Crushing it as a College Student - Interview with John Hatfield
Firing The Man · with John Hatfield · June 23, 2020 · 29 min
Summary
John Hatfield, a college sophomore, leveraged pitch competitions to secure $24,000 in seed capital for his product, which is now patent-pending and nearing launch. This episode outlines his journey, from developing a product in high school to sourcing manufacturing and planning for future growth, offering a compelling example for aspiring student entrepreneurs on how to turn an idea into a viable business with strategic early action.
Key takeaways
Starting early allows for learning from mistakes and building a substantial business by graduation, avoiding the 'work for the man' trap.
Utilize provisional patents to protect your idea for a year while testing the market, and seek university affiliations for potential discounts on legal fees for full patents.
Network and actively search for manufacturers, even contacting companies with similar products to discover their suppliers for mold making and production.
Avoid self-manufacturing to free up time to 'work on your business' rather than 'in your business,' enabling scaling and diversification beyond just production.
Actively seek out and leverage opportunities like pitch competitions and mentorship programs offered by universities or local entrepreneurial ecosystems to secure funding and guidance.
Episode 26 On today’s episode David and Ken interview John Hatfield, a college student at Iowa State University that has successfully secured a utility patent and is about to launch his first product online. John has entered his product into and won several entrepreneurial/elevator pitch style competitions. This is an episode you will definitely not want to miss. ------------------------------------------------------------------------------------------ www.FiringTheMan.com Fac...
What does this episode say about founder & leadership?
Starting early allows for learning from mistakes and building a substantial business by graduation, avoiding the 'work for the man' trap.
What does this episode say about finance & fundraising?
Utilize provisional patents to protect your idea for a year while testing the market, and seek university affiliations for potential discounts on legal fees for full patents.
What does this episode say about supply chain & operations?
Network and actively search for manufacturers, even contacting companies with similar products to discover their suppliers for mold making and production.
What does this episode say about founder & leadership?
Avoid self-manufacturing to free up time to 'work on your business' rather than 'in your business,' enabling scaling and diversification beyond just production.
What does this episode say about founder & leadership?
Actively seek out and leverage opportunities like pitch competitions and mentorship programs offered by universities or local entrepreneurial ecosystems to secure funding and guidance.
