Your Exit Strategy

 Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?

• I would stay with my company Sleep Belt, until I have made enough money to start a new venture. I would eventually sell it to a larger company or investor for a large return, while maintaining a role in the business that would enable me to earn royalties for years to come.   

Why have you selected this particular exit strategy?

• I selecting this particular strategy because while I would be thrilled to make a lot of money off of one idea, I prefer having the ability to create new ideas, without having to worry about continuing work on old ones. Also, while this idea is one I would like to see work out, I am not fully interested or passionate about it as I am other potential concepts. 

How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?

• My exit strategy has influenced my decisions to work heavily with other businesses, market my product to other businesses, and plan to possibly acquire investors. Because I do not plan to keep the company forever, working with potential businesses who might purchase my company in the future, is great for showing them the potential profit to be made by doing so. I also hope to grow as much as possible, but wouldn't be discouraged by a peak in growth, because I do not plan on maintaining the business for a long time. I simply look to profit in the short term enough to pursue another idea, next time with more financial capital. 

Reading Reflection No.3

Thinking, Fast and Slow: Daniel Kahneman

1) What was the general theme or argument of the book?

The general theme of the book is the idea that when it comes to persuasion in marketing, there are two ways to appeal to people. These basic modes of thinking which can be appealed to are people's reason and/or intuition. Intuitive thinking is the thinking we do that is fast, based on emotion, and automatic, whereas rational thinking is slow, deliberate, and systematic thought. Kahneman says that the problem with marketing is that it tries to appeal to rational thinking and not intuitive, when most consumers actually use intuitive thinking to judge whether or not they will buy something. Therefore there is an opportunity to focus more on intuitive thinking in marketing, however, to do this, one must first understand the social, cognitive, and emotional factors that coincide our intuitive thought. This book covers the biases of our intuition, or assumptions that we make. Kahneman calls these assumptions heuristics, which are important to understand when it comes to marketing. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

This book connected in some ways to ENT3003, but even more so to a psychology or marketing class. In this class we learned and worked on mainly who we were marketing our products to. We interviewed potential customers and explained our product/idea, and determined what customers were looking for when purchasing, what they thought could be improved, etc. This book did however, enhance what we learned about marketing, by going more specifically into the way customers think when they look to buy products, and what heuristics and biases intervene when we make that decision. Also, a focus on interviewing potential customers was closely tied to the idea that in this book that, in order to market properly it is important to know what your customers are thinking and how they come to think that way.

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

Off of the ideas presented in this book, I would design an exercise were students would have to design a market strategy for their target market of choice. It wouldn't have to be very complex; mainly they would have to decide what sources they will use for marketing (Social media, television, etc.), how they will appeal to the market in this advertisement/ marketing strategy, and then after create a hypothetical advertising message. After doing this, students must interview 3 potential customers and present them the marketing idea/message, and ask if the marketing appeals to the person, and if not what would.   

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The biggest surprise to me was the importance of appealing to customers intuition rather than their reason. This is the mistake that the book believes people make when it comes to marketing. When I read this concept, I thought really hard on what exactly I think of when I decide to purchase something. I realized that I do in fact, tend to mainly decide based on my emotions. If I feel like its a good decision, I will follow through and buy the product. I also tend to purchase or lean toward specific brands, and never really considered the affect branding had while I shopped. Both of these are considered to be formed from intuitive thinking. I expected most of my purchasing decisions to have been made by rational thinking, but this is not the case. This concept has made me think very differently about why I should buy something, and also what a products marketing appeals to when I see it. 

Celebrating Failure

• Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time. 
• My brother and I have enjoyed playing ping pong since we were 8 years old. Hes much better than I am, but I'm trying to improve. I never really played properly all my life, I just would play for fun and hit the ball in ways I thought were cool. Last semester he practiced at the ping pong club in UF. He got much better, to the point that I cant really beat him, so recently I've been trying to learn how to serve properly. The first day of practicing, he taught me the basic body motion and how to put spin on the ball, and so I began practicing. I repeated the movements over and over and tried so many times to get it right, but each time I either hit it too hard, or didn't put any spin. In my brothers eyes, I failed over and over. I also new I was failing because it didn't feel right to me. It was pretty frustrating. After practicing a few hours a week and still failing to get it right, I just gave up and continued to play how I would before. One day I will get use to it, but it may take a lot more practice.
• Tell us what you learned from it.
• From this experience, I learned that it is sometimes very frustrating to fail, but that anything can be accomplished with enough repetition and practice. 
• I also learned that something that might seem fairly straightforward for one person, can be a difficult challenge for another. 
• Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were just a few months ago?
• I think failure can sometimes be pretty overwhelming, if not accompanied with a positive mentality. Failure can be embarrassing, annoying, and at first seems like a sign to just give up. Personally when I fail at something, whether it is learning how to serve in ping-pong, or doing poorly on an exam for school, I get frustrated. Once my mind is clear, which happens not too long after, I tend to think hard on what I could've done differently. While this sometimes makes me feel like I've let myself down, I also realize how I could avoid making the same mistakes in the future. 
• This class has made me more understanding of the fact that failure isn't loss, but instead a reason to improve, or change the way I approach a situation. Each assignment came with a chance for improvement and helpful critique and feedback, which is something that is not all classes provide opportunities for. I feel that when it comes to approaching success, I am more open minded and likely to take risks, even if that means failing over and over. 

What's Next?

What I Think Is Next: 
I think that the next thing for Sleep Belts is to manufacture and test a prototype of the design. Without having an actual physical product, it is impossible to determine whether or not it is even feasible to continue the idea. The seat belt would need to undergo crash tests for safety, comfort tests, and ease of installation tests just to name a few. The design I have in mind may work, but it is unlikely and would need to be tweaked as necessary. While finding a new market can lead to success, with a physical product that needs to pass safety regulations and varying state laws, testing a prototype is the most important step, that cannot be overlooked or skipped.
Existing Market Interviews:

1. First I interview my friend Renan. He is a college student attending Santa Fe College, along with his brother. He also works part time at a car dealership. Their family lives in Miami so they travels down occasionally and alternate drivers for the roughly 5 hour trip. After providing him with basic details of what my product is and how it works,as well as where I am in the design process. I then asked him what he thinks is next for a venture like mine. He laughed, and then said, that he doesn't think it will be possible to get it approved by law. I then asked him what I should do to get to that point, and hes said that I would have to build a model of the belt and test it, and release results to the media and state vehicle legislation.  I also asked who he believes would be a good market to look towards next, if my product were to be further in development. He said that selling to car manufacturer or aftermarket seatbelt supplier might be easier then selling directly to consumers, because it would mean I could target specif companies, and then if I convince them to sell my product, could avoid marketing to consumers, which is more expensive. 
2. In an interview with another student, Daniel, I asked what he thought was next for my business. He said that in order to begin marketing the product, I would have to prove to the target markets, and the industry, that it works, that it is safe, etc. He couldn't really provide any more insight, because he said without a testable product, my idea is just an idea. While its not an optimistic way to see things, it is certainly a very true statement.
3. Lastly I interviewed my brother, who does fall into my target market, similar to myself. I asked him what would be next for my business. He believes that it will be impossible to get approved by state safety regulations without testing and financial assets, but that this would be the next step. He also brought up the fact that creating a prototype and testing it in proper conditions is going to be very costly for someone of my financial position, and so even before doing this, the first step would be to raise funds to continue the project. 

Reflection:

• After talking to these people who fall into my existing market, I am more confident that my next step, while very difficult and time consuming, is also straightforward. All three believe that it is impossible to create and market my product without first creating a prototype, conducting tests and getting it approved by safety regulations. That is the future of my product, if I chose to pursue it further.
• In my first interview, I also became more inclined towards new possible market to target, which is seat belt and car part retailers. I had thought of this myself during the Growing Your Social Capital assignment, but was leaning more towards marketing to a new group of consumers. There are, however, many benefits to having a B2B relationship/market that outweigh the profits from entering a new consumer market. 
• The second interview confirmed my own beliefs that without a product, all I have is an idea.
• In my third interview I thought of the future in a whole new light; that is the darkness that is the future of my idea without financial capital. 

New Market:

My new market is aftermarket seatbelt suppliers. This is a very different market, as interactions are business to business rather than business to consumer. The fact is that if I sell to a possible retailer of products similar to mine, I can displace some of the workload to another party. While this will decrease my own personal profits, it will make success a more likely outcome in the long run. For this market to even be considered as a possibility, I already know my product has to be more established, and that they will only hear from me if I have a prototype that has been tested and proven to work. If I were to market my product in this way, it would provide value to these businesses in the form of new revenue.

New Market Interviews:

1. I again emailed Seat Belt solutions, the company I spoke to in the assignment on social capital. This time I asked specifically, with an idea in mind, how my business would be helped by working with them. They said first and foremost, that in order for a seatbelt design to be sold, it must past a series of tests including, of course, crash tests. To work with them, I would need to either manufacture the product myself and sell it to them, or sell the design to them for manufacturing. These options, of course, would only come after being approved by the state of Florida safety regulations, and if there is proof of possibility profit to be made from the idea. If All of this were to work out, working with aftermarket seatbelt retailers such as them, would help my business grow, and leverage some of the work required to be successful. 
2. In this interview, I visited the car dealership that my friend Renan works at. His dad is one of the managers at the dealership, so I interviewed him. I explained what my concept was, and where I was in the development process. I then asked how it would help both our businesses if I were to work with them, and also what I would have to do next to eventually reach that point. He said that I would need to have a already marketable product, that has been tested and approved, and has made a profit. He told me that his business, in relation to mine would basically be an investor. I would provide them with part of my business, in exchange for their experience and marketing/ sales service. They would be profiting off of my concept, and I would get a part of the each sale. 

Reflection: 

• I learned that this new market, while being a customer, is more specifically an investor. They would need to profit off of being part of my market, and so I would in turn, receive less personal profit, but have experience and another partner working towards the goal of selling my product. I knew going in that these businesses would require the product to be already developed, tested and approved, and these assumptions were correct. One thing that surprised me was the benefits I would receive from working with other businesses. They would be helping establish marketing for my product, and of course taking a majority of the profits from sales, because they are doing much more work than myself. It sounds bad, but for someone who has no financial assets to get going, it is probably a good idea.
• This new market is very different from my existing market. Because it is a B2B market, it is more of an investor relationship, whereas selling to consumers directly is not. it appears more attractive simply because it will help my product reach the shelves quicker and easier. 

Venture Concept No.1 (The Sleep Belt)

• Opportunity 
• Many people, myself included, travel on long road trips pretty frequently in their life. Those who travel as a passenger, not a driver, may occasionally have the urge to lie down in the back seat to either take a nap, or stretch their legs out, etc. 
• People with certain medical conditions can find sitting difficult, and so traveling can prove to be very difficult if not impossible without going through special modes of transportation.
• My product is designed specifically for larger vehicles, with a row in the back seat, rather than individual seats, and with no tray/cup holder, etc. application in the middle of the seat. While this limits my potential market, I still believe that a substantial portion of vehicle owners in most of the world do have a car that would be suitable for my product.
• As of 2009, it is a state law in all US states except New Hampshire, for motor vehicle passengers to be wearing a seat belt. Circumventing the law and trying to wrap your seatbelt around you, while somewhat uncomfortable, is also a reason to be charged, for wearing a seatbelt improperly.
• Motor vehicle crashes are the leading cause of death for people ages 1-54. Most crash-related deaths occur to the passenger of the vehicle. Seat belt use is one of the most effective ways to save lives and reduce injury in the event of a crash.
• Currently, passengers who sit in the front passenger seat of a vehicle, would not have the need to use my product, because they can solve the problem of lying down by simply reclining their seat. This tends to be a solution for such passengers.
• Innovation
• My product is a solution for a rather obscure need. It is a need for some people, but it could also be seen a luxury item for others.
• My product is a seatbelt attachment, and not a replacement for the standard seatbelt. It does however, disable standard seatbelt use while it is attached, and is meant for the back seat of a vehicle, for one passenger. It has two latches on opposite ends of the car that lock onto the standard seat belts, utilizing the locking mechanism that exists with a normal seatbelt. These are also adjustable. The locks are attached to straps that come down towards the seat, which effectively are what will wrap around a person. About halfway down the strap there is a junction, where the belt extends from one side of the car to the other, creating what I can only describe as field goal or U shape. This belt connects the two sides of the attachment. It also has two belts extending inwards, that wrap over and under a person towards the underside of the attachment, where it buckles. Then, the attachment is composed of a fabric material that is thick, but also soft. It acts as a cushion, and wraps from the junction, to the underside of the belt. Towards the middle on the underside of the fabric there is a component that contains two seatbelt tongues. It is adjustable, and locks into both standard seatbelt buckles on opposite seats. 
• The product only works with standard seat belt features, and so in that regard, it is fairly limited. While it is adjustable for different lengths, it will only be applicable in a car or RV that has comparable standard features.
• What I am selling is the one-piece attachment. It is going to sell for $150, and will be sold online through an individual website, as well as through other online retailers. It will also be sold in aftermarket car part shops, and specifically, aftermarket seatbelt retailers.
• Venture Concept
• My innovation is designed to solve the need of people to lie down in the backseat of a vehicle while traveling, but to do so safely, legally, and comfortably.
• Current similar products are limited to harnesses for young children, and medical harnesses for use in medical transport specifically. None of these can do what my product does, to allow any person (limited by certain physical features and vehicle size), to lie down in the back seat of a vehicle safely, legally, and comfortably.
• There are multiple aftermarket seatbelt manufacturers, but I wouldn't consider them competitors simply because they do not provide a product that does what mine will do.
• Packaging is not very important because the product will be purchased for its ability to solve a need or serve a purpose, not for its image. 
• Customer support is extremely important to me, and so it will be a high priority when it comes to defining my business.
• "Secret Sauce": My business's most valuable resource will be customers curiosity towards a unique and relatively unheard-of idea. Because my product will be the first of its kind, its name will be what people think of first when they feel the need to find a solution to the problem. This will give me an advantage over competitors who make comparable products once mine is established. 
• Whats Next?: Now that I have the idea for my product, and a general understanding of who I will be selling to, and the possible market I could be successful in, actually manufacturing a prototype would come next. I have a basic vision for the design of the product and, will have to test and improve on it over time to get it right. 
• For Me: Like all entrepreneurs, I want to be successful. Not necessarily financially, but seeing through an idea to a point I am satisfied with. In the next five years, I hope to come up with an idea that inspires me, and in ten years I hope to have succeeded in making an idea reality. This first venture is a starting point for me, and although it is nowhere near perfect, or even possible for that matter, it is a step in the right direction. 

Your Venture's Unfair Advantage

1. Unique Venture/Idea: I think that my idea is something people have thought of, but just didn't think it would be worth the time. There are currently no widely available seat belts for a passenger to lay down with.
• Valuable: This gives me an advantage because when people see the product, they will be curious due to its uniqueness.
• Rare: I'm sure people have thought of similar ideas before, and just because there are no similar products for sale doesn't mean it can't be successful. 
• Inimitable: My product is unique today, but if it were to be successful, it would be fairly easy to copy by a more established company.
• Non-substitutable: The idea is very niche so there arent many things that will replace it, but there are other solutions to the problem that my idea solves.
2. Relationships with other aspiring entrepreneurs: All of my friends share my interest in creating things that are unique and innovative. 
• Valuable: Having other people around me who are following similar goals to myself is valuable as a motivator, and they can also provide ways to improve my idea.
• Rare: This resource is not necessarily rare, as it is easy to relate with other entrepreneurs as it is common for people to know at least someone who shares the desire for innovation.
• Inimitable: The relationship with my friends is not inimitable, as it is not a concrete thing. It is possible for others to share similar relationships however.
• Non-substitutable: This could be substituted by relationships with more prominent or established entrepreneurs, who would provide better advice.
3. A supporting family: This is something I think is very important. Having people who support you emotionally is a great motivator, and stress reliever. 
• Valuable: This is valuable because with no support, it is easier to give up on your goals.
• Rare: This is not specifically rare, because emotional support can come in many forms.
• Inimitable: Similar to relationships with people, this is not a concrete thing, but it is possible for others to gather support and have the support of the people around them.
• Non-substitutable: Support is not substitutable. It is what it is, although it can come from many places.
4. Related to an engineer: My grandfather was an airplane engineer/mechanic. He is knowledgeable when it come to building things by hand. 
• Valuable: This is valuable because it means I have someone who could help me establish a prototype.
• Rare: It is somewhat rare to be related to an engineer/mechanic, but it is not rare to know one.
• Inimitable: Other people could hire or find an engineer or mechanic.
• Non-substitutable: It would not be necessary to know someone with mechanical knowledge, if I was knowledgeable myself. Also, engineers can be hired by people with financial capital.
5. A end goal/outcome in mind. Because I came up with this idea based on my personal needs, if I were to develop the product, I would be able to test whether it is a success for what I want from it.
• Valuable: This is valuable because it gives me an end goal and will keep me on track towards what I want to be solved.
• Rare: Many entrepreneurs come up with ideas for problems they don't have personally, but many also share my path where they have a problem, and innovate to solve it.
• Inimitable: People with an entrepreneurial mind could fairly easily put themselves in the perspective of potential buyers, and figure at the end goal from there.
• Non-substitutable: being able to think from the perspective of potential customers is easily a great substitute for being a potential buyer yourself. 
6. Access to possible investors: I have a few friends who's families are very well off. Also the neighborhood I live in has become a more upscale neighborhood, so a lot of my neighbors are wealthy as well. 
• Valuable: Investors are very valuable to get an idea going, especially when you have no financial capital like me. 
• Rare: Investors are not rare, but possible investors that you know personally can be.
• Inimitable: It is the goal of many entrepreneurs to find investors, so it is possible to be put yourself in a similar place by talking to the right people. 
• Non-substitutable: For a startup with little to no financial capital, there is little to know replacement to what an investor can provide. And of course there is no replacement for money.
7. Niche market: The group of customers my product would be purchased by is pretty niche, and so it will be successful for that group of people.
• Valuable: Having a fairly small market is not great for sales, but does make advertising a product much simpler.
• Rare: It is not rare for a product to have a niche market.
• Inimitable: It is quite possible for people to design a product that caters to a very specific market.
• Non-substitutable: The simplicity of advertising to a niche market is replaceable by financial capital to market your product on a larger scale. 
8. I am a student at a UF
• Valuable: This is valuable because being a student, I have free access to many resources that are fairly expensive to acquire otherwise.
• Rare: There are many university students, but not all take advantage of the resources they have for being such.
• Inimitable: It is possible for anyone to copy this asset, because going to a university requires mainly some financial capital, and time.
• Non-substitutable: Access to various resources that being a student provides is of course replaceable by just purchasing the resources as an individual. 
9. I have learned a lot about entrepreneurship and the work that comes with innovation by taking this class on entrepreneurship. 
• Valuable: When it comes to entrepreneurship, everyone has to start somewhere. Taking this class has given my insight into the thought processes and work behind innovation.
• Rare: Having access to learning material is something I take for granted sometimes, but not everyone in the world has the same access, so it can be rare.
• Inimitable: It is possible for many people to go out and learn about entrepreneurship, from books, the Internet, etc.
• Non-substitutable: Where you first acquire the knowledge to innovate is highly variable. For some people it just comes to them. For other, a class can help, or a book, or a parent.
10. Freedom to innovate: This is something I don't usually think about, but here in the US, I have the freedom to learn, speak, and work as I please as long as I follow the laws of my country. This is not true for everyone.
• Valuable: This is extremely valuable, and something I take for granted. If someone lives in a country that is very strict over its citizens, innovation can be difficult and many times unrewarding.
• Rare: Many people live in places that they are free to innovate, but there are also many who don't.
• Inimitable: Copying the freedom I have as a US citizen is not possible for some people, while others it is a matter of moving.
• Non-substitutable: This freedom to innovate is not replaceable. If I did not have the freedoms I have, innovation would be very difficult if not impossible.

After doing the VRIN analysis, I think that my top resource is the freedom and ability I have to innovate. If it were not for that, nothing else would matter. While many people live in countries that provide them with such freedom, there are those who do not, and so for them, innovation is impossible. While most of the world does provide such freedoms and it is not rare, it is to me the most valuable thing to have. While laws and regulations may slow down progress, success is up to the individual.  Everything else can make achieving success easier, freedom is what makes it possible. 

Elevator Pitch No.3

Elevator Pitch

Reflection: All of the feedback on my last pitch was rather positive, which is great, however I thought of a few things I could try to improve on myself. I tried to describe the problem myself rather than just leave it up to interpretation. I also changed up some minor things that I thought were unnecessary. All of the feedback on my last pitch was great, and thank you for that. I do think I could improve a lot still even after this pitch. I was not able to memorize it because I have really terrible memory, so I am clearly reading off of my computer what I want to say. I also made no attempt really, to move around, or use nonverbal communication, because it does not come naturally to me. Both of these are things I could greatly improve on, but I think I did get to a point where I have explained what my idea generally is trying to solve.

Reading Reflection No.2

How To Fail at Almost Everything and Still Win Big : Scott Adams

1) What was the general theme or argument of the book?

The general theme of the book is the idea that there is no one right way to succeed, but that there are things everyone can do and that are important when it comes to being successful. Success is also subjective, and failure is inevitable, but doesn't prevent success. Some of the key points made by Scott Adams include the idea that passion does not lead to success, personal health both mental and physical are very important, failures are to be learned from, you can learn from anyone, not only billionaires and CEO's, knowing your talents and when to quit because something isn't working out, and the importance of humor and diet/exercise.

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?

The book connected to the ideas of human capital, and enhanced many of the ideas that you can build upon your human capital that human capital can be very important in being successful. Networking with other people is important when it comes to being successful, but Adams also believes that you don't need to know billionaires and CEO's to learn from networking. Anyone including your friends, can provide you with knowledge that you yourself did not know. Another thing that this class and the book has taught me is that passion does not lead to success. Both have also reinforced the idea that failure is inevitable, but that it is something you should learn from. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

Off of the ideas presented in this book, I would design an exercise that required you to look at yourself and note ways you could improve personally, including things like diet, exercise, and personality. You could also add to the exercise by writing times where you recall yourself being successful, and how you were able to be successful at the time. Also defining what success is to you, and even thinking of a scenario that you would like to be successful in, to then create steps and ways to improve your chances of succeeding in the given scenario.

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

Honestly, the one idea that I learned that differed most from my expectations was that passion is does not lead to success, but the opposite. This was slightly shocking to me, because all my life I have learned that if your passionate about something you will be successful at it. While it may not be true for all things, being passionate about something is not as important as I originally thought it was. I still however, believe that I would rather be successful at something that I am passionate about.

Growing Your Social Capital

Domain Expert (Technical Expert):

1. Who they are and what their background is.
• His name is Franciso Blanco. He is a airplane mechanic that worked with my grandpa at American Airlines.
2. Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• I would consider this person a domain expert. While he is an airplane mechanic, he is also well knowledgeable in call vehicle part design, and is one of the best engineers that my grandpa worked with. 
3. A description of how you found the person and contacted the person.
• I found this person through my grandpa, who worked with him once, and contacted him by telephone.
4. The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• I basically described my idea to him, and asked whether or not he thought it was feasible to design and create it. He explained that while he wouldn't be the person to help come up with the prefect design, but that  he believes it is certainly possible with the right work space and resources.
5. How will including this person in your network enhance your ability to exploit an opportunity?
• I believe that one of the biggest difficulties with my product is the design and as I am not an engineer, nor do I know anything about building something by hand, I think it is important to talk to as many people who could influence the idea as possible. Specifically, vehicle mechanics/engineers. 

Market Expert:

1. Who they are and what their background is.
• Seat Belt Solutions, is an after market seatbelt supplier located in Palm Beach county Florida.
2. Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• This company is a market expert, and is in a similar business market that I would be entering. They provide aftermarket seatbelts for a wide range of vehicles, whereas I would be producing a single seatbelt for my own purposes.
3. A description of how you found the person and contacted the person.
• To be honest, I found this company by searching seatbelt into google, and it was an auto-fill option. I have actually heard of them before, which is why I decided to have a look and try to contact them. I contacted them through email, because it would allow me to better ask my questions.
4. The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• I emailed the company and told them what my idea was and that I had no idea where to begin really when it comes to design and if it was feasible. They told me that its fairly difficult to meet the safety regulations for seatbelts, and that while my idea was good in theory, it might be difficult to pass. I also asked if my idea were to pass, would it be easier to join the market as a standalone product, or sell alongside other after market seatbelts such as through their company, and they said it would be easier to work with a company similar to theirs.
5. How will including this person in your network enhance your ability to exploit an opportunity?
• The company Seat Belt Solutions is one of multiple companies that I could theoretically sell my product to, and leave the marketing and retail to them.

Industry Supplier:

1. Who they are and what their background is.
• According to the company, GWR Safety Systems is a leading manufacturer of custom safety systems, with a focus on designing and developing seat belts and safety restraint systems for commercial and specialty vehicles. GWR is a preferred seat belt supplier to the industry, serving seat and vehicle Original Equipment Manufacturers globally. GWR also produces restraint systems for wheelchairs, child seating, construction workers, and the medical industry.
2. Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.
• The company is a OEM, or original equipment manufacturer. The are the preferred OEM for seatbelts and the largest global seat and vehicle OEM. 
3. A description of how you found the person and contacted the person.
• I found this company through the company I spoke to before, Seat Belt Solutions. They also work with OEM's, which before I had never heard of. I researched Car part OEM's, and found GWR Safety Systems.
4. The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation? 
• I also chose to email this company, because I am not a serious company myself, so it would likely be my best chance to get a decent answer. I asked them what they thought of my idea and if they had heard similar ideas in the past. I also asked how a startup could work with them as a supplier and what it would cost on average. They responding with a clear answer to my questions, saying only that they have not really worked with many startups that weren't purchasing in volume, so I could not ask for a single unit of my product. They have not manufactured any similar product as mine. They also said that the cost per hundred units varies, but for a larger custom design it would be at least 4k, a at around 40 dollars a unit. 
5. How will including this person in your network enhance your ability to exploit an opportunity?
• If I were to include this company to exploit my opportunity, I would have to raise funds to be able to afford the costs for a sample set of units. I would hope to profit off of the first 100 units, and then if my product is successful, work with them to have a full time manufacturer and wholesaler relationship. 

Finally: Reflect. This experience requires you to do a little 'targeted networking.' How will this experience shape how you participate in any future networking events? Did this experience differ from your networking experiences in the past? How?

Networking is easily the most difficult, yet most rewarding aspect of being an entrepreneur. This was my first experience ever trying to network with people who were knowledgeable and could be helpful when it comes to furthering the production of an idea. It has been informative because it showed me how difficult it can be to actually get an idea rolling, and how many options there are when it comes to finding a supplier, and then marketing my product. It also confirmed my knowledge that I am fairly ignorant when it comes to creating and producing a product.