4. Elevator Pitch What we had in mindDo you panic after hitting “send”, wondering what typos or cultural faux-pas you’ve made?Next time, use Mail.Mate, for fast, accurate, personalized emailproofreading so you can hit “send” with confidence.
5. MailMate Canvas #1 For proofreaders: With proofreaders: Proofreaders: - Develop seamless, user- - Additional source of - Automated sign-up and - Native English- Payment Processor (PayPal) friendly simple easy-to-use income that is flexible transaction process speaking students or- English lessonscontent service for sending proof- in terms of working - Online Community young adults provider read emails for all platforms hours, location & - Live Help / Support - Freelance workers- PR/Marketing Firm - Develop easy tools and duration of work - Training / Vetting (native English software for proofreading - Online Discussions speaking) looking for - Process fees - Provide live support For users: extra cash - Communicating With users: - English Teachers - Sign up paying users professionally in - Automated sign-up and /Tutors - Sign up proofreaders foreign language transaction process - Removing - Live Help / Support Users: awkwardness of - Immigrants living in a asking friends to help country with local - Learning a language in language different For proofreaders: - R&D resources to develop a personal way than their mother - Universities -> Students product tailored to user’s - Schools – English teachers tongue - Marketing resources to specific needs without - Online tutorsforums - People doing business reach users and having to dedicate - Onlinesocial ads internationally and proofreaders time and resources for - Offering money to add friend communicating in a - Community of proofreaders language learning foreign language - Support For users: - Exchange foreign - Biz Dev Sales to sell - Onlinesocial ads students - Language forums service to companies - People with Dyslexia - Universities - Brand or other language - Companies - Offering refunds to existing challenges users that add new users • Paying proof-readers • Monthly subscription that allows for X proof-read emails per • Paying salaries (R&D, Marketing, Support, Management) month. Several packages (25, 100, 1000 emails…) • ServerHosting costs • Premium paid feature for tailored English lessons • Marketing campaigns • Translation services • Paying transaction fees (PayPal credit card)
6. First week – 20 interviews – collected What people want data and analyzed it 40% CUSTOMER NEED Workplace (B2B) Recruiting First intro / Networking 30% School Application% OF TOTAL RESPONDENTS American Culture Communication Coach Personal emails 20% Important people Organizing Events Emails to groups 10% 0% GREATEST NEED: B2B CORRESPONDENCE (37% of interviewees to-date)
7. Learning Week #1• We were not “hypothesis” driven in term of customer archetype/segment – we spoke with everyone (immigrants, internationals, students, professionals…)• The students we spoke with were interested but not passionate about it (those people could be mainstream late adopters, not early adopters)• Many people mentioned working environment as the main use case – we started thinking about B2B• Many people mentioned communication and cultural challenges, we started considering these too
8. MailMate Class 2 (following week #1) Proofreaders: Proofreaders: Proofreaders: Recruiting and training Get – Online ads, University Native English speaking Companies that teachPayment Processor (PayPal) proofreaders Flexible Income Source job posts students /young adults Grow – Referral program English for foreignEnglish tutorials from content Developing software Translation Keep – Seniority pay rates English Teachers /Tutorsproviders Users: Communication services Users: International students employees at other Providing quality controlWebsites for expats to reach coaching Proofreading emails in the US Users: companiespotential users Get – Free trial, Grow – Referrals, Language Learning Adult immigrants in the US Keep – attractive long termCompanies that teach English Translation services packages International students into foreign employees atcompanies Companiesthe US Communication coaching employingInternational professionals non-native Proofreaders: English speakers emailers Typo-prone Software development University job boards team Busy language learners Referral program Companies employing non- Online advertising native English speakers Users: Online advertising University Career & International Centers Paying proof-readers Employers paying for Pay per email employees Software development Email packages, Monthly packages ServerHosting costs Premium added for feedback Paying transaction fees (PayPal credit card) Employers paying for employees
9. We launched our WHAT IS MAIL.MATE? MVP early week #2• CURRENT HYPOTHESIS: MECHANICAL TURK SERVICE
10. Here’s the initial traffic we saw. MostlyTraffic through FB and LI
11. Some numbers and Launched MVP comments from people reacting to84 visitors, 72 unique visitors from 10 MailMatecountries, 97 pageviews, 90% bounce rate4 signed up users, 2 emails proofread
12. Learning Week #2• We were not “hypothesis” driven in term of customer archetype/segment – we spoke with everyone (immigrants, internationals, students, professionals…) – This resulted in us ADDING hypothesis and not removing/testing hypothesis – Also, we added just 1-2 more data points per segment. You can make any deduction based on 1-2 data points ! – We were targeting interviews based on what’s easy for us and not what makes sense.• People did respond to our FB, LI posts (both friends who weren’t in the inns, and strangers). People signed up for the service.• We were OPTIMISTIC, but CONFUSED (aka all over the place).
13. CANVAS: WEEK 3 (FOLLOWING WEEK 2) Proofreaders: Proofreaders: Proofreaders: Recruiting and training Get – Online ads, University Native English speakingPayment Processor (PayPal) proofreaders Flexible Income Source job posts students /young adults Grow – Referral programEnglish tutorials from content Developing software Users: Keep – Seniority pay rates English Teachers /Tutorsproviders Providing quality control Proofreading emails Users: Users:Websites for expats to reach Get – Free trial,potential users Language Learning Grow – Referrals, Adult immigrants in the US Keep – attractive long termCompanies that teach English Communication coaching packages International students into foreign employees atcompanies Companiesthe US employingInternational professionals non-native Proofreaders: English speakers emailers Typo-prone Software development University job boards team Busy language learners Referral program Foreign freelancers / Companies employing non- Online advertising entrepreneurs living native English speakers in the US Users: Online advertising Foreign freelancers / entrepreneurs living in the US University Career & International Centers Paying proof-readers Pay per email Software development Email packages, Monthly packages ServerHosting costs Premium added for feedback Paying transaction fees (PayPal credit card) Employers paying for employees
14. Some numbers from So far…1 repeat customer end of week #3 6 email jobs32 registered users
15. Some numbers from week #3. MindTraffic report you, the website is just an email aggregator
16. Learning Week #3• A company named Linguatech offers language learning to immigrant employees in companies in bay area. They focus more on Language Learning (we never went there)• FB and such companies hire that company – We spoke with head of Linguatech and team leader at FB• We expected more than 6 emails proofread in 1.5 weeks. Expected more than 32 registered users, and were disappointed. Should we have expected more?? – We’ve sent it to very few people (~20-30) – Had allocated $40 for Google ad-words – Posted on our FB walls• This was the first week we were “focused” on SMB foreign entrepreneurs and independent contractors. – While we were more focused than always, we were still not focused entirely (some unrelated interviews on the expense of more related interview… it was tough getting to the right people) – Also, we learned how difficult it was to target people based on non- demographic characteristics
17. CANVAS: WEEK 4 Entrepreneur / small business owner immigrants in the U.S. Paid search
18. PivotWhy Pivot:• Passion - Some of us were never really passionate about the idea, others lost passion in frustration from not moving forward.• Difficulty to target customers – how do you find and interview a dyslexic person ?? How do you find and interview an immigrant who is a high-end freelancer?• Mixed reviews from customers. Few very enthusiastic. Some somewhat enthusiastic. Some don’t care• Mismatch between our expectations for MVP’s results and real results. Also mismatch between our expectations and the effort we put in.• Out of difficulties moving forward with “right” interviews, and in attempt to re-energize the team we
19. KastekoHistory and Lessons
20. Elevator Pitch• Kasteko is an online service that connects prospective college students to current students at the universities they are interested in. It arranges 30 minute video chats to talk about admissions advice, student life, etc.
21. Learning #1: Customer Segments Domestic International - Supply is harder to - Supply is harder to get getGraduate - No extra decision - No extra decision makers makers - Supply easy - Supply easy - Willingness to pay - High willingness to depends on distanceUndergraduate pay but niche market - Have to deal extra - Have to deal with decision makers: extra decision makers: parents parents Decided to go with Undergraduate Internationals
22. Learning #2: Value Proposition Experience VS Admissions - Students mainly would use it to assess - People really care about where theytheir fit to the school. can get in and how to get in.- They need to feel a close human - Would be on the bad side of collegeconnection to the person who is admissions offices (not possibleinforming them. partners)- They feel comfortable enough with the - High willingness to pay in thecurrent substitutes: FB, relatives, etc. international market- Many demographics do not care aboutthe fit, just increasing admission chanceOur service is not a morphine painkillerin this arena, more like a nice to have. Decided to go with admissions
23. Decision Process: Where we fit? Kasteko
24. Learning #3: ChannelsDirectly to customers via search:- Targeting via SEO directly to consumers is very ineffective (0 signups)- Low customer lifetime valueVia partners:- International high schools interested in buying service in bulk for their students- Easier customer acquisitions and higher customer lifetime valueDecided to partner with American high schools
25. Metrics that Matter
26. Metrics that Matter: Domestic / Int’l Schools • 1-Session Price: $20 (market price) • $15,000 / international school • Y1 Breakeven Wage: Not possible • Y3 Breakeven Wage: $4/session ($8/hour) • Stanford student wage ($13/hour): breakeven in Y5 – Minimum efficient scale: 25,463 users (1.08% of eligible applicants) Average customer acquisition 5-Year Projection cost $5,000,000$120 $4,000,000$100 $80 $3,000,000 ANNUAL REVENUE $60 $2,000,000 ANNUAL $40 COSTS $1,000,000 $20 TOTAL $0 $0 PROFIT 1 2 3 4 5 1 2 3 4 5 -$1,000,000
28. Lessons Learned• Got passion?• Meet often and all together• Interviews: – “right” v. “easy” – Know how to interpret results• Pain = business (product/market fit?)