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Hatch's Final Pitch

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Hatch's Final Pitch

  1. 1. Previously: Cofounder, Galavant Magazine Brand & Community Lead, DynaOptics Previously: Intern, Sozo Studio Intern, Rocky Design Previously: Intern, YouSpace Intern, 58.com Inc Previously: Intern, OgilvyOne Nat (CEO) Leo (CFO) Claire (CMO) An (CTO) TEAM HATCH
  2. 2. What do you do when you’re learning something and you get stuck?
  3. 3. “There’s no tutorials at all or if there is, it’s confusing.” —Jamie “I can’t find the info that I need because I don’t know the terminology.” —Jieying “I don’t know how to narrow down on a broad subject to start learning.” —Heather Problem-solving alone isn’t the most effective way!
  4. 4. “Having someone show me how to do it is much more efficient.” —Elijah, Student (Interviewee)
  5. 5. Problem For students, it’s hard to ask for help when: • Limited connections; it’s outside your circle of friends • One-sided; resulting in hesitation to ask for help
  6. 6. Problem For students, it’s hard to ask for help when: • Limited connections; it’s outside your circle of friends • One-sided; resulting in hesitation to ask for help Solution Peer-to-peer skills sharing app that encourages the learning journey by helping students: • Expand connections • Mutually help one another
  7. 7. Mission To cultivate an open, collaborative community where everyone can learn, share and grow with one another.
  8. 8. This is an existing behavior.
  9. 9. 209 Facebook Learning Groups 9.3 million members 391k Subscribers in r/IWantToLearn This is an existing behavior.
  10. 10. Total Addressable Market (People using educational platforms) 81 M Who are we serving? 5%* based on our market funnel https://blog.cengage.com/college-students-tutors-and-study-help/ Statista, https://wwwstatista.com/statistics/183995/us-college-enrollment-and-projections-in-public-and-private-institutions https://www.class-central.com/report/moocs-stats-and-trends-2017/
  11. 11. Total Addressable Market (People using educational platforms) 81 M Who are we serving? 5%* based on our market funnel https://blog.cengage.com/college-students-tutors-and-study-help/ Statista, https://wwwstatista.com/statistics/183995/us-college-enrollment-and-projections-in-public-and-private-institutions https://www.class-central.com/report/moocs-stats-and-trends-2017/ Serviceable Addressable Market (College students in U.S. using additional academic services) 12.7 M
  12. 12. Total Addressable Market (People using educational platforms) 81 M Who are we serving? 5%* based on our market funnel https://blog.cengage.com/college-students-tutors-and-study-help/ Statista, https://wwwstatista.com/statistics/183995/us-college-enrollment-and-projections-in-public-and-private-institutions https://www.class-central.com/report/moocs-stats-and-trends-2017/ Serviceable Addressable Market (College students in U.S. using additional academic services) 12.7 M Serviceable Obtainable Market (5% of Serviceable Addressable Market) 636,800
  13. 13. Physical Connection Digital Connection One-Sided Learning (Tutoring, MOOC, etc) Mutual Learning (Learning exchanges) Who else are in this space? Simbi Tandem Tutorfly edX Coursera Studyblue Your Boss
  14. 14. Physical Connection Digital Connection One-Sided Learning (Tutoring, MOOC, etc) Mutual Learning (Learning exchanges) Who else are in this space? Simbi Tandem Tutorfly edX Coursera Studyblue Your Boss
  15. 15. Mutual learning & sharing Personalized learning experiences School based Convenience, trust Encouraging & strengthening bonds community Flexibility So, how are we different?
  16. 16. Mutual learning & sharing Personalized learning experiences Encouraging & strengthening bonds community Flexibility School based Convenience, trust So, how are we different?
  17. 17. Personalized learning experiences Encouraging & strengthening bonds community Flexibility School based Convenience, trust Mutual learning & sharing So, how are we different?
  18. 18. Revenue Total $ 603,748 Total $ 1,359,134 Costs Profit $ 1,962,882 Total — = At Serviceable Obtainable Market (636,800) Annually Annually Annually
  19. 19. Revenue Model (Annual) Free Premium 1 suggested connection per day 3 connections per month $ 0 50 connections/mth Initiate the connection Browse profiles $ 1,891,296 Advertising Cost-per-click: $0.44 Cost-per-mille: $2.80/1000 $ 71,586 25%: Based on our marketing funnel *0.22% average CTR in education industry: https://www.wordstream.com/adwords-click-through-rate https://blog.adstage.io/google-display-ads-cpm-cpc-ctr-benchmarks-in-q1-2018 https://www.wordstream.com/adwords-click-through-rate At Serviceable Obtainable Market (636,800) $0.99/month $0.99/m x 12 x 636,800 people x 25%* $2.8 x 636,800 people/1000 x 3 connections x 12m = $64,189 $0.44 x 636,800* people x 0.22%* x 12 = $7,397 $1,962,882
  20. 20. Costs (Annual) Salaries Office Supplies & Logistics 7 employees $ 467,000 $ 5,400 Marketing $ 124,748 At Serviceable Obtainable Market (636,800) Fees Legal & Accounting $ 6,600 $603,748 4 Founders: $60,000*4 Lead Dev: $110,000 Data Scientist: $75,000 Customer Support: $42,000 Legal: $4200 Accounting: $2400 20% of total cost* Based on Glassdoor Salaries *https://nuphoriq.com/create-a-marketing-budget/
  21. 21. Revenue Total $ 603,748 Total $ 1,359,134 Costs Profit $ 1,962,882 Total — = At Serviceable Obtainable Market (636,800) Annually Annually Annually
  22. 22. For the past 5 weeks,
  23. 23. Concept Validation 30 Interviews For the past 5 weeks,
  24. 24. Concept MVP 6 sign-ups Concept Validation 30 Interviews For the past 5 weeks,
  25. 25. Concept Validation 30 Interviews Online marketing activities & On-site recruitments 74 sign-ups 12 experiences Concept MVP 6 sign-ups Early version of the Hatch experienceFor the past 5 weeks,
  26. 26. In 3 weeks, Online marketing activities & On-site recruitments 74 sign-ups 12 experiences 117 scans 81 sign-ups 12 experiences
  27. 27. 78% Why Now? 77.2M = total students in US https://nces.ed.gov/pubs2010/2010023.pdf https://www.census.gov/newsroom/press-releases/2017/school-enrollment.html of U.S. students are using academic services 77.2M x 78% = 60.2M According to National Center for Education Statistics,
  28. 28. According to National Center for Education Statistics, 78% Why Now? 77.2M = total students in US https://nces.ed.gov/pubs2010/2010023.pdf https://www.census.gov/newsroom/press-releases/2017/school-enrollment.html of U.S. students are using academic services 77.2M x 78% = 60.2M 27% of U.S. students are willing to pay 60.2M x 27% = 16.2M
  29. 29. Next 10 months Concept MVP 81 sign-ups 12 experiences Past 5 weeks
  30. 30. Next 10 months Concept MVP 81 sign-ups 12 experiences Past 5 weeks Now Digital Prototype Usability testings in progress
  31. 31. Next 10 months Concept MVP 81 sign-ups 12 experiences Past 5 weeks Now Digital Prototype Usability testings in progress in 4 months Digital MVP
  32. 32. Next 10 months Concept MVP 81 sign-ups 12 experiences Past 5 weeks Now Digital Prototype Usability testings in progress in 4 months Digital MVP in 10 months 17,000 users
  33. 33. $520,000 Build MVP Hires (Lead developer, Data Analyst, Customer Support) Scale adoption For the next 10 months.
  34. 34. “Love this project, everyone share their knowledge with each other and we will live in a better world.” —Anonymous Commenter on our poster
  35. 35. Thank you! https://weareteamhatch.wixsite.com/mysite @weareteamhatch “love this project, everyone share their knowledge with each other and we will live in a better world”
  36. 36. Appendix
  37. 37. 1. Molecule 2. Marketing Funnel 3. Growth Rate 4. Financials 5. Business Model Canvas 6. Competitors vs. Hatch 7. Growth Strategy 8. User Flow 9. Algorithm 10.Past Pivots 11. Acquisition Experiments 12. Partnerships 13. Expert Interviews Appendix
  38. 38. College Students who are seeking for academic help Hard to ask for help • Limited connection • One-sided P2P Skill-sharing site/app
  39. 39. SOM = 636,800? 5% 81 Sign-up( in 3 weeks) 1500 total students = Competitors: User growth in early stage • Tandem: 5M userbase -the second year; • Coursera: 4M userbase -the first year; Market size: • Tandem: 5M • Cousera: 35M https://www.class-central.com/report/https://www.class-central.com/report/coursera-2016-review// https://realbusiness.co.uk/apple-helped-tandem-language-app-gain-thousands-users/ https://www.crunchbase.com/organization/tandem-4#section-funding-rounds
  40. 40. 1st Year
  41. 41. 2nd Year
  42. 42. Breakeven Point 10 ~ 11 months 195,868 people
  43. 43. BMC
  44. 44. Cost Structure
  45. 45. Revenue Model (Annual at Serviceable Obtainable Market) $0.99/m x 12 x 636,800 people x 25%* = $2.8 x 636,800 people/1000 x 3 connections x 12m = $64,189 $0.44 x 636,800* people x 0.22%* x 12 = $7,397 $ 1,891,296 $ 71,586
  46. 46. Competitors
  47. 47. Tutoring VS. Hatch Fee Mutual/Equal Common Experiences Flexible Tutor Hatch $0.99/month $75-$100/h Yes No Yes No Yes Depends “You’ve changed the conventions of what it means to ask for help. Instead of lacking something, you’ve made it more about benefitting other people.” —Brooke Hessler, Director of Learning Resources @ CCA
  48. 48. User flow
  49. 49. Onboarding
  50. 50. Creating your profile
  51. 51. Suggested
  52. 52. Chat & Feedback
  53. 53. Connection Made
  54. 54. User Retention
  55. 55. How do we connect students? MVP: Learning goals Learning styles Personality Scheduling Skills level Comfort levels Group Learning Learn Share In Consideration: Complementary interest
  56. 56. Past experiences Assumption 1: We only need to pair people up by their complementary interests. Result 2: Students want the flexibility to do both. Feature 3: Chat. Time and date recognition to add to Google calendar. Assumption 4: Peers will have a more comfortable first-time experience if provided with conversation guides or prompts. Result 1: FALSE. Knowing specific info about each others’ learning goals will create a better learning experience for both. Feature 1: Specific goals on profile creation stage. (+prompts on how to write it). Result 3: Flexibility contributes to a more natural experience; easier to break the ice. Assumption 2: People will have a more fulfilling learning experience if they can select and browse their own learning peers. Feature 2: Browse or see suggestion. Assumption 3: By giving them more flexibility (in terms of time, location etc), the learning experience will be more comfortable. Feature 4: Conversation starter by hatch. Result 4: TRUE. Hatch starts the conversation and help to orientate the conversation.
  57. 57. Specific information is needed for learning exchange to be efficient. “I want to teach other tons but don’t know how to start.” —Brandon “Not prepared before meeting so I can’t be of help.” —Tara HMW… Help prepare both parties prior to the exchange so their expectations are met?
  58. 58. Matches might have different expectations— learning, sharing & goal. “Understanding dynamics is important.” —Brandon “Want match’s problem to be similar to mine.” —Jackie HMW… Help prepare both parties prior to the exchange so their expectations are met?
  59. 59. Initial interactions can be awkward; comfort level is important. “I’m not sure how open the conversation can/should be.” —Yao “I like people who can converse and communicate naturally.” —Brandon HMW… Facilitate the interactions so both parties can be comfortable with one another?
  60. 60. Learning about other people’s way of working is inspiring. “Good to meet people from different background.” —Jen HMW… Match people of diverse backgrounds so they can inspire one another?
  61. 61. Partnerships Schools Complement schools’ tutoring services Massive Open Online Courses Connecting people to others who have learned it before
  62. 62. Brooke Hessler, Director of Learning Resources (CCA) “You’ve changed the conventions of what it means to ask for help. Instead of lacking something, you’ve made it more about benefitting other people.” Expert Interview
  63. 63. Brooke Hessler, Director of Learning Resources (CCA) “Oftentimes, the person who can help you is one who have been in your shoes. They have a holistic perspective of what you’re going through and are able to relate to your experience.” Expert Interview
  64. 64. Brooke Hessler, Director of Learning Resources (CCA) “Tutoring services in schools are very expensive…you’re basically paying for someone to sit and wait there for a whole day…Hatch could complement these services to lower those costs.” Expert Interview

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