Reflect on your feedback from Gate 3. Did you agree/disagree? How well did your team work together. What changes in assignment, working habits, etc would you make. What are next steps for your project?
With Gate 3, I think the Bug Bites team really had to look deeper within the business and the intricacies of our industry in order to understand how our financials would truly look. With financing the startup clearly being our number one priority, it was important and eye-opening to provide all the line item costs that could affect our business in the future. Although there are obvious expenses such as R&D and Salaries, small things like the Amazon Seller Subscription cost for our sales funnel were previously overlooked. This allowed to really see how expensive it can be, and adjust our budgets/projections accordingly.
Despite most of our costs regarding manufacturing and production itself, we had initially understated our other costs, in particular marketing. After talking to Gloria and receiving the needed feedback, we could see that we were drastically underspending in other necessary categories that were essential to the successful startup of our business. With Bug Bites especially, where the product is not universally known/accepted, educating the consumer is a necessary and costly process. This led us to increase our cost projections for a few categories, but mostly expanding upon marketing costs and how to efficiently increase exposure of our brand and product through social media influencers that reach our target market daily. In terms of the team working together, with the reduction of our team to only 3, morale and motivation is low. On top of the continuing time zone issues, it is essentially impossible to find a common time we can all meet, however our work and responsibilities have been successfully split up and completed. I think that although this Gate was particularly challenging given the consensus needed for important items like spending, we are close to the finish line and understand our business much better than we did before. With the adversity that we had to face by essentially working alone in different times, I think that our group also has grown more unified, since there had to be a new trust level in order for everything to be completed. Overall, I am excited for the future direction of Bug Bites and to move on to the final presentation / Gate.
For next steps, I anticipate brushing up on our final image and move to market, as well as discuss a final consensus for the financial plan moving forward. I think that for our next step in the project we will have to work together in unison, which could mean very early morning or very late nights for some our group members. Overall, I think we will find success though. I believe that we plan on resubmitting Gate 3 with some revisions to hopefully change the B grade that we got initially, but our end focus is on the final part of the project next week.