TOMODACHI Social Entrepreneurship Award Post-Program Presentations

 

 

“My business model was not sexy.” WooSeok Dong, the founder of DREAMPHAROS, winner of the TOMODACHI Social Entrepreneurship Award at the University Venture Grand Prix held on December 20, 2014, shared this feedback he received in Silicon Valley. “Sexy” may not be the conventional way to describe a business plan. However, the lesson learned was that although the idea itself was good, there was a lack in appeal to the global audience. Dong was able to take that advice and has begun remodeling his idea to have more appeal and global impact.

On May 28, 2015, two months after their return, they shared their updated business plans, newfound insights, and lessons learned. The post-program presentation was the culminating event of the program that was designed to help young Japanese entrepreneurs to build their innovation by providing tools and experiences to realize their business visions.

DREAMPHAROS had developed an interactive real-time communication service called “Yume-chou” that serves as a communication tool between parents and preschools. The “Yume-chou” is a digital version of the “Renraku-chou” that is used to send daily updates from preschools to parents. As the recipient of the TOMODACHI Social Entrepreneurship Award, DREAMPHAROS, joined by two other distinguished start-up teams, had traveled to Silicon Valley on March 9-15, 2015 and met with American venture capitalists, influential startups, and fellow student entrepreneurs. 

While in Silicon Valley, the three teams had the opportunity to present their ideas to American venture capitals and prominent start-up businesses such as Draper Fisher Jurvetson, Fenox Ventures, and Global Brain, as well as visiting university campuses of Stanford University and UC Berkeley. The collective impression of Silicon Valley was its unique environment that embraces innovation, crazy and new ideas, and the concept of “being different.” The teams returned to Japan with fresh ideas and appreciation for the feedback that they received.

The growth achieved were evident in the eyes of the two mentors, Shohei Ishiwata from Nomura Research Institute and Motonobu Tatsuno from the New Business Conference (NBC). Both reflected along the common theme of entrepreneurial thinking. According to Mr. Ishiwata, the key characteristic of venture capitals is that they are “flexible and can move fast” and stressed the importance of continuously using new information. Tatsuno complimented Ishiwata’s remarks as he urged the participants to continue to “think on a bigger scale” and to “think about the evolution of the business plan.”

The emphasis on entrepreneurial thinking prevailed in the speeches of other key speakers. Yoshiaki Ishii from the Ministry of Economy, Trade and Industry emphasized the importance to support growing venture/start-up culture in Japan, as they are the source of innovation and jobs. Ernest Higa, the President of Higa Industries and U.S.-Japan Council Chairman of the Board, expressed his hopes of building stronger U.S.-Japan relations through entrepreneurship opportunities between the American and Japanese youths. In the concluding remarks, Yutaka Tanaka, the Vice President of NBC, encouraged the entrepreneurs and left the audience with the message that everything starts with a beginning and the spirit of perseverance.

The lessons received in Silicon Valley were clearly manifested in DREAMPHAROS’ presentation; their plan had indeed become “sexy.” Dong realized the need for a global reach and worked to redesign his plan to transform it into an interactive, real-time communication app that appeals to a larger mass rather than settling on a local scale.

DREAMPHAROS, along with two other teams, Powerful Power and dricos, had a transformative experience with the TOMODACHI Social Entrepreneurship Award Program to improve their respective mindsets and serve as the bridge between entrepreneurs in Japan and the United States. TOMODACHI will continue to support young entrepreneurs with the upcoming University Venture Grand Prix to be held in December of this year.