REFLECTION – LEARNING LAUNCH    Abdo Cortes

January 9, 2021   UNIVERSITY OF VIRGINIA – DARDEN SCHOOL OF BUSINESS

Challenge:

I founded a watch company in the Philippines a few years back with the aim of becoming the first Filipino- owned watch company that assembled its timepieces locally.  Being a physicist and a technical watch  enthusiast, I wanted to plant the seeds on developing watchmaking in the Philippines.  So, without having  any business background, I decided to conduct a Learning Launch to test my idea through an experiment.   With the gap in my business acumen, I was fortunate enough to come across a book called The Physics of  Business Growth which happened to be written by Tom Garza and Rosa Cortes.  By coming  up with an analogy of putting up a business or an idea through the scientific method, I was able to grasp  the process.  The analogy was very helpful.

At the very beginning, the main task was to decide on the kind timepiece that will be launched as a test.  The test would be to test the brand’s name recall and retention, targeted market acceptance, and, of  course, sales.

Selection:

I gathered three of my friends who were from different industries to join me in developing the initial  model and asked them for their insights.  Apart from this, I also held a separate brainstorming session  with my lead technician.  I believed that through the product ideation, we had a good product to test.

Application:

During our learning launch, we focused on the creation of the brand and in properly sending out the  message about us and the product that we launched.  Given the limited financial resources we had then,  we decided to launch a high-quality basic dress timepiece as it aligns with the brand’s image.  We launched  the timepiece in a boutique hotel’s restaurant and invited friends from the press and some showbiz  personalities.  We wanted to get feedback through different streams so that we can properly address  possible points for improvement, and as well as build on the things we were doing correctly.  The brand  and the timepiece were accepted well as we had good sales and we were even invited to enter major  online retail channels already.

However, although the launch was a success, we did encounter important constructive feedback  afterwards.

Insight:

Through the application of the tool, we learned what did work and to whom did it work.  Apparently, the  brand was accepted better than the product.  The product that we had initially launched, with its technical  specifications and price point, was not able to hit out intended market.  Rather it hit a different segment  of the market.  However, when word had gone out that there is a Filipino-owned watch company  assembling its watches locally, there was a significant number of requests from the brand’s followers for

REFLECTION – LEARNING LAUNCH    Abdo Cortes

January 9, 2021   UNIVERSITY OF VIRGINIA – DARDEN SCHOOL OF BUSINESS

a mechanical watch release.  Although this was already in the plans down the line, the company decided  to respond to the requests to launch a mechanical watch less than a year later.

The learning launch was able to jumpstart the company at the start and it would not have gone far without  it.  We have constantly been doing learning launches succeeding it. And today may be another good  opportunity to use it as the industry had been hit hard by the global health crisis and the market’s retail  behavior have changed drastically.

Approach:

This tool had been very helpful to the company as it allowed us to learn more about ourselves and our  market.  We had learned so much doing learning launches.  But as the company grows, we will need to  modify the scale of our learning launches before we go all out into the public.  Entering targeted  communities or clubs, or organizing private events, can be one way to improve learning launches in the  future.


REFLECTION – LEARNING LAUNCH Abdo Cortes January 9 , 2021 UNIVERSITY OF VIRGINIA – DARDEN SCHOOL OF BUSINESS Challenge : I founded a watch company in the Philippines a few years back with the aim of becoming the first Filipino- owned watch company that assembled its timepieces locally . Being a physicist and a technical watch enthusiast , I wanted to plant the seeds on developing watchmaking in the Philippines . So , without having any business background , I decided to conduct a Learning Launch to test my idea through an experiment . With the gap in my business acumen , I was fortunate enough to come across a book called The Physics of Business Growth which happened to be written by Tom Garza and Rosa Cortes . By coming up with an analogy of putting up a business or an idea through the scientific method , I was able to grasp the process . The analogy was very helpful . At the very beginning , the main task was to decide on the kind timepiece that will be launched as a test . The test would be to test the brand ’s name recall and retention , targeted market acceptance , and , of course , sales . Selection : I gathered three of my friends who were from different industries to join me in developing the initial model and asked them for their insights . Apart from this , I also held a separate brainstorming session with my lead technician . I believed that through the product ideation , we had a good product to test . Application : During our learning launch , we focused on the creation of the brand and in properly sending out the message about us and the product that we launched . Given the limited financial resources we had then , we decided to launch a high - quality basic dress timepiece as it aligns with the brand ’s image . We launched the timepiece in a boutique hotel ’s restaurant and invited friends from the press and some showbiz personalities . We wanted to get feedback through different streams so that we can properly address possible points for improvement , and as well as build on the things we were doing correctly . The brand and the timepiece were accepted well as we had good sales and we were even invited to enter major online retail channels already . However , although the launch was a success , we did encounter important constructive feedback afterwards . Insight : Through the application of the tool , we learned what did work and to whom did it work . Apparently , the brand was accepted better than the product . The product that we had initially launched , with its technical specifications and price point , was not able to hit out intended market . Rather it hit a different segment of the market . However , when word had gone out that there is a Filipino - owned watch company assembling its watches locally , there was a significant number of requests from the brand ’s followers for REFLECTION – LEARNING LAUNCH Abdo Cortes January 9 , 2021 UNIVERSITY OF VIRGINIA – DARDEN SCHOOL OF BUSINESS a mechanical watch release . Although this was already in the plans down the line , the company decided to respond to the requests to launch a mechanical watch less than a year later . The learning launch was able to jumpstart the company at the start and it would not have gone far without it . We have constantly been doing learning launches succeeding it . And today may be another good opportunity to use it as the industry had been hit hard by the global health crisis and the market ’s retail behavior have changed drastically . Approach : This tool had been very helpful to the company as it allowed us to learn more about ourselves and our market . We had learned so much doing learning launches . But as the company grows , we will need to modify the scale of our learning launches before we go all out into the public . Entering targeted communities or clubs , or organizing private events , can be one way to improve learning launches in the future .