For one of last year’s finalists, the inspiration for their Core project fell from the sky – literally, according to Young Choi, member of the Bagbrella team.
‘It was raining, and [team member Eric McAlduff] said, ‘Man, I hate it when it rains; my bag always gets wet… Hey, what about a bag that protects you from the rain?”
Thus, the BriefBrella was born, as ‘a stylish nylon cover that protects leather briefcases from rain and snow,’ according to its business plan.
But the Bagbrella team, consisting of former School of Management juniors Sophy Alim, Tom Caron, Young Choi, Katie Gulde, Eric McAlduff, Rupesh Parikh and Rhea Wong, had much more work ahead of them for this semester-long project.
‘We had to deal with a complex set of issues, in terms of who’s going to use the product and in what capacity,’ Caron said.
Research began with contacting luggage industry professionals to acquire sales data and marketing predictions. The team then projected financial goals, sales projections, marketing and advertising strategies, uses of information technology and fundraising methods for the company.
‘Anything you need to start a business and launch a product, we did,’ Choi said.
Using its target market of business professionals, the team conducted focus groups to find out consumers’ exact preferences, according to Parikh.
‘Based on what all these focus groups told us, we would send out surveys to 200 people to tell us how they feel about our product,’ he said. ‘Then we would adjust it, set the price, the colors, the name.’
From the focus groups, the team decided on an introductory price of $49.99 for the BriefBrella. They chose to sell it at high-end luggage stores such as El Portal and Brookstone, advertising in the SkyMall magazine and eventually online.
The team’s 105-page business plan, along with constant deadlines throughout the semester, required them to meet four to six times per week.
When the team found out its product had been selected as a finalist last spring, three team members were studying abroad, leaving the majority of the work to the remaining four. But all members contributed from their respective locations.
‘I would surface in a different country every day and send something back,’ said Caron, who studied in Dublin, Ireland and traveled throughout Europe.
Though they did not win first prize, the team said the time-consuming project was worthwhile, and proved fun at times.
‘I actually miss it now,’ Choi said.
They also said they learned important, life-long business lessons.
‘It also teaches you how to deal with uncertainties,’ Parikh said. ‘Throughout the whole project, you never know what your project is going to reveal.’
The team gave their prototype to SMG Professor of Information Systems Jeffrey Allen, who told them he would have actually paid money for it.
‘I’m sure Professor Allen uses it,’ Caron said.
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