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140+ interviews 3 total restarts 1 major pivot 4 different
Belinda Mo Deirdre Clute Dani Pensack Ion Esfandiari Marta Milk...
At week 0, we were at the start of a long journey
Mission
Send more low- and
middle-income
students to college
Week 0
Out ...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
19
Week 1
“I’m not worried, I
think my parents will
help me pay.”
– Natalie, high school
Freshman
In week 1, our model beg...
“I worry about
paying for college
all the time. I’ll do
anything to make
sure my son never
has loans.”
– Parent we
harasse...
Services
Students giving
tech lessons to
seniors
Week 2
Bye, Charitize.
We had a full restart
Week 2
Platform where students
could teach tech to seniors
and earn money for college
App for parent...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
Hypothesis: Parents want an easy way to
save and understand the “acorns” model
MVP 1: Test roundup model for 529 college s...
“I’m sure I’ll have
enough, I’m putting
in $50 per month.”
– Jeremy, parent of 4yo
“I don’t have enough,
so she’ll have to...
Services
Bamboo
Roundups for 529
college accounts
Week 4
RIP, indeed.
So we had another restart
App for parents to save for
their kids’ college through
roundups into a 529 account
Bamboo
Bring...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with mini...
MVP 2 & 3: Test B2B student debt repayment program
Week 5
Hypothesis: Students are more interested in job
offers with debt...
Key Insight 1: Students prefer jobs with debt repayment benefits.
Employees are more attracted to jobs with debt repayment...
So, we pivoted
Bringing the army model to the
private sector: student debt
forgiveness for 4 years of work
Week 6
Benefits...
● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
sk...
● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
sk...
● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
sk...
Hypothesis:
Employers will buy this service
Hypothesis:
Students prefer 0% interest loans
to $10k cash bonuses
Pivot: 0% S...
We found that employees actually want this!
Week 7
48%*Of engineering
students chose
(25 of 52)
0% interest
student loans
...
And so do employers:
Week 8
MVP
10 pitches
to C-level executives
4 requests for
proposals
1 pilot
Target Market
Total Addressable Market: $21B
(HRMS)
Served Available Market: $5.25B
TAM * 25% of US adults have student de...
Where we’ve been and where we’re going
Lean
Launchpad
Seed Series A
Week 10
140 +interviews
2teammates launching this June...
Steve BlankJeff Epstein
Mar Hershenson
Steve Weinstein
Maria Amundson Tom Bedecarre
Couldn’t have done this without you
Ge...
And of course, a huge shoutout to BABY HUGH HAZY
We help employees get started on the right foot!
Follow our journey at rightfoot.info
Rightfoot engr 245 lean launch pad stanford 2019 v3
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Rightfoot engr 245 lean launch pad stanford 2019 v3

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business model, customer development, e245, engr245, lean launchpad, lean startup, stanford, startup, steve blank

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Rightfoot engr 245 lean launch pad stanford 2019 v3

  1. 140+ interviews 3 total restarts 1 major pivot 4 different Belinda Mo Deirdre Clute Dani Pensack Ion Esfandiari Marta Milkowska Maria Amundson Hacker BS Symbolic Systems Hustler MBA Picker MBA Designer BS SymSys / PD Picker MBA & MPA Mentor Job marketplace for students to earn money for college Employee benefits platform to pay down student debt Day One: Now:
  2. At week 0, we were at the start of a long journey Mission Send more low- and middle-income students to college Week 0 Out of the building, and into the retirement home!
  3. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] VALUE PROP: Provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world
  4. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] CUSTOMER SEGMENTS Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the-know” Banks that want to gain loyalty with a new, growing customer segment
  5. 19 Week 1 “I’m not worried, I think my parents will help me pay.” – Natalie, high school Freshman In week 1, our model began to crumble... “My dad will pay.” Hypothesis: Students to earn and save for college Of students not willing to take on new work. Student interviews, posts on Reddit TEST RESULTS 84%
  6. “I worry about paying for college all the time. I’ll do anything to make sure my son never has loans.” – Parent we harassed at Taco Bell ...But we gained some key insights! Week 2 Of parents worry about paying for college Discovery: Parents worry the most about paying for college TEST RESULTS 21 Parent interviews 90%
  7. Services Students giving tech lessons to seniors Week 2 Bye, Charitize.
  8. We had a full restart Week 2 Platform where students could teach tech to seniors and earn money for college App for parents to save for their kids’ college through roundups into a 529 account Bamboo
  9. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] Provide an easy seamless way to save money for college through acorns connected to the 529 account
  10. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] For low income parents who want to send their children to college
  11. Hypothesis: Parents want an easy way to save and understand the “acorns” model MVP 1: Test roundup model for 529 college savings Week 3 Of parents with kids under 5 are already thinking about college savings TEST RESULTS 15 Parent interviews & MVP test 90% ...BUT, we realized they weren’t in pain while saving.
  12. “I’m sure I’ll have enough, I’m putting in $50 per month.” – Jeremy, parent of 4yo “I don’t have enough, so she’ll have to rely on scholarships.” – Diana, parent of 18yo Our test and interviews showed discouraging results Week 4 Discovery: Parents don’t know how much to save & saving can always be deprioritized TEST 28 Parent interviews Only 1 out of 8 Parents mentioned that college savings was a somewhat urgent need
  13. Services Bamboo Roundups for 529 college accounts Week 4 RIP, indeed.
  14. So we had another restart App for parents to save for their kids’ college through roundups into a 529 account Bamboo Bringing the army model to the private sector: student debt forgiveness for 4 years of work Week 5
  15. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] Increasing talent attraction and attrition by providing employee benefits that help the company completely repay employees’ student debt
  16. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] For nurses and hospitals, For big tech companies and engineers
  17. Engage key customer segments (high schoolers), excite them to offer their talents, sign them up for bank account with minimal information • Student communities like Boys and Girls Club, college readiness nonprofits, schools. Financial institutions excited to open accounts for these students to bank new customers & grow loyalty (ex. Stanford Credit Union, First Southern National Bank) Low- and middle- income students who want to go to college but lack financial resources. Senior citizens who are not very tech savvy but want to be “in-the- know” Banks that want to gain loyalty with a new, growing customer segment We provide students with the tools and opportunities to begin saving for college, and offer rewards & incentives to develop lifelong habits. Seniors connect with young people, make them “feel alive” again, teach them how to be connected to the world Gain loyalty with a new, growing customer segment • Marketing and advertising • Development costs • Credit card transaction fees (~3%) • Data analysis tools • Buyers offer a tip for our platform (pilots showed ~90% customers tip and tip is ~20% of sale). • We earn $50-100 for each bank account opened and earn 2% interest on money held within the accounts. Trustworthy support system, recurring relationship. Recurring relationship, long-term value-based, new customers & loyalty. Marketing abilities, easy-to-use social platform, simple validating and on- boarding process, partnerships with banks & student organizations Snapchat, Instagram, their schools & college readiness programs, NextDoor Retirement communities, their kids, AARP, community programming Charitize Week [1-4] Selling to HR director
  18. MVP 2 & 3: Test B2B student debt repayment program Week 5 Hypothesis: Students are more interested in job offers with debt repayment benefits. TESTS 1 Student flyer tests RESULTS 22% HIGHER CTR for “debt repayment” versus “sign on bonus” 68 Ad clicks MVP 2: Job flyer MVP 3: Job ads
  19. Key Insight 1: Students prefer jobs with debt repayment benefits. Employees are more attracted to jobs with debt repayment benefits Week 5 “I’d commit to Thumbtack for 5 years if they paid off my student debt” - Stanford grad, PM at Thumbtack “Getting the CFO to pay the entire amount will be tough.” - Howard Wollner, ex-SVP Starbucks Employees Employers But will employers pay? 4 of 5 employers expressed concern about program cost
  20. So, we pivoted Bringing the army model to the private sector: student debt forgiveness for 4 years of work Week 6 Benefits platform for employers to pay off interest on employees’ student loans
  21. ● Loan providers ● Loan refinancing partners ● HR Management systems 1- Companies ● Tech companies with a young, highly skilled workforce with >100 employees 2- Employees ● Recent engineering grads with student loans To Companies: ● Contribution to employees’ financial health & wellbeing ● Attract hard to get hires ● Retain top talent To Employees: ● Remove psychological burden around debt ● Repay student debt faster ● Easy management of loans ● Marketing and advertising ● 3rd party API fee (eg Plaid) ● Development costs ● Data analysis tools ● Integration fees ● $6/ month/ employee max ● One time setup fee ($50/employee) ● Create partnerships with HR departments and CEOs ● Analyze metrics to provide best package to company and display impact ● Develop platform that delivers our value propositions ● Identify and apply to funding ● Get: Online ads, direct sale to HR Agents and employers ● Keep: Simple onboarding, comprehensive platform, loan display, refinancing. ● Grow: Referrals, integration of adjacent benefits ● Company offices ● Employer and Employee Platform (payment system, payroll integration) ● Human capital (engineers, designers, salespeople, mentors) ● IP (trademark, refinancing algorithm, training content) ● Direct: CEOs and Heads of HR Benefits ● Employee benefits brokers (ex: AON) ● Our website ● Schools & financial aid offices Rightfoot Final BMC Increasing talent attraction and attrition by providing employee benefits that help the company repay interest of the employees’ student debt
  22. ● Loan providers ● Loan refinancing partners ● HR Management systems 1- Companies ● Tech companies with a young, highly skilled workforce with >100 employees 2- Employees ● Recent engineering grads with student loans To Companies: ● Contribution to employees’ financial health & wellbeing ● Attract hard to get hires ● Retain top talent To Employees: ● Remove psychological burden around debt ● Repay student debt faster ● Easy management of loans ● Marketing and advertising ● 3rd party API fee (eg Plaid) ● Development costs ● Data analysis tools ● Integration fees ● $6/ month/ employee max ● One time setup fee ($50/employee) ● Create partnerships with HR departments and CEOs ● Analyze metrics to provide best package to company and display impact ● Develop platform that delivers our value propositions ● Identify and apply to funding ● Get: Online ads, direct sale to HR Agents and employers ● Keep: Simple onboarding, comprehensive platform, loan display, refinancing. ● Grow: Referrals, integration of adjacent benefits ● Company offices ● Employer and Employee Platform (payment system, payroll integration) ● Human capital (engineers, designers, salespeople, mentors) ● IP (trademark, refinancing algorithm, training content) ● Direct: CEOs and Heads of HR Benefits ● Employee benefits brokers (ex: AON) ● Our website ● Schools & financial aid offices Rightfoot Final BMC Selling directly to CEO Distribution through HRMS
  23. ● Loan providers ● Loan refinancing partners ● HR Management systems 1- Companies ● Tech companies with a young, highly skilled workforce with >100 employees 2- Employees ● Recent engineering grads with student loans To Companies: ● Contribution to employees’ financial health & wellbeing ● Attract hard to get hires ● Retain top talent To Employees: ● Remove psychological burden around debt ● Repay student debt faster ● Easy management of loans ● Marketing and advertising ● 3rd party API fee (eg Plaid) ● Development costs ● Data analysis tools ● Integration fees ● $6/ month/ employee max ● One time setup fee ($50/employee) ● Create partnerships with HR departments and CEOs ● Analyze metrics to provide best package to company and display impact ● Develop platform that delivers our value propositions ● Identify and apply to funding ● Get: Online ads, direct sale to HR Agents and employers ● Keep: Simple onboarding, comprehensive platform, loan display, refinancing. ● Grow: Referrals, integration of adjacent benefits ● Company offices ● Employer and Employee Platform (payment system, payroll integration) ● Human capital (engineers, designers, salespeople, mentors) ● IP (trademark, refinancing algorithm, training content) ● Direct: CEOs and Heads of HR Benefits ● Employee benefits brokers (ex: AON) ● Our website ● Schools & financial aid offices Rightfoot Final BMC For big tech companies and engineers
  24. Hypothesis: Employers will buy this service Hypothesis: Students prefer 0% interest loans to $10k cash bonuses Pivot: 0% Student Loan Benefit for Employees at Tech Companies Week 6 “I’ll take a 0% interest loan over a 10k cash bonus.” – Chris, Stanford senior engineer
  25. We found that employees actually want this! Week 7 48%*Of engineering students chose (25 of 52) 0% interest student loans $10,000 cash bonus vs
  26. And so do employers: Week 8 MVP 10 pitches to C-level executives 4 requests for proposals 1 pilot
  27. Target Market Total Addressable Market: $21B (HRMS) Served Available Market: $5.25B TAM * 25% of US adults have student debt Target Market: $5B SAM*96% of companies that don’t currently offer Y1-Y3 Revenue: $56K, $1.4M, $13.5M ($5500/year student debt repayment) * (1% fee) * active users (1K, 15K, 150K) + ($6 fee / employee / month) * actives users Week 10
  28. Where we’ve been and where we’re going Lean Launchpad Seed Series A Week 10 140 +interviews 2teammates launching this June Growth Goals ● Achieve 20% conversion rate ● Create pipeline of 50+ customers ● 20%+ uptake in each company
  29. Steve BlankJeff Epstein Mar Hershenson Steve Weinstein Maria Amundson Tom Bedecarre Couldn’t have done this without you George John Trent Hazy Parker Ence And to our classmates for the killer feedback!
  30. And of course, a huge shoutout to BABY HUGH HAZY
  31. We help employees get started on the right foot! Follow our journey at rightfoot.info

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