Elevator Pitch

My Elevator Pitch on Youtube

https://www.youtube.com/watch?v=eRwdCPKJNoE&t=21s

Testing the Hypothesis Part 2

Testing the Hypothesis Part 2

Who: There are a lot of organizations that fall outside of the boundary. These organizations include retail stores such as Walmart and Best Buy that do not accept crypto currency transactions for payment for products or services. This will also represent much of the market, but this opportunity is for a specific segment. This boundary will be more focused on crypto currency firms and banks dealing with the transactions.

What: This opportunity is more like a survival need. Organizations that wish to continue or start using crypto currencies will have to find a way to implement the law’s requirements securely and effectively in order to maintain sustainability. Furthermore, organizations that are a part of this transaction are going to have to make changes or find a solution to this dilemma if they plan on staying away from legal penalties.

Why: There is a difference in needs among people inside and outside the boundary. For people outside the boundary, the need to have a system to implement crypto currency transactions are not currently needed because of the nature of their transactions and the forms of payment already being accepted. In contrast, the organizations inside the boundary including crypto currency firms and banks must find a system that integrates the requirements listed by the law to prevent money laundering. In addition, they must have a strong security interface and effective system for high volume transactions.

Inside Boundary

In: Crypto Currency Firms and Banks

Need: To have a secure information transfer system that can transmit personal protected information associated with an individual’s crypto currency transaction between two institutions. (Example: Someone converting bitcoin to cash and needing funds deposited into personal account.)

Why Need Exists: New laws and regulations to prevent money laundering that require firms to have personal information transmitted along with each transaction that include user’s personal information that must be recognized by both sides of the transaction. There is not currently a system that exists that can do this. An obstacle is the need for this system to work across all institutions despite differences in technology.

Outside Boundary

Outside: Retailers, restaurants, and other institutions that do not use crypto currencies to pay for goods and services.

Not Needed: They do not need to use crypto currency transactions for payment because they already rely on other payment methods such as cash, checks, and other traditional payment services.

Alternatives- These organizations would use alternatives like counter trading before they may consider using crypto currencies. Cash has been one of the most accepted forms of payment for a long time and the need for these kinds of organizations to accept more types of payment may not exist. With recent additions to a lot of these organizations such as Apple and Samsung pay, they are probably not trying to spend more money to implement crypto payments any time soon.

Interviews

Julian: Agreed that the firms being affected are a specific to those that must deal with these types of transactions. Also pointed out that this does not affect everyone and focuses more on those that have invested in crypto currency.

Wendy: Explained that her organization would not and is not accepting payment from crypto currency firms for goods and services. They are content with cash, checks, and credit transactions.

Jasmin: Was not even aware of this issue. She also said she has not considered investing her money in crypto currency because of the fluctuating values. She said she does not need to rely on crypto currency because she pays for goods and services with cash or credit cards.

Andre: Pointed out that this product would have to target a very specific group that uses these transactions. Andre also said that he would be less likely to want to invest in crypto currencies considering the lack of a formal system.

Cameron: Warned me of the complexity this system will need to have to be able to work across all institutions and still be compatible with their technology. He was encouraging in the sense that he could see a clear demand for this need. He recommended that I seek advice from current firms to see what kind of technology restrictions we may encounter.

Summary: My interviews gave me more information about how others see this problem. Some of us may not be directly affected because we haven’t been using crypto currencies. Julian is a current user and feels uncertain about making any transactions because of this. They all gave me insight on who to target with this solution and to make sure that I am designing it in a way that will make it compatible for everyone. Not everyone will be using this product, but those who will, will need to have a strong sense of trust with the system before they consider implementing it.

Solving the Problem

Information System Needed for Crypto Firms

Problem: Crypto currency firms are now being required by law to transmit customer data associated with transactions to the other organizations that are part of the transaction. There is currently not a system that exists that can do this. This system will need to be secure and efficient when processing these transactions. This system may become used by institutions across the world which will need to be considered when creating a system that will be compatible with the already existing organizations. This information system could become something that all these organizations may end up having to use in order to stay in the confines of the law or until something better is developed. This problem is extending to banks and their customers. Customers that wish to use their crypto currencies will have to consider the current risks associated with transfers and may not rely on their crypto currency as much as they could because of these current barriers. The risk of having their information compromised or a mistake in the receiving end of the transaction seem higher considering that the current organizations do not have a formal system already implemented that are in the confines of the new law.

Solution: After speaking with a current software developer and coder, we are confident in proposing an information system that could solve this problem. This information system will be designed to securely transmit information in a quick and efficient way. We know security is a big concern and are going to use an encryption when sending and receiving data. Basically, using a client's fingerprint to create a unique hash that will be interpreted by the server and will only be connected to the same hash identified on the receiving end of the transaction. My coder/developer has informed me that each machine has an individual uuid and fingerprint in that stack that could not be impersonated which is going to be part of our security implementation so that no one can impersonate another person's cryptographic identity. Right now, our development may seem relatively simple, but for testing purposes we want to create a simple prototype that will be secure and efficient. Once we have tested our theory more, we will strive to decrease execution time and increase server stability and security. Our main concern is to first design the right encryption that can transmit this information.

Testing the Hypothesis

Information System Needed for Crypto Currency Firms

Opportunity- The need for crypto firms to have a secure information system capable of transmitting protected information securely and in a understandable format.

Who- Crypto Currency Firms

What- They currently do not have an existing technology or service to securely transmit customer data which is now being required by law.

Why- The technology does not currently exist. There was a recent implementation requiring the firms to include customer data associated with their transactions. They also do not have an existing technology or official method to improve from.

Testing the who: There could be more groups associated with this problem besides the current crypto firms. This problem is going to extend to all current and future crypto firms. They will all end up sharing this need since it has become a legal requirement. This technology is also going to affect banks that will be dealing with these transactions. The consumers that need to make the transaction are also affected because the transfer of information can take time to process and runs a risk of being compromised.

Testing the what: To emphasize the problems boundaries this information system must include all information required by law. Banks will be included because funds associated with current clients will be affected and must be documented by their respective institutions accordingly. As long as the system is capable of maintaining security, clarity, and all required information, it could potentially become a staple among all crypto currency firms. Firms will have to design an effective system in order to avoid legal consequences. Trading platforms are influenced by their jurisdiction considering tariffs and other taxes associated with that trading.

Testing the why: This problem definitely exists for current crypto firms. The requirements have been listed in the new regulations. Many people or other organizations may not see this problem because they may have no association with crypto currencies. This opportunity is forming from a requirement by law and a necessity for banks and crypto firms to have an information system that will work across many institutions in a format that will be easily and quickly decipherable. 

Interview Results- The results of my interviews concluded that the individual trying to make the transfer is also being affected by this opportunity because this process of sending customer information could be dangerous and a lengthy process considering a lack of a structured system existing. Places a weight on customer in the uncertainty of personal information being transferred securely. May prevent frequent transactions because of the lack of a system and risk of compromising private information. An individual considering the use of crypto firms needs to considering these barriers that are forming between their transactions. Crypto currencies were ideally created to have a stronger emphasis on user privacy than traditional online transactions. Government may be seeking a way to tax these currency transfers. Another obstacle identified in the interview was the fact that there must be a strong foundation of credibility before an organization may even consider implementation. This is something that I had not considered before my interviews. For institutions to use this across the world, innovators will need to prove credibility before they may even considering implementing a new system.

Identifying Opportunities in Economic & Regulatory Trends

Economic
1. Saudi Oil Attack Is Unlikely to Dent U.S. Economy

• I found this article in the Wall Street Journal. I see a growing opportunity for Green energy to rise in China and Japan. The attack on the Saudi oil could cause some serious economic repercussions in Japan and China. These countries rely on importing their energy and could see a sharp increase in energy prices. The need to rely more on Green energy is constantly increasing.
• Residents and power supplying companies are the customers to this opportunity. They are going to have to decide whether to pay higher energy prices and continually harm the environment or resort to cleaner and more efficient energy. The necessity for Green energy is only increasing as we deplete our resources.
• This opportunity may be extremely difficult to exploit considering the cost to develop and research Green energy right now in the wake of the oil attack. Already relying on importing energy, China and Japan may not have the funds or resources necessary to make a big step toward Green energy.
• I formed this belief because of our undeniable necessity to use alternative resources that will not harm our environment or eventually be completely exhausted.

2. Your Parents’ Financial Advice Is (Kind Of) Wrong

• I was sent this article by my mother. This article expresses the growing concern for people that had a plan to buy a home. Changes in real estate prices and policies have caused the way people acquire housing significantly in the last 50 years. This information reveals an opportunity for our generation to rethink the plans we may have had for acquiring housing.
• The customers of this opportunity are the current and future generations.
• This opportunity may be difficult to exploit because of a rapid increase in real estate pricing. An example is the down payment rising from 10% to 20%.
• I formed this belief because all people eventually need somewhere to live. Knowing the best way to save and buy a house will make it easier to achieve. This article even explained the benefits or not buying a house in certain situations and renting property instead. I was raised with the idea that I would someday buy my own home in my 20s or 30s but now I may need to rethink my plan.

Regulatory

3. Purdue Pharma Looks to Extend Bankruptcy Shield to Sacklers

• I originally heard about this event at work in the pharmacy. This company is taking the blame for a large part of the opioid epidemic. This company is being forced to file for bankruptcy, this is an opportunity for another pharmaceutical company to step up and do things correctly. There is a huge need for these types of medications in healthcare. This opportunity exists because of the opening that is going to be created by the fall of this company.
• The customers of this opportunity are the other competing pharmaceutical companies. They will have an even larger responsibility now to ensure they don't make the same mistake.
• This opportunity may be difficult to exploit because of the huge crackdown on opioid laws and regulations.
• I formed this belief because I currently work in the pharmacy and have seen the repercussions of the opioid epidemic to patients firsthand. Others may not see this opportunity because they aren't openly being told who is receiving these medications due to various protected health information laws.

4. Crypto Firms Assess How to Comply With Anti-Money-Laundering Standards

• I discovered this article on the Wall Street Journal. There is an opportunity to design a secure information system that will be used by institutions to send customer data. The fact that current compliance officers are saying that there is no such technology that exists right now leads me to the belief that this is a huge chance for software and information system designers.
• The customers of this opportunity are the crypto firms that are being required to share this information and currently don't have a way to.
• This opportunity is going to be difficult to exploit because they have no system that currently exists to use or work from. They know what is required of them by law, but they are still unsure of what methods to take.
• I formed this belief because the compliance officer directly stated that no method currently exists. This is a chance for someone to design a system that will stay in the confines of the law and satisfy the company's needs. My cousin introduced me to crypto currencies, and I have paid special attention to them since.

Identifying Local Opportunities

1. Barge strikes new Anna Maria City Pier
https://www.amisun.com/2019/09/10/barge-strikes-new-anna-maria-city-pier/

• On Tuesday September 10th the Anna Maria Island pier that is still under construction was crashed into by a tug boat operator that lost control of the construction barge. The pier was currently undergoing a reconstruction project amounting to almost 6 million dollars!
• The problem presented is the serious damage that was received by the pier that was still under construction. The full extent of the damage is still being assessed. With the addition of hurricane Dorian they were already beginning to expect to add a few more weeks to the time table.
• The organization that the problem has been pushed to is the I+Icon Southeast that was declared responsible for the damages and repairs by Mayor Murphy.

2. City leaders consider stormwater fee increases

https://www.amisun.com/2019/09/10/city-leaders-consider-stormwater-fee-increases/

• Holmes Beach residents are going to be forced to pay higher utility fees in the coming years. New policy still being debated on to give the residents a 262% increase in their utility fees in order to provide better storm water systems from the excessive flooding. Based on the sizes of owned properties determines how much more they have to pay. The current fee is $1.68 per 100 square feet of property. It is still up for debate whether the fee will be doubled next year or spread out over the next couple years with smaller increases of about 25% per year. It's even more shocking that the city plans to leave these increases on the utility fees for as long as they can.
• The problem restated is the incoming increases on utility fees for Holmes Beach residents. Holmes Beach residents can expect a doubling of their current utility fees in the next few years if not next year.
• The people affected by this problem are all the residents on Holmes Beach, future residents, and the city that is ultimately trying to solve the storm water problem.

3. Counterfeit money being passed around

https://www.amisun.com/2019/08/27/counterfeit-money-being-passed-around/

• There have been multiple cases of people using counterfeit money to pay for inexpensive things. Reported in Manatee county and Bradenton beach counterfeit money was presented to pay for inexpensive orders at restaurants. The suspect is presumably using the counterfeit money to get change for inexpensive orders by using 50 and 100 dollar bills. 
• The problem is that the suspect has still not been apprehended. Local businesses have had to report the incidences to the police department for further action but the investigation continues. The bill that was posted by the Cortez Kitchen looks real at a glance but ended up failing the marker test. It would be easy to mistake the bill for a real one making a lot of places vulnerable. Attempts have been made to notify local stores in order to deal with this ongoing situation
• This problem is causing concern to local business in Manatee county and nearby areas. It has also become the problem of the Bradenton police department as they have undertaken part of the investigation.

4. Anna Maria liquor ordinance explained

https://www.amisun.com/2019/09/10/anna-maria-liquor-ordinance-explained/

• This new article was a clarification on the liquor ordinance in Anna Maria. City commissioner Brian Seymour had proposed his plan of adding a liquor store to his current general store. He even proposed the city give him special permission to sell liquor at his store considering previous exceptions. The city ended up not allowing his request and may have inadvertently caused Seymour to resign. The request was ultimately denied because of the general store's proximity to a church.
• The problem presented by Seymour was a lack of liquor services on the island. Even though he was following his business pursuits, he still decided to see if the city would make an exception for him. The island would not allow him to expand his business and sell liquor from his general store. This may have been part of the reason he left the city commission too. Another problem from this article is the city commission losing a member.
• Brian Seymour has this problem. The owner of the general goods store and former member or the city commission. He will now have to find a better way to expand his business opportunities. The city commission also has this problem now that they have lost a member.

5. ‘I just heard a loud boom.’ Lightning strikes historic Rod and Reel Pier in Anna Maria

https://www.bradenton.com/news/local/article234693067.html

• The Rod and Reel pier was struck by lightning causing damage to the restaurant that is located at the end of the pier on the water. The extent of the damages were not severe enough to keep the restaurant closed but they did cost them a few electrical appliances. The historic pier still stands despite previous weather altercations and over 70 years of service.
• The problem in this article was the dangerous weather that caused damage to the restaurant. Located at the end of a pier, the restaurant is in a place that is constantly being plagued by bad weather. This would not be their only weather related incident. 
• The organization affected by the problem is the Rod and Reel Pier restaurant. Their location is vulnerable to future weather incidences and could probably use some guidance to remain safe.

My Entrepreneurship Story

      My entrepreneurship story begins with my mother who could be considered a serial entrepreneur. She is the co-owner of Trailmate, Inc. Trailmate is a trike manufacturing company that provides trikes to almost all age groups and offers customization for special needs too. The organization is located in Sarasota, FL and has recently started to globalize their product. They even have specialized trikes that can be customized to accommodate handicapped individuals.
      I was exposed to the business as an assembly worker in the manufacturing warehouse. I assembled coaster brake and tire assembly kits. There is a powder coating paint line that required multiple people to successfully operate and I worked with a small team to paint trike parts. I helped with filing business documents also. I learned a lot about the actual manufacturing that happens in the warehouse. I also learned a lot from my mom and her decisions as a co-owner of the business. It was my first experience in the real work world and I ended up making lasting connections to the other workers.

     Here is a picture of one of my favorite trikes it's the fun cycle.

I signed up for ENT 3003 because I wanted to understand more about how entrepreneurship is applied to work in almost all aspects. I hope to learn about the innovative ways entrepreneurs look at and manage their everyday lives and work environments.