Looking back at the previous year, I have learned a lot about Entrepreneurship through participating in a series of events hosted by the QUT Foundry. In this post, I’m going to share what I’ve learnt about entrepreneurship, my experience so far, the process and delivering a pitch; but first, let’s talk about what entrepreneurship really is.
Entrepreneurship is the process of transforming your idea into a sustainable and profitable business. The idea could be a solution to an existing social problem or a brand new product that could change our lives and society for the better. If you already have developed an idea, you are off to a great start.
My first experience with QUT foundry started in the middle of last year when I received an email from QUT International Student Services. It was a startup competition invitation, indicating that there would be a three-month-long competition starting from semester 2. I thought it would be a good opportunity for me to put to the test what I had learned from uni into practice.
After submitting my application, I was allocated to a team of four people to prepare for the competition. My teammates were from Australia and we discovered what our different strengths were in the team, then we caught up weekly to exchange thoughts and contacting our mentor monthly to seek professional advice.
Three months later, we made it to the final pitch, which was presented in front of the QUT Business School Executive Dean, alumni, and the President of The Big Issue. Although we didn’t win, it was a great learning experience.
To sum up what I’ve learned from this experience was, success comes from a good proposal and a great prototype. Other things you will need to consider are your team, plan, budget, and presentation.
Creating your team
With your great idea in mind, it’s time to start looking for allies! The reason why you need to find like-mind people is that teamwork is always the best way to achieve your goals. Most of the time, if you create a team with like-minded people that all have different skills, the easier it is for you to achieve success.
Before moving to the next step, here are the things you need to prepare:-
- Develop a project plan
- How much money do you require – do a budget
- Create your presentation – your sales pitch
When you have made all this work, you can move to the next step.
Finding investors and creating your sales pitch
Investors are those that believe in your idea and are willing to invest their money to make your dream a reality. They can be industry experts in their field, and they are keen to hear about new ideas that are well researched and prepared.
Once you successfully connected with a company, you and your team will be asked to do a 10 to 15 minutes presentation, a ‘Pitch’. If the pitch is successful, they will start investing in your project and idea very soon!
If you need help with the above process, you can get support from the QUT Foundry. They are located on both QUT campuses, on the second floor of B Block, Gardens Point Campus or on the second level of Kelvin Grove campus library.