Team:Cornell NY/Entrepreneurship
Entrepreneurship
Our Innovative Business Plan
Introduction
In order to bring our product closer to the real world, we developed our project with entrepreneurship in mind and envisioned Legendairy as a startup company that can provide effective bovine mastitis solutions to dairy farmers. We engaged with the Cornell Entrepreneurship community for guidance in creating a profitable business model for our products. We have created a clear plan to bring bacteriocin treatments, our novel milking shell designs, and our mobile application to market.
Business Plan
We took our product and demonstrated a possible business application by developing a clear business plan. We performed market, financial, and industry analyses to gain a better understand on how our products can be introduced into the market as a sustainable business. We are in the process of revision with Cornell professors who specialize in entrepreneurship. After further revision and development of our product, we will present it to potential investors.
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Market Analysis
We wrote a market analysis in order to assess whether Legendairy can provide a better option for farmers in the prevention of mastitis. We found that though our product is more expensive than a vaccine, it serves a different purpose and does more for prevention. Our product remains below the price of treatment through antibiotics and the resultant milk loss costs when a cow does contract an infection. This analysis proved that there is a need and desire for our product in the marketplace.
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4-H Career Exploration
During the summer, members of Cornell iGEM had the opportunity of leading four career workshops for approximately 50 students in 7th and 8th grade. We decided to make entrepreneurship our overarching theme and introduce the idea making a synthetic biology product into a marketable business. Students came up with impressive novel ideas and incorporated entrepreneurship through developing elevator pitches for their products and marketing strategies.
Cornell Center for Technology Licensing
We meet with the Cornell Center for Technology Licensing (CTL) to discuss potential business and patenting opportunities for our project. We gained critical insight on how to proceed with the development of our project to have the best business prospects, as well and understand how to create a patentable and viable product. Their advice will help us finish our project in the most effective manner and move forward with our market analysis and business plan.
