Successfully reported this slideshow.
Friends of Friends (Froffr)                         Team Connectors   Stanford Venture Lab Technology Entrepreneurship    ...
The Team   Audrey Leung         Audrey’s professional background is in public accounting and financial          consulti...
Our Story   More and more of Audrey’s single friends were requesting her to    introduce them to her other single friends...
The Opportunity                         Meeting                                                                       Intr...
The Product   Prototype here: http://froffr.com   Convenience and usability       Introducing friends online is easier ...
The Product Features    Purpose or objective of       • Specify common interests or goals as part of the         introduct...
Sales & Marketing   Facebook       Launched two day marketing campaign at $15 per day       Based on keywords: friendsh...
Partnerships and Distributions   Key partnerships with companies that will sponsor or provide discounts to casual    acti...
Revenues & Costs   Revenues       Freemium model: premium accounts which will provide        additional features such as...
Funding          • Bootstrap product using our own team            to develop and bring to market     1          • Obtain ...
Risks & Mitigations             Risks                        Mitigations • Lack of adoption due to:     • Increase adoptio...
Upcoming SlideShare
Loading in …5
×

Friends of Friends - Technology Entrepreneurship Opportunity Execution Project

386 views

Published on

Our vision is to create an easy and convenient tool that would help young adults develop long-lasting, meaningful relationships with peace of mind.

http://www.froffr.com

  • Be the first to comment

  • Be the first to like this

Friends of Friends - Technology Entrepreneurship Opportunity Execution Project

  1. 1. Friends of Friends (Froffr) Team Connectors Stanford Venture Lab Technology Entrepreneurship Fall 2012
  2. 2. The Team Audrey Leung  Audrey’s professional background is in public accounting and financial consulting. She double majored in Business and Psychology at UC Berkeley and also dabbled in her own startup with other classmates during college. Will Jang  Will Jang has over eight years of experience with programming and is currently a software engineering technical lead for NBCUniversal with experience in open source technologies: Java / MongoDB / Scala / Spring. Alan Tan  Alan is Trained in accounting and finance and has been delivering enterprise software solutions for over 10 years. He has been eading teams in implementing high volume CRM, Billing and Payment systems for companies such as Apple’s iTunes and App stores. Ubi Ukoh  Ubi is a UI/Javascript developer at Instructables. Motivated by a desire to build both a team and a product from the ground, learning about the startup process, and creating a unique social product to help connect people.
  3. 3. Our Story More and more of Audrey’s single friends were requesting her to introduce them to her other single friends, but she encountered some challenges:  These friends were living and working in different cities  They did not have common circles of friends  Some of her friends who were dating online were also not having much luck finding quality dating partners. Upon further research, Audrey found that in 2010, approximately 30- 35% of all couples met through friends. After pitching the idea and creating a team for the Venture Lab Technology Entrepreneurship class three other students also expressed their interest in the startup idea: Alan, Ubi, and Will. Our surveys conducted when we were testing our value proposition showed that the majority of customers wanted to safely meet new people for a certain purpose or activity. Therefore, not only could this website be used for dating, it could used for introducing friends for any casual activity.
  4. 4. The Opportunity Meeting Introducing• Lack of means for people in their twenties • Awkward introductions via e-mail or in to turn connections online into long-term person relationships in person • Unable to introduce friends personally• Lack of safety meeting others online due to time or distance• Too much time spent searching online for • Finding the right context for introductions new people to meet in the same location • Forgetting names• Difficulty finding common interests • Not knowing the right fit• Lack of privacy in online meet up websites• Difficulty scheduling meeting times Total internet users in 2010: 240M Users ages 20-29: 42.7M Potential customers based on a 7.4% market share: 2.4M Sources: Market data based on www.census.gov and www.internetworldstats.com. Market share based on average market share of online dating and meetup sites such as match.com and meetup.com
  5. 5. The Product Prototype here: http://froffr.com Convenience and usability  Introducing friends online is easier and faster than setting up a live, in-person meeting.  Customers can link their Facebook, E-mail, Twitter, Google+, and LinkedIn accounts to populate all their friends and easily introduce them all in once location  The product will streamline this process while providing features such as: matcher reviews and an incentive system to set up positive matches. Meaningful, quality matches  Due to the smaller degree of separation, there would be a greater likelihood of a long-term relationship forming that using sites that match you up with strangers.  After being introduced, users will have a more focused platform to start new conversations with follow-ups and suggested activities.
  6. 6. The Product Features Purpose or objective of • Specify common interests or goals as part of the introduction introduction template Commitment / Follow-up • We will provide e-mail follow-up on all introductions or introduction requestsReal-time feedback and a sense • Future mobile website and communication through of urgency to the interactions mobile messages Less Awkwardness • Common interests, activities, and friends reduces awkwardness Scheduled meeting time • If calendar is imported, we can schedule meetings during common available timesConfirmation that parties agree • Users will click on an “agree” or “like” button to confirm on meeting interest in an activity or person Most comfortable introduction through friends or activities • Show common friends and suggest common activities
  7. 7. Sales & Marketing Facebook  Launched two day marketing campaign at $15 per day  Based on keywords: friendship, friends, dating, matchmaking, introduction, finding new friends, find friends  We didnt see results at the $1 and $1.50 bid amount. I upped it to $2 on day 2 and thats where we got 17 clicks (from 83K views) and paid 0.88 per click. We would have had more clicks if we allocated a bigger budget or or if FB had the budget rollover feature. StumbleUpon  Launched two day marketing campaign at $12 per day  Directed toward people ages 18-35 with interests of: Business, Dating Tips, Education, Married Life, Matchmaking, Relationships, Internet Tools, Self Improvement, University/College, Facebook Applied Google Analytics tracking to the website Other (Craigslist, Facebook Groups, and Reddit)  Craigslist: Advertised in the platonic relationships section  Facebook: Posted in dating and meetup related fb groups  Reddit: Asked questions and posted links in 10 subreddits
  8. 8. Partnerships and Distributions Key partnerships with companies that will sponsor or provide discounts to casual activities such as movies, restaurants, concerts, etc. Customers can link their Facebook, E-mail, Twitter, Google+, and LinkedIn accounts to populate all their friends that they can introduce to each other Website • The need to invite friends in order to create introductions on our website will add users to the site Partners & Affiliates • Promote through activities that we partner with Social Media • Avenues such as Facebook and Twitter will help us get the word out Pilot Groups and Interviews • Gain a strong early evangelist following Create searchable content and buzz • Through a blog and articles on other blogs/websites, create excitement and PR around Froffr Mobile application • Eventually, this will also have a mobile version for using on-the-go
  9. 9. Revenues & Costs Revenues  Freemium model: premium accounts which will provide additional features such as introducing or meeting 2nd or 3rd degree contacts  Online advertising: Companies that would like to advertise activities or events through our website. Pricing model similar to Facebook or GoogleAdwords once we have obtained a large enough audience  Mobile ad revenue once mobile app is launched Cost Structure  Focuses on creating the best value for its customers while maintaining a free, user-friendly website.  Fixed costs: utilities, rent, website domain name, SG&A  Variable costs: server costs, employee salaries (depending on how many are hired), marketing/advertising
  10. 10. Funding • Bootstrap product using our own team to develop and bring to market 1 • Obtain funding from angel investors 2 • Obtain funding from Venture Capital firms once user traction has increased 3
  11. 11. Risks & Mitigations Risks Mitigations • Lack of adoption due to: • Increase adoption rate by: • Complications setting up • Simple, user friendly profile interface • Complications setting up • Familiar messaging introductions system like e-mail • Awkwardness in online • Provide ice breaker such introductions as mutual “like” button • Competitor sites more • Build incentives such as aggressively promoting status recognition, news introducing friends of feed, and activity discounts friends to differentiate product • Technical difficulties in • Be flexible to pivot the idea implementation as necessary

×