Michigan Tech Week 2023
WOW!
Michigan Tech Week 2023 was full of what I like to call, the three I's of entrepreneurship: Information, Innovation, and Inspiration. In this article, I'll share some of the key takeaways from the event!
Day Summaries!
Day One: The Future of Innovation
To be innovative means to create the future. In today's digital transformation, AI is revealing itself to be the future. It has the ability to break down barriers and provide opportunities that wouldn't be possible otherwise. It amplifies current processes, skillsets, knowledge, and resources, consequentially improving productivity.
Day Two: Building an Ecosystem
Much like ecosystems in nature, entrepreneurship and innovation thrive in the right environments. Building a community (environment) that encourages, supports, and sustains innovation is the foundation to a thriving ecosystem.
Day Three: Gaming and Sports Tech
There are so many opportunities for a gaming revolution in the midwest! With a vast amount of talent gaining their education here, it's time to focus on creating opportunities to keep the talent here!
Day Four: Finding Your Community
Community fuels innovation! A diverse community, whether in thoughts, perspectives, ideas, or background is key to innovative growth. Find a community that is your community.
Big Themes!
AI
Let's talk about the popular one in the room; AI. Turns out, AI has been quietly evolving for years. I had a double-take moment when speaker, James Meeks, showed articles from early 2000s referencing AI. A quick google search and turns out discussions around AI have gone on long before the 2000s!
AI has been advancing in the background for some time, so where is it now? AI is in an exploratory state, with seemingly boundless opportunities. It's primary potential seems to be in three key areas: ability to amplify current resources, remove barriers/friction, and create opportunities that previously seemed unobtainable.
I love a good analogy and speaker Chris Yeh provided a well-crafted one comparing AI to the Industrial Revolution. As the Industrial Revolution shifted Man Power -> Mechanical Power; AI is shifting Brain Power -> Computer Power.
An interesting aspect of the AI Revolution is in the startups. Many discussions share a curiosity around startups emerging as a leader in AI innovations and discoveries. Their agile nature and ability to focus offers a unique advantage compared to large corporations.
Where do you see AI heading in the next few years?
Taking the Leap
When it comes time to take the leap of entrepreneurship, there were a few pieces of advice that were reiterated throughout the week.
First, find your community! As you take the leap to becoming an entrepreneur, the community around you is an essential piece of the puzzle. These are the individuals and organizations that will share resources, connections, advice, and unwavering support to help hold you up when the new endeavor begins to feel heavy. The people who advocate for you in the rooms you're not in.
Another key piece of advice is changing your definition and perception of failure. Entrepreneurship is about the journey, and along that journey comes numerous pivots and learnings - accompanied by so-called failures. Today, I'm going to share your new definition of FAIL that someone shared with me years ago: "First Attempt In Learning." Each time an idea or prototype doesn't go to plan, you didn't fail at it you learned! Speaker Stacy Brown-Philpot shared stories of pivoting and learning with the vision of the big picture and end goal in mind. This mindset is essential to growth and success.
The third piece of advice I'll leave you with is the notion of "fail fast & iterate!" Speed is everything! In light of prioritizing speed, speaker Devon Townsend posed the questions; can we do this today? and what do we need to do this today?How fast can you learn and iterate, how fast can you learn your buyer and market, how fast can you get to market start gaining feedback, how fast can you adapt based on feedback. Speaker Chris Yeh's reference to his book Blitzscaling through the context of AI extends to all innovation pursuits, "in the pursuit of rapid growth, prioritize speed over efficiency in the face of uncertainty."
If you've taken the entrepreneurial leap, what pieces of advice do you have for aspiring entrepreneurs?
领英推荐
All Things Investors
LOVED how there were so many open conversations on funding for startups; how to find, how to connect, and how to prepare.
One topic that was important to many VCs was your team. Many referenced a weak team as a red flag. Is your team a sponge, open to feedback or a brick, resistant to growth? Do they possess a realistic understanding of the current state and potential challenges, or are they fixated on an overly optimistic future? Does your team have credibility in their knowledge and experience in subject areas? Building trust in your team is important!
Another valuable piece of advice was how to find and approach a VC. Many advised going to where the investors are and begin to build your network and relationships before you need them. You can also put your network to work in helping you find investors that align with your stage, industry, and needs.
When engaging with potential investors there are a few good questions to ask: Do they lead, follow, or both? Are they positioned in development (M&A) or research (R&D/Dev)?
Many of the conversations made sure to mention some of the specifics that VCs are looking for that often get breezed over or not included in funding conversations. Some of these include competitive landscape, evidence of traction, and your story.
A reoccurring theme was an emphasis on the difference between a credible individual versus an individual with a good idea. VCs invest in businesses, NOT ideas.
If you've gone through rounds of fundraising or have pitched to a VC, what do's and don't have you learned?
Health-Tech <> Sports-Tech
One topic I'm eager to start a discussion on is the intersection between Sports-Tech and Health-Tech. This aligns two key areas in my wheelhouse; innovations that enhance the quality of care and the world of athletics.
During the third day's panel discussion,"Making The Play," Shalanda Armstrong briefly touched on this emerging intersection in reference to enhancing training and player safety through effective recovery.
I'm looking forward to future advancements in wearable technology and evolution of data management, visualization, and it's applications in enhanced recovery and injury prevention. The potential is vast - could this data, for example, be used for real-time feedback during games to prevent on-field/court/ice injuries before they even occur? How could it help manage players health in varying climates, elevations, and time zones to enhance performance?
If you share my curiosity and excitement for exploring these possibilities, shoot me a message! Would love to explore the possibilities of this intersection!
For those in the healthcare industry and sporting industry, what potential synergies do you see for this emerging tech collaboration?
MI Ecosystem: Next Tech Hub?
Being in Michigan, how could I not touch on an the exciting initiative of becoming a tech hub!
Given Michigan's history, mobility is emerging as an area of expertise that our state could leverage in becoming one of the next tech hubs! Another is in gaming. With much of its talent pool coming from Midwest universities, how can we keep the talent here?
The mayors of Detroit, Mayor Mike Duggan, and Ann Arbor, Mayor Christopher Taylor, shared some of the key initiatives they're collaborating on to help create the launch pad for the next tech hub. Emphasizing collaboration over competition, they said by collaborating and not competing to be tech hubs, they are able to capitalize on the synergies of each others strengths and resources. This strategy seemed to centered around three core areas: placing, equity, and support.
What opportunities do you see in Michigan becoming the next tech hub?
Wrapping up
What's been described by many as a once in a lifetime transformation, the current digital transformation era, is only beginning with the possibilities seeming to be endless.
Last week's events were a prime illustration of the unfolding era, leaving me excited to see what is to come for entrepreneurs and innovators in the years to come!
Pinterest Worthy Quotes: