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How to Invent Two Businesses in One Day
 

How to Invent Two Businesses in One Day

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In 600 minutes, two teams at GoKart Labs dreamed, researched, pivoted, sketched, designed, wrote and presented the following two very different business ideas around the same problem.

In 600 minutes, two teams at GoKart Labs dreamed, researched, pivoted, sketched, designed, wrote and presented the following two very different business ideas around the same problem.

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http://www.gokartlabs.com 2013
http://www.themplsegotist.com 451
http://gokartlabs.local 118
http://localhost 63
http://www.adfed.org 50
http://cloud.feedly.com 30
https://twitter.com 24
http://staging.gokartlabs.com 15
http://www.linkedin.com 10
http://mydarling.vn 9
http://www.google.com 9
http://sidorov.at.yandex-team.ru 9
http://my.at.yandex-team.ru 7
http://bibblio.org 5
http://www.onlydoo.com 3
http://feeds.feedburner.com 2
http://reader.aol.com 2
http://yazevnul.at.yandex-team.ru 2
http://10.0.2.2 1
https://drive.jolicloud.com 1
http://pulse.me&_=1380951411873 HTTP 1
http://kulikov.at.yandex-team.ru 1
http://pulse.me&_=1380965558857 HTTP 1
http://jbaukova.at.yandex-team.ru 1
http://savfod.at.yandex-team.ru 1
http://drodin.at.yandex-team.ru 1
http://rasifiel.at.yandex-team.ru 1
http://thevery.at.yandex-team.ru 1
http://ezaitov.at.yandex-team.ru 1
http://zubchick.at.yandex-team.ru 1
http://rnefyodov.at.yandex-team.ru 1
http://aduryagin.at.yandex-team.ru 1
https://www.linkedin.com 1
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  • Yez and you need a good strategy Excellent presentation. Don't forget you need a strategy http://www.slideshare.net/laurent.bouty/build-your-strategic-plan-in-7-steps just now
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  • :3 this is great
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  • Wow, so much
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  • It was fascinating to see how the same process ( IterationZero ) was used on a single idea to create 2 very different business models (from 2 different teams within GoKart Labs).
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    How to Invent Two Businesses in One Day How to Invent Two Businesses in One Day Presentation Transcript

    • 1
    • WE’RE GOKART LABS. 2
    • WE GROW BUSINESSES. 3
    • USING DATA TO INFORM OUR IDEAS, WE WORK WITH YOU TO INVENT, DESIGN AND BUILD DIGITAL SOLUTIONS TO HUMAN PROBLEMS. 4
    • ON SEPTEMBER 27, 2013, WE INVENTED TWO BUSINESSES IN 600 MINUTES. 5
    • 6 HOW?
    • 8
    • 9 FOR THE GOKART 600, WE USED OUR PROCESS FOR INVENTION CALLED ITERATION ZERO.
    • 10 TYPICALLY ITERATION ZERO TAKES CLIENTS FROM IDEA TO BUSINESS PLAN IN ONE MONTH.
    • 11 AS AN EXPERIMENT, WE CONDENSED ITERATION ZERO DOWN TO ONE DAY. 
    • 12 THAT MEANT EVERY 1.3 HOURS EQUALLED TWO DAYS.  “SO... IF YOU USE THE BATHROOM, IT'S LIKE MISSING AN AFTERNOON.” - DON SMITHMIER, CEO
    • 13 AT 8 AM, THE BASIC IDEA WAS ANNOUNCED.
    • 14 SOME PEOPLE NEED HELP TO ORGANIZE THEIR THINGS. OTHERS COULD BORROW INSTEAD OF BUY THOSE THINGS.
    • 15 WE SPLIT INTO TWO TEAMS. EACH HAD CREATIVES, TECHNOLOGISTS, STRATEGISTS, AND ANALYSTS.
    • 16 THERE WAS NO SHARING BETWEEN TEAMS UNTIL FINAL PRESENTATIONS AT THE END OF THE DAY.
    • 17 WE ALSO HAD TWO OF OUR OWN ACTING AS CLIENTS TO KEEP EACH TEAM CUSTOMER-FOCUSED. Josh Rob
    • 18 IN 600 MINUTES, WE DREAMED, RESEARCHED, PIVOTED, SKETCHED, DESIGNED, WROTE, AND PRESENTED.
    • 19 AT 5 PM, EACH TEAM PRESENTED VERY DIFFERENT SOLUTIONS TO THE SAME PROBLEM.
    • 20 TWO NEW BUSINESS PLANS, ONE DAY.
    • IDEA ONE
    • try.it 22 A safe, social, lending and borrowing network that connects people who want to try things, with the people who have the gear that enable them to.
    • Problem(s) 23 People want to try new things, and sometimes the gear costs are prohibitive. People have stuff sitting around that they want to utilize or monetize. Businesses have things they want consumers to buy, and are recognizing the value of try before you buy.
    • 24 Collaborative Consumption
    • Collaborative Consumption One of the ‘10 Ideas That Will Change The World’ - Time Magazine The key reason Collaborative Consumption is taking off is because every new advancement of technology increases the efficiency and the social glue of trust to make sharing easier and easier.’ - Rachel Botsman, Ted.com - The currency of the new collaborative economy is trust. Currently a wave of startups (connectme, legit) figuring out how to quantify your online reputation from one system to the next, creating a Trust Score that leading thinkers in this space believe will be more powerful in the 21st century than a credit score was in the 20th Century. 25
    • 26 Try Before You Buy Meet Like People Monetize Your Gear Be Green Learn New Things Be Healthy
    • Market Validation FORBES estimates the revenue flowing through the share economy directly into people’s wallets will surpass $3.5 billion this year, with growth exceeding 25%. 27 - FORBES, Jan ’13
    • Market Validation Major companies are announcing their presence in the ‘try before you buy’ world.  It is a great way to build trust for both new and long standing companies. GM did it for two months in late 2009 and sold some 220-thousand cars with just 200 or so (less than one percent) returned. 28 - Bill Shrink, April ’13
    • So What. 29 People are willing to try new things. They want to, but there is a need for a platform to facilitate that. Trying new things is proven to be beneficial to people’s overall well being - research shows there are mental and physical health benefits. Businesses are beginning to recognize that consumers want to try things before they buy them.
    • Core Hypothesis 30 There is an opportunity for businesses to become more empathetic to consumer needs and desire to try new things, which will benefit the business by increasing brand loyalty, and benefit the consumer by making them more healthy.
    • 31
    • 32 Try.it Anywhere
    • 33
    • 34 The Product •The entire conversation in one place. •Family calendar of events. •Know where your family is, always. •Emergency info when you need it. Try Something New
    • 35 The Product •The entire conversation in one place. •Family calendar of events. •Know where your family is, always. •Emergency info when you need it.
    • 36
    • 37 Try By Interest
    • 38
    • 39
    • Business Model A healthy balance of B-C, and C-C. 40 Items Revenue Sponsors End Users
    • Business Model (B-C) B to C marketing is crucial to wider adoption (leveraging their distribution channels) and getting the word out to consumers. Brands and Retailers will use the Try-It platform to create Try-It events for their products. The Try-It platform gives brands tools for creating a landing page experience for users who want to try their products (including ‘finder’ functionality) and generates a short URL for inclusion in Social Media conversations. • 300 retailers and brands at tier 1, single event / single market x $150 = $45,000 • 100 retailers and brands at tier 2, single event / multiple markets x $1500 = $150,000 • 50 retailers and brands at tier 3, multiple events / single market x $300/month = $180,000 • 25 retailers and brands at tier 4, multiple events / multiple markets x $3k/month = $900,000 Total B to C revenue = $1,275,000 Cost to acquire 475 brand / retail customers = $300K, Salaries for 2-person sales staff + $150,000 marketing budget Net B to C Revenue, Year 1 = $825,000 41
    • Business Model (C-C) Try-It will charge a percentage of each transaction and will begin offering Insurance/Protection for ‘stuff’ as value for the fee in addition to data/dashboards as appropriate. EXAMPLE: start ONLY with Outdoor Sports (Camping, Kayaking, Biking, etc…) Cost to acquire users = $14/user 5 transactions per year x $50/transaction = $250/user - at a 10% fee structure our revenue per user is $25 Year 1, we anticipate 16,000 outdoor enthusiasts. Net C to C Revenue, Year 1 = $176,000 42
    • Technical Architecture 43
    • Competition 44 C2C Uber PassitOn RelayRides B2C Need Want SwapBaby Goods Renterval Skillshare Riparide AirBNB Universe Coursera RentStuff Officio
    • Financing Details Would Like To Raise $1.65m A-Round • Provides 12 months of operating capital to get to minimum viable product and market launch • Use of proceeds • Hire GoKart Labs to build and release product Version 1 • Key hires: Sales lead, Opps mgr, Marketing mgr • Customer acquisition marketing test(s) 45
    • 46
    • IDEA TWO
    • Problem 48 Every production at every theater group across the country requires a similar but different set of props, costumes, sets and scripts, but most lack the budgets to buy or create everything then need to put on a great show.
    • And the problem’s getting worse. 49 "When adjusted for inflation, total government funding for the arts has contracted by 31 percent since 1992; congressional appropriations to the NEA declined by an inflation-adjusted 49 percent between 1992 and 2012. State funding declined by 25 percent and local funding declined by 28 percent during that same period." Source: Ryan Stubbs, Research Director, National Assembly of State Arts Agencies (NASAA).
    • Even though the arts make us better. 50 Children who engage in the arts demonstrate: Better academic outcomes Higher career goals More civically engaged Source: National Endowment for the Arts, 2012
    • Solution A lending platform that allows theater companies and schools to track and share their entire inventory of costumes, sets and props. 51 Browse Find the things you need for your production. Share Lend and borrow from inventories near and far. Track Keep track of what you have in stock and what’s on loan
    • Market Validation This intersection of sharing and technology has contributed to an “own less, use more” mindset, backed by environmentalists and economists alike. 52 —FAST COMPANY, 2013 The revenue flowing through the share economy directly into people’s wallets will surpass $3.5 billion this year, with growth exceeding 25%. —FORBES, 2013
    • It’s already happening. 53
    • It’s already happening. 54
    • Market Opportunity 55 138k Schools http://www.census.gov/population/projections/nation/hh-fam/table1n.txt, http://www.engadget.com/2012/03/03/smartphones-spread-out-pew-says-46-percent-of-us-adults-now-own/ 5,000 Theaters Audience 143k
    • 56 An Addressable Audience
    • 57
    • 58
    • 59
    • 60
    • 61
    • 62
    • Ecosystem: Business Model 63 Set My Stage Developers, Designers (Partially crowdsourced workforce) Membership Fees $50/year Volunteer Leadership Corporate and Foundation Donors Funders Supporters
    • The Financials 64
    • Financing Details Status • To date, GoKart Labs has invested $36k and has completed: concept design, identity, business planning, competitive research Would Like To Raise $150k • Provides 2 months of operating capital to get to minimum viable product and market launch • Use of proceeds • Hire GoKart Labs to build and release product Version 1 • The team: Product Owner + Designer + Developer • Customer acquisition marketing test(s) • Timing: would like to close by 10/31/13 65
    • IF WE DID ALL THAT IN ONE DAY, IMAGINE WHAT WE COULD DO FOR YOU. 67
    • TOGETHER, LET’S MAKE SOMETHING GREAT. AJ@GOKARTLABS.COM | 612.454.4012 68
    • THANK YOU. 69
    • WE GROW BUSINESSES Dream big. Implement Small. Invent now. Bet the garden, not the farm.