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Lean Launch Pad 2013.02.17
DAY 5

u.n.k
(previous name)

Find the perfect jewelry for that special someone

26 interviews ...
Consumers:
 Value Proposition:
Provide affordable
unique and innovative
design luxury jewelry to
consumers
Designers:
 V...
Failed hypothesis
Confirmed hypothesis
New learning

What we did:






Interviewed
15 woman
aged 25 to
35 years
Interv...
Canvas – Day 1
Key Partners

• Designers
• Production factory
• Call center
• Bloggers

Key Activities

• Advertise
• Desi...
Men aged from 25-35 who wanted to buy jewelry for their significant
others/mothers/friends as gifts but didn‟t have the mo...
Consumers:
 Value Proposition: Quick,
convenient and credible way
for men to find a jewelry
gift for that special
someone...
34 suggestions
found
Too many options?
Answer 3 more
questions to help
us help you.
$

$

$

$

Ok, I want
to answer.
Find the perfect jewelery to that special someone!

Extra question 1/3 34 suggestions
found

What hair style is more like ...
08 suggestions
found
Are you satisfied?

Yes, save
this profile
please.

No, I want
to start
over.
Great Choice! Do you want to add a matching piece?

Pith #2
by Duertnam
$80

Uptown #2
by Westdesing
$75

Total
$155
$140
...
Ok. Now let‟s make the perfect packaging:

Pith #2
by Duertnam
$80

Simple
Packaging
$4

Packaging
+Message
$7

Packaging ...
Great. Now is write that special words

Write your message:

Choose the style:

Need help?

Yes!
Please get me some
inspir...
Here is the final result. Now go and impress that woman!

Are you satisfied?

Yes, please
take me to the
checkout

Not yet...
Canvas – Day 2
Key Partners

Key Activities

• Designers
• Production factory
• Call center
• Bloggers / Local Media

• Ad...
Failed hypothesis
Confirmed hypothesis
New learning

What we did:






Interviewed
32 men aged
25 to 45
years

What we...
Canvas – Day 3
Key Partners
• 3D designers
• 3D printers
(Production

factory)

• Call center
• Bloggers / Local
Media / P...
Failed hypothesis
Confirmed hypothesis
New learning

What we did:






1st half of the
MVP for the
website

What we le...
Canvas – Day 4
Key Partners
• 3D designers
• 3D printers
• Bloggers / Local
Media / Pinterest

Key Activities
• Curate
• P...
Failed hypothesis
Confirmed hypothesis
New learning

What we did:




Website and
physical MVP

What we learned:
Major
l...
Canvas – Day 5
Key Partners
• 3D designers
• 3D printers
• Bloggers / Local
Media / Pinterest

Key Activities
• Curate
• P...
What
-

Costumers

-

-

-

Designers
-

-

3D
printers
-

How

Develop an MVP of the “suggestion”
tool roadmap

-

Reinfo...
What
Search for a trustworthy jewelry
marketing/designer specialist (cofounder, consultant or employee)

How
-

Contact ou...
INTERVIEWS

Previous

Day 1

Day 2

Day 3

Day 4

Costumers

3

15

32

14

25

3

2

17

27

2

Designers / Partners

Ext...
Problem

Young men that want
to give a
Jewelry as a gift for a
special someone …

1. ..spend too much
time looking and
don...


Online through website





Customers: Online ads on Facebook and
Google
Designers: design schools, odesk,
freelancer...


Sale of Jewelry
◦ Customer buys jewelry from website
◦ We outsource the 3-d printing of it and have it
packaged
◦ Pay a...
Bill

Matt

Roberto

26 years old professional in
Banking
$150k / year

33 years old professional in
Healthcare
$80k / yea...
Total Available Market
US Jewelry
Market
$70Bn

Sample available market
Men 25-35
years, urban
areas, buying
$50-150
Jewel...
B&M / Online
Jewelry
Retailers

High-end
Mid/Low



Online
Jewelry
Retailers

High-end
Mid/Low



3D Product
Marketplac...
Kadeau columbia univ jan 2014.
Kadeau columbia univ jan 2014.
Kadeau columbia univ jan 2014.
Kadeau columbia univ jan 2014.
Kadeau columbia univ jan 2014.
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Kadeau columbia univ jan 2014.

  1. Lean Launch Pad 2013.02.17 DAY 5 u.n.k (previous name) Find the perfect jewelry for that special someone 26 interviews today 101 total interviews (+ 30 surveys) Team 30 Fabio Bergamo Tanay Jaipuria Zanella
  2. Consumers:  Value Proposition: Provide affordable unique and innovative design luxury jewelry to consumers Designers:  Value Proposition: Easy association with a strong brand and possibility to focus on design   Customer Segment: ◦ Female ◦ Urban areas ◦ <35 (possibly up to 55) ◦ Young professionals Customer Segment: ◦ 3D designers ◦ Young professionals / students ◦ Worldwide (english speakers)
  3. Failed hypothesis Confirmed hypothesis New learning What we did:    Interviewed 15 woman aged 25 to 35 years Interviewed two designers Posted job opportunity for designers What we learned: Major learnings Uniqueness is not important (!) Additional learnings Design is a key quality Consumers get and give jewelry more as a gift Designers are interested in selling through new jewelry website
  4. Canvas – Day 1 Key Partners • Designers • Production factory • Call center • Bloggers Key Activities • Advertise • Design jewelry • Curate (select) • Produce (highlight: polishing) • Packaging Key Resources • Web Platform • Designers network • Production partner (production methodolgy / technology) Value Proposition • Provide affordable unique luxury jewelry to consumers and association with strong brand to aspiring designers Consumers • Affordable few-of-akind luxury jewelry • Unique and innovative design • Possibility to remove other pieces of a bought jewelry from the market Designers • Easy association with a strong brand • Access to fashion consumers • Possibility to focus on design (we do all the mkting, finance, production and distribution) Cost Structure • Fixed Operational costs for platform development and maintenance • Fixed Operational Overhead costs (rent, utilities, etc.) • Fixed Operational costs for marketing and advertising • Variable costs associated with raw material and production/delivery Customer Relationships GET • Online Ad • Blogs • Designers network KEEP • Reward program • Mailing/Catalog GROW • Referral program Channels Online • Website • Fashion Blogs • Onlide ads / social media Customer Segments Consumers • Female • Urban areas • <35 (possibly up to 55) • Young professionals Designers • 3D designers • Young professionals / students • Worldwide (english speakers) Offline Fashion Magazines Fashion Expositions Pop up store (Christmas) Revenue Streams • Product sale
  5. Men aged from 25-35 who wanted to buy jewelry for their significant others/mothers/friends as gifts but didn‟t have the money to go for a Premium brand (Tiffany‟s/Cartier) didn‟t know how and where to choose
  6. Consumers:  Value Proposition: Quick, convenient and credible way for men to find a jewelry gift for that special someone and generate „wow effect‟ with affordable price ($50-150) Designers:  Value Proposition: Quick association with a NY brand, access to fashion consumers and focus only on design (% fee over sales)   Customer Segment: ◦ Male ◦ 25-40 years ◦ Urban professionals ◦ Income: $50k-150k / year ◦ Online shoppers (e.g. clothes, shoes) Customer Segment: ◦ 3D designers ◦ Young professionals / students ◦ Freelancer ◦ Worldwide
  7. 34 suggestions found Too many options? Answer 3 more questions to help us help you. $ $ $ $ Ok, I want to answer.
  8. Find the perfect jewelery to that special someone! Extra question 1/3 34 suggestions found What hair style is more like her? Too many options? Answer 3 more questions to help us help you. $$ $$ $$ $$ I don‟t know. Next! Ok, I want to answer.
  9. 08 suggestions found Are you satisfied? Yes, save this profile please. No, I want to start over.
  10. Great Choice! Do you want to add a matching piece? Pith #2 by Duertnam $80 Uptown #2 by Westdesing $75 Total $155 $140 Steel Stone by GenderC&Gender $80 Total $160 $144 Yes, but I want to look for other options No, thanks. Lets proceed to packaging. 10% discount 10% discount
  11. Ok. Now let‟s make the perfect packaging: Pith #2 by Duertnam $80 Simple Packaging $4 Packaging +Message $7 Packaging + Photo $9 Packaging + Photo + Message $12 No thanks, I don‟t want a special packaging I want only a regular pouch.
  12. Great. Now is write that special words Write your message: Choose the style: Need help? Yes! Please get me some inspiration! To my eternal love, This is just a simple way…. Show me more styles Check your preview: To my eternal love, This is just a simple way…. Ok, I am done. Let‟s move.
  13. Here is the final result. Now go and impress that woman! Are you satisfied? Yes, please take me to the checkout Not yet, take me back so I can change it.
  14. Canvas – Day 2 Key Partners Key Activities • Designers • Production factory • Call center • Bloggers / Local Media • Advertise • Design jewellery • Curate (select) • Produce (highlight: polishing) • Packaging Value Proposition Consumers • • Alternative choice for Unique few-of-a-kind luxury jewellery gift $50-150 jewelry • • Quick anddesign and Innovative convenient quality find a gift way to • Possibility to remove jewelry other pieces of aeffect‟ • Generate „wow bought jewelleryand with low effort from the market price affordable Customer Relationships GET • Online Ad • Online Ad • Blogs / Media Buzz • Social Media Ad • Media Buzz • Designers network KEEP • Reward program • Reward program • Special occasions • Special occasions / / date reminders dates reminders GROW • Referral program Key Resources • Web Platform • Designers network • Production partner (production methodology / technology) Cost Structure • Platform development and maintenance • Marketing and advertising • Raw material and production/delivery • Designs • Customer care Channels Designers • Quick association with a NY strong brand • Access to fashion consumers • Possibility to focus on design (we do all the mkting, finance, production and distribution) Online • Website (sales • Website channel)media • Social • Fashion Blogs • Online ads / social media Customer Segments Consumers • Female • Male • Urban areas • 25-35 years • <35 years • Urban professionals • Young professionals • Looking to give a • Fashion as a gift but jewelry consumer cannot afford fine jewlery Designers • 3D designers • Young professionals / students • Unemployed or Freelancer • Worldwide (english speakers) Offline Fashion Magazines Fashion Expositions Pop up store Revenue Streams (Christmas) • Product sale • Pricing: $50 to $150 high-end fashion jewelry ($100 to $800, entry price
  15. Failed hypothesis Confirmed hypothesis New learning What we did:    Interviewed 32 men aged 25 to 45 years What we learned: Major learnings Men also would value a lot a premium packaging Competitors analysis Market size analysis Men struggle and would enjoy a recommendation platform to buy jewelry Additional learnings There is a sweet spot on the market for $50-$150 jewelry Man would consider to buy jewelry online within this price range
  16. Canvas – Day 3 Key Partners • 3D designers • 3D printers (Production factory) • Call center • Bloggers / Local Media / Pinterest Key Activities • Design jewellery • Curate • Produce • Package • Advertise Key Resources • Web Platform • Designers network • Production partner (production methodology / technology) Cost Structure • Raw material and production/delivery • Designers (% fee over sales) • Platform development and maintenance • Marketing and advertising Value Proposition Consumers • Quick and convenient way for men to find a jewelry gift for that special someone and generate „wow effect‟ with affordable price ($50-150) Designers • Quick association with a NY brand • Access to fashion consumers • Focus only on design (% fee over sales) Customer Relationships Consumers • GET: Online and social media, men‟s magazines • KEEP: reward program, 6month discounts, special occasions reminders • GROW: referral program Designers • GET: design schools, odesk, freelancer‟s portals • KEEP: reward program, career program Customer Segments Consumers • Male • 25-35 40 years • Urban professionals • Income: $50k150k / year • Online shoppers Designers • 3D designers • Young professionals / students • Unemployed or Freelancer • Worldwide Channels Online direct sales, social media and customer service Revenue Streams • Product sale • Pricing: $50 to $150 Online (web site) and costumer service
  17. Failed hypothesis Confirmed hypothesis New learning What we did:    1st half of the MVP for the website What we learned: Major learnings Printed men‟s magazine wouldn‟t work Interviewed 14 men aged 25 to 40 years, two designers and a 3D printer house Jobs posting results on oDesk Men search on the web on Google for jewelry Value proposition is attractive to designers (Get: on freelancers portals) Additional learnings Credibility is a key concern of men about the recommendation tool
  18. Canvas – Day 4 Key Partners • 3D designers • 3D printers • Bloggers / Local Media / Pinterest Key Activities • Curate • Produce • Package • Advertise Key Resources • Web Platform • Designers network • Production partner (production methodology / technology) Cost Structure • Raw material and production/delivery • Designers (% fee over sales) • Platform development and maintenance • Marketing and advertising, customer care Value Proposition Consumers • Quick, convenient and credible way for men to find a jewelry gift for that special someone and generate „wow effect‟ with affordable price ($50-150) Designers • Quick association with a NY brand • Access to fashion consumers • Focus only on design (% fee over sales) Customer Relationships Consumers • GET: Online and social media, magazines • KEEP: reward program, 6month discounts, special occasions reminders • GROW: referral program, crossell Customer Segments Designers • GET: design schools, odesk, freelancer‟s portals • KEEP: reward program, career program Designers • 3D designers • Young professionals / students • Freelancer • Worldwide Consumers • Male • 25-40 years • Urban professionals • Income: $50k150k / year • Online shoppers (e.g. clothes, shoes) Channels Online direct sales, social media and customer service Revenue Streams • Product sale • Pricing: $50 to $150 Online (web site) and costumer service
  19. Failed hypothesis Confirmed hypothesis New learning What we did:   Website and physical MVP What we learned: Major learnings Interviewed 10 men, 15 women and a 3D printer house It is possible to use 3D printing to: on-demand, high quality (Cartier and Tiffany starting to use) and cost effectively Women really like the packaging with personalized message inside Additional learnings Several inputs on the packaging and recommendation tool
  20. Canvas – Day 5 Key Partners • 3D designers • 3D printers • Bloggers / Local Media / Pinterest Key Activities • Curate • Produce • Package • Delivery • Advertise Key Resources • Web Platform • Designers network • Production partner (production methodology / technology) Cost Structure • Raw material and production/delivery • Designers (% fee over sales) • Platform development and maintenance • Marketing and advertising, customer care Value Proposition Consumers • Quick, convenient and credible way for men to find a jewelry gift for that special someone and generate „wow effect‟ with affordable price ($50-150) Designers • Quick association with a NY brand • Access to fashion consumers • Focus only on design (% fee over sales) Customer Relationships Consumers • GET: Online and social media, magazines • KEEP: 6-month discounts, special occasions reminders • GROW: referral program, crossell Customer Segments Designers • GET: design schools, odesk, freelancer‟s portals • KEEP: reward program, career program Designers • 3D designers • Young professionals / students • Freelancer • Worldwide Consumers • Male • 25-40 years • Urban professionals • Income: $50k150k / year • Online shoppers (e.g. clothes, shoes) Channels Online direct sales, social media and customer service Revenue Streams • Product sale • Pricing: $50 to $150 Online (web site) and costumer service
  21. What - Costumers - - - Designers - - 3D printers - How Develop an MVP of the “suggestion” tool roadmap - Reinforce our validation of our value proposition for men - Customer discovery about “wow effect” features Test if freelancer young professionals / students designers can be a source of quality designs for fashion and innovative 3D jewelries Reinforce our validation of our value proposition for designers Validate that 3D printing is strategically better than handcraft in terms of quality, cost and flexibility Test offering mom‟s and pop‟s jewelry pieces - - - - - Create a step-by-step. Test MVPs with customers (men and women), jewelry designers and fashion bloggers. “Stay out of the building” talking to men to better understand reasons, motivations and concerns of buying jewelry (online) “Stay out of the building” talking to women to better understand factors that create such effect. Test product MVP with them Start recruiting designers through job posting, design schools fairs and courses, odesk “Stay out of the building” talking to potential providers, better understand economics for freelancer designers Stay out of the building” interviewing jewelries, designers, 3D providers Contact them, test interest and product quality and design
  22. What Search for a trustworthy jewelry marketing/designer specialist (cofounder, consultant or employee) How - Contact our friends' and our own network Search for a programmer (third-party or employee) - Contact our friends' and our own network - Refine cost structure - - Calculate CAC and LTV - Test $50-150 price range - Corporate - - Financials - Contact 3D providers and request for quotes. Test commission model (% revenues) with designers. Refine our cost structure and define our price. Prepare a complete market survey around pricing by visiting B&M and online jewelries. Show MVP to potential customers and ask for money
  23. INTERVIEWS Previous Day 1 Day 2 Day 3 Day 4 Costumers 3 15 32 14 25 3 2 17 27 2 Designers / Partners External advisors 5 TOTAL 8 17 32
  24. Problem Young men that want to give a Jewelry as a gift for a special someone … 1. ..spend too much time looking and don‟t know what to buy… 2. … and have limited affordable options to generate „wow effect‟ Solution A jewelry that… 1. … helps the men to find the right jewelry among its portfolio… 2. … has affordable and well designed pieces … 3. …and helps him with features to generate the „wow effect‟ Features on Value Proposition 1. Jewelry recommendation algorithm (based on his special someone`s profile) 2. Large offering of $50 to $150 well designed pieces 3. Premium packaging, love messages inside the package, personalization options
  25.  Online through website   Customers: Online ads on Facebook and Google Designers: design schools, odesk, freelancer‟s portals
  26.  Sale of Jewelry ◦ Customer buys jewelry from website ◦ We outsource the 3-d printing of it and have it packaged ◦ Pay a commission to the designer (% of list price of design) ◦ The difference between price we sell at our COGS (commission to designer + 3d printing + packaging) is our profit on the piece
  27. Bill Matt Roberto 26 years old professional in Banking $150k / year 33 years old professional in Healthcare $80k / year 37 years old Architect Workaholic, loves to travel and is on his 1st serious relationship Talented manager, extremely busy, recently married Goes out at night to top clubs and is a NFL fanatic Enjoy his time with his wife going to concerts and theater shows, likes NBA On weekends he goes out to nice restaurants and spend time with his family Owns his own business, has a busy agenda, is married and has a 6 years old daughter On weekends goes jogging and spend time with friends $100k / year Very little free time mostly spent helping his wife with his daughter Spend weekends visiting family and going out on parks and other activities with his wife and daughter
  28. Total Available Market US Jewelry Market $70Bn Sample available market Men 25-35 years, urban areas, buying $50-150 Jewelry = $2.0 Bn Target market = $5m
  29. B&M / Online Jewelry Retailers High-end Mid/Low   Online Jewelry Retailers High-end Mid/Low  3D Product Marketplaces Gift idea websites Multiple items No online gift recommendation tools     No jewelry specialization Cheap products No online recommendation tool No jewelry specialization No customer focus (e.g. men, women, kids, etc)

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