Dingman Jumpstart – Day 3

August 26th, 2009 by under Uncategorized. No Comments.

By Neha Gupta

I still have to finish some stuff for my summer job and have to visit the office time and again which keeps me on my toes. Today’s agenda was “Assessment” of idea and Mr.Brian Taff, VP, Name Media, gave us tips about how to assess our ideas.

Among Mr.Taff’s pearls of wisdoms, I liked his anecdote the best about how he sold his espresso machines to the restaurants. There was a lot to learn from it. When he wanted to sell espresso machines to the restaurants, there was not a market looking for product but there was a product looking for market.

Below are some of the ways in which he sold his machines:

  • He tried to convince the restaurant owners that there was a huge profit margin after in selling the espresso’s to the customers. Each espresso costs about 65 cents but is sold for 3.95$ which was a huge margin.
  • He also told he restaurateurs that costumers were looking for a different type of dessert and espresso can be the answer.
  • Each $ 3.95 would increase the check size and thus can lead to an increase in the tip for the waiters.
  • Customers would spend more time at the restaurant while sipping coffee and hence may order more.

The greatest part of the Jumpstart program is its discussions where everyone participates. The senior executives, the VCs, the professors all come down to the level of students when they talk. I m also pretty impressed with my class, I don’t know whose ideas will flourish and become real business but I wish luck to all of them.