88 mirrors block_4_update_v8


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88 mirrors block_4_update_v8

  1. 1. 88Mirrors: Block 4 UpdateSpencer Holt, Sara Pollack, Roopesh Nair, Nilesh Savkoor
  2. 2. Business Model CanvasKey Partners Key Activities Value Propositions Customer Customer• Supplier networks • Ongoing authenticity • Search for people Relationships Segments• Social networks of referrals and projects using • Brand advertisers, • Corporate media,• Trade unions and • Marketing trusted social direct sales commercials professional • Develop and network • • Suppliers –self Motion pictures & TV organizations maintain platform • Create profile & producers service • Drive traffic/customer projects • Musicians, music acquisition • Promote your work • Consumers – self service video producers • Give referrals • Short film, • Build and leverage • Trade unions, New professional orgs. documentary, reputation & Independent film experience New producers Key Resources • Supplier – access to Channels • Platform • Mobile • Architectural targeted cust base designers • Customer data • Track and aggregate • Web • Advertiser and • Social widgets • Graphic designers all creative • Creative industry supplier network professional activity (example Facebook) • Trade unions and suppliers as a feed • Fashion, Home • Consumers, fun professional organizations Interior Designers gamified experience • Artists, Authors, • Accounting, Legal, Writers, Performing Financial services arts, Culinary Arts, • Integrated etc budget/payment for • Financial, creative productions Accounting, • Legal, Healthcare & • Event management professionalsCost Structure Revenue Streams• Customer acquisition costs • Customer data and access• Platform development and maintenance • Premium social network service • B2B transactions between customers and suppliers of creative projects • Advertising • Monthly subscriptions • Supplier sponsored listings, Marginal %age of revenue, Brand advertising
  3. 3. Block 4 Overview• Here’s What We Thought: – That we would launch a business to match above-the-line and below-the-line talent in the film vertical, despite a small market size, based on passion and a desire to execute on a validated pain point• Here’s What We Did: – Got introspective and honest about why we were rejecting ideas – Re-assessed other creative verticals and conducted 30 interviews – Put out a new survey to further validate other verticals and to address willingness to pay (42 responses to date) – Built an MVP with multiple iterations on functionality, copy and video – Invited EarlyVangelists to offer feedback on the MVP (50 sign-ups to date) – Designed a process for cataloging and processing feedback and for updating our MVP• Here’s What We Learned: – Other creative verticals have a need for a service like 88Mirrors – Addressing other creative verticals will necessarily make the functionality of the site more complex – Willingness to pay could be an issue; need a fully functioning MVP to truly test (have now) – Design and search functionality are critical to our target • Here’s What We Are Now: – “Facebook for Creatives”: a social network that helps Creatives connect, create and collaborate • Here’s What We’re Doing: – Refining MVP based on initial feedback – Launching Facebook/AdWords campaign to drive more traffic to MVP – Soliciting additional rounds of MVP feedback from customers – Asking for money
  4. 4. A Market for Other Verticals: Survey ResponsesIndustry % Why do you work with same team on different projects?Film 54% Best team possible for the job 29%Music 14% Ease of existing relationships 71%Advertising 43%Publishing 11% How do you typically find the talent you work with?Performing Arts 21% Introduction through a friend 86%Fashion 4%Graphic Design 25%Culinary Arts 11% How would you characterize your access to creative talent?Visual Arts 14% Limitless 0%Architecture 7% Decent 29%Other 21% Could be Better 71% Not good 0%Would you be willing to pay? How would you characterize your access to creative projects?$14.99 per month 11% Limitless 0%$150 per year 28% Decent 33%Nothing - please tell us why 33% Could be Better 33%Other amount - please tell us 28% Not good 33%
  5. 5. Minimum Viable Product beta.88mirrors.com
  6. 6. Initial Feedback on MVP1. Make site design friendly to appeal to Creative community 1. Minimalistic design, simple to use, rich functionality, enable artists to promote self, stylized2. Functionality 1. Trusted search value proposition does not come through @ first glance 2. Recommendations based on social graph is not clear 3. Project and people availability does not show up 4. Don’t know what to do after creating profile3. Concept flow must be clear 1. The search result, in addition to (i) Location (ii) Availability (iii) Recommendation from a trusted social network… should return (i) current job and last two projects worked on (ii) follow feature4. Registration and Payments 1. “sign in or registration” button does not appear asking for details and credit card info.
  7. 7. Current Market Estimates Industry Who we contacted Estimated # of professionalsFilm Bureau of Labor Statistics, 690,000 International Film Schools, International Film Commissions, YouTube Partner ProgramMusic Bureau of Labor Statistics 240,000Graphic Design and Artists Bureau of Labor Statistics 508,000Chefs Bureau of Labor Statistics 942,000Authors Bureau of Labor Statistics 281,000Architecture (Lighting) IALD 1,000Interior & Fashion Design Bureau of Labor Statistics 94,000Performing Arts Bureau of Labor Statistics 118,000Total of these targeted segments is 2,874,000 professionals.
  8. 8. Resource Assumptions & Income Statement Year 1 Year 2 Year 3 Year 4 Year 5Subscription Revenue (at $11 per month) $1,320,000 $3,056,297 $7,076,480 $16,384,719 $37,936,800Advertising Revenue $410,625 $950,752 $2,201,348 $5,096,951 $11,801,363Total Revenue $1,730,625 $4,007,049 $9,277,829 $21,481,670 $49,738,163Software Development $600,000 $1,000,000 $2,000,000 $3,000,000 $3,000,000Hosting $3,600 $7,200 $14,400 $32,400 $75,600Operating Expenses $307,400 $505,653 $872,236 $1,453,137 $1,919,838Interest and Tax $327,850 $969,517 $2,515,926 $6,701,370 $17,715,368Net income $491,775 $1,524,679 $3,875,267 $10,294,762 $27,027,357
  9. 9. Revenue flows in 88Mirrors Future Future B2B partner Premium Services Transaction fee Pay Per Use fee MVP Future Content Creator Subscription fee 88Mirrors TM Ad payments Ad Network (eg. Google AdSense) License fee Licensed Development Tools (eg. AWS) Images of logos used for illustration and educational purposes only. Copyright reserved by original logo creators. VAZZU CONFIDENTIAL.
  10. 10. What We’re Doing Next1. Talking to additional customer segments2. Driving traffic to our site; increasing our actual customers3. Gathering feedback specific to its functionality around the pain point4. Engaging earlyvangelists at a higher level (e.g. make them an offer to work with us)5. Adding critical features to MVP in response to customer feedback6. Collecting fees for access to the beta7. Refining revenue model assumption
  11. 11. Appendix
  12. 12. Who We Compete With Creative Social Networks Communities LinkedIn The Idealists Facebook Behance.net 88Mirrors Agencies and Trade Unions PGA The Creative Group Top 3 Features The Idealists Behance.net Creative Group 88MirrorsSearch crew No Yes No Yes (Trusted search)Discover/create projects Yes Yes No Yes (Trusted referrals)Recommend your network No No No Yes
  13. 13. Hiring & Production Today Wait to be found Accepted Ask Contact Create Hire Find Story Friends Director Project Producer Funds Rejected Bid No No Ask Sound Friends IndieGoGo, Investor Kickstartr Pitch Title Ask DesignFriends Post LinkedIn Processing Scope Effects change Color LA411/ Seek Scope Correction NY411 Crew Work Calendar Shoot Google IMdb Film Docs Location Seek Budgets Yelp Supplier Craft Svc Production Excel Hub Movie Craigslist Magic Yelp Yellow Pages Mandy Craigslist Google Notify It! Refer crew Other Ask projects Good Friends reputation Ask Friends Good Ask reputation More Friends