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  • 1. Columbia B7739-002Day 5 - Advanced EntrepreneurshipApril 20, 2012Steve BlankBob Dorf
  • 2. Welcome to Day 5!Quick Announcements● Please sit with your team members● Name cards are helpful! Please continue to put them up● Remember to sign in when the sheet is passed around● Please grade and provide comments to the other teams‟ presentations Each team will have 15 minutes to present and for Q&AOrder of Presentations1. Diagnosly 7. DEN (FavorNet)2. Factabase 8. TVM Technologies3. eFood 9. Social Crowd4. Kadak (Tea Lab) 10. YSN5. Mobile Marketing 11. Table Compass (FidelEat)6. Jiae 12. Bakamba 13. Pulze
  • 3. Diagnose your healthfrom anywhere14 New (59 Total) Interviews Thomas Jonathan Melissa Nina Tim Vladimir Friday – Day 5
  • 4. Interviews 35 30 25 20 Thursday 15 Wednesday Tuesday 10 Monday 5 0 Industry Patient Provider Payer Mfg Expert
  • 5. DIAGNOSLY - Yesterday • Provider Automated, Optional Consumers engagement • Convenience of time 24x7 Support Families (primarily • Device mfg and place subsequent mothers)• Diagnostic and relationships • Reduced cost for Automated, Optional in the pregnancy and uninsured or high SDK Support early childhood monitoring • R&D deductible plan phase + traveling device OEMs • Customer subscribers Corporate families support• Insurance • Payer Approval • Reduced cost and • Indirect, trusted Device Makers networks increased quality of supplier Small/med, at-home Process software monitors and diagnostic devices• Independent • Lower costs due to sales reps reduced visits, less • Physician / Clinics Payers Insurance, Medicare, • Engineers and fraud and • Online• Healthcare consistent, comprehe Medicaid designers nsive data Professional • Independent Sales Providers • Legal/Regulatory Reps Staffed Remote • Improved patient General Knowledge Centers outcomes Practitioners, Midwiv (IP, FDA, HIPPA, es, Nurses, Office • Earn more money via etc) focus on higher value Manager, Specialists procedures (Pediatricians, OB/G YNs, vets etc) • People (R&D) • Regulatory & Liability • Testing fees (per test/kit) • Customer acquisition • 15% Commission • Testing fees (per test/kit) • Free Beyond Provider Acquisition • Subscription • Pay Per Click 5
  • 6. DIAGNOSLY - Thursday • Provider Automated, Optional Consumers engagement • Convenience of time 24x7 Support Families (primarily • Device mfg and place subsequent mothers)• Diagnostic and relationships • Reduced cost for Automated, Optional in the pregnancy and uninsured or high SDK Support early childhood monitoring • R&D deductible plan phase + traveling device OEMs • Customer subscribers Corporate families support• Insurance • Payer Approval • Reduced cost and Indirect, trusted Device Makers networks increased quality of supplier Small/med, at-home Process software monitors and diagnostic devices• Independent • Lower costs due to sales reps Payers reduced visits, less Self Insured • Engineers and fraud and • Physician / Clinics Companies, Insuran• Healthcare designers consistent, comprehe • Self-insured co’s ce, Medicare, Medica nsive data Professional • Legal/Regulatory id • Independent Sales Staffed Remote Knowledge • Improved patient Providers Reps Centers (IP, FDA, HIPPA, outcomes General • Earn more money via etc) Practitioners, Midwiv focus on higher value procedures es, Nurses, Office Manager, Specialists • People (R&D) • Testing fees (per test/kit) • Regulatory & Liability • Customer acquisition • Testing fees (per test/kit) • 15% Commission and SPIFs • Subscription • Marketing support for interest generation • Data acquisition fee 6
  • 7. Payer Discussions OTC: FSA & Insurance cannot reimburse OTC CPT: Review indicates that some home diagnostics have data acquisition codes A major reason companies self insure is that they can include this type of items in plan - Also likely to provide ready third party MD/Nurse Hotline 7
  • 8. Diagnosly Ecosystem Pharmacy Medical Devices (OEMs) Remote Payers MD/Nurseline Patients Online Health Services (3rd Party) DIAGNOSLY PLATFORM Cloud & Data Phone, Tablet Services , and Web PrimaryPh Independent Applications ysicians RepresentativesCONFIDENTIAL 8
  • 9. Primary Archetype – Day in the life Before Diagnosly Heather, 36: • 10pm: Noah (5 yrs) comes out to say that his throat hurts 3rd time expectant mom • Mom uses artery thermometer • Temperature is 101 • Mom gives him Tylenol and lozenge, puts him back to bed • 7am: Noah still complaining of sore throat, looks pale, swollen glands, fever still at 101 • 8am: Mom calls dr office as soon as it opens, makes appt for 11am • Noah gets popsicle and watches TV with Ryan (3 yrs) • Mom calls school to let them know Noah won‟t be there, calls Ryan‟s jujitsu class to cancel for the day • 10:30am: Mom, Noah and Ryan go to drs office, wait 20 min in waiting room, 20 min in exam room, take strep test, wait for results, get prescription called in (Noah and Ryan are VERY bored) • Noon: Mom, Noah, and Ryan go to Walgreen‟s to pick up prescription • 12:30: Arrive home and give Noah antibiotic, take a ValiumCONFIDENTIAL 9
  • 10. MVPCONFIDENTIAL 10
  • 11. DiagnoslyCONFIDENTIAL 11
  • 12. My Devices Ear Infection Detector Last Used: 4/20/12 WheezOmeter (Asthma) Last Used: 4/15/12 Strep Throat Test Last Used: 3/25/12 Thermometer Last Used: 2/18/12 3 Home Reports Inbox My DevicesCONFIDENTIAL 12
  • 13. My Devices Connect a New Device Start 3 Home Reports Inbox My DevicesCONFIDENTIAL 13
  • 14. My Devices Searching for Devices… 3 Home Reports Inbox My DevicesCONFIDENTIAL 14
  • 15. My Devices 2 Devices Found Select Device to Connect: Ear Infection Detector Strep Throat Test 3 Home Reports Inbox My DevicesCONFIDENTIAL 15
  • 16. My Devices Connecting… 3 Home Reports Inbox My DevicesCONFIDENTIAL 16
  • 17. My Devices Ready to Begin Test Start Strep Throat Test Last Used: 3/25/12 3 Home Reports Inbox My DevicesCONFIDENTIAL 17
  • 18. My Devices Test in Progress… 3 Home Reports Inbox My DevicesCONFIDENTIAL 18
  • 19. My Devices Analyzing Data… 3 Home Reports Inbox My DevicesCONFIDENTIAL 19
  • 20. My Devices Test Complete Your Results are Ready View Share 3 Home Reports Inbox My DevicesCONFIDENTIAL 20
  • 21. Reports Strep Test Results 4/20/12 11:05 AM EST White Blood Cell 103 mcL Red Blood Cell 32 mcL Hemoglobin 1343 c/ Hierocratic 1535 c/ Platelets 10 Strep 342 mg/ Live Consult 3 Home Reports Inbox My DevicesCONFIDENTIAL 21
  • 22. My Physicians Dr. Steve Blank, MD Entrepreneurology Last Contact: 4/20/12 Dr. Mike Johnson, MD Pediatrician Last Contact: 4/14/12 Dr. Anne Miller, MD OB/GYN Last Contact: 3/29/12 3 Home Reports Inbox My DevicesCONFIDENTIAL 22
  • 23. Primary Archetype – Day in the life After Diagnosly • 10pm: Noah (5 yrs) comes out to say that his throat hurts • Mom uses artery thermometer • Temperature is 101 • Mom swabs his throat and does a Diagnosly Strep Test which comes back positive • Diagnosly sends results to central server, runs confirmation scan and calls in prescription to 24 hour pharmacy • Noah takes Tylenol and lozenge • 10:30: Jason (dad) goes to pharmacy to pick up prescription • 11pm: Noah takes antibiotic • Everyone goes to sleep • 8am: Mom calls Noah in sick to his school • 11am: Noah goes with Mom to watch Ryan‟s jujitsu classCONFIDENTIAL 23
  • 24. Adword Campaign • Signs of market demandamong target segment. (young parents) • Signs of broader demand for home diagnostic tests.CONFIDENTIAL 24
  • 25. Sales Funnel Consideration Unbundling Awareness Cross-Sell Purchase Referrals Interest Up-Sell Keep Consumers • Physician Recommendation (Partnerships) • Self-Insured Company Health Plan Recommendations (Partnerships) • Viral in online mother‟s groups (Earlyvangelists) Providers • Independent Sales Force (Existing Relationships & Cold Calls) • Trade Journal Marketing • Professional ConferencesCONFIDENTIAL 25
  • 26. Sales Funnel Consideration Unbundling Awareness Cross-Sell Purchase Referrals Interest Up-Sell Keep Consumers • Recommendations from physician groups • Recommendations from other mothers • Targeted marketing campaign Providers • Sponsored research and articles regarding improved outcomes • Diagnosly forwards leads to independent repsCONFIDENTIAL 26
  • 27. Sales Funnel Consideration Unbundling Awareness Cross-Sell Purchase Referrals Interest Up-Sell Keep Consumers • Ask physician for validation Providers • Speak to independent reps • Review materials for medical validity • Provide free samplesCONFIDENTIAL 27
  • 28. Sales Funnel Consideration Unbundling Awareness Cross-Sell Purchase Referrals Interest Up-Sell Keep Consumers • Subscription or One Time Purchase • From physician, online, pharmacy Providers • Indirect Sales ForceCONFIDENTIAL 28
  • 29. EVOLUTION OF DIAGNOSLYCONFIDENTIAL 29
  • 30. DIAGNOSLY - Monday• Diagnostic and Problem / Need – 1. Medical diagnostic monitoring device Get customers: • R&D tests cannot be Patients OEMs • Partnerships• Lab-on-chip OEMs • Tech support conducted effectively Device Makers outside of a hospital or • Online marketing• Health networks • Partner sales & Physicians clinic. Keep + Grow:• Testing labs support Payers• Clinical research • Quality service and • Customer support 2. Developing and Researchers companies • user experience maintaining proprietary• Online health service software for each device providers What they want: is expensive • Fewer hospital Getting from them: 3. Integrating patient visits (spend less• Hardware to conduct data is hard time, and money) diagnostic tests • On-demand testing• Access to customers Payment process Key Features – • Online (direct) • Frequent testing Provide an easy way for • Physicians • Access to test data • Industry experts Giving them: diagnostic devices to • Hospitals • Integration with • Engineers and connect to the• A platform other health data designers internet, so that patients • Clinics• Mobile connectivity • Privacy, security• Data mgmt • IP experts and physicians can run • Health• Integration with online • Privacy experts tests and access their networks health ecosystem • Lawyers data from anywhere. • People (R&D) • Tech infrastructure • Testing fees (per test) • Customer acquisition • Monthly subscriptions (freemium model) 30
  • 31. DIAGNOSLY - Tuesday • Convenience of time• Diagnostic and Consumers monitoring device and place Get customers: Families (primarily OEMs • R&D • Reduced cost for • Partnerships mothers) in the fertility• Lab-on-chip OEMs • Tech support uninsured or high • Online marketing testing, pregnancy, and• Health networks • Partner sales & deductible plan Keep + Grow: early childhood phase• Testing labs support subscribers • Quality service and• Clinical research • user experience • Customer support companies • Reduced cost and Device Makers• Online health service increased quality of Makers of at-home providers software monitors and diagnostic devices Getting from them: • Lower costs due to• Hardware to conduct reduced visits, less Payers diagnostic tests fraudand Insurance, Medicare, M• Access to customers Payment process consistent, comprehe • Online (direct) edicaid nsive data • Industry experts • Physicians Providers Giving them: • Engineers and • Improved patient • Hospitals General• A platform outcomes Practitioners, Midwives,• designers • Clinics Mobile connectivity • Earn more money via Nurses• Data mgmt • IP experts focus on higher value • Health• Integration with online • Privacy experts procedures networks health ecosystem • Lawyers • People (R&D) • Tech infrastructure • Testing fees (per test) • Customer acquisition • Monthly subscriptions (freemium model) 31
  • 32. DIAGNOSLY - Wednesday Automated, Optional Consumers • Convenience of time 24x7 Support • Provider and place Families (primarily subsequent mothers) in engagement • Reduced cost for Automated, Optional the fertility • Device mfg uninsured or high SDK Support testing, pregnancy, and deductible plan early childhood phase relationships subscribers • R&D Indirect, trusted Device Makers• Diagnostic and supplier • Customer • Reduced cost and Small to medium makers monitoring of at-home monitors and support increased quality of diagnostic devices device OEMs software Payers Insurance, Medicare, Med• Insurance • Lower costs due to icaid reduced visits, less Providers networks • Engineers and fraud and General consistent, comprehe Practitioners, Midwives, N• Independent designers nsive data • Online urses, Office sales reps • Legal/Regulator • Independent Manager, Specialists • Improved patient (Pediatricians, OB/GYNs y Knowledge sales reps , vets etc) (IP, FDA, HIPPA, outcomes • Earn more money via • Physicians / Livestock Managers Cattle ranchers, horse etc) focus on higher value Clinics farmers procedures Drug Developers Big Pharma, Biotechs • Testing fees (per test/kit) • People (R&D) • Customer acquisition • Regulatory & Liability 32
  • 33. DIAGNOSLY - Thursday • Provider Automated, Optional Consumers engagement • Convenience of time 24x7 Support Families (primarily • Device mfg and place subsequent mothers)• Diagnostic and relationships • Reduced cost for Automated, Optional in the pregnancy and uninsured or high SDK Support early childhood monitoring • R&D deductible plan phase + traveling device OEMs • Customer subscribers Corporate support families $$$• Insurance • Payer Approval • Reduced cost and Indirect, trusted Device Makers networks increased quality of supplier Small/med, at-home Process software monitors and diagnostic devices• Independent • Lower costs due to sales reps reduced visits, less • Physician / Clinics Payers Insurance, Medicare, • Engineers and fraud and • Online• Healthcare consistent, comprehe Medicaid designers nsive data Professional • Independent Sales Providers • Legal/Regulatory Reps Staffed Remote • Improved patient General Knowledge Centers outcomes Practitioners, Midwiv (IP, FDA, HIPPA, es, Nurses, Office • Earn more money via etc) focus on higher value Manager, Specialists procedures (Pediatricians, OB/G YNs, vets etc) • People (R&D) • Regulatory & Liability • Testing fees (per test/kit) • Customer acquisition • 15% Commission • Testing fees (per test/kit) • Free Beyond Provider Acquisition • Subscription • Pay Per Click 33
  • 34. DIAGNOSLY - Friday • Provider Automated, Optional Consumers engagement • Convenience of time 24x7 Support Families (primarily • Device mfg and place subsequent mothers)• Diagnostic and relationships • Reduced cost for Automated, Optional in the pregnancy and uninsured or high SDK Support early childhood monitoring • R&D deductible plan phase + traveling device OEMs • Customer subscribers Corporate families support• Insurance • Payer Approval • Reduced cost and Indirect, trusted Device Makers networks increased quality of supplier Small/med, at-home Process software monitors and diagnostic devices• Independent • Lower costs due to sales reps Payers reduced visits, less Self Insured • Engineers and fraud and • Physician / Clinics Companies, Insuran• Healthcare designers consistent, comprehe • Self-insured co’s ce, Medicare, Medica nsive data Professional • Legal/Regulatory id • Independent Sales Staffed Remote Knowledge • Improved patient Providers Reps Centers (IP, FDA, HIPPA, outcomes General • Earn more money via etc) Practitioners, Midwiv focus on higher value procedures es, Nurses, Office Manager, Specialists • People (R&D) • Testing fees (per test/kit) • Regulatory & Liability • Customer acquisition • Testing fees (per test/kit) • 15% Commission and SPIFs • Subscription • Marketing support for interest generation • Data acquisition fee 34
  • 35. TEAM FACTABASEComprehensive Business Statistics on DevelopingEconomiesDay 5: 6 Interviews (48 Survey)Mary Leong, AlexisFarfaro, CalinBota, ProsastyChaudhuri, Bader AlKahtani
  • 36. HYPOTHESIS TESTING Hypothesis Experiment Finding Customer • I-banks are the only segment Interview / within financial firms Survey Segments • Professionals with per project needs (Entrepreneurs, Investors, etc …) are a segment interested in this • There‟s a need for a direct Interview / Channels sales team Survey • Individual users will be acquired online through search engines Revenue • Pricing and volumes Interview / Inconclusive / Survey needs more Streams thought
  • 37. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 3 Access to the most • Automated Services • National Statistics • Collecting and preparing comprehensive and • Management Offices the statistical tables Detailed (hundreds of Consultancies • Development of automation sources per country) • Public Authorities software and webapps database of curated • Customer acquisition and industry statistics on • Investment • International management developing markets. Banks Organizations (Majority of which are not indexed on search engines & hidden on authority • Market • Companies that servers) Research Firms publish public statistics Convenience in • Educational access through Institutes Advanced Search; • Direct Sales • Software/Web Export and Visualization developers options; Clear sourcing • Online Sales • Professionals/E • Research analysts and real-time updates. ntrepreneur • Data entry people • HR and admin • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or sector/country specific) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 38. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 4 Still unclear how to approach individual users. Access to the most • Automated Services - 50% of respondents had an interest in business • National Statistics • Collecting and preparing the statistical tables comprehensive and Detailed (hundreds of • Management Offices Consultancies statistics •on developing markets and ALL of which Development of automation sources per country) • Public Authorities software and webapps database of curated faced serious challenges getting access to them. • Customer acquisition and industry statistics on • Investment • International management developing markets. Banks and - From the people that faced challenges, the vast Organizations (Majority of which are not Commodity majority did not pay a subscription search engines indexed on to a service if the & hidden on authority Traders • Companies that tables they needed were on a premium service – publish public servers) • Market statistics However, when asked if they Convenience in interested in would be access through Research Firms premium tables sold on a perAdvanced Search; project basis, all were Sales • Direct • Educational • Software/Web Export and Visualization extremely excited about this offering. sourcing developers options; Clear • Online Sales Institutes • Research analysts and real-time updates. - The expected prices per table were very diverse • Data entry people • Professionals/E ranging from $10 to $200. • HR and admin ntrepreneur • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or sector/country specific) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 39. HYPOTHESIS TESTING Hypothesis Experiment Finding Customer • Financial Services Firms are a Interview / segment on their own Survey Segments • Individual users (i.e. individual professionals) are a segment • There‟s a need for a direct Interview / Channels sales team Survey • Professionals would use their credit cards to buy a table - and expense it to their companies Revenue • Pricing and volumes Interview / Inconclusive / Survey needs more Streams thought
  • 40. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 3 Access to the most • Automated Services • National Statistics • Collecting and preparing comprehensive and Companiesand Offices the statistical tables Detailed (hundreds of individuals with a • Development of automation sources per country) need for detailed • Public Authorities software and webapps database of curated public statistics on • Customer acquisition and industry statistics on Emerging Markets. • International management developing markets. Organizations (Majority of which are not • Frequent indexed on search engines - Consultancies & hidden on authority • Companies that servers) - Universities publish public statistics Convenience in • Non-Frequent access through - Professionals Advanced Search; • Direct Sales - Entrepreneurs • Software/Web Export and Visualization - Students/Professo developers options; Clear sourcing • Online Sales rs • Research analysts and real-time updates. • Data entry people • API access • HR and admin (special datasets) • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or sector/country specific) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 41. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 4 Access to the most • Automated Services • National Statistics • Collecting and preparing comprehensive and Companiesand Offices the statistical tables Detailed (hundreds of individuals with a • Development of automation sources per country) need for detailed • Public Authorities software and webapps database of curated public statistics on • Customer acquisition and industry statistics on Emerging Markets. • International management developing markets. Organizations (Majority of which are not • Frequent indexed on search engines - Consultancies & hidden on authority • Companies that servers) - Universities publish public statistics Convenience in • Non-Frequent access through - Professionals Advanced Search; • Direct Sales - Entrepreneurs • Software/Web Export and Visualization - No VP of - Students/Professo developers options; Clear sourcing Sales, personal rs • Research analysts and real-time updates. prospection from founder for key accounts • API access • Data entry people - Sales admin • HR and admin (special datasets) • Online Sales for • Business individual professionals Development (paypal and credit card) • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or sector/country specific) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 42. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 4 “Access through an • Automated Services Access to the most • National Statistics • Collecting and preparing comprehensive and excel interface • Management the statistical tables Detailed (hundreds of Offices • Development of automation sources per country) is very Consultancies • Public Authorities software and webapps • Customer acquisition and database of curated industry statistics on important” • Investment • International management developing markets. Banks and Organizations (Majority of which are not Commodity indexed on search engines & hidden on authority Traders • Companies that servers) publish public • Market statistics Convenience in Research Firms access through Advanced Search; • Direct Sales • Software/Web Export and Visualization • Educational - No VP of developers options; Clear sourcing Sales, personal Institutes • Research analysts and real-time updates. prospection from • Data entry people founder for key accounts • Professionals/E • HR and admin - Sales admin ntrepreneur • Business • Online Sales for Development individual professionals (paypal and credit card) • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or sector/country specific) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 43. HYPOTHESIS TESTING Hypothesis Experiment Finding • There‟s a need for a direct Interview / Channels sales team Survey • Individual users will be acquired online through search engines Customer • Financial Services Firms are a Interview / segment on their own Survey Segments • Individual users (i.e. individual professionals) are a segment Revenue • Pricing and volumes ?? Interview / Inconclusive / Survey needs more Streams thought
  • 44. MARKET SIZE AND REVENUE HYPOTHESIS • Focusing on priority segments: – Management Consultancy, 100+ consultants – Investment Banking, 500+ employees 850 accounts $86 million spent FACTABASE: on databases $13 million with potential for growthBased on $50/table or $15,000/subscription Based on census + interviews generalized to world + interviews
  • 45. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 4 • Automated • National Statistics • Collecting and preparing Services • Management Offices the statistical tables Unique access Consultancies • Development of automation software and webapps to valuable • Public Authorities • Customer acquisition and official • Investment • International management Banks and statistics on Commodity Organizations developing Traders • Companies that economies in publish public • Market statistics a Research Firms Convenient, R • Direct Sales • Software/Web eliable and • Educational - No VP of developers Sales, personal calls Institutes • Research analysts Cost effective from founder for key • Data entry people way accounts • Professionals/E • HR and admin - Sales admin ntrepreneur • Business • Online Sales for Development individual professionals • IT Infrastructure• FTE, IT costs, Rent (Fixed)• Part time employee salaries, SEO (variable) Per-table sale option (with pay as you go What are the most important costs inherent in our business model? Fixed? Variable? option for large accounts)
  • 46. Factabase FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9 A one stop shop • Personal • National Statistics • Collecting and preparing the statistical tables for all public Assistance Management Offices • Development of automation statistics on the • Self Service Consultancies • Public Authorities software and webapps GCC. • Customer acquisition and • International management Local Organizations A top notch user Companies interface with • Companies that export options International publish public statistics Companies Advanced Direct Sales interested in Charting tools • Software/Web the region developers Online Sales • Research analysts Monthly Reports • Data entry people • HR and admin • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription service based on:• Part time employee salaries, SEO (variable) • Duration of use What are the most important costs inherent in our business model? Fixed? Variable? • Coverage of content How do we make money? What‟s the revenue model? Pricing tactics?
  • 47. FACTABASE FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9 • Automated Services Enhancing access to • National Statistics • Collecting and preparing public statistics on • Personal assistance Companiesand Offices the statistical tables emerging markets that individuals with a • Co-creation • Development of automation often have issues need for detailed • Public Authorities software and webapps relating to: public statistics on • Customer acquisition and 1) Availability: Emerging Markets. • International management Believed to be non • Frequent and Organizations existent or are comprehensive difficult to find. (Financial 2) Convenience: services, consulting, Med • Companies that ia, Universities and R&D) publish public Require multiple • Frequent and statistics steps to prepare sector/country them for use and/or specific (Ad Agencies compare multiple • Online and Market Research) • Software/Web tables from multiple • Non-frequent and developers sources. • Direct Sales comprehensive • Research analysts Through a user friendly (Individuals or Students) • Data entry people one-stop setting with • Non-frequent and • HR and admin easy sector/country • Business search, visualization specific and export options. (Entrepreneurs, Internati Development onal investors) • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or• Part time employee salaries, SEO (variable) sector/country specific) for premium tables What are the most important costs inherent • Per-table sale options for premium tables in our business model? Fixed? Variable? How do wemodel for free tables • Ad-based make money? What‟s the revenue • API access for application developers model? Pricing tactics? • Special pricing for customized reports
  • 48. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 1; FOCUSED CUSTOMER SEGMENTS, RELATIONSHIPS, CHANNELS AND REVENUE STREAMS Enhancing access to • Automated Services • National Statistics • Collecting and preparing public statistics on Companiesand Offices the statistical tables emerging markets that individuals with a • Development of automation often have issues need for detailed • Public Authorities software and webapps relating to: public statistics on • Customer acquisition and 1) Availability: Emerging Markets. • International management Believed to be non Organizations existent or are • Frequent difficult to find. (Consultancies) • Companies that 2) Convenience: publish public Require multiple • Non-Frequent statistics steps to prepare (Financial them for use and/or Services, Entreprene compare multiple • Online urs, Individuals, New • Software/Web tables from multiple s Agencies) developers sources. • Direct Sales • Research analysts Through a user friendly • API access • Data entry people one-stop setting with (special datasets) • HR and admin easy • Business search, visualization Development and export options. • IT Infrastructure• FTE, IT costs, Rent (Fixed) • Subscription model (comprehensive or• Part time employee salaries, SEO (variable) sector/country specific) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option • API $xx per call
  • 49. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 2; FOCUSED CUSTOMER SEGMENTS, RELATIONSHIPS, CHANNELS AND REVENUE STREAMS Access to the most • Automated Services • National Statistics • Collecting and preparing comprehensive and Companiesand Offices the statistical tables Detailed (hundreds of individuals with a • Development of automation sources per country) need for detailed • Public Authorities software and webapps database of curated public statistics on • Customer acquisition and industry statistics on Emerging Markets. • International management developing markets. Organizations • Frequent (Majority of which are - Consultancies • Companies that not indexed on search publish public engines & hidden on statistics authority servers) • Non-Frequent Convenience in access - Professionals through Advanced • Direct Sales - Entrepreneurs • Software/Web Search; Export and - Students/Professo developers Visualization options; • Online Sales rs • Research analysts Clear sourcing and real- • Data entry people time updates. • HR and admin • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed) Pay as you go• Part time employee salaries, SEO (variable) What are the most important costs inherent in our business model? Fixed? Variable? • Per-table sale option
  • 50. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 3 • Automated Services • National Statistics • Collecting and preparing • Management Offices the statistical tables Unique access Consultancies • Development of automation software and webapps to valuable And Investment • Public Authorities • Customer acquisition and official Banks • International management statistics on • Market Organizations developing Research Firms • Companies that economies in publish public • Educational statistics a Institutes Convenient, R • Direct Sales • Software/Web eliable and • Professionals/E developers • Online Sales ntrepreneur • Research analysts Cost effective • Data entry people way • HR and admin • Business Development • IT Infrastructure• FTE, IT costs, Rent (Fixed)• Part time employee salaries, SEO (variable) Per-table sale option (with pay as you go What are the most important costs inherent in our business model? Fixed? Variable? option for large accounts)
  • 51. OUR BUSINESS MODEL CANVAS AT THE END OF DAY 4 • Automated • National Statistics • Collecting and preparing Services • Management Offices the statistical tables Unique access Consultancies • Development of automation software and webapps to valuable • Public Authorities • Customer acquisition and official • Investment • International management Banks and statistics on Commodity Organizations developing Traders • Companies that economies in publish public • Market statistics a Research Firms Convenient, R • Direct Sales • Software/Web eliable and • Educational - No VP of developers Sales, personal calls Institutes • Research analysts Cost effective from founder for key • Data entry people way accounts • Professionals/E • HR and admin - Sales admin ntrepreneur • Business • Online Sales for Development individual professionals • IT Infrastructure• FTE, IT costs, Rent (Fixed)• Part time employee salaries, SEO (variable) Per-table sale option (with pay as you go What are the most important costs inherent in our business model? Fixed? Variable? option for large accounts)
  • 52. Your Groceries… in the 21st Century 170 interviews + 15 partner meetings + Google ads + survey + website visitsJyotsna Gianluigi Kerli Brian Dimitar Camilla
  • 53. Mmmm… What do IWhat should Ieat tonight? have?
  • 54. Start the App
  • 55. What should IWhat do I eat tonight? have? Chicken!
  • 56. ShopNow! DeliverToday!
  • 57. www.efood-global.comNumber of hits: 100Google Ads hits: 0
  • 58. Recipeandonlineshoppingsolutionsexist - >millionsofusers No inventoryandintegratedsolutions! Co-opetition – Clearinterestfromretailers
  • 59. • 42 UsabilityTests – 76% - Yes! – 50% - willing to pay • $ 1.50 - $ 5.00• Web Survey – 86% - Yes! – 70 % - willing to pay
  • 60. • Weeklymealplans• Singleguys a potentialcustomersegment• «Dial-a-Chef» - > «ImpresstheDate!»• Link to socialmedia• MyRecipeBook (addandedit)
  • 61. Revenue (2 Sided Platform)• Consumers: Free App (Users in year 500K))• Advertising Revenue ($ 3-4 /1000 impression)• Commission on retail orders (starting in month 7th – 4-5% of online sales)Costs• Research & Development ($200K)• Sales and Marketing (10% of sales)
  • 62. • Youmustgetoutofthebuilding - you WILL discovertheunexpected• It is OK to Pivot• It’schallenging to workin a newlyformedteamunderthetimepressure• Communicationiscritical
  • 63. E-Food End FMCG DAY 1 user retailers 7 1 • 4 2 Automated services 6 • Platform • Save time (finding and delivery) • Automated mass customization based Multi-sided platforms • Reduce costs management on past consumption • End-users:• Grocery Distributors • Platform promotion (waste, best deals) • Diet advisory patterns - Single households to stores / horeca &reccomendation • Recipes management (students / young sector analyses professionals)• Apple / Android & recommendations 3 - Family busy mums•• Platforms University campuses (tech clubs) OEM hardware 8 • Marketing & sales tool • Smartphone apps - Seniors • Small HoReCa businesses (restaurant chain) manufacturers • Providing direct market access to information on • web sales • Platform consumption behaviour • Household appliance • Customer base of users store for scanners • • Human resources • Increased loyalty (Premium users) • Grocery Retailers Distributors (Food) through benefit to users • Sales force • Basic app is for free • Selling smartphone apps and extra services - freemium • • • Platform management and development Customer acquisition costs Cost for service premium users 9 • • Selling hardware (scanning devices) transaction fees on online purchases (from supermarkets) 5 • add revenues
  • 64. E-Food End FMCG DAY 2 user retailers 7 1 • 4 2 Automated services 6 • Platform • Save - time • Automated mass customization based Multi-sided platforms• Grocery Distributors development&manag - money on past consumption to stores / horeca ement • Value added patterns Online and Offline End- sector • Platform promotion - Diet advisory &reccomendation users:• Apple / Android - Recipes analyses - Family busy mums / Platforms management working fulltime• 8 3 University campuses - Higher income (tech clubs)• OEM hardware • Marketing & sales - Willing to pay for convenience manufacturers• Delivery company tool • Smartphone apps (headspace) Key Insight:• Platform (fresh direct) • Providing direct • market• Content providers• Customer base web sales CUSTOMER•DEMAND for inventoryinformation on Human resources access to app?? consumption behaviour • Household appliance YES! – KEEP• GOING!! Software developers • Partners relationship of users store for scanners (Premium users) • Grocery Retailers managers • Increased loyalty • Distributors (Food) through benefit to users Key Changes: • Sales force Refine customer segment and value proposition • Basic app is for free • Selling smartphone apps and extra services - freemium • • • Platform management and development Customer acquisition costs Cost for service premium users 9 • • Selling hardware (scanning devices) transaction fees on online purchases (from supermarkets) 5 • add revenues
  • 65. End FMCG HoReCa DAY 3 user retailers 7 1 • • Automated services Dedicated manager 4 2 6 • Platform • Save - time - money • Value added • Automated and targeted mass customization based • Multi-sided platforms Online and Offline End-users:• Grocery Distributors development &management - Diet advisory on past consumption • - Family busy mums to stores / horeca patterns • Platform promotion management / working fulltime• sector - Recipes &, reccomendation • - Higher and Apple / Android • Home cooking service analyses medium income Key Insights: 3 Platforms• • - Willing to pay for 8 Delivery company PUPIL DILATING INTEREST and WTPsales tool: (fresh direct) Marketing & for inventory convenience• Content providers new customers • (headspace) + recipes (recipes) Increase revenues • • On-line retailers • People who cook at• BeVinco App converts in store customers  online • myvirtualpantry.com information on • home and buy at• Quantified self • Platform consumption • Smartphone apps least something • Customer base behaviour • web sales online • Software developers Increased loyalty • • Household appliance • Partners Key Changes: relationship • Grocery Retailers store for scanners managers Identified•key potential and Content development retail partner (Bevinco) (Premium users) • Distributors (Food) management Understood our B2B value proposition. • Direct sales force Redefined customer segment • Basic app is for free • Selling smartphone apps and extra services - freemium • • • Platform management and development Customer acquisition costs Cost for service premium users 9 • • Selling hardware (scanning devices) transaction fees on online purchases (from supermarkets) 5 • add revenues
  • 66. Consumers Retailers Advertisers MULTI-SIDED PLATFORM DAY 4 7 1 Automated Service (Smartphone App and 4 2 6 • Key Insights: Platform development Concept validated &management • Save time & effort by Tracking, Deciding Website) In –person dedicated • • Time Conscious Tech Friendly • Platform promotion on & Buying (Relationship Manager) • Cook at home Customers willing to scan / record inventory NB. Trackers (Early Groceries• Retailers (Physical • Eat Better In-person dedicated (Ad sales) evangelists) Sales delivery partners are & Online) NOT small retailers Generate Physical Retailers• Sales, expand 8 Apple / Android 3 Online Retailers Opportunity to integrate Platforms retailers customer• Advertising channel Content providers base and avg. Advertiser (Recipes etc.) shopping basket Deliver targeted Direct Key Changes:Software developers Advertising App Store • • Partners relationship Pivot to TRACK – DECIDE – BUY (not recipe Indirect managers Partner Stores service) • Content management Direct Advertisers Refined revenue model: Paid App, revenue sharing with large retailer, advert revenue. tier • Two Smartphone App pricing : Lite = Free, Pro = $1.99 (Limited time free promo) • • • Platform management and development Customer acquisition costs Cost for service premium users 9 • Selling hardware (scanning devices) Sales commissions on retail orders 5 Display ads, recommendations
  • 67. Consumers Retailers Advertisers MULTI-SIDED PLATFORM DAY 5 7 1 • Save time & effort Automated Service (Smartphone App and 4 2 6 • Platform development &management by Tracking, Deciding Website) In –person dedicated • • Time Conscious Tech Friendly • on & Buying Platform promotion (Relationship Manager) • Cook at home Key Insights: Groceries NB. Trackers (Early• Large retailers • Eat Better In-person dedicated evangelists) Users loved the app (Physical & Online) • Social Generate (Ad sales) (Freshdirect, Dagos Physical Retailers Desire for extended soft user Sales, expand functionality 8 tino’s Eden Garden) 3 Online Retailers• Apple / Android retailers customer Platforms base and avg. Advertiser• Content providers from large retail partners Interest shopping basket (Recipes etc.) Deliver targeted Direct Advertising App Store • Software developers Key Changes: Free App • Partners relationship managers Indirect Partner Stores • Content management Direct Advertisers • FREE APP • Two tier Smartphone App pricing : Lite = • • • Platform management and development($200k) Customer acquisition costs Cost for service premium users 9 • Free, Pro = $1.99 (Limited time free promo) Selling hardware (scanning devices) Sales commissions on retail orders 5 Display ads, recommendations
  • 68. Consumers Retailers Advertisers MULTI-SIDED PLATFORM FINAL CANVAS 7 1 • Save time & effort Automated Service 4 2 6 (Smartphone App and • Platform by Website) development • Time Conscious &management Tracking, Deciding In –person dedicated • Tech Friendly • Platform promotion on & Buying (Relationship Manager) • Cook at home Groceries NB. Trackers (Early• Large retailers • Eat Better In-person dedicated evangelists) (Physical & Online) • Social (Ad sales) (Freshdirect, Dagos Generate Physical Retailers 8 tino’s Eden Garden) 3 Sales, expand Online Retailers• Apple / Android retailers customer Platforms Advertiser• Content providers base and avg. (Recipes etc.) shopping basket Direct Deliver targeted Advertising App Store • Software developers • Partners relationship Indirect managers Partner Stores • Content management Direct Advertisers FREE APP • • Platform management and development ($200k) Customer acquisition costs 9 Sales commissions on retail orders Display ads, recommendations 5
  • 69. Authentic Asia Tea T4UTotal Interviews: 242 to date(21 in person + 42 online + 3 mall visits + 2 store manager interviews yesterday +BUILT A WEBSITE!) Adeem Fenster Stella Chan Richard James Shashi Shrimali Sanjay Bharadwaj Neeraj Lal
  • 70. Tested the concept: Kiosk at a mall
  • 71. Click the step that‟s most important to your tea experience
  • 72. Validation but still needs improvement… Other What are we missing? I wish the Testing the Kiosk 7% Concept idea were... 13% Hate the Coffee idea 19% 1% Pastries 24% Like the Cold tea idea drinks 86% 22% Food 28% Whats most important? Only if... Would you buy? 8% Choosing the tea leaves that I 59% No way want 10% Remebering the way I made my 41% tea so I dont have to do it againA lounge to hang out and enjoy my 41% Absolutely tea 49% Having someone make the tea for Maybe 24% me 33% Something else... 10% Setting how long I want my tea to 10% boil
  • 73. Tested the concept: Website MVP! TeaLAB
  • 74. Kadak – 04/16/2012 What Key Activities do we Who are our Key require? Partners? How will we Get, Keep • Purchasing raw material• Indian stores and Asian • Brewing tea and Grow Customers? Which of our customer’s • Consistent quality stores • Setting up retail outlets problems are we helping • Increase product variety• Eventually tea makers • Advertising, & marketing • to solve? • loyalty program tea card• Indirect distribution Setting up customer feedback • Who are our most channel and analysis • consumer have limited access word-of-mouth from students through -- subway, panda (campuses) important customers? • Business development with to authentic Asian tea in a express • Tea cart promotion via • repeat customers, Asian- campuses retail format • Product mix creation Facebook or Tweeter immigrants consumers Who are our key • FP&A management • Tea tasting event to collect • health conscious customers suppliers? • Hiring customer feedback (via iPad)• Indian store from NJ Which customer needs What are their• Chinese stores from are we satisfying? archetypes? Chinatown • Desire to consume authentic • The Indian• Grocery stores such as Asian tea outside home • The rising teen Wal-mart • Healthy parents• Restaurant • Undergrads utensils/hardware What Key Resources we Through which Channels • Baby-boomers suppliers require? What are the Key Features of our product do our Customer • Money Segments What Job do they want What are we getting • Retail outlets that match customers from them? Giving problem/need? want to be reached? us to get done for them? • POS system to track sales • make the tea (incl. picking them? • taste of our tea (quality) • direct retail • SAP system for accounting• Milk, sugar, Splenda, tea • the availability of tailored • direct-to-home the best ingredients) • License from NY / Campus • education of tea leaves, cups, spices, pots/p approval flavor delivery ans • HR for hiring & training • speed of delivery• MONEY, more revenue • Tea brewing equipment • convenience What are the most important costs inherent in our business model?Fixed How do we make money? What’s the revenue model? Pricing• Rent tactics?• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99) Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies • Never price below breakeven even during promotion period• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
  • 75. Kadak – 04/17/2012 (morning) What Key Activities do we Who are our Key require? Partners? How will we Get, Keep • Purchasing raw material• Indian stores and Asian Which of our customer’s and Grow Customers? • Brewing tea stores • Setting up retail outlets problems are we helping • Consistent quality Who are our most• Eventually tea makers • Advertising, & marketing to solve? • Increase product variety important customers? • • consumer have limited • loyalty program tea card  repeat• Indirect distribution Setting up customer feedback channel and analysis • word-of-mouth from students through -- subway, panda access to authentic Asian (campuses) customers, Asian- • Business development with express campuses tea in a retail format • Tea cart promotion via immigrants consumers Who are our key • • Product mix creation FP&A management Facebook or Tweeter • Tea tasting event to collect • health conscious suppliers? • Hiring Which customer needs customer feedback (via iPad) customers• Indian store from NJ are we satisfying?• Chinese stores from What are their • X Desire to consume Chinatown archetypes?• Grocery stores such as authentic Asian tea •  The Indian Wal-mart outside home • The rising teen• Restaurant • Healthy parents utensils/hardware What Key Resources we What are the Key Through which Channels suppliers do our Customer •  Undergrads require? Features of our product • Segments •  Baby-boomers Money that match customers What are we getting • Retail outlets problem/need? want to be reached? from them? Giving •  direct retail/franchise What Job do they want POS system to track sales •  taste of our tea them? • SAP system for accounting model us to get done for them?• Milk, sugar, Splenda, tea (quality) • License from NY / Campus • direct-to-home •  make the tea (incl. leaves, cups, spices, pots/p •  the availability of picking the best approval delivery ans tailored flavor ingredients) • HR for hiring & training• MONEY, more revenue • speed of delivery •  education of tea • Tea brewing equipment • convenience What are the most important costs inherent in our business model?Fixed How do we make money? What’s the revenue model? Pricing• Rent tactics?• Equipment, furniture and fixtures • Low Intro promotion price to attract customers($1.99) Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies • Never price below breakeven even during promotion period• Employee salaries • Find ways to give them discounts (survey --- buzz discounts)
  • 76. Tea Lab – 04/18/2012 Which of our customer’s problems are we helping to solve? What Key Activities do we • consumer don’t have Who are our Key require? Partners? access to quality tea outside • Purchasing raw material• Indian stores and Asian • Brewing tea the home How will we Get, Keep Who are our most stores • Setting up retail outlets • Formula/proportions are and Grow Customers? important customers?• Eventually tea makers • Advertising, & marketing off • Unique, customized tea, their• Indirect distribution • Setting up customer feedback way • repeat customers through -- subway, panda channel and analysis • Business development with • Consistent quality • health conscious customers express Which customer needs are campuses • Increase product variety • Product mix creation we satisfying? • loyalty program TEA I.D. Who are our key • Customers looking for a fun • FP&A management new experience suppliers? • Hiring • Tea the “way I like it”• Indian store from NJ outside the home• Chinese stores from What are their • Cool experience / social archetypes? Chinatown setting for tea • The Indian• Grocery stores such as • The rising teen Wal-mart • Healthy parents• Restaurant • Tea w/out tea bags • Undergrads Through which Channels utensils/hardware What Key Resources we • Baby-boomers do our Customer suppliers require? What are the Key Features Segments • Money of our product that match What Job do they want What are we getting want to be reached? • Retail outlets customers problem/need? us to get done for them? from them? Giving • Teal lab stores • POS system to track sales • Custom tea their way! them? • taste of our tea (quality) • • SAP system for accounting Fun/unique ingredients• Milk, sugar, Splenda, tea • Experience • direct-to-home • make the tea (incl. picking the • License from NY / Campus • the availability of tailored flavor leaves, cups, spices, pots/p approval delivery best ingredients) ans • Online • education of tea • HR for hiring & training • speed of delivery • cool place to hang out• MONEY, more revenue • Tea brewing equipment • Convenience What are the most important costs inherent in our How do we make money? What’s the revenue model? Pricing business model? tactics?Fixed • Online sales for home consumption• Rent • Data – based on the TEA ID card!• Equipment, furniture and fixtures Variable • Keep the price close to Starbucks thereafter• Raw materials & supplies• Employee salaries • Never price below breakeven even during promotion period • Find ways to give them discounts (survey --- buzz discounts)
  • 77. Tea Lab – 04/19/2012 What Key Activities do we Who are our Key require? Partners? Which of our customer’s How will we Get, Keep• Indian stores and Asian  Purchasing raw material problems are we helping and Grow Customers?  BRAND – Tea Lab to solve? • Unique, customized stores Who are our most• Eventually tea makers  Brewing tea tea, their way important customers?  Setting up retail outlets  consumer don’t have access • Consistent quality• Indirect distribution  Advertising, & marketing to quality tea outside the • Increase product variety through – franchises in home  repeat customers  Setting up customer feedback • TEA I.D. airports, hotels?subway,  Formula/proportions are off  health conscious channel and analysis • word-of-mouth from panda express customers • Business development with students (campuses)  Customers looking for a campuses • Tea tasting event to collect Who are our key fun new experience • Product mix creation Which customer needs customer feedback (via suppliers? • FP&A management are we satisfying? iPad)• Indian store from NJ • Hiring What are their• Chinese stores from  Tea the “way I like it” outside archetypes? Chinatown the home• Grocery stores such as  Tea w/out tea bags  The rising teen Wal-mart  Cool experience / social  Healthy parents setting for tea  Undergrads Tea merchants Kiosk manufacturers What Key Resources we require? Through which Channels What Job do they want Restaurant What are the Key utensils/hardware do our Customer us to get done for them? Features of our product Segments suppliers • Money that match customers • Retail outlets want to be reached?  Custom tea their way! problem/need? What are we getting • POS system to track sales  Fun/unique ingredients • Tea lab stores Tea lab kiosks from them? Giving • SAP system for accounting  Taste of our tea (quality)  make the tea (incl. picking them? • direct-to-home delivery the best ingredients) • License from NY / Campus  The availability of tailored Milk, sugar, Splenda, tea • Online  education of tea approval flavor leaves, cups, spices  cool place to hang out • HR for hiring & training  Speed of delivery MONEY, more revenue  Convenience • Tea brewing equipment  Experience What are the most important costs inherent in our How do we make money? What’s the revenue model? Pricing business model?Fixed tactics? Rent Equipment, furniture and fixtures • Online sales for home consumptionVariable • Data – based on the TEA ID card! Raw materials & supplies • Keep the price close to Starbucks thereafter Employee salaries • Never price below breakeven even during promotion period • Find ways to give them discounts (survey --- buzz discounts)
  • 78. Tea Lab – 04/20/2012• Tea  Purchasing raw material • Unique, customized manufactures  BRAND – Tea Lab  Brewing tea tea, their way• Mall managers  Setting up kiosks • Consistent quality  Mall shoppers  Advertising, & marketing consumer don’t have • Increase product• Other raw  Setting up customer access to quality tea  repeat customers variety material feedback channel and  health conscious outside the home • TEA I.D. analysis customers suppliers Formula/proportions • Product mix creation  Customers looking • Hiring + training are off • Tea Pots for a fun newKiosk experience manufacturers Tea the “way I like it” outside the homeRestaurant  The rising teen utensils/hardwar  Healthy parents  Taste of our tea e suppliers (quality)  Undergrads • Money • Custom kiosks  The availability ofMilk, sugar, Sple tailored flavor nda, tea • POS system to track  Remember me • Tea lab kiosks   Custom tea their way! Fun/unique ingredients leaves, cups, spi I.D  Experience • Flagship store  Have us make your tea ces • HR for hiring &  Cool experience /  education of tea  cool place to hang outEquipment training social setting for tea • Tea brewing equipmentFixedRentEquipment, furniture and fixtures • Mall kiosks • Online sales for home consumptionVariable • Flagship storeRaw materials & supplies • Data – based on the TEA ID card!Employee salaries
  • 79. Our Journey in this class ……Walk Beginning End of End of End of End ofin with Day 1 day 1 day 2 day 3 day 4an idea
  • 80. Marketing campaigndesigned for delivery to cellphones, smart phones andother media devices.Team members: Alex Goncharuk Jorge Melgar Hasan Shahid Broor Spahr van der HoekInterviews: 22 restaurants, 17 customers, 2 channel partner, 2 telecom, 2 medical,
  • 81. CustomerDiscoveryTest the Solution Verify or PivotWeb-based mobile marketing Pivottool VerifiedApp that allows them to Phase 3 Phase 4choose what they receiveTest the Problem State Hypotheses2 interviews with owners Phase 2 Phase 1 Restaurants have a marketing14 interviews with customers problem Customers don’t like to receive random mobile marketing (i.e. SMS, email)RestaurantsCustomers
  • 82. Restaurant Segments Fine dining - Always full Margin - Income subject - Dedicated marketer Rent 17% to weekly and 10% monthly Midlevel prime location Others Labor seasonality 9% 39% - Generally full - Dependent on - Part-time marketer Food loyal customers 25% sales Midlevel neighborhood - Low margins don’t allow high discounts - Mixed results from digital marketing - Fear of implementing new Low restaurants technologies - No budget
  • 83. CustomerSegments Age 20-25 - Price, location, quality - Website - Interest in receiving opt-in mobile marketing information Age 26-35 - Quality, decor - Location based restaurant info - Zagat, word of mouth - Initial interest in getting an app that Age 35-45 gives the quality, price and - Quality promotions - Zagat Age 45+ - Quality, clean - Known restaurants
  • 84. MarketSize US - Restaurant expenses in the mid level range for600,000 marketing/discounting is within $750-$1,000New York 28,000 - Assuming a 30% market share and a fixed monthly fee of $200 annual revenue is $6.2MMid Level 8,700
  • 85. Restaurant’sEcosystem Suppliers Point of Sale Merchant processing provider
  • 86. ProductDiagram Point of Pay Bill Sale Receipt Data Registration (email) Data Application Marketing Portal with Application Promotions TargetedCampaigns Marketing Promotions (web) Push / Pull Promotions (mobile)
  • 87. AcquireCustomers Plan
  • 88. MVP - Customer
  • 89. MVP - Restaurant
  • 90. Web Portal Customers Statistics- Sales- Average Expenditure- Frequency Marketing summary- Subscribers- Consumption patterns- Promotion Results
  • 91. Mobile Marketing Day 1 Problems solved: Get/keep/Grow - Allow customers to Key Activities do Customers? develop and execute Most important Who are our Key we require? Low-cost platform that mobile marketing customers? Partners? Software is effective and campaigns (based Small businesses Telecoms development, data quickly shows results on interactive access (or analysis (switching costs for with end users) Telecoms, marketin Who are our key telecoms and marketing) g agencies?) suppliers? Needs satisfied: What are their Telecoms, search - Efficient low-cost archetypes? engines communication with Companies that end consumers would want to use What are we mobile marketing getting from Key features? services them? Giving What Key - Simple Job they want us them? Resources we Which Channels? standardized Web- to get done? Phone numbers/ require? Online (trade fairs?) based software tool Deliver msg to end- short People, IT allowing use of customer through code, advertising infrastructure (data SMS, QR codes and platform center) NFC Important costs? Fixed? Variable?Software (technology) development, (fixed) Subscription fee, campaign fee and marketing/sales (variable) performance-based fee?
  • 92. Mobile Marketing Day 2 Key Activities do we require? - Restaurants to Get/keep/Grow Restaurants want Who are our Key Marketing reduce sales Customers? to minimize the Partners? Campaign fluctuations dependency on Online templates, Software - Low-cost platform discounters advertisement development, relati - Restaurants to - Marketing Campaign onship building engage customers Templates Restaurant want to Who are our key run local marketing suppliers? campaign ( 2 mins Telecoms, search - Cheap and an breakfast , cheap engines effective way of bagel after reaching the 11am, …) What are we customers getting from What Key them? Giving Resources we - Reaching local Which Channels? them? require? customer Online Message delivery People, IT (location based) services infrastructure (data center) Important costs? Fixed? Variable?Software (technology) development, (fixed) Fee per marketing campaign, monthly marketing/sales (variable) subscription fee
  • 93. Mobile Marketing Day 3 - Restaurants to reduce sales fluctuations Key Activities do - Restaurants to engage Get/keep/Grow Restaurants want toWho are our Key we require? customers minimize the dependency on Marketing Campaign - Cheap and an effective Customers? discounters Partners? way of reaching the - Low-cost platform Online templates, Software customers Restaurant want to run local development, relation - Reaching local customer - Marketing Campaign marketing campaign ( 2 advertisement mins breakfast , cheap ship building (location based) Templates review webpages bagel after 11am, …) restaurants - Increase customersWho are our key without affecting - Mid pricing level suppliers? existing sales restaurants in Telecoms, search neighborhood areas engines What are we - Filter incoming getting from What Key “discount” info Which Channels? them? Giving Resources we Online, app, loyalty - People between 30- them? require? - Receive restaurant Message delivery information programs 45 years People, IT - People in an servicesQuality infrastructure (data (price, quality) if you information are in an unknown unknown area center) place Fee per marketing campaign, monthly Important costs? Fixed? Variable? subscription fee Fee based on effectivenessSoftware (technology) development, (fixed) marketing/sales (variable) Free
  • 94. Mobile Marketing Day 4 Build and Support - Provide cheaper alternative marketing Campaign to discounter websites templates - Customizable marketing program Website and Mobile - Increased profit - Mid priced level App development - Filtered access to local - Increased customer restaurants deals- Restaurants databases Relationship building loyalty- Online advertisement- Review websites- Restaurants- search engines - Piggy back on loyalty program People, - Restaurant databases IT - Filtered promotion websites infrastructure, Telecom information - Age group 30-45 years Infrastructure, - Local and timely - App store - Travellers Marketing Strategies for promotions - visited restaurants Restaurants Campaign fee, Subscription Important costs? Fixed? Variable? Software (technology) development, (fixed) marketing/sales (variable) Free
  • 95. Mobile Marketing Day 5  Website and  Functionality Mobile App Demo development  Switching cost  Marketing & „Tailored‟  Provide cheaper Merchant marketing to Sales alternative to discounterprocessing service existing customers websites  Mid priced levelprovider New customer Customizable restaurants Build and Support marketing program acquisition marketing Campaign Expenditure templates  Economic benefit analysis  Reward program- Restaurants Relationship buildingdatabases- Online advertisement Increase profit Age group 30-45- Review websites Increase customer years- Restaurants loyalty - Direct sale- search engines People, IT - Piggy back on infrastructure, Payme Targeted Travellers loyalty program nt Processing promotion - Restaurant Network information databases websites Web Telecom Infrastructure, portal, Visited Local and timely Marketing Strategies for Restaurants promotions restaurants, App store Software (technology) Campaign fee,Monthly Subscription fee development(fixed), marketing/sales (variable), IT Infrastructure(fixed/variable) Free
  • 96. Summary Payment terminal as a client data aggregation point Acquisition and activation points  High cost of customer(restaurants) acquisition  Targeting new and existing clients  Rewarding the existing clients, target high spenders provide spenditure statistics that drives targeted marketing campaigns Payment Processor as a KEY PartnerNext Steps …
  • 97. Jiae.com: Interest based platform for creative minds in China Team: Deymon Chen, Yu Guo(Hugh), Mathias Rosenthal, James Hagen12 Fashion Bloggers Interviews + 12 Top Designers Surveys 1 digital Marketing Domain Expert 2012.04.20 - Day 5 Total Numbers Up to Day: 780 Potential Partners with 4 Leading Design Schools
  • 98. Survey 3: Western Fashion/Designer Content? No Interest 0% Read English, but Blocked50% I like it, most of them are translated, 16.7% Read Chinese, need translation 33%Designer like Western Fashion/Design Content, However,- they are either blocked 50%- or not be translated into Chinese 33.3%New Vision:Great Design should have no boundaries: It can transcendborders, language, traditions, culture, and even the aging of time. It speaksdirectly to a person’s heart
  • 99. Key learning from Western Fashion Bloggers• Main objective of blogger is to increase visibility• Did not realize content was blocked in China• All interested in tapping into the Chinese Market but don‟t know how• All interested in partnering with a site that would handle translation and elegantly display content
  • 100. Key learning from Leading Design Schools• Just returned from China, and exploring innovative ways to expand visibility there• Eager to see our site, and very interested• Willing to provide a feed of original content from multiple design discipline• Design Schools could be key content providers and advertisers
  • 101. Ecosystem
  • 102. Customers Acquisition Cost• Fashion Bloggers: $1450/Fashion Blogger x 100 = $180000• $2.1/Design students x 163000 = $345000• $0.77/End users X 750000 = $580000
  • 103. Day 1 Business Canvas for JiaeTop Designers Platform Management Collect and Share Ideas Acquisition DesignersDesign School Customer Acquisition Tools for Design School Activation Design schoolsDesign Media Expanding Reach Targeted Ads Retention ConsumersGovernment Space Find Good CompaniesWeb Partners Designers Design Market AdvertiserCompanies/Brands Places Platform Jiae.com Customer Base 1300 Design Schools Brand Design Union Sites Network SNS Sites (weibo, renren) Platform Costs Advertising Customer Acquisition Costs CPS (click per sales) and Design Products Sales Marketing and Sales Costs Free Interest Based Network
  • 104. Day 2 Business Canvas for Jiae (1 fashion blogger, 9 students interviews)•Top Designers •Platform Management •Collect and Share Ideas •AcquisitionActivationRete •Fashion BloggersDesign School Design •Customer Acquisition Tools for Design School ntionMediaGovernmentWe •Expanding Reach •Targeted Ads Space •Designersb •Find Good DesignersPartnersCompanies/B •Design Market Places •1:1 Customer Support •Consumersrands •Companies • Photo based nice and •D-School Ambassador •Advertiser clean SNS platform • More Traffic •Community Management • Find, organized and share inspiration Ideas effectively (Designers) • Find jobs/projects •Platform (Designers) •Customer Base • Showcase Portfolios for •China Photo Related sites •Brand Feedback •China SNS Sites - •Network weibo, renren, qq, douban • Find Good Designers (Companies) •1300 Design Schools • Design Marketplaces •Design Message Boards (All Customers) •Jiae.com Platform Costs Advertising Customer Acquisition Costs Design Marketplace Marketing and Sales Costs Free Interest Based SNS Platform
  • 105. Day 3 Business Canvas for Jiae (4 companies, 2 fashion bloggers, 3 designers interviews)•Fashion Medias •Platform Management • Photo based nice and •1:1 Customer Support •Fashion Bloggers •Customer Acquisition clean SNS platform•Design School •Expanding Reach • More Traffic •D-School Ambassador •Designers•Government • Easy to Share•Design Associations • Statistics Tool •Community Management •End Users Consumers•Online B2C Partners • Find, organized and share inspiration Ideas Companies•Traffic Partners effectively • Find jobs/projects • Advertising • Showcase portfolios for •Sponsorship feedback,big Space •Design Services •Click Per Sales •Platform • Target Ad Space •China Photo Related sites •Customer Base • Find Good Designers •China SNS Sites - •Consumers •Brand • Promotion Opportunity weibo, renren, qq, douban •Companies • Sales Channels •Advertiser • Design Marketplaces •1300 Design Schools •Design Message Boards •Jiae.com Platform Costs Advertising, Sponsorships, Deign Services Customer Acquisition Costs Click Per Sales , Design Marketplace Marketing and Sales Costs Freemium Free Interest Based SNS Platform
  • 106. Day 4 Business Canvas for Jiae (12 Interviews, 410 Survey, MVP)•Fashion Medias •Platform Management • Image based nice and •1:1 Customer Support •Fashion Bloggers •Customer Acquisition clean SNS platform•Design School •Expanding Reach • More Traffic •D-School Ambassador •Designers•Government • Easy to Share•Design Associations • Statistics Tool •End Users Consumers•Online B2C Partners • Find, organized and share inspiration Ideas Companies•Traffic Partners effectively Rich/Fresh Content • Advertising • Find jobs/projects Image •Sponsorship Based Content • Design Services • Showcase portfolios for •Click Per Sales •Platform Expert Feedbackbig •China Photo Related sites •Customer Base Space •China SNS Sites - •Brand zcool, weibo, renren, qq, do • Target Ad Space uban • Find Good Designers •1300 Design Schools • Promotion Opportunity •Design Message Boards • Sales Channels • Design Marketplaces •Jiae.com Platform Costs Advertising, Sponsorships, Deign Services Customer Acquisition Costs Click Per Sales , Design Marketplace Marketing and Sales Costs Freemium Free Interest Based SNS Platform
  • 107. Day 5 Business Canvas for Jiae (12 Interviews, 12 Survey, 4 Design Schools)•Fashion Medias •Platform Management • Image based nice and •1:1 Customer Support •Fashion Bloggers •Customer Acquisition clean SNS platform•Design School •Expanding Reach • More Traffic •D-School Ambassador •Designers•Government • Easy to Share•Design Associations • Statistics •End Users Tool, Translation Consumers•Online B2C Partners • Find, organized and Companies•Traffic Partners share inspiration Ideas effectively Rich/Fresh • Advertising Content •Sponsorship • Find jobs/projects Image •Design Services Based Content •Click Per Sales •Platform • Showcase portfolios for •China Photo Related sites •Customer Base Expert Feedbackbig •China SNS Sites - •Brand Space zcool, weibo, renren, qq, do uban • Target Ad Space •1300 Design Schools • Find Good Designers •Design Message Boards • Promotion Opportunity • Sales Channels •Jiae.com • Design Marketplaces Platform Costs Advertising, Sponsorships, Deign Services Customer Acquisition Costs ($1.1 million for 100 fashion Click Per Sales , Design Marketplace bloggers, 160k students, 750000 designers) Freemium Free Interest Based SNS Platform
  • 108. FAVORNET platform for exchanging high-value favors 16 INTERVIEWS 81TOTAL OVER 4 DAYSDave Spezzano, Alexey Okhlopkov, Amy Villari, Steve Alperin, Dmitri Dyakin
  • 109. key findings:value to favor doer• reduce time spent doing favors• prioritize response order & probability based on profile of requester• increase likelihood of paybackvalue to connector• validate requester & quality of connection• reduce time of making introduction• tangible benefit from fulfilled favors (what is it? % of transaction? explore)• status in network• goodwill (can this be distributed?)value to requester• obvious reasons
  • 110. challenges:trust barrier• possible solutions: – aggregate existing social data (#/type connections, online behavior) – user scores, reviews, ratings, rankings NEXT STEP: ENGINEER TO DESIGN FUNCTIONALITY (KEY RESOURCE)monetizing behavior• from customer discovery, we learned that FAVORS ≠ SERVICES I do / receive for other reasons: I get paid / I’m willing to pay -Goodwill / karma -Social expectation NEXT STEP: EXPERTISE IN BEHAVIORAL PSYCHOLOGY (KEY RESOURCE)
  • 111. favor, as we define it…..• high value• would require the receiver to go through extraneous effort to achieve without the doer• allows access to otherwise inaccessible areas of life – contacts (business & social) – services & products – information & expertise …..but how do we differentiate ourselves?
  • 112. Why people give and receive favors? Who? Why? Benefit? Why Online? Extended network My direct networkPerson in need of No other way to to areas not is limited (1sta favor get “it” done available before degree)Delivering a favor Monetize favor Larger market to Philanthropyfor a cause for a belief I hold raise awareness Create a Created value on bidding/auctionDelivering a favor Monetize favor something that market wherefor a trade for myself only had value to none currently holder exists Extended network Reach thoseDelivering a favor Feel good about to areas not outside myto help others myself available before networkDelivering a favor Raise my profile Self serving; serve Express my statusfor self and status the individuals ego to others visuallygratification
  • 113. first movers
  • 114. tradeafavor.com• Stuck in “re-launch” as of mid-2011• < 13,000 users, ~130 views per day• [In 2007] we made the strategic decision to build the prototype as an application for the new Facebook platform• It’s a social application, we kept saying, and it needs a social network to run on• Limited to barter without monetary value TIMING IS EVERYTHING
  • 115. first movers
  • 116. charity buzz• $15 m revenues, $3 m EBITDA• No integration with other social media sites; doesn’t leverage information of user• According to a VC: “it’s a nice little business” SCALE IS CRITICAL
  • 117. what they miss (if we had more time…)• scale – TEST SOLUTIONS: build an app, partner, disrupt• not all favors are equal – TEST SOLUTIONS: rank, rate, monetize; incentivize doer& not just requester• high-end is very small segment – TEST SOLUTIONS: broad segment (everyone online with a LinkedIn & facebook profile)• value to connectors as a segment – TEST SOLUTIONS: rank, rate, monetize; incentivize connector; test value of status
  • 118. problems/issues that still need to be addressed• incentives – best way to attract customers to use – how do we incentivize givers to connect with receivers?• moving a behavior from an offline to an online – gain trust of users – maintain security and intimacy of behavior – associate emotion and reaction in a virtual world• over saturation – integrate with other online platforms – leverage existing networks/platforms/user base
  • 119. Site SchematicHome Categories Affiliations Recent Favors Testimonials Mission Statement FAVORNET Who Are You? Search
  • 120. How does it work? Who are you? (Dropdown)• Need a favor • Peer verification• Give a favor for charity • Match through• Favor for trade • What you can offer? Networks• Favor to help • Search key words• Favor for gratification • What you need? • Favor score from previous review(Search Box for Favors) • Who can you match information me with? • Compatibility testCategorization• Introductions• Events • Select Category Connection• Experiences • Select a favor• Quick hits • Broker deal
  • 121. After the Exchange Exchange Occurs Option to push out Following Exchange Peer rating is then receiver gives peer delivered to social rating on stream of networks execution/delivery/ usefulness Peer ratings create trust and provide credibility to the sourceSteve needs help with (fill in the blank) for a client outing . No one in Steve’simmediate network has access or can help. Steve posts on FavorNet.Joe responds he can help but asks for something or nothing in return. Following thecompletion of the transaction, Steve peer rates Joe on his ability to deliver.
  • 122. CANVAS 1.1 --People have trouble finding People who needAlumni expert, reliable, veri high qualitygroups, Networki Seeding the high fied information. information andng groups, (build level Tap communities services and haveto suit..potential community, Softwar --People spend trouble finding it.white label already e huge amounts ofservice) transacting offline development, busin time displaying Business or chaotically ess development, expertise with no builders, salesmeOutsourced tangible benefit n, anyone whoengineering has ever lookedteams, --A marketplace to for a connectionWe get paid to match buyers and once removedincrease bonds sellers from their closestbetween --Simple easy way circlemembers ,make --Velvet to aggregate --Reduce thecrucial offline Goodwill, rope, leaky door postings about friction to findingactivity more Brand, User policy expertise info, help me getefficient. Allow Propagation --Affinity groups --Scoring/ranking value from what Imonetization of for reliability. do for others andexpertise. ? what I know. Scalable marketplace business. MVPengineering/hosting/design costs are fixed. --Free to join and use– then transactionFeature set build are variable..build to spec fee, listing fee, fee for top tier circles for partners?
  • 123. CANVAS 1.2 CHANGES IN REDAlumni -- HELP PEOPLEgroups, Networki EXCHANGE --PEOPLE WHOng groups, (build Seeding the high ACCESS & NEED ACCESS &to suit..potential level FAVORS THAT Tap communities FAVORS FORwhite label community, Softwar ARE IMPORTANT. already BUSINESS ORservice) e transacting offline PERSONAL USE development, busin --Help people get or chaoticallyOutsourced ess development, more benefit from --PEOPLE WHOengineering their digital PROMOTEteams, marketing content THEIRWe get paid to BUSINESSincrease bonds --A marketplace to THROUGHbetween match buyers and CONTENTmembers ,make sellers --Velvetcrucial offline --Goodwill, --HELP PEOPLE rope, leaky door --PEOPLE WHOactivity more --HIGH LEVEL BUILD TRUSTED policy WANT TOefficient. Allow ACCESS CONNECTIONS --Affinity groups STENGTHENmonetization of ? TIES WITHexpertise. CONNECTIONS Scalable marketplace business. MVP --POINT SYSTEM TO EXCHANGE VALUE &engineering/hosting/design costs are fixed. GOODWILLFeature set build are variable..build to spec --Free to join and use– then transaction for partners? fee, listing fee, fee for top tier circles
  • 124. CANVAS 1.3 CHANGES IN RED - --IMPROVED WAYAlumnigroups, Networking TO BUILD TRUSTgroups, (build to Seeding the high & VERIFICATIONsuit..potential white --PEOPLE WHO level Tap communities NEED ANDlabel service) community, Softwar --DISCOVERY & already PROVIDE ACCESS e VALIDATION OFOutsourced transacting offline & FAVORS FOR development, busin 2nd DEGREE BUSINESS ORengineering teams, or chaoticallyWe get paid to ess development, CONNECTIONS PERSONAL USEincrease bondsbetween members --SAFE --PEOPLE WHO,make crucial offline ENVIROMENT PROMOTE THEIRactivity more BUSINESS FOR PERSONALefficient. Allow THROUGH EXCHANGE CONTENTmonetization ofexpertise. --Velvet-- --Goodwill, --HELP PEOPLE --PEOPLE WHO EXCHANGE rope, leaky door WANT TOLINKEDIN, FACEB --HIGH LEVELOOK, OTHER ACCESS & policy STENGTHEN TIES ACCESSNETWORKS --WELL CONNECTED FAVORS THAT --Affinity groups WITH(UNLESS WE CONNECTIONS PEOPLE ARE IMPORTANT.SCALEOURSELVES) ?--TIP JAR / PAY-WHAT-YOU-WANT --FEE FOR GIFTING AS THANK YOU Scalable marketplace business. MVP --POINT SYSTEM TO EXCHANGE GOODWILL FOR $$engineering/hosting/design costs are fixed. --PREMIUM ADVERTISING (MAYBE – HARD MODEL)Feature set build are variable..build to spec --transaction fee, listing fee, fee for top tier for partners? circles
  • 125. CANVAS 1.4 CHANGES IN RED EFFICIENT, TRUSTE Seeding the high D ONLINE level PLATFORM FOR community, Softwar TRANSACTING IMPROVE PROFESSIONALS e FAVORS EXPERIENCE (HHI, WELL- development, busin OF OFFLINE EDUCATED) WITH ess development, IMPROVED WAY TO CUSTOMERS ACCESS TO HIGH-Alumni sites - TEST BUILD TRUST & VALUE, HARD-TO-MVP HERE VERIFICATION OBTAIN ONLINE CONTACTS, SERVILINKEDIN, FACEB CES & PRODUCTSOOK, GOOGLE+, T DISCOVERY & WHO DO ANDWITTER VALIDATION OF 2nd RECEIVE FAVORS DEGREE OFFLINE 1) ENGINEERS CONNECTIONS --Velvet 2) BEHAVIORAL rope, leaky door 1) REQUESTERS PSYCHOLOGY IMPROVE CYCLE policy 2) DOERS EXPERTS (ON- TIME OF ASKING --Affinity groups 3) CONNECTORS /OFFLINE) 3) EARLYVANGELISTS FOR & DOING FAVORS --PAY-WHAT-YOU-WANT, FEE FOR GIFTING Scalable marketplace business. MVP --POINT SYSTEM TO EXCHANGE GOODWILL FOR $$engineering/hosting/design costs are fixed. --PREMIUM ADVERTISINGFeature set build are variable..build to spec --transaction fee, listing fee, fee for top tier for partners? circles
  • 126. key learning: VALUE of fulfilling humansocial need• value propositions come in two forms: they solve a problem or they fulfill a human socialneed• Social Needs are friendship, dating, sex, entertainment, art, com munication, blogs, confession, networking, gamb ling, religion, etc.• they have always been fulfilled face-to-face• they are now moving on-line• the market size for these applications equals the entire human race• these are the ultimate applications
  • 127. WelcometoTHE experience
  • 128. Advanced Entrepreneurship April 20, 2012FOR DAY 5: 32 IN-PERSON INTERVIEWSConsumersRetailers: Macy´s, Geox, Saks, Cole Haan, Lord & Taylor, Boticelli, David Z. Brian Vogt46 Online survey responses Doug Carlson+81 In-person interviews Mohamed Maimouni58 end-users AG Crum 10 retail Gabriel Giles 6 medical 4 brands Sameer Kotak 3 design &mfg
  • 129. TEAM TVM Brian Vogt EMBA NY, BS Engineering Doug Carlson EMBA NY, BS EngineeringMohamed Maimouni EMBA Berkely/CU, Fashion AG Crum EMBA NY, BS InfoSys Gabriel Giles EMBA NY, BS/MS Engineering SameerKotak EMBA NY, BS/MS Pharma
  • 130. VISIONCREATE A MARKET AT THE INTERSECTION OF FOOTWEAR STYLE, TECHNOLOGY, AND COMFORT
  • 131. THE JOURNEY
  • 132. OPPORTUNITIES ‘’BREATHING SHOES’’ GROWING SUCCESS OF EMERGING MARKET BRANDED COMPONENTS TECH-STYLE TREND $1.1B $260M SOLD OUT!
  • 133. DISCOVERY HYPOTHESIS TEST RESULT • End-usersSEGMENT: All men’s dress • Retailers • General comfort and bus casual • Med providers • Medical • Brands Own shoe brand Branded • Online retailCHANNEL: • Designers component partner • Manufacturers • End-users $249 retail PRICING: $400 retail • Retailers + accessories
  • 134. ARCHETYPES GENERAL COMFORT MEDICAL CONDITION Description: 35 Description: Suffering Affluent male (Eg. Hyperhydrosis, Pernio) VALUE PROP: VALUE PROP:General comfort, clean and Alternative, discrete, contr controlled ventilation for olled option to existing shoes costly therapies
  • 135. Day 1 Canvas Get, keep, grow? End-users: Activities? Partners? Customer’s problems? PR, branded Customer Most important? Shoe mfg.s / End-users: foot captivity input, IP Men, dress & branders by sweat, hot, cold. Partners: filings, beta business casual region Partners: Convince of development, , su differentiation , development unique value for Archetypes? ppliers end-users Stuck in closed Suppliers? Customer needs? shoes during Component Comfort, medical / work-day with mfg.s, Ventiva Profitability growth changing Product features? Reach segments? environments Getting? Resources? Battery powered EstablishedTechnology, man Development shoe sole partner retail Job to get done?ufacturing Giving? partner, seed outlets (brick & Enable comfort Differentiation ventilation, cooling, funding mortar) and productivity and price heating Inherent in our model? Making money & pricing model? Variable material, mfg overhead $50mfg‟ed, 100 soles, 200 shoes, 400 retail
  • 136. Day 2 CanvasDay 1 -- Key LearningsCUSTOMER SEGMENTS• Identified three distinct segmentsVALUE PROPOSITIONS• Identified additional value prop.
  • 137. Day 3 CanvasDay 2 -- Key LearningsCUSTOMER SEGMENTS• Refined three distinct segmentsVALUE PROPOSITIONS• Identified value propositions for each segment• Price differentiation for a range of feature sets• Price differentiation for each segmentCHANNELS• Identifying channels for each segment
  • 138. Day 4 CanvasDay 3 -- Key LearningsCUSTOMER SEGMENTS• Refined focus to “General Comfort” segment• Developed a phased segment rollout strategyCHANNELS• Switched to Online Retail and kiosks for our General Comfort segmentPARTNERS• Switched from selling components to brands to making whole shoes
  • 139. Day 5 CanvasDay 4 -- Key LearningsCUSTOMER SEGMENTS• Prioritized General Comfort• Dropped Tech Lovers (for now)• Clarified that target segments were for men onlyCHANNELS• Switched to Online Retail for all segments• “To try is to buy”VALUE PROPOSITION• Identified the need for strong designs by a notable designer• Confirmed $199-$249 as the pricing sweet spotPARTNERS• Equity partnership with Chinese manufacturing consortium
  • 140. TVM ECOSYSTEM Brand Development $ Designer $ Medical Condition$ $ Online Manufacturer General Comfort Retailer Kiosks $ $ Property Managers
  • 141. THE OPPORTUNITIES ARE LIMITELESS
  • 142. THANK-YOU!
  • 143. Day 1 Canvas TVM Tech Get, keep, grow? End-users: Activities? Partners? Customer’s problems? PR, branded Customer Most important? Shoe mfg.s / End-users: foot captivity input, IP Men, dress & branders by sweat, hot, cold. Partners: filings, beta business casual region Partners: Convince of development, , su differentiation , development unique value for Archetypes? ppliers end-users Stuck in closed Suppliers? Customer needs? shoes during Component Comfort, medical / work-day with mfg.s, Ventiva Profitability growth changing Product features? Reach segments? environments Getting? Resources? Battery powered EstablishedTechnology, man Development shoe sole partner retail Job to get done?ufacturing Giving? partner, seed outlets (brick & Enable comfort Differentiation ventilation, cooling, funding mortar) and productivity and price heating Inherent in our model? Making money & pricing model? Variable material, mfg overhead $50mfg‟ed, 100 soles, 200 shoes, 400 retail
  • 144. Day 2 Canvas TVM Tech Day 1 -- Key Learnings Customer Segments Get, keep, grow? • Identified three distinct Customer’s problems? End-users: Activities? segments Partners? Customer End-users: foot PR, branded Shoe mfg.s / captivity Most important? input, IP sweat, hot, cold, fati Value Propositions filings, beta branders by gue. Partners: Men, dress & • region Identified additional value , su Convince of business casual development, Partners: , development propositions unique value for ppliers differentiation Archetypes? end-users Suppliers? (1) Sought med Customer needs? Component (2) UnSought med Comfort, medical / mfg.s, Ventiva (3) Tech „comfort‟ Profitability growth Reach segments? Getting? Resources? Product features? EstablishedTechnology, man Job to get done? Development Battery powered partner retailufacturing Giving? Enable comfort partner, seed shoe sole outlets (brick & Differentiation and productivity funding ventilation, cooling, mortar) and price heating, massage Making money & pricing model? Inherent in our model? $40mfg‟ed, 80 soles, 200 shoes, 400 retail Variable material, mfg overhead 400 retail 250 retail
  • 145. Day 3 Canvas TVM Tech Day 2 -- Key Learnings Customer Segments Get, keep, grow? • Partners? three Refined distinct segments End-users: Shoe Activities? •Mitigate Customer PR, branded Active Seekers mfg, manufacturi Value Propositions hyperhidrosis input, IP captivity (1) Sought med ng •Low effort solution • Identified value propositions for filings, beta Partners: each segment development, , su Suppliers? Convince of •Component Price differentiation for a range ppliers unique value for mfg.s, feature sets of Ventiva end-users •Foot comfort Passive • Price differentiation for each •Discreteness Sufferers segment Getting? (2) UnSought med Technology, man •Medical catalogs Channels ufacturing •Referrals • Resources? Identifying channels for each Giving? Development segment •Cool factor ? Tech Lovers Differentiation partner, seed and price funding •Foot comfort 3) Tech „comfort‟ Established partner retail outlets Making money & pricing model? Inherent in our model? $40mfg‟ed, 80 soles, 200 shoes, 400 retail Variable material, mfg overhead 400 retail 250 retail
  • 146. Day 4 Canvas TVM Tech Day 3 -- Key Learnings Customer Segments Get, keep, grow? • Partners? focus to “General Refined Shoe Activities? End-users: •Mitigate PR, branded Comfort” segment mfg, manufacturi Customer hyperhidrosis captivity Active Seekers • Developed a phased segment ng input, IP •Low effort solution Partners: rollout strategy filings, beta Convince of Suppliers? development, , su Component ppliers unique value for Channels end-users mfg.s, Ventiva • Switched to Online Retail and •Foot comfort General •Discreteness Getting? for our General kiosks Comfort Comfort segment Technology, man •Medical catalogs ufacturing •Referrals Partners Resources? Development Online • Giving? Switched from selling seed partner, •Cool factor Differentiation Retail, Kiosks Tech Lovers ‟ components to brands to and price funding •Foot comfort Established partner making whole shoes retail outlets Making money & pricing model? Inherent in our model? $40mfg‟ed, 80 soles, 200 shoes, 400 retail Product development, variable 400 retail costs, online retail, kiosks, SG&A $250 retail
  • 147. Day 5 Canvas TVM Tech Get, keep, grow Partners Informational Men, 25-45 Shoe Website, testimon manufacture Activities •Foot comfort Marketing, R&D, D ials, kiosks, 30- General •Cool factor day Suppliers esign •Style Comfort Component guarantee, custo Electronics & mer svc Footwear •Relief from Getting Technology, man significant Medical Resources medical Online Retail Condition ufacturing Seed money, conditions Partner Engineering talent, Giving Established designer, Differentiation Chinese partner and price Making money & pricing model? Inherent in our model? $199 – $249 retail Product development, variable $100 – $125 wholesale costs, online retail, kiosks, SG&A
  • 148. 159[Social Crowd]An online platform helping local communities to thrive4/16: 12 interviews (5 Investors; 7 Businesses)4/17: 15 interviews (3 Investors; 12 Businesses)4/18: 3 interviews (3 Community Groups)4/19: 18 interviewsTotal: 48 interviewsjerry sanders Group 14
  • 149. Monday FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9 160 Shop owners who Direct contact and Project want to renovate their social media. management, renovat building & needs both Retaining and ion, software. cash & expertise growing customers “Neighborhood” Key partners and (renovation, project will be a challenge. shops who need $ forsuppliers are people management, …) but from the their business but also providing them for also “do good” for construction/ a “supply” ofrenovation industry their community. customers as the business is starting. People who want to We get know- how/expertise & we invest in their local People investing $ and community while also give them … work! in their local Media, social getting a return on community, satisfying media, direct their investment. their desire for a return contact, chamber of Financial, physical, te on $ but also to invest commerce chnical, HR in their local community.Web platform, program management and technical support Brokerage fee, licensing, advertising jerry sanders Group 14
  • 150. Tuesday FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9 161 One-off: - Platform design Ongoing: - Semi-automated An online Finders: - Screening - Local community- - Independent - Marketing „matchmaking‟ forum Individuals & groups focused seeking investment business where F&G connect. - IT maint. & support organizations opportunities that - New market ID - Community Finders: Investment provide (i) requisite funding efficiency through a returns and (ii) a institutions screening process that direct benefit to a - Local business ensures only the top local community. school alumni ideas are posted. - Personal Grinders: connections Grinders: Access to - Direct contact Start-ups and locally - Local business - Customer d/base small amounts of through website owned businesses activists - Proprietary capital typically hard to - Local news & PR seeking capital knowledge acquire through channels investments of - Brand copyright institutional routes. - Word of mouth $10K-$2M - Site skin: look, feelValue-driven: Most important costs include:- Web platform development Dual revenue structure:- IT management & technical support - Finders Fee (2% of consummated deal value)- Marketing & customer acquisition - Grinders Fee ($250 application review fee) jerry sanders- Application review costs (experts) Group 14
  • 151. Wednesday 162 One-off: - Platform design An online Finders: - Independent Ongoing: „matchmaking‟ forum - Semi-automated Individuals & business - Screening where F&G connect. - Local community- groups seeking organizations - Marketing focused investment - COMMUNITY - IT maint. & support Finders: Investment opportunities that INTEREST - New market ID efficiency through a provide (i) requisite ORGS screening process returns and (ii) a - Community that ensures only direct benefit to a funding the top ideas are local community. institutions posted. - Local business Grinders: school alumni Grinders: Access to Start-ups - Personal - Direct contact - Customer d/base small amounts of andEXISTING connections through website - Proprietary capital typically locally owned - Local business - Local news & PR knowledge hard to acquire businesses & activists channels - Brand copyright through institutional COMMUNITY - Word of mouth - Site skin: look, feel routes. GROUPS seeking capital investments of $10K-$2MValue-driven: Most important costs include: Dual revenue structure:- Web platform development- IT management & technical support - Finders Fee (2% of consummated deal value)- Marketing & customer acquisition jerry sanders- Application review costs (experts) - Grinders Fee ($250 application review fee) Group 14
  • 152. Thursday 163 One-off: An online platform helping - Platform design local communities to - Independent thrive„matchmaking‟ forum business Ongoing: where F&G connect. FindersInvestors: - Semi-automated organizations - Screening Individuals & - Local community- - Community - Marketing FindersInvestors: groups seeking focused Groups & Block - IT maint. & support Investment efficiency investment Associationsinter - New market ID through a screening opportunities to est orgs process that ensures provide a direct or - Community only the top ideas are indirect benefit to a funding posted. local community. institutions j - Local business GrindersBusinesses: school alumni Access to small - Local business amounts of capital GrindersBusiness - Customer d/base typically hard to - Direct contact activists es: - Proprietary acquire through through website - Personal Existing locally knowledge institutional routes. - Local news & PR connections owned businesses - Brand copyright Giving residents a channels - Government seeking capital - Site skin: look, feel way to preserve their - Word of mouth entities investments of neighborhood $10K-$2MValue-driven: Most important costs include: Dual revenue structure:- Web platform development - Finders Fee (2% of consummated deal value OR top- IT management & technical support line revenue interest in subject business) jerry sanders- Marketing & customer acquisition - Grinders Application Fee ($250 application review fee) Group 14
  • 153. Experiments Yesterday 164Diving deeper…Test Activities ResultsLong term viability Surveys & interviews to determine LT sustainability of our Inconclusive business model. For instance, the impact of consummating:  a good deal: loyalty to us or the contracting party?  a bad deal: negative splash-back on us?User interface How investors and businesses prefer to interact (privacy etc) ConclusiveMarkets Attend a community board meeting to further test the Conclusive, but not genuine market size/need scaleable  Streets vsNeighborhoods  Street Ambassadors[Social Crowd]jerry sanders Group 14
  • 154. Friday 165 One-off: - Platform design Investors: Helping local Individuals & communities thrive by groups seeking Ongoing: - Semi-automated - Independent creating an online investment - Screening - Local community- business platform for them opportunities to - Marketing protect and preserve focused organizations - IT maint. & support provide a direct or - Community their way of life indirect benefit to a - New market ID Groups & Block Investors: Investment local community. AssociationsLocal efficiency through a business school screening process alumni that ensures only the Businesses: - Local business top ideas are posted. Existing locally activists owned businesses Businesses: Access - Personal to small amounts of - Direct contact seeking capital - Customer d/base connections capital typically hard through website investments of - Proprietary - Government to acquire through - Local news & PR $10K-$2M knowledge entities institutional routes. channels - Brand copyright - Site skin: look, feel Giving residents a - Word of mouth way to preserve their neighborhood Dual revenue structure:Value-driven: Most important costs include: - Finders Fee (2% of consummated deal value OR top- Web platform development line revenue interest in subject business)- IT management & technical support - Application Fee ($250 application review fee) jerry sanders- Marketing & customer acquisition - Revenue sharing (Percentage from topline) Group 14
  • 155. Home Page 166 I have $ I need $[Social Crowd]jerry sanders Group 14
  • 156. Profile 167jerry sanders[Social Crowd] Group 14
  • 157. Boston Area – 2 leads 168jerry sanders[Social Crowd] Group 14
  • 158. Monday Tuesday Wednesday Thursday Friday 169 An online An online platform „matchmaking‟ forum helping local where F&G connect. communities to thrive A platform helpingbusiness owners who Finders: Investment Investors: Investment need to renovate efficiency through a efficiency through a funding & screening process screening processconstruction services that ensures only the top ideas are posted. that ensures only the top ideas are posted. ? Grinders: Access to Investors: Investment small amounts of efficiency through a capital typically hard screening process to acquire through that ensures only the institutional routes. top ideas are posted. ? ? Results/ lessons “unearthed” Experiments What we thought learned questions [Social Crowd] jerry sanders Group 14
  • 159. Monday 170 12 interviews with investors & business owners An online „matchmaking‟ forum where F&G connect. Small businesses (“Grinders”) -- which are essential to Finders: Investment Helping business vibrant communities -- face increasing threats to viability due efficiency through aowners who need $ to to the inaccessibility of capital. screening process renovate building Small business owners (grinders) and investors (finders) do that ensures only the raise the $ from their not connect top ideas are posted. local community Grinders: Access to small amounts of capital typically hard to acquire through institutional routes. s [Social Crowd] jerry sanders Group 14
  • 160. Tuesday 171 An onlineAn online 15 interviews with investors & business „matchmaking‟ forum„matchmaking‟ forum owners where F&G connect.where F&G connect. Deep dive in Greenwich Finders: InvestmentFinders: Investment efficiency through aefficiency through a screening processscreening process Local element is key. that ensures only thethat ensures only the Money is not enough: business owners also need expertise top ideas are posted.top ideas are posted. to develop innovative and relevant solutions to adapt to their ecosystem. Grinders: Access toGrinders: Access to People are interested in supporting their local businesses. small amounts ofsmall amounts of Business owners need $ to renovate establishment. capital typically hardcapital typically hard BUT, they also need money to buy new to acquire throughto acquire through equipments/furniture and develop new product/services institutional routes.institutional routes. [Social Crowd] jerry sanders Group 14
  • 161. Wednesday 172 3 face to face meetings (multiple parties). 5 phone interviewsAn online„matchmaking‟ forum Proven model: Bryant Park Corporation An online platformwhere F&G connect. Need community board endorsement helping local Need Brand communities to thriveFinders: Investmentefficiency through a Investors: Investment Need to help small businesses get ownership of their building toscreening process efficiency through a avoid rent increase.that ensures only the screening process Residents wealth & culture vary drastically across location- istop ideas are posted. that ensures only the the model easily transferable? top ideas are posted. Some businesses are just not sustainable (& we need to decide ifGrinders: Access to we help them or not)small amounts of Investors: Investment Need to understand the industry of small business if want tocapital typically hard efficiency through a help it efficiently.to acquire through screening processinstitutional routes. that ensures only the s top ideas are posted. Unearthed a need for people to have a “platform” to “organize”/ exchange info/$$. But needs a lot more Customer Discovery to address that need. Does the “model” apply to other cities? Neighborhood that haven’t organized ?[Social Crowd]jerry sanders Group 14
  • 162. Thursday 173 3hr community meeting (50 people). 6 phone interviews (NYC, Boston, …)An online platformhelping localcommunities to thrive Model applies to Boston too, ie transferable ;-)Investors: Investmentefficiency through ascreening process Developed and tested a wireframe.that ensures only thetop ideas are posted. ?Investors: Investmentefficiency through a Meetings & calls confirm the need for a “tool” for communitiesscreening process to “thrive”- what will it look like???that ensures only thetop ideas are posted.[Social Crowd]jerry sanders Group 14
  • 163. Conclusion 174• Confirmation that small businesses need $ & that residents are willing to invest so that communities continue to thrive (problem 1)• BUT, identified a broader, yet not clearly defined need/problem: there is a need for a “tool” for communities to “organize”/ exchange info/$$ (problem 2).• Next steps: – A. develop MVP to get running with problem 1 & test product market fit – B. Do more customer discovery to get to the bottom of problem 2.[Social Crowd]jerry sanders Group 14
  • 164. Next Steps? 175 Contact with Neighborhood organizations Contact with Community funding Institution &industry associations[Social Crowd]jerry sanders Group 14
  • 165. An online platform that connects procurement consortiums with suppliers. “Bulk Pricing without the Bulk” Ravi Pingli Interviews:ArezMardoukhi 22 on Day 4GopiSukhavasi 86 Total Kevin Woolley
  • 166. YOUR SUPPLIER NETWORK – Day 1 Partnerships with Industry Trade Buyers Software Buyers shows CFO‟s, COO‟s, CPO Marketing 1. Find the best (Chief Procurement Sales possible suppliers Officers) Professional Purchasing for procuring goods network Find the best Associations and services. 2. One solution to possible suppliers for their operational Marketing/Sales manage end to end needs Team source-to-pay process Suppliers CMO (Chief Software Professional Network Suppliers Marketing Development Officers), Sales 1. Provide platform Purchasing Team Department to reach target Associations market customers Find new customers Marketing Industry conferences ResourcesFixed - Software development, maintenance Subscription fee will be charged per seat for costs, administrative costs each customer. The pricing will be higher for buyers than Variable – Marketing/Sales costs suppliers
  • 167. YOUR SUPPLIER NETWORK – Day 2 Partnerships with Industry Trade Software Buyers shows Marketing 1. Find the best Sales possible suppliers Chain/Corporate Professional Restaurants Purchasing for procuring goods network Associations and services. 2. One solution to Chain/Corporate Marketing/Sales manage end to end Hotels Team source-to-pay process Sales Companies Distributing to Software Professional Network Suppliers Hotels and Development Companies 1. Provide platform Purchasing Team to reach target Associations market customers Marketing Industry conferences ResourcesFixed - Software development, maintenance Subscription fee will be charged per seat for costs, administrative costs each customer. The pricing will be higher for buyers than Variable – Marketing/Sales costs suppliers
  • 168. Business Model Canvas: Day 3Key Partners Key Activities Value Customer Customer• Hotel and • Develop Propositions Relationships Segments restaurant online Buyers • Regular • Local/ associations platform • Find best customer independent• Independent • Continuous suppliers for contact restaurants (no research buyer and procurement chains) services supplier consortiums • Local/ development • Facilitate independent transparency hotels (no and ease of chains) use • Food, tabletop, Key Resources Suppliers Channels and bed linen • Software • Increased • Outside suppliers development visibility to salesforce team potential • Marketing resources customersCost Structure Revenue• Fixed: Software development/maintenance • Annual subscription contract for both buyers and• Variable: Marketing/sales suppliers (~0.5% of consortium revenue) • Buyers/suppliers charged to submit/respond to proposals
  • 169. Business Model Canvas: Day 4Key Partners Key Activities Value Customer Customer• Hotel and • Develop Propositions Relationships Segments restaurant online Buyers • Regular • Local/ associations platform • Lower costs customer independent• Independent • Continuous • Increase contact restaurants (no research buyer and options and chains) services supplier negotiating • Local/ development position independent Suppliers hotels (no • Increased chains) visibility to • Food and Key Resources customers Channels tabletop and • Software • Increase sales • Outside bed linen development price salesforce suppliers team • Marketing resourcesCost Structure Revenue• Fixed: Software development/maintenance • 3% commission on sales paid by supplier• Variable: Marketing/sales • Annual subscription contract for both buyers and suppliers (~0.5% of consortium revenue)
  • 170. Business Model Canvas: Day 5Key Partners Key Activities Value Customer Customer• Network • Develop Propositions Relationships Segments effect among online Buyers • Regular • Local/ densely platform • Lower costs customer independent located • Continuous • Increase contact restaurants (no restaurants buyer and options and chains) supplier negotiating • Glassware development position suppliers Suppliers • Increased visibility to Key Resources customers Channels • Software • Higher • Outside development margins salesforce team • Marketing resourcesCost Structure Revenue• Fixed: Software development/maintenance • 3% commission on sales paid by supplier• Variable: Marketing/sales • Free subscription for local restaurants
  • 171. Business HypothesesHypothesis 1 Test Result• Restaurants will use the • Interviews with local • Accepted provided website instead of restaurants major suppliers are working with sales there on the network companies and they get a better dealHypothesis 2 Test Result• When showing the • Interviews with local • Accepted unless YSN products, restaurants restaurants provides a warranty on want to see the supplier the product name along with the priceHypothesis 3 Test Result• Restaurant will procure • Interview with local • Accepted with the supplies in coordination restaurants caveat that delivery with other restaurants would not add for a discount significant cost.
  • 172. MVP
  • 173. MVP
  • 174. What’s next?• Brand Name (Glass…..)• Setup LLC• Get Trademark• Acquire capital (SBA loan)• Form the execution Team• Enroll suppliers into YSN• Signup local restaurants to use YSN
  • 175. First Payment
  • 176. FidélEat Restaurant Loyalty 19 Restaurateur Interviews 25 Consumer Interviews Cumulative: 59 Restaurants, 77 Consumers, 140 SurveysSarah Brown William Cooke Dennis Kwon Robert Montrone JaidevRao AbhishekSheetalEMBA ‟12 EMBA ‟12 MBA ‟11 EMBA ‟12 EMBA ‟12 EMBA ‟12Consulting Strategy & Engineer / Tech Consultant / Management Tech Marketing /Neuberger Financial Entrepreneurship TV Producer Consulting StrategyBerman Planning Lala.com ABC Television Rothstein Kass LeCroy Corporation Blue Sky Solar
  • 177. Mid Range Restaurant Interviews ($40+ plate)Hypothesis Test Results Restaurants have Very concerned about Survey 9 managers empty seats empty seats Discount customers Restaurants will give Survey 9 managers visit only once to take out discounts advantage of the offer
  • 178. Interview of Savored.comHypothesis Test Results They have not No other yield Talk to product introduced it yet management product manager because of customer for restaurants indecision reasons
  • 179. Interview of Savored.comHypothesis Test Results They have not No other yield Talk to product introduced it yet management product manager because of customer for restaurants Advanced Booking Discounts indecision reasons
  • 180. Listen to your Customers (restaurants)Repeat Customers!
  • 181. Pivot Declaration Pit of Despair
  • 182. Diner InterviewsHypothesis Test Results Customers wouldreturn to a restaurant Survey 25 Diners 84% say yes more frequently with discount Customers wouldreturn on Mon/Tues Survey 25 Diners 68% say yesfor a better discount Customers would make reservations Survey 25 Diners 92% say yes through tracking system
  • 183. Restaurant Interviews (mid-low end, Columbia)Hypothesis Test Results Repeat customers Survey 5 Core of their are important to restaurants business restaurantsRestaurant owners willing to offer an Survey 5 yes expiring credit to restaurants loyal customersRestaurant owners Survey 5 willing to pay for NO restaurants service
  • 184. Restaurant Interviews (mid end, trendy)Hypothesis Test Results Repeat customers Mostly foot Survey 6 are important to traffic, not too restaurants restaurants concernedRestaurant owners willing to offer an Survey 6 NO expiring credit to restaurants loyal customersRestaurant owners Survey 6 willing to pay for NO restaurants service
  • 185. Restaurant Interviews (mid-high end restaurant group, trendy, young international)Hypothesis Test Results Finding loyal customers Place high value on is a problem for Survey 21 restaurants returning customers restaurants Restaurant owners are Looking for a system to concerned with repeat Survey 21 restaurants sync data with customers reservations Restaurant owners willing to pay for a Use internal promotions, service that would Survey 21 restaurants do not want to engage encourage repeat outside systems customers
  • 186. Restaurant Interviews (mid-high end, UWS)Hypothesis Test Results Repeat customers Core of their are important to Survey 8 restaurants business restaurants Restaurant owners They prefer to offer willing to offer an better tables, free Survey 8 restaurants expiring credit to drinks or desert as loyal customers opposed to credits Restaurant owners willing to pay for Survey 8 restaurants Possibly service
  • 187. Listen to your Customers (restaurants)Restaurants with more than 40% repeat customers wantbetter way to… ANALYZE and RECOGNIZE
  • 188. ANALYZEOpenTable• Collects information• Provides some analysis• Will export to XL fileHypothesis• Export data• Provide better analytics• Allow more creative loyalty programs with value add
  • 189. RECOGNIZE• Reservations are automatically recognized through open table• PROBLEM ----- Most repeat customers are walk-ins!• SOLUTION ----- Face recognition• This allows the hostess to recognize a repeat customer, even if it has been 6 months since their first visit. www.fideleat.com
  • 190. ECOSYSTEM OpenTable Reservation Book Restaurant CUSTOMIZED OpenTableFidelEat INFORMATION Hostess Website Stand
  • 191. Table Compass Monday Key Partners Key Activities Which of our customer’s How will we Get, Keep Who are our most Restaurant owners • Platform design and problems are we helping to and Grow Customers? important solve? development Retention plan: points customers? • Empty tables Key Suppliers • Business • Difficulty making system, Groupon, promo Both restaurants and Possibly Open Table development, reservations tional item, value add end users partnerships and • Price free meal, etc. What are we getting marketing What are their from them? Which customer needs are archetypes? Reservation Service we satisfying? People who plan, price • Restaurants: revenue management, working conscious, occasions, capital groups of friends Giving them? • End Customers: Restaurant traffic discounted What Job do they meals, secured Through which want us to get done reservations, restaurant Channels do our for them? comparisons Customer Segments Key Resources End customer: want to be reached? • Designers, Engineers discounts What are the Key Features • Restaurants: face to • Business of our product that match face meetings Restaurants: fill seats development, Sales customers problem/need? • End Customers: Word • Money • Discounted pricing of mouth • Restaurant discovery marketing, online, dire ct emailWhat are the most important costs inherent in our How do we make money? What’s the revenue model?business model? Pricing tactics?Fixed Cost: Building the website Options: listing fees, percentage of restaurantVariable: Marketing, sales people, advertising fee, restaurant flat fee, first year free, etc.
  • 192. Table Compass Tuesday (Pass, Fail, Unclear) Key Partners Key Activities . Revenue How will we Get, Keep • Medium-low end Restaurant owners • Platform design and and Grow Customers? restaurants development Management Retention plan: points • Medium-high end Key Suppliers • Business . Working capital system, Groupon, promo restaurants that take Possibly Open Table development, . Filling Seats tional item, value add reservations partnerships and free meal, etc. What are we getting marketing from them? • Difficulty making Reservation Service reservations • Price • End Customers: Giving them? Discounted Restaurant traffic bookings, secured Archetypes? reservations, restauran Through which People who plan t comparisons Channels do our Price conscious • Discounted pricing Customer Segments Foodies Key Resources want to be reached? • Designers, Engineers • Restaurant discovery • Restaurants: face to • Business face meetings development, Sales • End Customers: Word • Money of mouth marketing, online, dire ct emailWhat are the most important costs inherent in ourbusiness model? Listing fees, percentage of restaurant fee, restaurant flatFixed Cost: Building the website fee, first year free, etc.Variable: Marketing, sales people, advertising
  • 193. Table Compass Wednesday (Pass, Fail, Unclear) Key Partners Key Activities . Revenue How will we Get, Keep • Medium-low end Restaurant owners • Platform design and and Grow Customers? restaurants development Management Retention plan: points • Medium-high end Key Suppliers • Business . Working capital system, Groupon, prom restaurants that take Possibly Open Table development, partne . Filling Seats otional item, value add reservations rships and marketing free meal, etc. What are we getting from them? Reservation Service Giving them? Restaurant traffic • Price Younger Trendy • Discounted Through which bookings, secured Channels do our reservations, restauran Customer Segments Key Resources t comparisons want to be reached? • Designers, Engineers • Discounted pricing • Restaurants: face to • Business • Restaurant discovery face meetings development, Sales • End Customers: Word • Money of mouth marketing, online, dire ct emailWhat are the most important costs inherent in ourbusiness model? Options: listing fees, percentage of restaurantFixed Cost: Building the website fee, restaurant flat fee, first year free, etc.Variable: Marketing, sales people, advertising
  • 194. FidélEat Thursday (Pass, Fail, Unclear)Key Partners • Platform designRestaurant owners and development - Revenue How will we Get, Keep - Medium-low end • Business Management and Grow Customers? restaurants - Working capital Retention plan: points - Medium-high endKey Suppliers development Filling Seats system, Groupon, prom restaurants that takePossibly Open Table • Partnerships and otional item, value add reservations marketing - Repeat Business free meal, etc. ExpiringWhat are we - Fill seats during Promotional Creditsgetting from them? slow periods (EPCs)Reservation Service Price Younger TrendyGiving Discounted bookings, Young families Through whichthem?REPEAT secured reservations, Channels do ourRestaurant traffic • Designers restaurant comparisons Customer Segments • Engineers Discounted pricing want to be reached? • Business - Discount rewards • Restaurants: face to Development for loyalty face meetings • Sales - Promotional Credits • End Customers: Word • Money of mouth marketing, online, dire ct email, NY Times Monthly Subscription Fee, Monthly/QuarterlyWhat are the most important costs inherent in customer data serviceour business model?Fixed Cost: Building the website Options: listing fees, percentage of restaurantVariable: Marketing, sales people, advertising fee, restaurant flat fee, first year free, etc. Monthly Subscription Fee, Tiered subscriptions
  • 195. FidélEat NOW (Pass, Fail, Unclear) How will we Get, Keep and Grow Customers?Key Partners Open • Platform design Retention plan: ExpiringTable and development - High Quality of - Medium-high end Promotional Credits • Business Repeat Business neighborhood (EPCs) - Enable Customer restaurantsKey Suppliers Face developmentrecognition software • Partnerships and Recognition - How will we marketing - Enable Get, Keep andWhat are we personalized Grow Customersgetting from them? marketingReservation Service - Discount rewards Repeat customersGiving for loyalty New Customersthem?REPEAT - Better Service Through whichBrand Loyalty • Designers Channels do our • Engineers Customer Segments • Business want to be reached? Development • Restaurants: face to • Sales face meetings • Money • End Customers: Word of mouth marketing, online, dire ct email, NY TimesWhat are the most important costs inherent in Monthly Subscription Fee, Monthly/Quarterlyour business model? customer data services one time feeFixed Cost: FACE RECOGNITION SYSTEMBuilding the websiteVariable: FACE RECOGNITIONSYSTEMS, Marketing, sales people, advertising
  • 196. Pivot Declaration First Advisory Board Member
  • 197. Customer Contacts Yesterday: 17 traveler groups in personCustomer Contacts To Date: 70 in person / 33 online / 75 Adwords clicks / 51,000 online impressionsPurchases To Date: 7 Repeat Customers: 1 Ari Scott Alex Sarah Francois Michael Harkov Greco Morrison Shenton Viargues Burke
  • 198. Version 1 – April 15th 2012 Get: PR, digital WOM, SEO, SEM, consumer 1. Itinerary collection & promotions 1. Traveling to urban updates For Customers: destination and a Keep: great customer Partners: hotels, local 1. Access to authentic, desire for authentic 2. Marketing / PR service, expand cities, improvemerchants, airlines, onlin non-touristy spots partner offerings experiences e booking sites, local 2. Own smart phone / 3. Customer service – sites, rental car 2. Better planned days Grow: CRM / relationship tablet (ideal) locals & travelerscompanies, international = easier, maximize marketing, expand offering to 3. Age 25-45 / target phone data carriers vacation time more cities 25-35 (?) 4. Professional, $50k Suppliers: local 3. Save time + income trendsetters, work in 5. Time-starvedhospitality, younger/crea 4. Clean UX and tive, bloggers, active interactive itineraries Our job: parents take the guidebook to 1. Search (SEO/SEM) -making planning 1. Web developers 2. Social media quicker, easier, pai 21st century 2. Marketing/PR team 3. Travel blogs nless Get itineraries: $$ for 3. Local expert outreach sales as well as For Local Experts: 4. Travel/local sites -access to off the beaten 4. Sales force (low path spots exposure (blog, video) 1. Monetize your local end, in person) -vacation that meets their knowledge specific interests Fixed costs: upfront development of site and app How: Sell itinerary for $4.99, pay local 20%, keep 80% gross margin. Variable costs: talent/people, marketing/advertising, compensation of Pricing tactics: compete between guidebooks & free locals, product iterations Promos: 1st free, free if feedback, buy 1 get 1 free, free if FB post
  • 199. Version 2 - EOD April 16th 2012 Get: PR, digital 1. Itinerary collection & WOM, SEO, SEM, consumer updates Bakamba helps tourists promotions have richer, more authentic Tourists – ContentPartners: hotels, local Keep/ Grow: great customer 2. Marketing / PR travel experiences by Purchasersmerchants, airlines, onlin service, expand tapping into the knowledge cities, improve partnere booking sites, local 3. Customer service – of locals offeringssites, rental car locals & travelers Save time planning Revenue sharing & Locals - Contentcompanies, international See the “Real” City relationship marketing Providersphone data carriers Filter based on interests Everything in one placeSuppliers: local Mass Distributors –trendsetters, work in Content Purchasers (Ex:hospitality, younger/crea Hotel Concierge)tive, bloggers, active Unique platform for locals • Search (SEO/SEM)parents experts to share and • Social media 1. Web developers monetize their local • Travel blogs / sites 2. Marketing/PR team knowledgeGet itineraries: $$ for 3. Local expert outreachsales as well as 4. Sales force (low • Craigslistexposure (blog, video) end, in person) • Social media • Local blogs Fixed costs: upfront development of site and app How: Sell itinerary for $4.99, pay local 20%, keep 80% gross margin. Variable costs: talent/people, marketing/advertising, compensation of Pricing tactics: compete between guidebooks & free locals, product iterations Promos: 1st free, free if feedback, buy 1 get 1 free, free if FB post
  • 200. Version 3 - EOD April 17th 2012 Get: PR, digital 1. Itinerary collection & Bakamba helps tourists WOM, SEO, SEM, consumer updates have richer, more authentic promotions travel experiences by Tourists – Content Keep/ Grow: great customer 2. Marketing / PR tapping into the knowledge Purchasers service, expand of locals cities, improve partner 3. Customer service – Save time planning offeringsSuppliers: local locals & travelers See the “Real” City Revenue sharing & Locals - Contenttrendsetters, work in Filter based on interests relationship marketing Providershospitality, younger/crea Everything in one placetive, bloggers, activeparents Mass Distributors – Mass Distributors – Content Purchasers Content Purchasers Unique platform for localsGet itineraries: $$ for experts to share and • Search (SEO/SEM)sales as well as monetize their local • Social mediaexposure (blog, video) 1. Web developers knowledge • Travel blogs / sites 2. Marketing/PR team 3. Local expert outreach Potential idea: Provide 4. Sales force (low recommendations and info • Craigslist end, in person) to concierges • Social media • Local blogs Fixed costs: upfront development of site and app How: Sell itinerary for $9.99, pay local 20%, keep 80% gross Variable costs: How: Sell itinerary for $9.99, pay local 10%, keep 90% gross margin. talent/people, marketing/advertising, compensation of margin. locals, product iterations
  • 201. Version 4 - EOD April 18th 2012 Bakamba helps tourists Get: PR, digital have richer, more authentic WOM, SEO, SEM, consumer 1. Itinerary collection & travel experiences by promotions, authors as sales updates tapping into the knowledge force? of locals Tourists – Content 2. Marketing / PR Save time planning Keep/ Grow: great customer Purchasers See the “Real” City service, expand 3. Customer service – Filter based on cities, improve partnerSuppliers: local locals & travelers interests/location/authors offerings Revenue sharing & Locals - Contenttrendsetters, work in Budget advice / Flexibility relationship marketing Providershospitality, younger/crea neededtive, bloggers, activeparents Mass Distributors – Mass Distributors – Content Purchasers Content Purchasers Unique platform for localsGet itineraries: $$ for • Search (SEO/SEM) experts to share andsales as well as • Social media monetize their localexposure (blog, video) 1. Web developers • Travel blogs / sites knowledge 2. Marketing/PR team • Authors as sales force 3. Local expert outreach Potential idea: Provide 4. Sales force (low end, recommendations and • Craigslist in person) info to concierges • Social media • Local blogs How: Sell itinerary for $9.99, pay local 20%, keep 80% gross Fixed costs: upfront development of site and app margin. Tests: can we get locals to contribute without the promise of Variable costs: payment for sales? for $9.99, pay local 10%, keep 90% gross How: Sell itinerary Get one for free if you create one for your talent/people, marketing/advertising, compensation of margin. own city? Pay to post? Break up itineraries into sections by locals, product iterations, printing/binding different locals?
  • 202. Hypothesis Result Confirmed. WTP increased People want flexibility and significantly when presented withdynamic itineraries with options MVPs with optionsPeople would prefer to build their own itineraries based on a Confirmed. People love the ability database of local to build their own itineraries. recommendations. Confirmed. Everybody wants to People will choose travel know who is writing, but it itineraries based on WHO is remains unclear whether it is the writing them. main reason for choosing an itinerary.People also would want to be put Refuted. People do not seem to in direct contact with their local want direct contact with their guide. local guides.
  • 203. Hypothesis Result Confirmed. WTP increased People want flexibility and significantly when presented withdynamic itineraries with options MVPs with optionsPeople would prefer to build their own itineraries based on a Confirmed. People love the ability database of local to build their own itineraries. recommendations. Confirmed. Everybody wants to People will choose travel know who is writing, but it itineraries based on WHO is remains unclear whether it is the writing them. main reason for choosing an itinerary.People also would want to be put Refuted. People do not seem to in direct contact with their local want direct contact with their guide. local guides.
  • 204. Hypothesis Result Confirmed. WTP increased People want flexibility and significantly when presented withdynamic itineraries with options MVPs with optionsPeople would prefer to build their own itineraries based on a Confirmed. People love the ability database of local to build their own itineraries. recommendations. Confirmed. Everybody wants to People will choose travel know who is writing, but it itineraries based on WHO is remains unclear whether it is the writing them. main reason for choosing an itinerary.People also would want to be put Refuted. People do not seem to in direct contact with their local want direct contact with their guide. local guides.
  • 205. Hypothesis Result Confirmed. WTP increased People want flexibility and significantly when presented withdynamic itineraries with options MVPs with optionsPeople would prefer to build their own itineraries based on a Confirmed. People love the ability database of local to build their own itineraries. recommendations. Confirmed. Everybody wants to People will choose travel know who is writing, but it itineraries based on WHO is remains unclear whether it is the writing them. main reason for choosing an itinerary.People also would want to be put Refuted. People do not seem to in direct contact with their local want direct contact with their guide. local guides.
  • 206. Version 5 - EOD April 19th 2012 Bakamba helps tourists Get: PR, digital have richer, more authentic WOM, SEO, SEM, consumer 1. Itinerary collection & promotions, authors as sales updates travel experiences by force tapping into the knowledge Tourists – Content 2. Marketing / PR of locals Keep/ Grow: great customer Purchasers Save time planning service, expand 3. Customer service – See the “Real” City cities, improve partnerSuppliers: local locals & travelers Filter based on offerings sharing & Revenue Locals - Contenttrendsetters, work in interests relationship marketing Providershospitality, younger/crea 3 or more options fortive, bloggers, active every occasionparents Mass Distributors – Mass Distributors – Content Purchasers Content Purchasers Unique platform for localsGet itineraries: $$ for • Search (SEO/SEM) experts to share andsales as well as • Social media monetize their localexposure (blog, video) 1. Web developers • Travel blogs / sites knowledge 2. Marketing/PR team • Authors as sales force 3. Local expert outreach Potential idea: Provide 4. Sales force (low recommendations and info • Craigslist end, in person) to concierges • Social media • Local blogs How: Sell itinerary for $4.99 - $9.99, pay local 20%, keep 80% Fixed costs: upfront development of site and app gross margin. - Should we allow people to download itineraries in exchange for Variable costs: How: Sell itinerary for $9.99, pay local 10%, keep 90% gross writing an itinerary? talent/people, marketing/advertising, compensation of margin. -Should we give itineraries away for free and rely on an locals, product iterations, printing/binding advertising model or other revenue source?
  • 207. Eco System Local Recommendations BakambThe AUTHENTIC City Via Web for the Pre Planner aExperience Traveler • Restaurants • Activities s • Attractions Mobil device for the On The Go • The individuals creating itineraries Subscriptions for Multi User Locations $$ Travel Agents ?!*&? Online Travel Sites & Travel Books
  • 208. Next Steps – Increase the number of tests and experiments and introduce the site slowly to early access users without a high-fanfare launch. – Add technical expertise within the core group of founders. – Reverse-engineer the business models of our competition and analyze the success and failures of their strategies. – Continue to gather data, and truly establish our goal: • Millions of users • Immediate Revenue – Once data has been gathered, focus on pattern recognition within the data. We will map out the market opportunity, determine whether there is also a revenue opportunity there, and proceed accordingly.
  • 209. Your Organization’s PULZE Vladimir Baranov, Jitender Chopra, John Gole, RiyazHabibbhai, F. Lane Harwell, DanielloNatoli Total Interviews: 47! April 20th, 2012 PULZE ORGANIZE, ANALYZE, AND COMMUNICATEPULZE
  • 210. Hypotheses We can use consultants as channels? We can use consultants as customers?PULZE
  • 211. How else would we get customers? - SEO, SEM, AwC: $10, AcC: $250 - Leadership Conferences: AwC: $1499, $AcC: $50 - Social Media Groups: AwC$10, AcC: $250PULZE
  • 212. We also talked to HR software company 1) Standard Off-the-shelf software: - content empty - no insight - the questions are the best guess of the person creating them 2) HR and Management Consultants are potential channels and customers 3) Value-based pricing 4) Demonstrate value first and follow-up with telesales and direct marketingPULZE
  • 213. PULZE
  • 214. PULZE
  • 215. Price and Value Position HR Consultancies ~$5,000 - $15, 000 PULZE (per survey) $500 - $3,500 “Hand Holding” Data and Perception of Value “DIY” Data and Analysis Analysis Benchmarking Benchmarking Templates with response Templates validation Customization Customization Access to Domain Specific Access to Domain Specific Solutions Survey Solutions Legal and Regulatory Monkey Legal and Regulatory Checks Checks $500 per year Raw Data / Little ORGANIZE, ANALYZE, AND Analysis COMMUNICATE $ per Survey/AnalysisPULZE
  • 216. PULZE
  • 217. Team Pulze R&D Key Account Partners Marketing and Manage management 500 <Software vendors the platform Bottom-Up Enterprises Semi customized < 2000 employee service based onEnterprise social Recruitment engagement needs platforms Lead gen Middle Provide employees Management of ownership in larger Suppliers business strategy corporations Cloud service Low cost solution Sales force Software to interim surveysData warehousing developers Website HR talent 3rd party analytics Research experts Variable Fixed Customer acq. One time Payroll service fee Talent acq. Subscription marketing service PULZE Sales
  • 218. Team Pulze Bottom-Up R&D employee engagement Marketing and Manage Key Account Partners the platform Provide employees management ownership inSoftware vendors business strategy Semi- Manager of a Recruitment customizationEnterprise social company, division platforms Low cost solution or unit with 100- Lead gen to interim surveys SEO 3000 Legal Counsel employees, w/min Templates imal HR support Suppliers Analysis Cloud service Sales force SoftwareData warehousing developers Benchmarked Data Website HR talent 3rd party Gamification – to analytics increase particip HR Consultants Research experts US Legal Variable >Survey Monkey Fixed Customer acq. One time < Consultants Payroll service fee Talent acq. Subscription marketing service PULZE Sales Fee to HR
  • 219. Team Pulze R&D Bottom-Up employee engagement Key Account Marketing and Manage management Partners the platform Provide employees ownership in business CustomizationSoftware vendors strategy Manager of a Linked-In Low cost solution company, division to employee or unit with 100- Legal Counsel SEO surveys 3000 employees, w/min Templates imal HR support Suppliers Analysis Software Benchmarked Data Enterprise social Cloud service Gamification platforms developers Ethical and Legal Social MediaData warehousing Website HR talent 24/7 Value Added 3rd party analytics Consultants for Research experts HR Consultants Pre/Post Survey Variable Fixed Customer acq. Number of Subscription Payroll Employees service Talent acq. $500 < N < $5K marketing $1 – 5K PULZE Sales FeetoHRConsulta
  • 220. Team Pulze – day 5 Bottom-Up employee engagement Key Account Partners management R&D Provide employees ownership in business strategy CustomizationSoftware vendors Manager of a Marketing and LinkedIn company, division Manage the platform Low cost solution SEO or unit with 100- Legal Counsel to employee Conferences 3000 surveys employees, w/mini Templates mal HR support Suppliers Analysis Benchmarked Data Gamification Enterprise social Cloud service Software developers Ethical and Legal platformsData warehousing Consultants? Social Media Website 24/7 Value Added 3rd party analytics HR talent Consultants for Consultants Research experts Pre/Post Survey Variable Fixed Customer acq. Number of Employees Payroll marketing $500 < N < $5K Sales Talent acq. PULZE
  • 221. Summary and Conclusion  The Original strategy  Sell to human resources executives, primarily Original Strategy  Mixed response  Co-Opetition, Barry Nalebuff, YSOM  Leadership and HR are different verticals  Refine market segment Pivot  SMid: Small to medium size enterprises are the sweetspot  Needs support and dataPULZE
  • 222. Lessons Learned Canvas could be used for public growth companies analysis Customer discovery process may lead to several pivots Archetype of customer may pivot with more data Channel aligned with your value propostion gives best advice Not all ideas are hopeless, they are just waiting for a pivot Ask for help and help others: Pay ForwardPULZE
  • 223. AppendixPULZE
  • 224. Market Size Business Units 100-499 90,386 500-749 6,060 750-999 3,038 TAM: 151,490 1000-1499 3,044 1500-1999 1,533 2000-2499 904 2500+ 46,525 TAM 151,490 Source: US Census,2008 SAM: 136,384 SAM estimate was derived by using broadband business usage ratio. OECD TM: 34,085PULZE
  • 225. • Next Steps o Test an MVP  Does it excite people?  Easy to sell?  Can we raise prices?PULZE
  • 226. Customer Relationship and Channels Acquisition? Awareness? HR Consultants HR Middle Managers Managers HR Blogs, Journals Problems HR consultants don‟t want to work with us Middle Managers aren‟t actively looking Options Referrals – Probably not enough Sales force Implications Costs soar Cannot keep prices to our low price pointPULZE