This document provides an overview of Take Care, a platform for on-demand at-home senior care. The team developing Take Care has experience in business, engineering, medicine, and education. They aim to address the challenges families face finding quality senior care and the lack of good jobs for caregivers. Initially, Take Care will focus on non-medical care like cleaning and companionship. It will use a mobile app to connect families needing care with vetted caregivers who can be managed and paid through the platform. The founders have identified unmet demand and pain points through customer interviews. Their business model focuses on filling scheduling gaps for agencies to improve customer satisfaction while offering caregivers higher wages for last-minute shifts.
Platform for scheduling on-demand at-home senior care
1. TAKE CARE
Platform for scheduling on demand at-home senior care
Interview Completion:
100 total
2. Carefully crafted team
with collaboration across
several schools and
domains: business;
engineering; medicine;
education
Our team
Caroline Pringle
Picker
MBA & MA in Education
BA Global Affairs
Caroline Gray
Hustler
MBA & MA in Education
BA Economics
Emilia Ling
Hustler
MD/MBA Candidate
MSc Epidemiology
BSc Biotech
Carol Schrader
Mentor
Shreya Shubhangi
Hacker
BA in Computer Science
3. The genesis of Take Care
PERSONAL PASSION SOCIETAL NEED
TAKE CARE
-A solution for
families, like ours,
in need of quality
care
-Gainful
employment for
caregivers
● Each member of our
team has personal
experience with the
challenges of finding
care for elderly loved
ones
● As women in business,
we recognize the cost
that caregiving can have
on female professional
advancement
● At-home caregiving is
one of the largest labor
gaps in the United
States--caregivers are
underpaid and under-
appreciated
● 10,000 Americans turn
65 every day and 90%+
prefer to age at home
● COVID revealed the
risks of residential care
facilities, increasing
demand for at-home
options
4. What is at-
home senior
care?
Non-medical
Instrumental activities of daily
living: cleaning, driving,
companionship
Medical
Medically necessary
interventions: G-tube feeding, IV
flushing, wound care
Activities of daily living: bathing,
toileting, assists in and out of bed
Take Care’s target offering
5. Day 1
Platform for families finding and
managing at-home senior care
Distinguishing features:
● End-to-end platform to find, monitor,
and pay long term caregivers
● Tech-first vs. legacy in-person agencies
● Payment integration
● Daily care management
● Rigorous caregiver training
6. Distinguishing features:
● End-to-end platform to find,
monitor, and pay long term
caregivers
● Tech-first vs. legacy in-person
agencies
● Payment integration
● Daily care management
● Rigorous caregiver training
Day 1
Platform for finding and
managing at-home senior care
Distinguishing features:
● Offer critical same-day shifts
to backfill for cancellations
and respite care
● Higher wages for caregivers
● Hyper-local: building trust
through community
recommendations
● Non-medical focus: assist
customers with daily living
activities
B2C platform for scheduling on-
demand at-home senior care
Today
7. Week 1: Business model canvas
Key Partners
Home care aids and
agencies
Hospitals and acute
care facilities (to
gain referrals)
Insurance providers
(to integrate
payments)
Corporate partners
(for care-as-a-
benefit offering)
Key activities
Enable a marketplace
that engages carers and
families
Provide training to carers
Facilitate payments
Value proposition
Problems: At-home care is
hard to find, navigate and
manage. Families have
anxiety and distrust in
care quality. Carers lack
training and reliable
pipeline of clients
Solution: Fast, affordable
quality at-home care.
Single-point solution for
finding and scheduling
trusted carers with an
integrated management
and payment system.
Carers will have access to
training and certification
Customer
relationships
Trust-based
relationships built on
carer ratings and
reviews
Customer segments
Families looking for
reliable care for their
loved ones and a way
to oversee care
Carers who are looking
for training
opportunities and
steady employment
Potentially agencies
who are looking for
add’l avenues to reach
clients or software to
support operations
Key resources
Home care aids
(potentially agencies)
Families/individuals
Software, predictive
analytics, training content
Channels
B2C app and website
(families/
individuals use app
directly)
B2B2C elder care-
as-a-benefit
Cost structure
Labor costs (payment to carers & Take Care employees)
Marketing costs
Development and maintenance of tech platform
Revenue streams
% of payment for care services + subscription fee for care
management platform
Potential revenue stream from home care agencies
Advertising of eldercare products/services on platform
8. Key Partners
Home care agencies
Community colleges,
unemployment
offices, job sites for
recruiting caregivers
to the platform
NextDoor
Key activities
Enable a hyper-local
marketplace that
engages carers and
families
Match expert carers and
families for reliable last-
minute care
Value proposition
For Families / Agencies:
Fill-in schedule gaps
caused by caregiver
cancellations
For Families:
Continuity of care (protect
patient health)
For Agencies:
Customer satisfaction,
retention (for agency)
For Caregivers:
~50% higher wages for
same-day shifts
- Flexibility in scheduling
- Additional shifts/wages
Customer
relationships
Trust-based
relationships built on
community circles of
trust, carer ratings
and references,
video interviews
Customer segments
Families looking for
trustworthy, fast care
for their loved ones and
a way to oversee care;
frustrated by last-
minute cancellations
Carers who are looking
for higher wages than
those offered by
agencies (more tech
savvy than typical
caregiver)
Key resources
Gig-economy home care
aids
Community circles of trust
built off existing networks
(facebook) and new
connections (geo, opt-in)
Channels
B2C: families find
caregivers directly
B2B: Agencies pay to
fill staffing gaps
Cost structure
Labor costs (payment to carers & Take Care employees)
Marketing costs
Development and maintenance of tech platform
Revenue streams
% of payment for care services + subscription fee for care
management platform
Advertising of eldercare products/services on platform
Today: Business model canvas
10. Who we spoke to and why?
Type Hypotheses tested
Families ● There is demand and willingness-to-pay for qualified on-demand caregiving
● With the right features, families would trust an tech-enabled service
Caregivers ● Caregivers would be eager to join a platform like Take Care
Home Care
Agencies
● Staffing is a major issue for HCAs and they would be willing to pay to
resolve
Accountable Care
Organizations
● ACOs are interested in adding non-medical home care services to a value-
based care bundle
Chief HR Officers ● CHROs would be interested in an elder care-as-a-benefit offering
Lawyers ● Caregivers can be hired as contractors
VCs ● Tech-enabled senior care is a venture-backable business
Following pages will show
what we learned from these
conversations
11. Market is split
between formal
and informal
market. Both face
similar challenges
with recruitment,
training, insurance.
Week 1-2: Customers are dissatisfied
by incumbents
What We
Expected
What We
Found
Agencies will pay
to train their
workforce
Agencies are
low margin, and
can’t afford to
spend on must-
haves
(compliance,
recruiting)
Care-as-a-benefit
could accelerate
demand-side of
market
Last minute
cancellation is the
“achilles heel” of the
industry
Week 1 Week 2 Week 4 Week 5
Home care industry
is dominated by
home care agencies
and Care.com
“I want the ease and convenience of a
Care.com but the liability protection
and concierge lifestyles services as
something else” -Family seeking care
Week 1 & 2 pivots:
● Formal vs. informal market
● Caregiver recruitment vs. training
12. Trust and word of
mouth drive
discovery, but
forum
engagement
would be low
Week 3-5: Last-minute cancellation
is the biggest pain point
What We
Expected
What We
Found
Care-as-a-benefit
could accelerate
demand-side of
market
“Last minute
cancellation is the
‘achilles heel’ of
the industry”-SME
Payors could
include employees
or health insurers
Week 1 Week 2 Week 3 Week 4 Week 5
Caregivers and
families are
struggling to find
each other
On demand and
scheduled service
are equally
appealing
Week 3 - 5 pivots/learnings
● Cash is King
Trust is King
● B2C → B2B2C
● Scheduled → same-day
care
13. ● Hyperlocal helps foster
customer trust - but must
balance with scale required
(need to create enough
supply for each local
market)
● Dynamics and personas can
vary dramatically across
markets (e.g. ethnicity, age,
and value prop!)
In order to generate marketplace liquidity, we need to
focus initially on local market and on-demand care
Hyperlocalization Type of Care Channels
● Follow the money!
● Ironically, home care is too
expensive for families but poorly
compensated for caregivers
● There is little cost to save, so
must charge more (and have
the “right” to) → on demand is a
big enough pain point to
warrant higher wage
● Heavily debated which type of
care to provide: medical /
non-medical / high-touch /
companionship - each with
own challenges
● With a hyperlocal market,
need as much supply and
demand as possible → landed
on non-medical care
14. On-demand ads produced .6 percentage points
more clicks than other experiments, ~.4 percentage
points more than industry average
● Most successful test was
quantitative and well-defined
● Relied on benchmarks to
determine success (>1-2%
CTR)
● As we look forward, critical
to track data and metrics
early to show traction and
proof of concept for
fundraising
15. Week 6-8: B2C and B2B are the most
promising channels
What We
Expected
What We
Found
Care-as-a-benefit
could accelerate
demand-side of
market
Last minute
cancellation is the
“achilles heel” of the
industry
Payors could include
employees or health
insurers
Week 6 - 8 Week 9
B2B2C: Employee care-as-a-benefit
and insurance payors are promising
customers
Employee benefits are focused on
childcare and fertility.
Home care agencies struggle to fill
gaps, leading to customer churn
“[S]ales cycles are long and hard. If you
want you could start talking to brokers
now--it’ll be a 2 to 3 year conversation”
-Chief HR Officer
“Let me know when the company is up
and running. This type of last-minute
staffing solution is exactly what we
need” -Home Care Agency Owner
Week 6 - 8 pivots
B2C → B2B2C → B2C & B2B (selling to
home care agencies)
16. Double-sided marketplaces are incredibly difficult - you have
multiple customers (and potentially channels too) plus you
need to be differentiated and valuable to all of them
● Had to hone-in on each customer, ensure we
were providing a valuable, differentiated
service to both sides
● Follow the money!
○ Training, while a big pain point, did not
have enough ability to pay (not B2B -
low margin agencies, nor B2C -
caregivers can’t afford!)
● Ironically, home care is too expensive for
families but poorly compensated for
caregivers
● There is little cost to save, so must charge
more (and have “right” to) → on demand is
big enough pain point to warrant higher wage
17. ● How to phase channel: eventually, we plan to sell to both families and
agencies, but we recognize that we can’t do it all at once (we plan to start
with agencies and ultimately sell to consumers)
● Scale: Hyperlocality addresses trust, but how to scale an on demand service?
● Recurring revenue: What makes a customer a one-time user vs. a regular
user?
● W2 vs. full-time employment: How do we ensure a secure pool of caregivers
at all times?
● Two sided marketplace:
○ How much $$$ will it take to find suitable caregivers?
○ How can we encourage HCAs to use our app?
Looking ahead: We are figuring out
how to scale a localized marketplace
Questions
left to
answer:
Week 9 Week 10 Beyond
18. We’ve achieved several exciting
milestones
★ Strong demand from both customer segments: Multiple HCA’s
interested in product. Families stating they’d pay double for service.
★ Caregivers are lining up: 25+ caregivers have signed up for Take
Care -- we are continuing to build out profiles with them
★ High conversion rates: Facebook CTR of 2.4% for on-demand
★ Successful first users of “MVP service”: connected a caregiver
with two families looking for immediate care.
19. Shreya Shubhangi
We believe there is a bright future
ahead for Take Care!
Caroline Pringle Caroline Gray
Emilia Ling
Full team continuing on in the Fall Next Steps
● The team will continue incubating Take Care
and hit the ground running in Fall 2021
● This summer, we are each pursuing internships
in adjacent industries and potential customers
● Early conversations and research on
accelerators and VCs focused on longevity (e.g.
techstars)
21. Thank you!
Our progress this quarter would not have
been possible without the help of...
● The LLP Professors
and TA team
● Our Faculty Advisor,
Jennifer Carolan
● Our Mentor, Carol
Schrader
● Our legal counsel,
Michel Levin
● Our wonderful
classmates!
22. For families with elderly loved ones who need help finding
backup home care on-demand.
Take Care is a mobile app that allows you to search, manage,
and pay for senior care.
Our NPS score is 2x that of competitors because we facilitate
trust through hyperlocal referrals, provide rapid onboarding, and
offer concierge services for premium members
Current status
23. ★ Strong demand from both customer segments: HCA owner wants
to rip this out of our hands; family member said he’d pay double
★ Caregivers are lining up: 23 caregivers have signed up for Take
Care--we are starting to build out profiles for them
★ High conversion rates: Facebook CTR of 2.4% for on-demand
★ Successful first users of “MVP service”: connected a caregiver
with two families looking for immediate care.
Exciting Initial Traction
24. Our journey so far
WHAT WERE WE LAST WEEK WHAT ARE WE THIS WEEK
KEY
ACTIVITY
Marketplace for vetted on-demand
backup care for seniors
Marketplace for vetted on-demand
backup care for seniors
CUSTOMER
SEGMENT
B2C: Customer is family member
finding care for older loved one
B2B: Agencies pay us to fill staffing
gaps
B2B2C: Care-as-a-benefit through
employer
B2C: Customer is family member finding
care for older loved one
B2B: Agencies pay us to fill staffing
gaps
ADDRESSABLE
MARKET
Families with elderly-loved ones in
select states
Families with working spouse/child who
cannot afford to have cancellations
(States: WA/FL/TX)
25. Key Partners
Home care agencies
Community colleges,
unemployment
offices, job sites for
recruiting caregivers
to the platform
Key activities
Enable a marketplace
that engages carers and
families
Match expert carers and
families for reliable last-
minute care
Value proposition
For Families / Agencies:
Fill-in schedule gaps
caused by caregiver
cancellations
For Families:
Continuity of care (protect
patient health)
For Agencies:
Customer satisfaction,
retention (for agency)
For Caregivers:
~50% higher wages for
same-day shifts
- Flexibility in scheduling
- Additional shifts/wages
Customer
relationships
Trust-based
relationships built on
community circles of
trust, carer ratings
and references,
video interviews
Customer segments
Families looking for
trustworthy, fast care
for their loved ones and
a way to oversee care;
frustrated by last-
minute cancellations
Carers who are looking
for higher wages than
those offered by
agencies (more tech
savvy than typical
caregiver)
Key resources
Gig-economy home care
aids
Community circles of trust
built off existing networks
(facebook) and new
connections (geo, opt-in)
Channels
B2C: families find
caregivers directly
B2B: Agencies pay to
fill staffing gaps
Cost structure
Labor costs (payment to carers & Take Care employees)
Marketing costs
Development and maintenance of tech platform
Revenue streams
% of payment for care services + subscription fee for care
management platform
Advertising of eldercare products/services on platform
Business model canvas
26. ● Customers churn from agencies when the agency
fails to provide consistent service
○ Reduce customer churn and improve satisfaction
by filling scheduling gaps caused by cancellations
● Increase caregiver satisfaction & loyalty to agency by
paying higher wages for last-minute shifts
● Reduce overhead cost required to source and
manage big network of last-minute caregivers
Each channel has distinct value prop.
B2C: Families find
caregivers directly
B2B: Agencies fill
their staffing gaps
Higher Wages
(~25-50% more
than avg shift)
Flexible Work /
Ability to Pick
Up Additional
Shifts
“Demand Side” “Supply Side”
● Fill-in critical scheduling gaps caused by caregiver
cancellations
○ Continuity of care
○ Care coordinator can continue their life (jobs, kids)
● Improve care quality and experience for both patient
& care coordinator (often child / spouse)
○ Trained, experienced caregivers vetted with
background checks, references, and ratings
○ App-based experience with more visibility into
care provided (pictures and chats)
27. Who we talked to:
3 VCs, 3 caregivers, 2 families, 2 SMEs
What we expected:
- A B2B2C care-as-a-benefit offering could provide
a promising revenue stream
-On-demand caregivers are likely younger (e.g.,
part-time college students) or middle-aged (e.g.,
stay-at-home moms wanting to pick-up part-time
work)
What we learned:
- The market isn’t primed for eldercare-as-a-
benefit
-Older caregivers, and those working with agencies
prefer stable shifts and consistent clients
Interview Insights Quotes
Care-as-a-benefit: “I would
prioritize that channel for now.
The sales cycles are long and hard.
If you want you could start talking
to brokers now--it’ll be a 2 to 3
year conversation”
Caregiver profile: “Since I have
other responsibilities at home,
short-notice shifts don’t work as
well for me. I’m sure there are
some caregivers would like it but I
prefer consistent clients” -Middle-
aged full-time caregiver working
with an agency
28. Potential partners
XXX
Why do we need
them?
Sourcing families (and caregivers) -
customer acquisition
Sourcing certified, trained caregivers
(trusted / vetted)
Why might they
need us?
Already many chats / interest in
using app to find caregiving → keep
customers engaged
Part of their value prop is ability to get
jobs for their students post-grad
Risks
They’re more important to us than
them - deprioritized R&D / attention
Overqualified for non-medical care
Costs
We would drive the R&D vision &
expense
Some CNA schools require per-recruit
commission
30. Drivers/assumptions of your
business over the next 3 years
● Customer:
○ Customer acquisition cost ($175)
○ Share of rev. from B2B(~55%)
○ Churn Rate (50%, expect 12 mo. of
care needed on avg.)
● Caregivers & service
○ Caregiver acquisition cost ($250)
○ Caregiver churn rate (30%)
○ Hours filled by TC (65%-90%)
○ Take rate (33%)
○ Hourly rate ($45)
● Sales and Marketing
○ Marketing cost for families +
agencies ($26K in yr 1)
● Expenses
○ Caregiver wage (70% of gross rev.)
○ Engineering spend (<$200K in yr 1)
○ Legal spend + background checks
(<$300K in yr 1)
31. Caregiver profiles
& ratings
Q1 Q2 Q3 Q4
2021 2022 2023 2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Cash
reserves
5M
10M
20M
30M
Seed
$2M
Series A
$15M
Series B
$30M
Operations
Software
development
LLP
Launch 1
town
AI matching
algorithm
MVP tests
Launch across
few counties
Replicate & Scale across multiple states
/ region
Launch state-wide
Booking
engine
Insurance / W2
Integration
3P Integrations
(Nextdoor)
Three year operating plan
Nationwide expansion
Partnerships (NextDoor) Expand channel (B2B2C)
33 Months
Time to Profitability:
32. MVP: Building real caregiver profiles
● Currently working with a handful of caregivers
to build out profiles on our MVP website
● Video interviews with caregivers
● References from previous clients / CNA schools
● Location, expertise, certifications
Current Focus
33. Ask caregivers if we can interview
them and advertise their profiles
Caregivers are eager to have their
profiles shared by Take Care for
last-minute shifts
Test 008: Caregiver conversion
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
% of caregivers who agree to have
profiles built
>50% of caregivers agree to have
their profiles posted
RESULT
TBD
NOW WHAT
TBD
34. Test these hypotheses:
● Caregivers who have signed up are willing to build profiles and start
connecting with families
● Caregivers are willing to drive/commute 30 minutes to their shift
Update our MVP:
● Interview caregivers and develop real profiles for website
Other Areas of Focus:
● Drill down on unit economics and financial viability of tech-enabled
service businesses
● Explore B2C channel through conversations with agencies
● Develop better understanding of technology behind other flexible
staffing companies (e.g., IntelyCare)
Next steps: Before next class, we will...
38. Key activities
● Online ad spend to drive customers (caregivers first, then families) to website
● Offline spend - community colleges recruiting, local unemployment centers
Compliance
Partnership
Development
Fundraising
● Identify sources of funding and programs (debt and equity both an option)
● Complete applications and manage interview processes
● Labor specialists and home health care advising
Customer
Acquisition
Product
development
● Website
● Matching algorithm, ratings and reviews
● CNA schools / community colleges - incentivized to get their applicants hired
● NannyPay / other similar W2 services
● NextDoor / other local networks
39. Key resources & partners
Human
Software
● Web front end
● App development
● Matching algorithm
● Ratings and reviews
● Integrations into other apps (e.g. NextDoor)
Brand
● Brand/trademark/logo (trademark, copyright)
● Reputation and customer trust - strong press, reviews, ratings
Partners
● CNA schools / community colleges - incentivized to get their applicants hired
● NannyPay / other similar W2 services
● NextDoor / other local networks
● Sales and marketing - with expertise in digital acquisition and marketplaces
● Customer experience / success team
● Customer support (for families and caregivers)
● Web and app engineers
● Compliance and legal (outsourced at first)
40. SUPPLY-SIDE FUNNEL AND KPIs
40
CAREGIVER SIGNUPS
ACTIVATION &
PERFORMANCE
ONBOARDING
RETENTION
Sample Supply-Side KPIs
• Weekly sign-ups
• Sign-ups per $ of
marketing
• Weekly
activations/first visit
• Hours of care given
• Visits per
hour/week/month
• Churn
• Caregiver lifetime
value/caregiver
acquisition cost
• Referral rates
• Sign-up to onboarding
conversion rate
• Utilization rate
• Failure to fill shift rate
• Cancellation rate
• Rating & complaints
41. DEMAND-SIDE FUNNEL AND KPIs
41
DOWNLOADS
FIRST VISIT
SIGNUPS
ADDITIONAL VISITS
& RETENTION
Sample Demand-Side KPIs
• Downloads per
day/week/month
• Downloads per $ of
marketing
• Passive to active sign-
up ratio
• First visits per
week/month
• Gross bookings
• Churn
• Customer lifetime
value/CAC
• Cancellation rates
• Referral rates
• Download to signup
conversion rate
• Sign-ups per $ of
marketing
• Number of rides by
cohort (e.g., # of rides
for riders who signed up
1 week ago, vs. 2 weeks
ago, etc.)
• First visits per $ of
marketing
42. Financial metrics
B2B will help kick start market so can focus more
on supply side than recruiting both sides at once
Take Rate will be key test we need to
run for LTV/CAC - how much will
agencies / families share with Take
Care for this service
Hourly rate needs to be at least 50%
higher than avg to support additional
wages and fees
Recruiting costs, while high, will be lower
on aggregate than industry b/c we have
higher wages and lower turnover
Do not believe this will require an
enormous engineering effort - CAC
will be largest spend bucket
Families will naturally churn as no
longer need care, but expect 12
months of caregiving
43. For families with elderly loved ones who need help finding
backup home care on-demand.
Take Care is a mobile app that allows you to search, manage,
and pay for senior care.
Our NPS score is 2x that of competitors because we facilitate
trust through hyperlocal referrals, provide rapid onboarding, and
offer concierge services for premium members
Current status
44. We are testing demand for
consistent care and backup care
Test: Customer demand for
consistent care
Customer demand for on-
demand/backup care
Caregiver demand for
flexible shifts
Result
(CTR):
1.82% [$0.60 CPC]
2,194 Impressions
2.42% [$0.44 CPC]
1,197 Impressions
0.88% [$0.59 CPC]
2,384 Impressions
45. Payment flows diagram (B2C)
Take Care Keeps $8.6 / Hour
$45 / Hour of On-
Demand Care
5 hours / mo
$650 1-Yr LTV
Take
Care
46. Payment flows diagram (B2B)
$45 / Hour of On-
Demand Care
Take
Care 11% of Agency
Total Shifts
~1,500/quarter
Agency
Take Care Keeps
$8.6 / Hour
48. Create job ad on FB/Nextdoor/
Craigslist/distribute via text for
caregivers that links to typeform
Caregivers who are in-between jobs
or do not want full-time work value
on-demand shift work
Test 006: Caregiver personas
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
% breakdown across different
personas (e.g., working student,
retired RN); expectations around
wage
High interest from non-full time
caregivers; expect 20% increase in
wage
RESULT
TBD
NOW WHAT
TBD
49. Test these hypotheses:
● Profile of on-demand caregiver is different from that of consistent
caregivers; pay expectations may also differ
● On-demand care challenges can be addressed with app-based features
Update our MVP:
● Develop caregiver-facing typeform to understand wage expectations
and personas for on-demand care
Other Areas of Focus:
● Explore B2C channel through conversations with agencies
● Understand MVPs of other service marketplaces (e.g., Rover, Poppy)
● Research specific local markets for best launch (early hypotheses: WA,
FL, TX)
● Carelinx business model and track record to date
Next steps: Before next class, we will...
50. ● Sign. more expensive than
informal market (~+50%)
● Customer has little / no say on
interviewing & vetting
caregivers (take what you get)
● Large (~11%) no-show rate
● Highly manual today: many
phone calls, no app to manage
or coordinate
● Relatively low quality service
& care
● Customers continue to use
because coordination is
difficult; “agency is responsible
for filling the no-show slot”
● Estimated 60% of the market
The Market today has severe gaps...
Word of Mouth
● Very rare to have a reference
that is local, trusted, and
available to start working
● Once you have a great
caregiver you don’t give them
up
● Leads to hard work finding
caregivers on local Facebook
groups
● Time consuming, hard to vet, &
back to the drawing board
when one quits / no-shows
● Estimated ~30% of the
market
Care.com Agencies
● Untrustworthy & frustrating
● Poor customer service
● Many unverified accounts
● Reputationally poor (major PR
issue in 2019 with uncertified
caregivers)
● High no-show rates
● Customers pay for the
Care.com subscription, but no
support for scheduling,
coordinating, paying, etc.
● Waste time & $$ on unverified
and unvetted caregivers
● Estimated ~10% of the
market
51. Care.com fails its customers on many vectors:
Customer / Caregiver Reviews Brand & Reputation
Google Trends (9/2013 - today): interest is
down 75%
Care.com has a low NPS and customers
needs are not met: matching, support fall
short of expectations
Care.com brand has taken a major hit:
customers do not trust the company
52. Last minute cancellation is the
“achilles heel” of the industry
My grandpa’s care aid keeps cancelling at the last minute. How
often does this happen to others? What do you do when it happens?
-Question posed to caregiver support group on Facebook
“We had tons of problems with aides
calling in sick / hungover / car trouble. It
happened once a week and they were
completely unapologetic about it”
54. B2C - Direct to
Consumer App
Hypothesis: Consumers are used to searching for their own caregivers as this is the typical
route for the informal market today
Challenges: Paying for home care is expensive for consumers. For our business model, marketing
costs may be too high to support a double-sided marketplace in this low-margin industry. (Must recruit
caregivers and market to families = $$$)
B2B2C:CHROs
Hypothesis: Chief HR officers (CHROs) are desperate to solve the issues facing women /
minorities that are causing higher attrition & improve emotional wellbeing of employees (care
for families - children and elderly parents is a critical painpoint)
Challenges: How much willingness-to-pay from corporations and how big of market is that? Does
adding another channel/customer into an already complex 2-sided marketplace overcomplicate our
business model?
B2B2C:ACOs
Hypothesis: Value-based care will incentivize low-cost non-medical home care services
Challenges: Will low-cost home care services cut too deep into narrow profit margins of accountable
care organizations (ACOs)? Is there an opportunity to expand as more Direct Contracting Entities
(DCEs) emerge?
Channels
55. Demographic: Upper-middle class
Sex: Male; Age: 60+
Profession: Early Retirement
Need: Diagnosed with ALS 3 months ago,
requires immediate care-plan with
progressively more (24/7) in-home
medical care
Persona debut: The Family
The Buyer: Kathy
The Patient: Gerald
Our Value Proposition to Families: Discovering and hiring consistent caregivers. Providing
immediate matches for last-minute care to prevent critical gaps in scheduling.
Current Workflow: Speak to 10+ friends and neighbors asking for personal references; fill
scheduling gaps with family or make personal sacrifices when care falls through
Demographic: Upper-middle class
Sex: Female; Age: 55
Profession: Full-time professional and
high-school aged children
Need: Kathy wants quality care for
Gerald but she is juggling work and
family. She needs caregivers she can
trust and scheduling that doesn’t fail
56. Persona debut: The Caregiver
Sex: Female
Age: Bimodal, mid 20s, 45-60
Race: 50% white, 50% minority
Education: Low education or currently
in school
Personality: Carer, aspirations for a
professional healthcare career (nurse)
58. Market size
Total Addressable Market: $643B
$173B paid US homecare market + $470B unpaid caregiving
Served Available Market: $173B
Annual paid homecare
Target Market: $86.5B
Non-medical homecare (placeholder assumption of 50%)
Y1-Y3 Revenue: $390K, $780K, $3.9M
# of clients (50, 200, 500) * 1300 hours of care per year * 30% of hourly rate captured * $20 hourly rate
Sources: Business Insider, The New York Times
59. Pain Relievers
• Immediate forum
answers for urgent and
niche questions
•
Value Proposition Canvas
Products / Services
• Two-sided marketplace
offering caregiver-client
discovery and matching,
scheduling support
• Match families into
community forums based
on their care-need
Value Proposition: Marketplace & Community Forum
Gains Creators
• Matching algorithm
• Develop informal knowledge
base through community
forum
Customer Segment: Families & Caregivers
Pains
• Urgent questions with no
one to answer
• Low-supply of caregivers
Customer Jobs
• Finding quality care
• Trusting caregivers
• Mental health drain on
families
Gains
• Support, advice, and
word-of-mouth references
• Alleviate loneliness
through community
• Higher wages for
caregivers than agencies
60. Initial SME interviews have
validated the opportunity
- Ashley Braiser
Partner, Lightspeed Venture
Partners
“Aging is a huge
market. The key will be
figuring out the
distribution channels
and managing carer
and customer
acquisition costs”
- Taylor McLemore
Managing Director, Techstars
Workforce Dev. Accelerator
“There’s a big
opportunity for durable
labor marketplaces,
particularly in the
healthcare space, if you
give workers
credentials and treat
them well”
-Rob Chess
Stanford Professor, teaches
“Longevity: Business
Implications & Opportunities”
“There’s an opportunity
to professionalize at-
home care. Not a lot of
training goes on
currently and there’s a
need for more tools to
help families monitor
and manage care”
61. Test 001: Marketplace solution
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
Is finding clients a key painpoint for
caregivers? Will families trust an
app-based solution?
Yes/No and rationale, level of
enthusiasm
50% of interviews demonstrate
enthusiasm
RESULT
Finding families is not a
key pain point for
caregivers but it is for
families (labor
shortage)
NOW WHAT
Solve different pain
point (low wage) for
caregivers while
providing
finding/matching for
families
Ask 10 interviewees whether they
would have appetite for this type of
product
62. Ask family interviewees whether
community/loneliness/lack of
knowledge is a pain point?
Is there market appetite for
creating a family community
circle/forum to help navigate care?
Test 002: Community value prop
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
Yes/No and rationale, level of
enthusiasm
50% of interviews demonstrate
enthusiasm
RESULT
Community is sought
for some specialized
conditions, but not as
easy to build as for
childcare b/c of decline
NOW WHAT
TBD
63. Ask family interviewees how often
last-minute care is an issue and how
much they’d be willing to pay
Families will pay higher rate for
last-minute trusted care
Test 003: Last-minute care
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
# of last-minute care needs per mo.
$ per hour for last-minute care
Last minute care is needed 2x per
month and customers willing to pay
50% more
RESULT
TBD
NOW WHAT
TBD
64. Landing page with onboarding steps
(on-demand vs. scheduled)
Families are actively searching for
caregivers in their communities
Test 004: Demand for MVP
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
Click through-rate & % on-demand
vs. scheduled
Click-through rate is higher than
0.5%; families are willing to try on-
demand
RESULT
TBD
NOW WHAT
TBD
65. A/B test FB ads for consistent care
roles vs. ad-hoc shift work
Caregivers value on-demand shift
work
Test 005: Caregiver take-up
Test Card
HYPOTHESIS
OUR TEST
METRIC
WE’RE RIGHT IF
Click through-rate for % on-demand
vs. scheduled
Click-through rate is higher than
0.5%
RESULT
TBD
NOW WHAT
TBD
67. - Upsell: Offer concierge app service with more
white-glove support, help vetting/coordinating
- Next sell: Discounts for pre-purchased caregiver
time
- Cross sell: Discounts for add-on caregiver time
- Referrals: Free care hours for new customer
referrals
Acquire
Ads (FB, NextDoor,
Google, Podcasts)
- $60 (see next slides)
Primary care, DME
stores, pharmacy
advertisement
- Wide reach with
potential caregiver
acquisition potential
Activate
In-app
promotions
- Free care
hours for new
customers
Upsell, Next Sell; Cross Sell; Referr
KEEP GROW
GET
Client relationship funnel
Keep Customers
Recurring Value
- Guaranteed caregivers
- Search automated, superior
scheduling and management
platform
68. Caregiver relationship funnel
- Upsell: Offer preferential opportunities for higher
rated caregivers
- Next sell: Increase pay after working more care
hours
- Cross sell: Eventually, could offer training
opportunities on app to increase skill range and
potential pay
- Referrals: Bonus pay for caregiver referrals
Acquire
Combined digital and
local acquisition model
Ads (FB, NextDoor)
- $50-$100 CAC
CNA certification
platforms, nursing
schools, HCAs,
community colleges,
unemployment
agencies
- Wide reach with
potential caregiver
acquisition potential
Activate
In-app
promotions
- Bonus pay for
taking first
request
- Bonus pay for
x # of days
active on app
Upsell, Next Sell; Cross Sell; Referr
KEEP GROW
GET
Keep Customers
Recurring Value
- Higher pay, flexible hours,
hyperlocal clients
- The higher your rating the higher
your wage
69. ~$360 Total CAC
Burdened with Both Sides of the Marketplace
1.0% Conversion
Estimate
Customer acquisition cost
Convert to
Customer
2 0.5% Conversion
Estimate
Paid
Acquisition
1
$0.56 CPC
1.77% CTR
Actual - Facebook Ads
= $110 CAC
Families
2
Convert to
Customer
Paid Acquisition
1
$2.50 CPC
~1.0% CTR
Estimate
= $250 CAC
Caregivers
71. Learning goals self-assessment
LEARNING GOAL SCORE
R/Y/G
COMMENTS EXPLAINING YOUR SCORE AND/OR
WHAT YOU WILL CHANGE
1. Form hypotheses
y
Have been able to learn a lot about the caregiving space and identify the pain points for all the
stakeholders (agencies, caregivers, families)
2. Design and conduct customer, partner, and
supplier interviews
We’ve recognized the stakeholders that we need to focus on and have been able to conduct
interviews with a lot of these individuals.
3. Design and build minimum viable products
(MVPs)
We spent quite a bit of time researching the space and trying to focus our hypotheses through
conducting interviews- we got to the building MVP stage slightly later.
4. Design and run experiments Because of the slightly delayed MVP and limited budget, we only recently launched our Facebook
ads.
5. Determine if hypotheses are true or false
based on interview and experimental results
Limited reach of FB ads has led to small data on hypotheses
6. Work effectively in teams under pressure We’ve been good at taking the ‘all hands on deck’ approach when dealing with the workload.
We’ve established a working system for interviews, the MVP, and testing.
7. Communicate your progress in weekly
presentations
Have been showing all the shifts in our thinking during the week and communicating our interview
and test findings.
8. Form new hypotheses based on learning We focus on the findings of each interview and use those to shape what else we want to learn.
9. Pivot (adapt strategy) based on new data Have honed focus since week 1 based on interviews and other information.
10. Achieve (or know you have not achieved)
product-market fit
We have been very deliberate about determining the customers we’re addressing and what pain
points we’re trying to fix.
72. WHAT WERE
WE LAST
WEEK
Caregiver marketplace for on-demand care for complex elderly populations
Where we were...marketplace differentiated by on-demand care
● Learned from parallel industries: childcare, child learning, adult learning.
● Focused marketplace on most complex care needs (ALS, dementia, etc.) because not well-
served today (and likely most impacted when there’s a cancellation / no-show)
● Care coordination is a major pain point for all players: caregivers, agencies, and families.
● Last-minute cancellations are frequent (11% of scheduled visits) and highly disruptive to families
WHAT ARE
WE THIS
WEEK
Caregiver marketplace for scheduled and last-minute care
Where we are...Zeroing in on how to build trust and make money
● Last-minute care is particularly hard from trust-perspective given limited time to interview / vet
● Community “circles of trust” to vet and refer caregivers
● Potentially offer back-up care as a corporate benefit (B2B2C) - huge need and awareness post-
COVID, CHROs have indicated interest & desire to offer
● Other channel opportunity: partner with Accountable Care Organization through Medicare
Advantage consumers (e.g. Landmark)
Our journey so far
Editor's Notes
Title slide must include:
Team name
Succinct description of what your company does
# of interviews done this week
# of interviews in total
Team members (names, pictures, roles)
Market type
New market
Re-segmenting existing market as low cost
Re-segmenting existing market as niche entrant
Cloning a successful business model from another country
EJL
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
“Caregivers like the option and $ of extra shifts, but appreciate the ease and legal protection of the agency.”
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
EJL
Unique contracts with payors - differentiation.
Headway - <50 providers in a geographic area. Once the supply line was built. Supply constraint isn’t felt that much, then it is more challenging to have credit/scale. Opportunity to segment geos based on supply/demand mismatch.
What’s the recurring interaction model? What is the CAC for a family? Would this be monthly or yearly/weekly value? LTV? Local can drive acquisition down, because if you acquire nationally it can be a lot higher.
Regulation - Need to satisfy demand through formal employment opportunities. Need enough to satisfy demand.
Recurring - LTV of families, but also b/c forecasting and projecting how many people you need in a specific geo. Or how many or who will engage.
Series A/B - W2 contractor type, but formally full time employment to have a bandwidth to deploy.
Early indication of lifetime value, how do you reduce churn, less so on
Focus on unscaleable is okay for the short term.
Correlation between staff and fulfill SLA side. Optimize on always someone to go on the home. User experience and member experience weigh higher than over staffing model. Important for forecasting.
Add any details to communicate your major discoveries from your interviews
How does your rough finance, operations, and fundraising timeline look? (http://steveblank.files.wordpress.com/2011/05/financial-and-ops-timeline.jpg)
What might your first MVP look like? What hypothesis would it test?
Vetting customers, wearables, could we become the gold standard for training and certification
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
Describe what your team will do tomorrow and this week
Include anything else you feel is pertinent towards understanding the direction your team is heading
*Update weekly
For [customer segment]
who [key need or opportunity],
[company name] is a [type of product or service]
that [key value proposition that solves key need or opportunity].
Unlike our competitors, we [differentiation].
(15/1,230), $0.86/click - consistent care
(9/444), $0.47/click - on demand
(2/344) $1.12/click - caregivers
$45 based on Palo Alto pricing of $30/hr, based on Genworth, a LTC agency estimate of the local cost in PA.
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
Describe what your team will do tomorrow and this week
Include anything else you feel is pertinent towards understanding the direction your team is heading
What might your first MVP look like? What hypothesis would it test?
Vetting customers, wearables, could we become the gold standard for training and certification
ACO = accountable care organization
Add titles to each pedal leaf and then drop logos into the pedals themselves
Use search tools (either those on from the Market Research section in Steve Blank’s Startup Tools or other publicly available sources)
Identify market size (TAM/SAM/Target/Year 1-3)
Bottom up calculation?
TAM: 55M adults over age 65* 14%?? in need of care*90% prefer to age at home*avg. annual cost of care
SAM: X% actually paying for care (remove unpaid care)
Target Market: x%
Y1-Y3 revenue: % of hourly caregiving rate charged to families * # of caregivers * avg. hours worked per yr.
https://www.aarp.org/livable-communities/info-2014/livable-communities-facts-and-figures.html
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
What should you test over the next week?
See hypothesis validation sequence in the slide note on the Business Model Canvas slide.
Rank your hypotheses by High Impact + Low Confidence/Certainty
Using this slide:
Before running the test, complete left side boxes and leave right side boxes blank.
After running the test, leave original left side boxes untouched and complete right side boxes to compare predicted to actual
Feel free to add subsequent slides with screenshots, photos, or other visuals showing your test setup and results
Other questions to ask yourself for effective experiment design (Source: Testing With Humans):
What hypotheses do we want to prove / disprove?
For each hypothesis, what quantifiable result indicates success? i.e. your pass/fail metrics
Who are the target participants of this experiment?
How many participants do we need?
How are we going to get them?
How do we run the experiment?
How long does the experiment run for?
Are there other qualitative things to learn during this experiment?
What might your first MVP look like? What hypothesis would it test?
Vetting customers, wearables, could we become the gold standard for training and certification