers dressing up like Power Rangers or Tron characters).

POINTERS FROM THE GURU

Guided by Paul in a step-by-step method to develop our ideas, we started with such basics as creating a mission statement, market visualization, and customer acquisition. We moved on to such advanced topics as financial projections, a development timeline, and raising capital. With each step, Paul talked about best practices, mixing in his own real-life experiences. Seeking more feedback, we also presented our work to our peers, and the ideas started evolving into workable concepts. We were able to visualize more and more how each group’s venture was going to work, as well as which issues needed to be addressed.

Passions ran high. Some truly innovative ventures were discussed, many of which had high earning potential and also could change society for the better. By Saturday night everyone was buzzing with excitement for the final pitch on Sunday afternoon. I stayed up until 3 a.m. with David and Aliyah, and we finalized our market research and financial projections.

Not everything went smoothly, and not every idea survived. One group changed its business from a tech venture to salmon farming in Mexico. (Salmon demand is increasing in Mexico, yet there are no native salmon, so they have to be imported. This creates an opportunity for domestic fish farming.)