Today’s GESS theme was refinement and validation. The teams started working on the results from the day before. Most business models had been initiated, however, many assumptions about the users, or the necessary partners were still vague. Finding partners is essential, because not all services need to be provided by the teams themselves. Furthermore many solutions rely on the infrastructure and collaboration with other stakeholders. Thus the teams are asked to do “reality-checks” on their concept. And that can be tough sometimes 😉
After lunch Mark J. Webber delivered a lecture on “How to create great business pitches”. He showed three examples of Shark Tank pitches to illustrate what works and what not. Above all, pitching is about telling a story.
Day 5 ended with the first test pitches of all teams. Rafael had provided an overview of important contents to be included in the pitch such as market size, unfair advantage, and financials before. Then the participants had 40 min to prepare their 3 min pitches. What? Some faces were saying “this is not enough time to prepare”. But they managed to do it! Again all teams received valuable feedback from other participants.
In the evening GESS organized a Mexican dinner that was sponsored by our partner SAP. Jennifer and Jose, both from SAP in Miami, attended our dinner that was hosted by Tec Business School. We had the most awesome view from the roof top of the EGADE Business School – and because of Independence Day on September 16 the participants already got their Mexican accessories such as necklaces, hair extensions, or wigs. All in the national colors, of course.