Written by: Nitah Onsongo
July 28, 2015
The 5th week marked a big progress as we completed covering the 24steps of starting a successful business. It was the toughest week having introduced unit economics of business to our students who are very technical and less business oriented. We covered Life Time Value (LTV) of an acquired customer, Mapping Sales Strategy, Cost of Customer Acquisition (COCA), Key assumptions, Minimum Viable Product and finally Financials. This content was new to the students and wasn't as easy as the previous steps.
This created a good platform for a guest lecture on Digital Marketing. Dinesh the co-founder and Managing Director of ReapDigital came in on Tuesday and did an amazingly comprehensive lecture on Digital Marketing. He introduced new tools like Google Analytics that students weren't aware of. He pushed the students to think about their marketing strategies especially in this current tech savvy world.
Thursday onwards, we shifted our focus to pitching, prototyping and business plans. We would give them 5minutes and when the time was up,the team would be cut off. The teams would then get feedback both content wise and public speaking wise from the instructors and would consequently be expected to implement it by the next day. This was solely aimed at rehearsing for a pitching session to the sponsoring companies' CEOs and Saman (MIT Computer Science Professor) the following Monday.
The week ended with a social event on Sunday at Fort Cafè in Colombo which was attended by the students, instructors, successful GSL alums, MIT Professor Saman and other key people from the Sri Lanka ecosystem. It was a good chance for the students to get to network and talk to already successful people for insights and advice. The founders to 4-axis solutions, Enhanzer and Extrogene who are successful GSL alums were good inspirational models to the students. It was also great getting to interact informally with our students. What a good ending with the 5th week it was!