Entrepreneurial co-op

Interested in developing your own business as a co-op work term? An entrepreneurial co-op could be the perfect fit.

How to apply

Before your work term

1. Get in touch with your co-op coordinator to get your idea approved.
   
   
2. Complete the LEAN Canvas form, which includes agreeing to meet program expectations. You will need to sign in to Microsoft using your Netlink ID and password to access the form. After you hit "Submit", you must also select "Save and edit later". This will allow you to make adjustments to your application in the future.
   
3. Once you've submitted the form, you'll be contacted by a co-op coordinator. They may suggest that you make some adjustments to your application. You can do this by signing into MS Forms with your UVic netlink ID and password, selecting "Forms" and then "Filled forms". You'll be able to select, edit and resubmit your LEAN Canvas submission with any necessary changes. 
   
4. Apply for funding before or during your work term using the SF-ELF Wage Subsidy Application for a chance at a $5,000 grant. You must be signed into UVic with your netlink ID and password in order to access the form.

Depending on your program area and concept, your program may approve your idea and you'll be formally registered in a work term. Or, you may need approval from the UVic Innovation Centre before acceptance and registration of your work term. 

Sample application

Here is an example of the type of content you should include in a LEAN Canvas application.

Problem

The problem I am attempting to solve is the frustration with the cost of high performance widget fins with little proof that the exorbitant price is proportional to performance.

I am addressing the frustration of the high cost when beginner, intermediate, and experts are looking to purchases and test new widget fins. Different widget fin designs allows for drastically different performance for each widget fin. There are a wide variety of widget fins currently on the market. The issue with this wide variety is that there is little analysis of the stiffness, strength, weight and elasticity of the widget which leads to confusion with respect to performance. I plan to address this lack of analysis by manufacturing, testing, and evaluating each design, and market the widget fins according to their performance. I hope that with proper engineering analysis of the solid mechanics and fluid dynamics, I can create a product that performs better than the current models, with a price that reflects the materials, and local production.

My goal is to:

• Design and fabricate a low cost set of fins for beginner/ intermediate.
• Design and fabricate a low cost high performance set of widget fins for expert.
• Analyse each fin design in terms of strength, fluid dynamics (Drag vs Lift), weight, and aesthetic appearance.
• Market the products through social media channels to gain product exposure.
• Work closely with professional surfers in the area in designing a unique high performing widget fin.

Customer segments

The market I plan on targeting are beginner, intermediate, and experts on Vancouver Island. I believe that I will be able to create products that each type of customer will want to purchase. Due to my extensive experience in retail and endorsement in and around the extreme sports environment, I believe I can relate well with my target market. Creating two separate widget designs will appeal to both beginner and experts. It will allow for beginner and intermediate surfers to have an easy choice when it comes to an entry level product. It will also allow experts to understand how certain materials and geometries perform with respect to the strength, weight, and stiffness.

Solution 

The solution is a quantifiable understanding of the performance of widgets and its relationship to cost, with local testing and manufacturing. In summary:

1. Engineering analysis of the solid and fluid mechanical properties of design that correlates to performance to real world results. This will:
   • Allow customers to understand how and why certain designs perform the way they do.
   • Allow customers to understand the price differences between certain designs.
2. Cost of designs are targeted to be lower than existing widgets.
   • Manufactured on Vancouver Island lowers fabrication and distribution costs.
3. Research and Development will be performed closely with professional athletes and surfboard shapers. This will:
   • Allow for fine tuning of design for high performance activity.
   • Allow creating of specific widgets for the unique conditions around Vancouver Island.

How would you get your solution to the customer?

The free and paid channels that will reach target audience are listed below:

Free channels:

• Social Media: Facebook, Instagram, Youtube, and Vimeo.
• Public Exposure: Through development with professional athletes in the area, the products will be used in public areas.

Paidchannels:

• Advertisement in Widget Magazine. (http://widget.com)
• Indiegogo (https://www.indiegogo.com/), Kickstarter (https://www.kickstarter.com/)
• Display in local retail locations such as Storm Widget Shop, Long Widget Shop, etc.

Sponsorship: Working with local professional athletes will require use of sample products.

How does your product or service differ from your competitors?

I believe my product will be unique in comparison to existing products by being locally manufactured on Vancouver Island and having proper engineering analysis to validate the design. Living in Victoria, I have seen multiple examples of successful local products. The young community of Victoria tends to support local products over foreign suppliers. Although, the products popularity will ultimately depend on the success of the design, I am confident my product will be the preference in the local target market.

The products would be difficult to copy as to do so an individual or company would need to be both embedded in the community and have mechanical engineering knowledge and experience. I am fortunate to be part of highly supportive community in which widgeting has become a significant industry, as well as having a passion for engineering design and analysis.

What are the key resources you need to bring this product or service to market?

In addition to my home shop I will be able to access shop equipment at Makerspace in Victoria. Also within in the Makerspace community there is some people I can meet with to discuss technical issues. There is also technical forums which are a good source of information, plus support from classmates and UVic faculty and staff.

• DIY Engineering
• Engineer Edge
• SolidWorks 

What are the costs?

Fixed costs:

• Machine operation and maintenance.
• Advertisement costs: subscriptions to ads in magazines and online outlets.

Variable costs:

• Material Costs:
• Fiberglass and resin quantity are dependent on volume of production.
• Mold material costs: Depending on initial outcome of the research and development stage, multiple iterations of mold design may be required.
• Packaging materials.
• Distribution Costs: Packaging and distribution costs will increase with increased production and popularity.

What will be the price and expected revenue per year?

The revenue streams during the entrepreneurial work term will be the sales of the two different models of widget fins. These include a lower cost widget fin for beginner and intermediate users and a high performance widget fin targeted to experts. I hope to start distribution with the local retailers and attempt to reach other retailers on Vancouver Island.

Unique value proposition

 “Cost that reflects true performance, made locally on Vancouver Island.”

Competencies

• Research and Analysis: I hope to increase my competency in researching new methods of composite construction as well as learning the proper methods of analysis. I plan to increase my business competency by means of research and market analysis.
• Commitment to Quality: Previously working with Widgets Inc. demonstrated the high level of attention to detail necessary to create a successful and high quality product. I hope to carry this commitment to quality forward to my own work and product fabrication.
• Organization and Time Management: I plan to keep my design work, fabrication, and marketing on a strict weekly schedule. Documentation of all steps in the design and business process will help me gain experience in developing and maintaining organization. I hope to increase my competency in personal organization while working alone.
• Business and Marketing: I plan on creating a functional business model of the two main products. This will include market analysis, a growth strategy, distribution and market strategy, and financial plan and analysis.

Get support

The UVic Innovation Centre provides tools, expertise and a dedicated space on campus for entrepreneurs to develop business concepts from idea to incubator-ready. It's the place to start for anyone considering an entrepreneurial work term. Support is available to students in any program.