Artichoke final 2013 stanford e245

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  • Send us a picture of your fridge /freezer / pantryTake a quick survey so we get to know you betterWe will send you a customized recipe with shopping suggestions for the weekDidn’t like it? We’ll send you a new one!You will receive targeted coupons from CPGs in exchange for sharing your home inventory dataCPGs get real time, reliable visibility into consumers’ consumption habits
  • Send us a picture of your fridge /freezer / pantryTake a quick survey so we get to know you betterWe will send you a customized recipe with shopping suggestions for the weekDidn’t like it? We’ll send you a new one!You will receive targeted coupons from CPGs in exchange for sharing your home inventory dataCPGs get real time, reliable visibility into consumers’ consumption habits
  • We focused on value prop and customers segments
  • Send us a picture of your fridge /freezer / pantryTake a quick survey so we get to know you betterWe will send you a customized recipe with shopping suggestions for the weekDidn’t like it? We’ll send you a new one!You will receive targeted coupons from CPGs in exchange for sharing your home inventory dataCPGs get real time, reliable visibility into consumers’ consumption habits
  • Wekinda pivoted:Why:Knowing what’s in their fridge to make a better decision at the grocery stores is not a major pain point for customersA camera system to install in the fridge is too big of a hassleIdea: Have people take the picture and send it to us?SoTime it takes to shopHaving to plan multiple meals for the week in advanceEnd up getting the same thing every weekInefficient use of time at the store as a resultHaving to search 1,000s recipes onlineGetting the best prices / deals
  • 20-second survey: we wanna get to know youHow many people will you be cooking for?Type of recipe: quick & easy vs. elaborateBreakfast, lunch, dinner, snacks?Anything you do not eatPlanning to grocery shop over next 3 days?
  • We will send you a customized recipe with shopping suggestions for the weekDidn’t like it? We’ll send you a new one!
  • Questions CPGs ask: What happens with my products after it leaves the store?How do my products interact with competitors products?How do people stack/use my products at home?
  • Consumers:Willing to share photos of their fridge and pantryFridge photos reveal useful info about food inventoryPeople value personalized recipe suggestions… and couponsCPGs:Fridge inventory data enables targeted marketingLowers barriers to doing primary market research for small CPGs
  • Send us a picture of your fridge /freezer / pantryTake a quick survey so we get to know you betterWe will send you a customized recipe with shopping suggestions for the weekDidn’t like it? We’ll send you a new one!You will receive targeted coupons from CPGs in exchange for sharing your home inventory dataCPGs get real time, reliable visibility into consumers’ consumption habits
  • Advantages to “Typical” Finance and Operations Timeline:Staged development minimizes riskFinanciers are essentially purchasing a real option (if 1st right of refusal on future rounds)Minimizes risk and uncertainty at each “check point”Allows for larger follow-on rounds of financing if milestones are achieved
  • Advantages to “Typical” Finance and Operations Timeline:Staged development minimizes riskFinanciers are essentially purchasing a real option (if 1st right of refusal on future rounds)Minimizes risk and uncertainty at each “check point”Allows for larger follow-on rounds of financing if milestones are achieved
  • Advantages to “Typical” Finance and Operations Timeline:Staged development minimizes riskFinanciers are essentially purchasing a real option (if 1st right of refusal on future rounds)Minimizes risk and uncertainty at each “check point”Allows for larger follow-on rounds of financing if milestones are achieved

Transcript

  • 1. Project ArtichokeBuilding a food brand that supports a healthy life style Total Interviews: 128 Kerem Alper Marc Manara Jake Miller Mark Wittman
  • 2. The Dream Team: when four became oneFood Waste Healthy EatingSustainableSupply Chain Food Tech
  • 3. Fridgecam – automated home food inventory
  • 4. Fridgestagram – crowd-sourced market research
  • 5. Rice Paper Rolls – healthy fast-food
  • 6. BMC: Week 1
  • 7. #1: Fridgecam – Automated home food inventory • Know what food you have at home • Know when your food is expiring • Avoid buying redundant items • Recommend recipes and shopping lists based on home food inventory“Connecting your food experiences at home with your experience at the store”
  • 8. We talked to 30+ consumersPeople weren’t crazy …but we learned whatabout fridge cameras… does matter to peopleA camera sounds kinda Shopping takes toointeresting. Maybe that much time! would be useful. I can’t imagine paying I buy things solely based for something like on what deals arethat, but it sounds cool. available I don’t want to waste food, but it’s not a I want more variety in priority. my cooking.
  • 9. Big ideas from the FridgeCam phaseThe best way to learn how to interview people is toget out and do it…it gets easierPeople dislike food waste, but…they care a lotmore about time efficiency, deals, and varietyDo we need hardware? Why build a camera whenwe all have them in our phones? No friction!
  • 10. #2: Fridgestagram
  • 11. BMC - Fridgestagram
  • 12. We are dealing with a multi-sided market Pains Gain s Primary research expensive Better ethnographic data “Nielsen nickel & dimes you” Direct connection to user Low resolution data` Planning for groceries Creativity Finding the best deals Entertainment
  • 13. We tested with an MVPA classic:Have some onions?...why not try some bison meatballs?
  • 14. We worked hard to test the product 28 users 30+ 4 CPGs 3 image recognition experts Recipe test: 28 40+ Coupon test: 14 + Fbook ads, Adwords, Craigslist posts
  • 15. Send us a picture of your fridge/pantry
  • 16. Take a survey so we know what you like
  • 17. We’ll send you back a recipe
  • 18. We learned how CPGs do market research TRANSACTION DATA PRIMARY RESEARCH monopoly expensive anonymous time consuming expensive low resolution not real-time small data set
  • 19. So…there could be something there VALUE PROPOSITION Cheaper, higher resolution primary market research for CPGs Findings Technology feasible CPGs interested Value to customer needs work
  • 20. But…What happens when the dog catches the car?food waste healthy food sell more Oreos?
  • 21. So…back to the drawing board
  • 22. What did shoppers tell us?Food shopping is annoying b/c it takes too much timeMany are trying to eat healthy, but don’t have time tocook … Eating out moreDecision fatigue is a problem for people shopping afterwork
  • 23. Rice Paper Rolls – Healthy Fast Food Concept Fresh / Healthy Delicious No added sugar Quick Fun to eat Portable Served with healthy snack for later“Fresh, delicious food that doesn’t need to hide behind a tortilla”
  • 24. BMC #3: Rice Paper Rolls fast food concept
  • 25. We interviewed a lot of people and ran testsWe interviewed: Produce Food Industry Wholesalers Entrepreneurs Consultants Food Restaurant End Distributors Operators CustomersConducted Cooked & sold rice paper rolls in PaloMVP: Alto and on campus Tested “snack after lunch”
  • 26. Value Chain / Areas for Innovation Selling / Supply Final Preparation Cooking Queue Chain Packaging Mgmt Customer Acquisition Real Estate / Distribution Experience
  • 27. What we learned: Finance and operations timelineFinancing - Friends and Family; Angels; Crowdfunding Ops: 1st Unit - 1 or 2 locations; Proof of Concept Financing - Angels; VC Ops: Multi-Market - Market Expansion; Scalability; Execution Risk Financing - Private Equity; Corporate Partner Operations: National Roll-Out1 2 3 4 5 Year
  • 28. Where do we go from here? 1 Return to testing / refining the product. 2 Determine Distribution Points Catering Drop-off Brick & Mortar Restaurant Vending Machines Pop-up Kitchens
  • 29. Our goal is to became a branded food company thatconsumers trust as a partner in their quest to eat healthy and sustainably.
  • 30. Team Artichoke’s big ideas for the class
  • 31. Getting out of the building teaches you something inand of itself How to ask better questions How to be tenacious How you operate as a team
  • 32. Make sure you want what you’re chasing
  • 33. Nothing replaces vision, but these are skillsyou can improve with practice