Although I have not given much thought to what my exit strategy would be, this assignment allowed me to think clearly on all of my potential options and evaluate which strategy would be most beneficial for me. While I have enjoyed creating and developing this product very much, I feel that it would be best for me to leave this company after gaining a good amount of prestige and recognition for the product itself. My goal is not to only make money, but to ensure a safer future for all drivers and pedestrians. Once my product is established, I plan on selling my company and starting a different venture in a completely different area.
I selected this exit strategy because I want to explore my other options. I feel as if I have much more to offer to the world than just one product but I also want to diversify myself and my products. While it is possible to keep the company I currently have and just choose to expand my product line, I would not want my products to be associated with one another. This is because I plan on creating an entirely different product with no relation to the ignition lock and I do not want customers to be confused by the brand that I will be representing.
Because I did not consider this exit strategy prior to this assignment, I did not realize how it would affect me in terms of future products or business strategies. The networking connections that I have established in the automobile industry will most likely not help me with my new company. Although this is unfortunate, these old partners can become investors if they choose or even promote my product if they wish. Hopefully, many loyal customers will be aware of my new brand and will also be interested in purchasing those innovative products.
Great post lara. I also chose a similar exit strategy. I admire your product idea and I think it definitely has a place in today's market. I also really feel your want to explore other options. I think its a good idea to expand your ideas and work on other projects. Sometimes this means selling and leaving your company in order to pursue something else you are interested in.
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ReplyDeleteI have really enjoyed seeing this idea go from just an initial concept into a full business idea. I think this product definitely has the potential to be great.
We both have similar exit strategies as well. I want to make it successful and then have the world enjoy and use my product. I would like to make sure my vision is executed before I leave however.
Thanks!
I like following the market trends and how start-ups phase over the past few years. They want to get acquired by capital giants or make strategic partnerships with them to grow together. It seems like the latter is a growing trend in the venture companies. I relate to your uncertainty in exit strategies, I have once experience the same feeling when I was a freshman.
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