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Exit strategy Berkeley 2016
1. Exit Strategy
…to today
The Master Key to Your
Life
A consumer-facing SaaS tool for
creating and maintaining a
customizable “map” of an
individual (or family’s) online
accounts
10 weeks
102 interviews
“Eliminate the
migraine of settling
someone’s affairs
after death”
From the beginning…
https://youtu.be/eFNaDRk7ZUM
2. Exit Strategy
The Master Key to Your Life
Kelly Deutermann
MBA
Hustler/Picker/
Designer
David Koh
CS
Hacker
Rachel Park
MBA/MPH
Hustler/Picker/
Designer
Ashmeet Sidana
Mentor
Engineering Capital
4. The pain was real
“Three years after my dad died, I
received an email from him. It was
creepy and unnecessary.”
- Kelly
5. The market is big
Total amount
Americans spend on
legal services a year
Total amount
Americans spend
on legal services
for death a year
Total amount Americans
spend on end of life affairs
6. Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
7. Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
8. Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
10. Kelly Deutermann
David Koh
Rachel Park
Oski!
I’ve signed a will,
funded our trust,
created a contingency
plan for the kids…
What’s
a trust?
A trust is only
for super-rich
people, right?
We never found
our Oski….
14. Our customer segments converged & diverged
Week 1: Everyone
Terminally ill
New parents
Healthy baby boomers
Military
Disabled
Type A, Young
Professionals
Recent death experience
Week 2: Focus on
identifiable triggers
Terminally ill: Engaged in
planning
25-35 Parents, w/2+ kids:
Professionals, homeowners
Engaging in family planning
Healthy Adults >55:
>$500k assets, have will/trust
in place
Adults 30-55, designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Week 3: Still diverging…
Terminally ill: Engaged in
planning
25-35 Parents, w/2+ kids:
Professionals, homeowners
Engaging in family planning
Healthy Adults >55:
>$500k assets, have will/trust
in place
Adults 30-55, designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Type A, Young Professional,
Efficiency Oriented:
Executed will/trust
16. We picked and refined one customer segment
Healthy Adults >55:
>$500k assets, have
will/trust in place
Healthy Adults 50-65:
>$500k assets, have
will/trust in place
85 year old: “I don’t own a
cell phone.”
68 year old: “Someone
who’s working is very
different from someone who
has been retired for 10
years”
Insight: Not all people 55+
are the same!
Multiple interviews: “I do all the
finances, so if I’m gone, my
wife/husband is screwed. I’ve
written down my accounts and
passwords…and hope they can
figure it out from there”
Healthy Adults 50-65:
>$500k assets, have will/trust in place,
organized, comfortable with technology,
manages household finances
17. Which helped us learn how NOT to market to them
“OMG WTF how does
it know the date I
recently accessed my
account?”
“Do you guys work
for the CIA?"
"This makes me feel so
inadequate!”
“OMG this is scary! I
would need you to
give me some Valium
before looking at this
more…”
18. And helped us understand what’s important
“It was a nightmare
for my mom when
my grandmother
died”
“I don’t want to be a
burden on my
family”
“I use the internet
for everything”
“If I passed away,
my husband would
be at a loss for
where to start”
“My files are all in
one place – I’m
organized.”
“My professional
network is who I
trust to provide
credible
recommendations”
19. And helped us understand what’s important
“It was a nightmare
for my mom when
my grandmother
died”
“I don’t want to be a
burden on my
family”
“I use the internet
for everything”
“If I passed away,
my husband would
be at a loss for
where to start”
“My files are all in
one place – I’m
organized.”
“My professional
network is who I
trust to provide
credible
recommendations”
Lessons learned:
1. The customer’s experience with your
product drives the insights; the
technology behind it is a distraction.
2. Narrowing your CS is the only way to
dive deep
21. “This would be really helpful if it came through my estate attorney – as
we were actively working through the estate planning process – instead of
picking it up later.” ~ Customer
“This would be an amazing intake tool! Increasing the efficiency of my
operations is huge – I spend 80% of my time on 20% of my clients.”
~ Estate Attorney
Starting to get signal...
Let’s find some estate attorneys!
“My professional
network is who I
trust to provide
credible
recommendations”
22. 40
cold calls, emails, and
visits to estate attorneys
1
email from our mentor
(Ashmeet) to a contact, getting
us into the Kasner Symposium
3
Interviews with estate
attorneys
3
Interviews with estate
attorneys
…in 45 min
Hustling helps…
…but using your network helps even more!
23. But estate attorneys weren’t our path to market
• Fragmented market, with most in 2-5 person shops
• Difficult to reach
• Not particularly dissatisfied with current process
• Not hugely interested in new technology
• Ethical issues with preferring a particular vendor
And we never found that route to our customers
AARP
Somewhat interested, more
for healthcare directive, still
reeling from association
with “death panels”
Financial planners
Similar to estate attorneys
Non-profits
Love to extend their
mission, but sensitive
about “selling” a
commercial product
Third-party trustee
More focused on
very high asset
clients
24. This left gaping
holes in our canvas.
It became really
difficult to proceed
coherently through
the left side of the
canvas without a
solid go-to-market
strategy
25. Marketing:
- Largest likely cost
- Without a verified
primary channel, we’d
have to pursue every
channel to find the best fit
- Solving the channel
problem before moving to
activities would have
allowed for a more
focused exploration of
required marketing
activities
26. We got mixed signals on revenue model
Subscription + Add positive quote about subscription
– “I would have to pay for this for 30 years? I don’t know if I would like that…”
One-time fee + “I would probably only set it up once, so a one-time fee is better”
+ “I’d rather it be on my desktop than on the Internet”
– Add negative quote about subscription
Free, ad-
based
+ “Would rather have it free, I don’t mind ads.”
– “I definitely wouldn’t want ads for this type of thing”
– “You would have trouble finding advertisers, except maybe funeral homes. But then you
actually want your customers to come back, that’s what makes them valuable to
advertisers.”
Lesson learned:
In the real world, don’t move on until
you’ve solved a glaring problem
31. Investment readiness: not desired…not required!
We’ve identified an interesting
business opportunity…
✓ Large market
✓ Fragmented competition
✓ Big pain point & excitement from
customers
But open questions remained…
In this class, we were held up as a
result of the channel issue and the
course progress.
GYST.com has a compelling story
and proven channel to customers.
Kelly will work with the GYST.com
leadership team over the next
semester to integrate our product into
their offerings.
32. Investment readiness: not desired…not required!
We’ve identified an interesting
business opportunity…
✓ Large market
✓ Fragmented competition
✓ Big pain point & excitement from
customers
But open questions remained…
In this class, we were held up as a
result of the channel trouble.
GYST.com has a compelling story
and proven channel to customers.
Kelly will work with the GYST.com
leadership team over the next
semester to integrate our product into
their offerings.
Final Act:
GYST.com is taking over where we are
leaving off
33. Thank you to
Ashmeet Sidana, our mentor
Mike Olson, our advisor
Amit Kumar, our advisor
Our classmates
Teaching team
Our interviewees
35. Who we interviewed
Traveled across the Bay Area
+ Video chats with people in Seattle, WA
+ Cleveland, OH
+ Tampa, FL
+ Washington, DC
+ Morocco
+ South Korea
+ Ketchakan, AK
+ Irvine, CA
+ And more...
36. Who we interviewed
70 customers
- 31 healthy 50+
- 17 young professionals
- 10 young parents
- 3 military
- 3 terminally ill
- 6 other
23 partners
- 10 estate attorneys
- 3 financial planners
- 3 marketing pros
- 3 non-profits
- 2 startups
- 1 hospice
- 1 AARP
9 startups (for left
side of canvas
discussions)
102 total interviews
37. More recent insight: Minimum sensitive info on
platform; just enough required to offer value
1. Choose your accounts
(no account information)
2. Generate account map
+ instructions on how to
deal with accounts
3. Share with yourself
or friends/family
2 death certificates
Call 800-555-USAA
Avg: 3-6 months
4 death certificates
Call 800-555-CHUK
Avg: 2-5 months
1 death certificates
Call 800-555-AAPL
Avg: 7 hours
38. Business
model
canvas
business model
canvas with any
changes marked
in red, Multi-sided
markets shown in
different colors
Terminally Ill:
Goal for this week
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
25-35yo parents:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Terminally Ill:
Engaged in planning
Healthy Adults >55:
>$500k assets, have
will/trust in place
25-35 Parents, w/2+
kids: Professionals,
homeowners
Engaging in family
planning
Adults 30-55,
designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Week 2
39. Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
25-35yo parents:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Type A, Young
Professional:
Not be burdensome for
family upon death
Terminally Ill:
Engaged in planning
Healthy Adults >55:
>$500k assets, have
will/trust in place
25-35 Parents, w/2+
kids: Professionals,
homeowners
Engaging in family
planning
Adults 30-55,
designated as
executors/guardians
for minor(s):
Planned for
executorship/
guardianship
Type A, Young
Professional,
Efficiency Oriented:
Executed will/trust
Through word of mouth
Partner with law firms as
an intake tool
Week 3
40. Business
model
canvas
Terminally Ill: Organize
for family member taking
over affairs
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
Parents of young kids:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Type A, Young
Professional:
Not be burdensome for
family upon death
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Parents of young
kids: Have a trust in
place
Adults 30-55,
designated as
executors/guardians
for minor(s)
Type A, Young
Professional,
Efficiency Oriented:
Executed will/trust
Through word of
mouth from trusted
advisors
- Family/friends
- AARP
- Cancer/hospital
social workers
Estate planning
attorneys
More likely to DIY,
not through lawyer -
> more expensive to
reach
More likely to
have urgency and
higher WTP
Not a bad
segment, but may
be busier, less
urgency
Hard to be the
person asking
someone else to get
organized
Week 4
41. Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info
in one place
-> Easy (free)
updates
Provides control/
structure for
communicating
affairs
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital
social workers
Estate planning
attorneys
GET:
- Professional referral
- FB/Google ads
KEEP:
- Service/product
upgrades
- Loyalty incentives
GROW:
- Referrals
- Upsell services
Week 5
42. Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info
in one place
-> Easy (free)
updates
Provides control/
structure for
communicating affairs
Automatically
pulling together a
picture of your
financial/digital
assets
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital
social worker
- Financial planner
GET:
- Professional referral
- FB/Google ads
KEEP:
- Service upgrades
- Loyalty incentives
GROW:
- Referrals
- Upsell services
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Week 6
43. Terminally Ill: Engaged
in planning
Healthy adults 50-65:
>$500k assets, have
will/trust in place
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
- FB/Google ads
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital social
worker
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing access)
Tiered subscription (cheaper for simpler situations)
Software development
to create functional site
Encryption & security
to establish peace of
mind
Marketing & PR to build
confidence
Fixed: Engineering, hosting costs, security licensing,
company overhead
Variable: Marketing/sales, miscellaneous office
Non-profits: The
Conversation Project
Security firms
Online Password
Service
PR firm
Bloggers, news
sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance
44. Terminally Ill: Engaged in
planning
Healthy (partnered) adults
50-65:
- Sufficiently comfortable
with technology
- $500k+ assets,
- Have will/trust in place,
- Organized
- Manage household
finances
Single women (50-65)
- Sufficiently comfortable
with technology
- Organized
- Manage own finances
- Not wanting to be a
“burden” to family members
- Experienced a family
member’s passing
Single men (50-65)
- Sufficiently comfortable
with technology
- Organized, planning
oriented
- Manage own finances
- Experienced a family
member’s passing
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Tiered subscription (cheaper for
simpler situations)
Create a functioning website
Have an accessible
Database
Ensuring Security
Attract customers: Target
individual customers
Company Financing
Attract customers: Find
large channels
Address customer inquiries
Find a place to work and
keep the lights on
Fixed: Engineering, hosting costs, security licensing, company
overhead
Variable: Marketing/sales, miscellaneous office
Non-profits: The
Conversation Project
Security firms
Online Password Service
PR firm
Bloggers, news sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance
45. Terminally Ill: Upon initial
diagnosis
Healthy (partnered)
adults 50-65:
- Sufficiently comfortable
with technology
- $500k+ assets,
- Have will/trust in place,
- Organized
- Manage household
finances
Single women (50-65)
- Sufficiently comfortable
with technology
- Organized
- Manage own finances
- Not wanting to be a
“burden” to family
members
- Experienced a family
member’s passing
Single men (50-65)
- Sufficiently comfortable
with technology
- Organized, planning
oriented
- Manage own finances
- Experienced a family
member’s passing
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
- Oncology social
workers
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Tiered subscription (cheaper for
simpler situations)
Create a functioning website
Have an accessible Database
Ensuring Security
Attract customers: Target
individual customers
Company Financing
Attract customers: Find large
channels
Address customer inquiries
Find a place to work and keep
the lights on
Fixed: Engineering, hosting costs, security licensing, company
overhead, Marketing/sales, miscellaneous office
Variable: Commissions
Non-profits: The
Conversation Project
Security firms (not in
year 1)
Online Password
Service (not in year 1)
PR firm (not in year 1)
Bloggers, news sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance