"The richest people in the world look for and build networks, everyone else looks for work."-- Robert T. Kiyosaki, Entrepreneur and Author
The above quote is probably enough for anyone to understand how indispensable social networking is for any good entrepreneur. It is a great way for anyone to expand their horizons and look out for new opportunities.
I personally enjoy meeting new people, making connections and exchanging experiences. Over the past two weeks, I tried to take some initiative and interact with as many people as I could. Many of these interactions have been very delightful and I have learnt things that I may not have known about without meeting those people. I would like to share the following interesting and meaningful interactions that I have had in the past two weeks -
1. 1. Magnus Andersson – UofI Researcher and Entrepreneur
On September 9th, I visited the research park on the south side of the University of Illinois campus along with my iTeam (EI-2) and. Our iFA, Scott Pickard had organized a field trip to the ‘Enterprise Works’ building. Enterprise Works was this place in the research park that helped entrepreneurs to start up companies. They provided state of the art labs and equipments and also a place to interact with other like minded entrepreneurs. From my perspective, the concept behind enterprise works seemed to be remarkable. We visited the offices of two start ups – Merge.fm and Autonomic Materials.
Magnus Andersson was one of the entrepreneurs at enterprise works. He is a Swedish researcher at the University of Illinois researching at the Beckman Institute. Magnus and his team invented ‘autonomic materials’ which are simply self healing polymers. Magnus wanted to commercialize the idea and hence started up a company called Autonomic Materials at enterprise works along with his colleagues.
Magnus took us all to his lab and explained to us the amazingly simple concept of how ‘micro capsules’ work to repair almost any material. He highlighted the irony of selling his product to paint companies rather than using it for planes, space ships, etc.
He talked about the entrepreneurial aspect of his work and the problems faced by startups. He pointed out that his company had only three main employees (Magnus was the technical marketing manager). They hired a CEO (who was previously the head of a paint company in Boston) to expand their network in the industry. Magnus said that the biggest challenge that startups face is marketing their products and that the only solution was to have a good network. The other problems he pointed out were lack of initial funding, lack of manpower, research constraints, etc.
I really liked Magnus’s insights on entrepreneurship. He handed each one of us his business card and told us that we could apply for an internship at his company (This I realized was one of the benefits of networking with him). Without visiting enterprise works and interacting with people like Magnus, I probably would have not known the possibilities of growth that existed for budding entrepreneurs.
2. 2. Cory Levy – UofI freshman and Young Entrepreneur
Since a part of this blog assignment was to take initiative and reach out to people, I decided to email Cory Levy. I came across Cory’s name in my Engineering 198 lecture. Cory is a tennis loving entrepreneur who is a freshman at the University of Illinois (and is also a part of the iEFX’s iCommunity). Cory started to network with several tennis stars from quite a young age. One of his creations was a web-based sports memorabilia store, which successfully marketed autographed tennis sports paraphernalia resulting from his relationships with many of the world’s leading tennis players.
I read Cory's blog (www.corylevy.com) and was amazed to see how much he had achieved in just a short span of time. It was almost impossible for me to believe that Cory was a freshman and not some influential business magnate. I decided Cory would be the best person to reach out to because he was of my age and could give me some valuable advice. The picture below is of the email that I sent to Cory. I spent some time on making it as concise as possible.
Cory’s responses were:
1. Q. In what way did your network and communication skills help you out in your endeavors?
->My networking and communication skills really helped me out. My network gave me confidence and provided me with valuable advice whenever needed. My network motivates me.
2. Q. How did the ideas for your start ups come about?
->Most of my ideas are simply everyday problems that I encounter. Someone smart once coined the phrase, "Every problem is an opportunity." That phrase is true. Write down the problems that you have everyday and pick one to fix!
3. Q. What do you think are the skills required to be a successful entrepreneur?
->Skills include (but are not limited to): ability to strategize, communicate, raise money, hire, and say NO.
4. Q. What are your career plans after you graduate from college?
->Either continue working for myself, join a small startup company, or work for a small venture capital firm.
Not surprisingly, Cory pointed out that network and communication skills are essential for any entrepreneur. I really liked how Cory gave very concise, meaningful and simple answers.
3. 3.Ben Sander – AMD Employee and UofI Alumni
Michael VanBlaricum – Defense Researcher and UofI Alumni
I would say that one of the most interesting things that I have done lately is to have lunch with these two University of Illinois Alumni. They shared some very interesting information about the types of jobs and internships available at companies. We also talked about how different the University was twenty years or so back. I was totally engrossed in the conversation.
Ben was researching on how to combine the GPU( Graphics Processing Unit) and CPU (Central Processing Unit) for laptops to get better a graphics quality. Michael told me about how he went to office in Hawaiian shirts and had a surf club in his office (His office is in California).
Both of them also told me that it is absolutely essential to network with professors and get to know them better. Michael mentioned that he used to have dinner with Chancellor John Bardeen!
It was an absolutely terrific experience to talk to both of them. I will probably email them and ask them to visit my iTeam in their free time.
In the past two weeks, I have met an enormous number of people and have made many new friends. I realized that I can learn a great deal from each and every person I meet. This undoubtedly has been one of the most fun assignments that I have ever done. I have always loved meeting new people, even random strangers (many of them are now my close friends) .I plan to keep on meeting new people and expanding my network.
[PS: Sorry for the long post guys, I know you’re wishing it was shorter!]
