Planet Money Summer School 1: Planet Money goes to business school
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Jul 12, 2023 
Angela Lee, a Columbia Business School professor and venture capitalist at 37 Angels, and Frederick Hutson, founder of Pigeonly, share their entrepreneurial journeys. Frederick discusses creating a photo-sharing service for inmates, highlighting the importance of understanding customer needs. Angela delves into the challenges of entrepreneurship, contrasting bootstrapping with venture capital funding. Both guests emphasize the hard-earned lessons of navigating business complexities and the vital role of empathy in innovation.
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Prison Entrepreneur
- Frederick Hutson, a natural entrepreneur, went to prison for a marijuana distribution scheme.
- In prison, he developed a business idea to help inmates receive photos.
Prison Market Opportunity
- In prison, there's no competition, allowing inflated pricing for basic goods and services.
- This lack of competition inspired Hutson to address the overpriced photo problem.
Halfway House Pitch
- Hutson pitched his photo app idea from a halfway house, initially hiding his felony.
- He eventually revealed his past, which became his strongest selling point.