Newsletter - Student Watch
Think Big and Act Bigger
The Tradyo Team: Gracen Johnson, Ronen Benin,
Eric Henig, Gideon Hayden
Ivey Entrepreneur sat down with HBA ’12 candidate Ronen Benin to talk about his passion for entrepreneurship, his latest new venture and recent success as a member of Tradyo, the winning team of the inaugural The Next 36 program for promising young entrepreneurs.
What attracted you to Ivey?
I was attracted by Ivey’s focus on leadership, so I applied and was accepted to Ivey’s Advanced Entry Opportunity (AEO) program. I’d already experienced the challenges and rewards of good leadership through my involvement in competitive swimming both as a National level athlete and coach.
How did you find out about The Next 36?
I was looking to grow my company, Rameco Distribution, through student or school funding and came across The Next 36 on a student awards website. When I investigated in more detail, I discovered that The Next 36 was a robust 8 month program for entrepreneurship-minded undergraduate students from across Canada. I thought ‘I won’t get in, but what have I got to lose?’, so I applied. Was I surprised when I was picked as one of the 36 students for the program!
Tell us about the program and your experience.
The Next 36 raised my expectations across board. I processed and put into practice more info this past summer than I ever thought I could. I felt overwhelmed daily.
My peers were phenomenal - I never felt like I was smartest kid in class - and our Mentors were among Canada’s most accomplished business leaders. They shared their personal experiences and mistakes, and we learned that they are average people, just like us, who became successful. Learning from the Mentors was a huge confidence builder. I now have this amazing network of mentors and peers all across Canada.
Teams were assembled by The Next 36 steering committee. My teams’ backgrounds included business strategy, international development, computer science, and global finance. We lived in a 5 room suite – 4 bedrooms and an office - where we learned a lot about respect and the need to yield to other people’s needs, in addition to figuring out how to build and launch a new venture. I love my team – they’re all type-A personalities, all unique. I respect them both as people and as business partners.
As part of the summer venture incubator, we were given $25,000 cash and $25,000 in-kind services as seed funding. In addition to building our new ventures, we were also required to attend class, sometimes up to 8 hours a day. Our professors were among the leaders in their field from Harvard, Wharton, U of T, Ivey, and Georgetown. They taught us to think big and act bigger! They challenged us to strive for leadership on global scale. It was intense; we were always working.
How did your team come up with the idea for Tradyo?
We searched for opportunities across a variety of industries and had originally selected another idea, but decided to switch at the last minute as the sector was really heating up and big competitors were moving into the space. So, we decided to refocus and look at nascent markets.
A video on collaborative consumption by Rachel Botsman inspired us to develop the concept for Tradyo. Collaborative consumption is a relatively new space and it hit all the marks. We saw growth potential, investment potential and the ability to make a big impact. We all loved it.
Tradyo allows users to use their mobile device to quickly upload items for sale or barter and to see what’s available in their own neighbourhoods. Users can mark their favourite traders and continue to communicate with them while building their own customized market place.
What did you learn about yourself?
I learned to go with my gut. I learned to work with imperfect information. I learned to be creative to attain resources not presently under my control. I learned to ask questions, be curious and think critically about the answers I’m given.
I thought I was a good listener, but I’m actually a better talker. I learned that if I’d listened more, I could have avoided some pitfalls. I learned to trust and rely on my team.
What advice do you have for HBA’s who are considering applying to The Next 36?
Don’t be afraid to do ‘something’. People often see opportunities but do nothing. So, just do it - touch it, feel it, try it out. You miss 100% of shots you don’t take.
I didn’t think I’d get in to The Next 36 – but I made it and my life changed, my network ballooned. My network now includes highly successful, influential and wealthy people, who are willing to spend their time and resources to support the next generation of entrepreneurs.
What’s next for you, Ronen?
My team is continuing to grow and develop Tradyo, but I’ve stepped back from active management and am now working in an advisory role while completing my HBA at Ivey. I’m still running Rameco Distribution, which imports bio-degradable stationary for distribution to professional offices and secondary school, and I’m working on two new mobile networking apps: one for the consumer market and one for amateur athletes. It’s busy.
Any last words of wisdom?
Young people are often afraid of appearing foolish in front of people in power. I want them to know they have nothing to lose by trying to make a connection with a person of influence. If they act, anything is possible; especially now, before they have the responsibilities that come later in life. I did it, and now I get to do something that I’m passionate about.
The Next 36: meet 2 more Ivey students who are also part of the Next 36
Danish Ajmeri,
HBA 2013
Danish’s team developed the
Foodstr app - a social
dining platform that allows
people to network with each
other nover a family-style
meal at a local Toronto
restaurant.
Nadeem Nathoo,
HBA 2013
Nadeem’s team developed
the PushPal app - a more
effective way for small
to medium sized organizations
to better communicate with
their audiences over a mobile
medium through hyperpersonalization.