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cASE sTUDY 2: jim poss
Transcript of cASE sTUDY 2: jim poss
BA in Environmental Science & Policy and Geology from Duke University
MBA from Babson College
Seahorse Power Company (SPC)
set up in 2003 with the aim of reducing fossil fuel consumption
• It runs on less energy per day than is required to toast a slice of bread
• Can hold 5 times more garbage than a normal bin
• Reduce fuel consumption of garbage pick-up trucks by cutting the number of trips they make to collect the trash
Seahorse Power Company
Do you think Jim Poss understand the 5 major areas before launching his business?
5 major areas
3. Suppliers and vendors
5. Broader global environment
What other options do you think Jim Poss could have thought about or applied when looking for funds?
What is it:
A machine or mechanism used to reduce the size of waste material through compaction. Often used by homes or businesses to reduce the volume of trash.
Case Study 2: jim poss
Trash compactor traditionally would need electrical power in order to operate.
"A BigBelly trash compactor costs $5,000 and another $2,000 for the added recycling bin….Philadelphia, which purchased about 1,000 of them in 2009, reported that the program reduced the number of collections downtown from 17 a week to five and saved the city $900,000 in its first year" (Atassi 2012).
1. Who do you think Poss' target market were?
2. What additional market should Poss pursue?
“We were wrong on the target customers, by a long shot,” Poss says.
“We had made an assumption that municipalities would be slow and bureaucratic and that other places would be faster. The way it turned out, the private sector hasn’t bought into the technology as much as municipalities.”
Ideas vs Opportunity
Did he have any?
Was he good?
What resources did he have?
Lone Roosewelt 100062437
Chioma Ojogbue 4233484
Afifah Hisham 4314050
All opportunities start with an idea.
2 key characteristics of an idea that leads to successful business:
passion of the entrepreneur
strong opportunity [based on the opportunity checklist]
Atassi, L 2012 'Cleveland tries solar-powered trash compactor,
expected to curb cost of collection',
Northeast Ohio Media Group
, 17 November, viewed 20 October 2014, <http://www.cleveland.com/metro/index.ssf/2012/11/cleveland_tries_solar-powered.html>.
Seahorse Power Company 2004,
Business Summary February 2004
BusinessWeek, viewed 20 October 2014, <http://images. businessweek.com/story/07/popup/1203_seahorse_ buisnessplan.pdf>.
What were the problems in this business?
Why are they occurring?
How did the problems affect SPC?
What recommendations would you make to Jim Poss?
Simple client-targeting formula:
an appreciation for the environmental cachet
First place called was ski resort at Vail, Colorado. Opportunity was available given the circumstances of the ski resort.
Jim Poss came up with the idea first, then he looked into the trash industry for opportunities.
SPC figured that it was time to conduct some hard field research, and decided to call on businesses that would be the most likely early adopters of an off-grid compactor.
“If I had to do it again, I’d make sure to include someone who knew something about the [waste management] industry” – Jim Poss.