For the team at ElectroKite to effectively launch their new company.
November 1, 2016
First, coming from engineering backgrounds, our team was extremely enamored with the idea of collaborating with NASA and the prospect of creating a novel technology that can solve some of the world’s most challenging problems. However, the most sobering lesson we learned through this competition is that often times, the technology itself is the least important part of creating a venture. After speaking to real customers, we realized that although we defined a high level market, the need of each customer vary greatly. It seemed almost naive to think that we can make a product that can serve everyone, thus forcing our team to rethink our final market.
Secondly, the webinar series offered by CAI was extremely helpful. Since most of our team’s skill set focused on technical details, financial modeling, marketing and sales planning were truly challenging. Luckily, the webinar series acted as a good guide for our team, we were able to quickly grasp and logically synthesize a detailed framework to formulate these models. This also served as a major experiential learning milestone in the sense that some of us had never done such planning before.
Lastly, this competition served as a wonderful platform for us to build such an amazing team. Without the Space Race, our group of like minded individuals with the same goals of combating climate change would have never had a chance to collaborate in this way. This allowed us to put our academic and industry skills to real use, and more importantly allowed us to learn even more from one another.
The Center for Advancing Innovation