roboporter columbia
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The document provides information on the RoboPorter team working on an automated consolidated reporting solution. It lists the team members and their roles. It then describes the problem of manual consolidated reporting currently used by single and multi-family offices. The proposed solution is to use machine learning and natural language processing to automate reporting and make it more accurate. It provides details on the business model, target customers, competitors, and revenue model which involves subscription fees for the automated reporting software.
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roboporter columbia
- 1. ROBOPORTERR A N J E E T D AYA M A , J O H N M C Q U A D E , N A S S A R N I Z A M I Interviews before restart: 43 Interviews since restart: 13 Total interviews: 56
- 2. COLUMBIA B8521: LEAN LAUNCHPAD RoboPorter TEAM MEMBERS Ranjeet Dayama John McQuade Nassar Nizami Degree program and Department/Major Executive MBA Executive MBA Executive MBA Provide your LinkedIn public profile URL https://www.linkedin.co /in/ranjeetdayama https://www.linkedin.co /in/john-mcquade- 84096625 https://www.linkedin.co /in/nassar-nizami- 7940b23 Are you the subject matter expert (SME) for this team? Yes Yes No Pick a role you think you most likely will play on this team (Hustler, Hacker, Designer or Product Picker) Hacker Picker Designer Anything interesting we should know about you (be brief) Technologist with 18 years of experience in tech Works at Multi-Family office; experience with consolidated reporting and vendors 15+ years of Information Technology experience
- 3. MyAD – Relevant Hyper-Local Coupons • Mobile app and portal development • Consumer & retailer acquisition Consumers: • Relevant, useful & customized coupons • Hyper-local • No coupon clipping and carrying • No coupon searching • One app for all coupons • Social – support local businesses, share with friends & family Local Retailers near Columbia (Macy’s, JCP, Kohls, local restaurants, local coffee stores, franchise, car wash, etc.) • Give content for platform • Get foot traffic to store • Personnel • Mobile app and portal development and maintenance • IT infrastructure • Consumer & retailer acquisition • Marketing Consumers: • Mobile app • Website • Retailers Physical: • IT infrastructure Humans: • Software developers • Sales force Finance: Get: • Social media, PR, sales force, retailer partnership Keep: • Relevance, content, ease of use, loyalty prog Retailers: • Proximity targeting • Location, time & radius based campaigns to drive sales • Drive traffic during off- peak hours • Save money wasted on paper coupons • Access to data analytics Consumers: • All adult consumers with smart phone • University students • People that use coupons frequently • Don’t want to search for coupons & deals • Get relevant & useful coupons & deals • Save time & $$$ Retailers: • Mobile app • Website • In-house sales force Charge • CPM , CPC, CPV, CPR • Revenue share • Buy data • Subsidize the retailer Consumers: • Subscription
- 4. KEY TAKEAWAYS: DAY 1 & 2 • Customer discovery confirmed that coupon market is fragmented and consumers are frustrated • Small business owners are extremely skeptical of current digital advertising platforms (i.e., Groupon, Yelp, Google) • Who you choose for customer discovery impacts how your hypotheses are verified • Value proposition for customers holds true but we will have challenges scaling
- 5. RESTARTED PROBLEM & SOLUTION Single Family Offices & Multi-Family Offices receive investment information in a fragmented and inconsistent format. They have to dedicate resources to organize and store the data into their systems, and present a consolidated report to their clients. Our solution will take “dumb” file formats and add intelligence to them, allowing clients to manipulate the data in meaningful ways, saving time and money while increasing accuracy.
- 6. RESTARTED BUSINESS MODEL CANVAS: ROBOPORTER Fixed costs: • Product development • Hardware & infrastructure Variable Costs • Sales staff • Maintenance of On-Site Processing Physical: • IT infrastructure • Hardware Humans: • Software developers • Sales force w/ knowledge of HNW, SFO and MFO needs • High Net Worth (HNW) Individuals • Single & Multi- Family Offices (SFO/MFO) • Institutional Wealth Managers • Consolidated Reporters (i.e., PCR) • Tax preparers? • Endowments & Foundations • PROBLEM: Current consolidated reporting is manual, expensive, time consuming and inaccurate. • SOLUTION: Automated, accurate consolidated reporting for complex family investments using machine learning & NLP • Direct Sales • Web sales • Conventions • Advertising through trade groups (i.e., Family Office Exchange) • GET: Accuracy of consolidation of financial statements must be proved using proprietary algorithm • GET: Information security and privacy • KEEP: Constant product improvement & support • GROW: Referrals • Installation fee to cover setup for on-site processing • Subscription for cloud-based • Create software and reporting that addresses SFO and MFO needs Partners • Data feed & pricing providers (i.e., S&P) providers • Consolidated reporting firms For whom we save time & labor Suppliers • Cloud computing power • Programmers • NLP Partner
- 7. KEY TAKEAWAYS: DAY 2 – 4 (RESTART)
- 9. REVENUE MODEL – CURRENT PRACTICE K1, Capital account statement etc. SFO/MFO HNW Family & Advisors 3rd party service In- house staff DataSources Data Entry FinalReport Report checked for errors In house cost: SFO – 1 FTE MFO – 2-6 FTEs ~$60-80k per FTE Typical 3rd party pricing based on 1.5- 0.8 bps of revenue
- 10. REVENUE MODEL - ROBOPORTER K1, Capital account statement etc. SFO/MFO HNW, Advisors Data Sources Final Report Lower cost, improved accuracy & faster turnaround through automation RoboPorter Value: $40k - SFO $100k – MFO Initial Target: 30 MFO, 100 SFO
- 11. 11 OUR MARKET: THE REPORTING INDUSTRY Total Available Market $8 billion Target Market $7 mil Served Available Market $500 million • US financial reporting software market is approximately $8 billion • Financial services reporting software market for US family offices is approximately $500 million • Approximately $7 million in revenue based on clients most likely to adopt our product
- 12. DEMAND GENERATION Word of mouth generation • Sales staff capable of 4 - 6 demos/week • Travel costs (~$20k) • 2 individuals at an assumed $100k salary • Total: $240k Ad campaign • Advertise with Family Office Exchange (FOX) • Speak at semiannual conference ($20k/event) • Total: $40k Website development & maintenance: $10k GRAND TOTAL: $290k
- 13. CONCLUSION: DAY 5 • Initial customer discovery demonstrated demand for the service • The reason that outsourced reporting exists for family offices is that it is time intensive and costly; if so, why are they not implementing our idea? – Not a priority, but a long-term goal for existing providers – Family offices and UHNW advisors surveyed have not seen anything in development
- 14. NEXT STEPS 1. Find out if “smart” consolidated family office reporting is already being done. If not, why not? 2. Talk with more alternative asset managers to determine if electronic feeds are already being done 3. Develop algorithm, pull reporting data (via FOIA) and back-test reporting for accuracy and time savings 4. Refine pricing strategy (cost per account, per seat license, fee for assets reported on) 5. Develop a KEEP and GROW plan (features, partnerships) to differentiate from future competition
- 16. HYPOTHESIS TESTING Hypothesis Test Result Labor is a large cost of consolidated reporting Interviews with CTOs Confirmed Financial firms are willing to send information to the cloud Interviews with CTOs Confirmed Demand is sufficient to support development costs Interviews with Family Offices Confirmed: reporting firms currently exist and there is MFO demand Alternative asset managers are not moving towards electronic feeds Interviews with asset managers and third party reporters Confirmed Data formats are not proprietary or can be licensed for a nominal fee Interviews w/ third party reporters Interviews scheduled NLP & machine learning is sufficiently advanced to be usable for this purpose Interviews w/ Data Scientists Confirmed with subject matter experts
Editor's Notes
- Other observations Merchants will pay to increase profits Many small businesses are under threat from online competition Turnover in small businesses ownership is high around Columbia University Merchant acquisition is expensive and difficult at scale Small businesses found mixed results with advertising We broadened our focus too wide, and our customer discovery too narrow We did not make our differentiating factors clear enough to the audience Some small businesses pool social media advertising with individuals to share cost, which warrants further exploration
- Restarting is painful How you define the problem and solution matters for investors Candid feedback that our restarted presentation was terrible, but that there was an idea “You’re marketing sushi as cold, dead fish wrapped in seaweed” – Steve Blank People are willing to help, you just need to ask Petal diagram was helpful in understanding and visualizing competition Confirmed that there are pain points in the industry; what we see as an obvious solution does not seem to be implemented Pain could be solved by automated feeds, which investors have not asked for, and hedge fund managers are reluctant to provide ”Nobody asked us for an automated feed” – Hedge Fund Manager “Transparency is not our friend”– Hedge Fund Manager
- $30 trillion is the assets of the baby boomer generation $3.8 trillion from Barclayshedge $42. trillion from Prequin in PE
- Publicly available data on asset reporting available through FOIA for state pension funds