Week Zero: Crimson Entrepreneurship Academy

Here’s the run-down: The EDGE Incubator and Accelerator offers University of Alabama students the opportunity to build their businesses in a mentorship environment. This program, known as the Crimson Entrepreneurship Academy, will last for nine weeks. By the end, the goal is to make significant progress towards a profitable venture. 

If you’re a business owner, entrepreneur, or aspiring member of The EDGE, you may be curious to see how the program’s resources are being used. I am all those things, as well as an overachiever. Here’s everything I’ve done to prepare for the academy before it begins: 

The Paperwork. Although some may consider it cliche, I built the skeleton of a Business Model Canvas, created a pitch deck, and developed a draft of what my finances will look like over the next six months. It’s important to have a valid plan before you jump into an idea. This information proved to me that what I wanted to pursue not only could make money, but that it could do so during the program. Plus, it gave me an idea of how I could start, grow, and exit. 

The Research. There were numerous details that went into building out the paperwork. I did research on the target market to see how alcohol sales have changed by generation, examined current attitudes on alcohol (or the lack thereof), and took a wider look at economic and political trends with the new administration. I looked at necessary business licenses, local community events, sorority contact lists, business registration, and so much more. 

Many people truly don’t realize how much research goes into building a new venture. Thankfully, the developments of generative AI in recent years have allowed for a valuable critical thinking tool as well. I used ChatGPT to create customer personas that I could have detailed conversations with, compare potential pricing with widely accepted standards, and even consider syrup ratios for my mocktails. By combining AI with human analysis, I was able to cover a lot of ground in a short period of time. 

The Strategy. I’ve been quietly building a case for Refraction over the course of a month. Many students are attending the programs with ventures they’ve been working on for years, so it was important to me that I could hit the ground running alongside them. During Week Zero, I mapped out a daily plan, created marketing materials, reviewed final licensing options, finished designing the logo, set base pricing, and began preparing for my first event application. 

What’s next is receiving further mentorship for my idea, purchasing the list of materials I’ve gathered, and obtaining the mentioned licensing to officially begin booking events. I’m excited to share an upscale mocktail experience with the city of Tuscaloosa, created with passion and vigor. 

Stay tuned to see what happens next!