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  • 1. kaavioit’s time to really get to know your data…teamivo parashkevov 102mike shore 33lukasz strozekpeter brandt 21mentors 24jeff epsteincarlin wiegner 9march 12, 2013
  • 2. teamivo lukasz mike peterba harvard cs ms harvard cs ba harvard econ bs northwestern csmba1 mba1 mba1 mba1kkr bridgewater morgan stanley jump tradingbcg google
  • 3. original elevator pitchan online data visualization platformthat allows business analysts to easilyvisualize their data, share it withclients/coworkers, and make it tell acompelling story while maintaining alive link with the data source
  • 4. original canvas
  • 5. act I: enterprise analystwhat we thought- people in financial services and other industries have significant pains with visualizing and communicating about data- people want to collaborate when creating and consuming charts- people want to empower their audiences to interact with data themselveswhat we did- got out of the building for the first time- interviewed customers we thought had pain
  • 6. problem:lack of focus
  • 7. where is our niche?
  • 8. act II: MS office power userwhat we thought- the problem is not a lack of market- the space is crowded, but we believe that a key segment is underserved- there is a huge market: existing tools cost a ton, and are far from simplewhat we did- built a demo and got reactions from customers- focused on consultants as a user base
  • 9. we built a product demo
  • 10. more crowded than we thought
  • 11. act III: trough of despairwhat we realized- nothing is resonating- our potential niche seems way too small- at the low end of the market, it’s hard to make data viz work as a product unto itselfwhat we did- went over all of our interviews- engaged with mentors, Jeff and Carlin- explored new ideas e.g. fantasy football, quantified self
  • 12. a major pivot
  • 13. act IV: online late jarwhat we thought- one of the customers was focused on holding people accountable and real-time tracking- a concept like an online late jar could be used to get our foot in the door for enterprise performance evaluationwhat we did- talked to customers about the online late jar- built wireframes
  • 14. we built mock-ups for theonline late jar mobile app
  • 15. act V: (minor) enlightenmentwhat we now think- real-time peer feedback can correct for biases in performance evaluation and reduce pain of annual reviews- customers are C*O/HR managers and distinct from the users- kaavio won’t sell itself, high-touch sales neededwhat we did- high-quality interviews with HR professionals- researched how to sell into the enterprise- built MVP
  • 16. our customerskatie – human resources director at Jump Tradingfrustrated with current solutions, would buy a product that captures what“goes unnoticed”thomas – head of support at Bridgewater Associateswants real-time feedback tool as a way to get more metrics about healthof his team, loves the transparency, wants to include as part of 360processalissa – head of talent at Bloomreachneeds a lightweight (easy to learn) tool that would include 360 reviews“a lot goes unmentioned and unnoticed”“the employees are complaining that reviews take forever”
  • 17. after this journey, our canvas VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS More accurate view of GET: POC with customers user Head of HR in a medium / large performance (true 360 view, information enterprise reduced cognitive biases) KEEP: Great customer service and CxO in a small / growing company Reduced burden on employees support and management come annual review time (intuitive workflow KEEP: Proactive training including and aggregation of feedback) intro to new features Timely and actionable feedback GROW: By reference Transparent bonus / GET: Self-serve free online REVENUE STREAMS compensation criteria GROW: Free version of product Freemium model + low monthly Foster a culture of continuous markets itself premium subscription self-improvement CHANNELS Enterprise licenses Direct sales License per seat n Costs (Account Self-serve online portaltomer Support)
  • 18. keeping an eye on the big prize…get the foot in the door in the enterprise, collecting accurate, real timepeer evaluation informationexpand to become the employee evaluation platformof choice for these customers total available marketdisrupt HR/evaluations space $2Bdata-gartner EPM 2009 market $970M served available market-successfactors 2013 revenue $502M $1B-workday 2013 revenue $119.5M target market $100M
  • 19. metrics that matter user acquisition cost$14 customer lifetime value $120 price point $5 / user / month user attrition 20% / year margin 35% at scale of 300K users competitive price point: Successfactors $6 / user / month work.com $10–$20 / user / month
  • 20. mvp allen falcon ceo cumulus global var for end-to-end cloud computing solutions crisantos hajibrahim ceo viwo, inc. var for end-to-end cloud computing solutions anthony krumeich cofounder/ceo bloodhound mobile events solutions james elkins cofounder/ceo ribbon web-based sales solutions
  • 21. going forwardwhat we learnedwe think we have a product market fitis this a viable businesspending feedback from actual teamspursuing after classpossibly!
  • 22. week 1
  • 23. week 2
  • 24. week 3
  • 25. week 4
  • 26. week 5
  • 27. week 6
  • 28. week 7 VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS More accurate view of GET: POC with customers user Head of HR in a medium / large performance (true 360 view, information enterprise reduced cognitive biases) KEEP: Great customer service and CxO in a small / growing company Reduced burden on employees and management come annual support review time (intuitive workflow Students / Professors and aggregation of feedback) KEEP: Proactive training including intro to new features Timely and actionable feedback GROW: By reference Transparent bonus / compensation criteria GET: Self-serve free online Foster a culture of continuous self-improvement GET: Online ads "karma" score, across the board, GROW: Free version of product REVENUE STREAMS and score-keeping markets itself Freemium model + low monthly CHANNELS premium subscriptiontorage (cloud) Enterprise licenses Direct salesustomer acquisition costs (high touch)dvertising costs License per seat Self-serve online portal
  • 29. week 8 VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS More accurate view of GET: POC with customers user Head of HR in a medium / large performance (true 360 view, information enterprise reduced cognitive biases) KEEP: Great customer service and CxO in a small / growing company Reduced burden on employees support and management come annual review time (intuitive workflow KEEP: Proactive training including and aggregation of feedback) intro to new features Timely and actionable feedback GROW: By reference Transparent bonus / GET: Self-serve free online compensation criteria GROW: Free version of product Foster a culture of continuous markets itself REVENUE STREAMS self-improvement Freemium model + low monthly x GET: Online ads premium subscription ) CHANNELS Enterprise licensesstsention Costs (Account Direct sales License per seat Customer Support) Self-serve online portal
  • 30. competitive landscape highlights - Rypple – our most direct competitor – integrated into work.com - integration with SalesForce - request specific feedback from peers or customers - track progress towards goals - custom-designed badges visible to all employees - “push” process heavily optimized for review workflow - offer ongoing reviews, but not real-time - can solicit feedback, but its only qualitative - good analytics and forced ranks - more limited than SuccessFactors - integrates well with payroll, benefits administration, employee records, employee on-boarding, etc. - goals tracking and pay-per-performance features - solicit or give feedback at any time
  • 31. competitive landscape highlights Realtime? Lightweight? Peer Review Points? Transparent? yes. no. -ish. no. (badges) no. no. no. no. no. no. no. -ish.
  • 32. frequently asked questionswhat other solutions are available?work.com, successfactors, workdaywhy are customers unhappy with these solutions?don’t solve the pain of accurate feedback / time burden, don’t foster a culture of self-improvementwhat are the segments?small businesses where reviews are ad-hoc, medium businesses with a strong culturalidentity who need a lightweight solutionwill businesses pay for this / is it a must-have?yes, at a low price point, yes, for some.why real time?increase accuracy (“stuff goes unnoticed”), decrease time burden (“reviews takeforever”)what other benefits did they see?self-improvement, strengthening of culture of meritocracy
  • 33. economic projectionsthousands of USD year 0 year 1 year 2 year 3 year 4 year 5revenue $0 $2,160 $6,768 $12,614 $17,292 $21,033total cost $1,353 $2,852 $4,662 $5,792 $6,165 $6,538profit ($1,353) ($692) $2,107 $6,822 $11,127 $14,495# users (thousands) 0 36 113 210 288 351# employees 10 22 37 48 52 56 key assumptions: • price is $5 / user / month • sales rep quota: 1000 new users / month; • 20% annual attrition rate • 1 account manager for every 25,000 users • 5-10 engineers, 1-3 PMs, 2-4 testers, 1-2 sys-admins
  • 34. channel - direct to businesses - freemium “hook” model (dropbox.com)competitive pricing - successfactors: $75 / user / year - work.com: $120 – $240 / user / yearrevenue model - recurring, per user per yearstrategy - low price point to incentivize companies to use alongside large HR solutions, and to cater to small companiespricing tactics / - free up to 3 months – to get users “hooked”suggested price - beyond that, $15 / user / year for basic versionpoint - $25 / user / year for rich analytics
  • 35. what is kaavio?a lightweight real-time, fully transparent peer feedback system,which lets people reward others in their community for their effort,and provide rich feedback on how they can improvewho are our customers?HR manager in a medium company who wants to improve current annualreview systemCxO in small / growing company who wants to deploy a light-weight 360feedback mechanism when formal HR structures are not in placethey care about a culture of transparency, meritocracy, and self-improvement
  • 36. product-market fit canvas: transparent system establish a culture of leads to a norm of continuous self ongoing community improvement feedbackpeer-focused HR / mgmttransparent evaluatesreal-time employeelow barrier performanceto use • real-time feedback review process is: • feedback easy to summarize • inaccurate • receiver gets feedback • not timely / actionable immediately • cumbersome