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Topt engr 245 lean launchpad stanford 2019

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

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Topt engr 245 lean launchpad stanford 2019

  1. Danielle Limcaoco Hacker BS Product Design Monica Beltran Hustler MBA & BA Public & International Affairs Jill Fisher Picker MBA & BS Product Design Jacquie Marshall Hustler MBA & BA Economics Eva Hoffman Designer BS Product Design DAY 1... TODAY... Branded sweet & savory toppings that take flavor up a notch as a meal add-on. Toppings that make weekday meals exciting. interviews 138 16 63 experiments days
  2. ● Food scientist ● Co-packer ● Community of users ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are busy, brand- aware, health- conscious people who are hacking together meals at home. They lack the time, initiative or money to make their food exciting. ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Topt satisfies the need to improve simple, at-home meals; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Dieters: Topt brings variety and excitement to repetitive, simple meals without sacrificing health; it’s easy to know what’s inside and if if it fits in the constraints of your diet Our primary fixed costs are R&D (food scientist, creation of new flavors), regulatory setup costs, company office & people. Our primary variable costs are cost of ingredients, cost of packaging and [bottle], co-packer costs, storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Topt through our website (one-time purchase or subscription) and through e-commerce (i.e. Amazon, Thrive Market). Customers will continue to purchase products because they will engage with the content and community. Eventually, we will grow into retail channels also (i.e. Wholefoods). ● Sell a safe and tasty shelf- evident and shelf-stable product ● Release new flavors regularly ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a Topt community GET - googleAdWords, Instagram/ Facebook, collabs with other brands, “share with a friend” KEEP - new flavors, User Generated Content / community of users GROW - subscription option ● Food scientist capabilities ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with Amazon / other e-commerce ● Delivery & storage capabilities ● DTC: beautifully branded, easy to use website ● E-commerce ● Eventually Retail: Whole Foods, Bed Bath & Beyond, health stores ● Direct marketing, influencers, partnerships Week 7 ● Community of users ● Food retailers ● Public eating locations ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Co-packers ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are young, brand- aware, health- conscious millennials who lack the time, knowledge or creativity to make their food exciting. Other potential segments: ● Brand-aware and health-conscious moms ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Single working men ● Cafeteria eaters (hospitals, workplace, military, school) ● Zest satisfies the need to feel excited about food; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Brand-aware moms: customizing simple food in a healthy way for picky children ● Dieters: Zest brings variety and excitement to repetitive, simple meals without sacrificing health ● Single working men: Zest brings variety to customers’ everyday food routine despite lacking imagination ● Cafeteria eaters: Zest brings variety to bland or repetitive meals Our primary costs are cost of ingredients, cost of packaging and [bottle], storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Zest through our website, brand partnerships, partner retailers, e-commerce partners, and Foodservice channels. ● Sell a functional and beautiful physical product ● Release new flavors ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a community around our content Zest’s relationship with customers is long term - our customers fall in love with our products. Engagement is rooted in co-creation of content (UGC), driven by a strong community of users. ● DTC: beautifully branded website ● Retail: Whole Foods, Bed Bath & Beyond, health stores ● E-commerce ● Foodservice ● Direct marketing, influencers, partnerships ● Clean, quality ingredients ● Innovative & healthy flavors ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with retailers ● Delivery & storage capabilities Week 1Week 1
  3. Chapter 1: Who is the Topt customer & where do they eat? Weeks 1-5 86 Interviews 10 experiments
  4. We started Week 1Chapter 1: Who is the Topt customer & where do they eat? We learned: 1. 95% of people identify as chefs 1. Almost everyone had a shopping list or recipe in the spice aisle
  5. “My budget has changed so now I have to cook, but I really miss having Starbucks and Sweetgreen every day” We talked to 86 people … ...and realized our customers care about 4 key attributes “I snack on rice cakes, they’re the healthiest thing in the cafeteria” “I add Garlic powder to everything I eat” “Garlic granules are so much easier than chopping up real Garlic” BrandFlavor ConvenienceHealth Chapter 1: Who is the Topt customer & where do they eat?
  6. ● Food scientist ● Co-packer ● Community of users ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are busy, brand- aware, health- conscious people who are hacking together meals at home. They lack the time, initiative or money to make their food exciting. ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Topt satisfies the need to improve simple, at-home meals; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Dieters: Topt brings variety and excitement to repetitive, simple meals without sacrificing health; it’s easy to know what’s inside and if if it fits in the constraints of your diet Our primary fixed costs are R&D (food scientist, creation of new flavors), regulatory setup costs, company office & people. Our primary variable costs are cost of ingredients, cost of packaging and [bottle], co-packer costs, storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Topt through our website (one-time purchase or subscription) and through e-commerce (i.e. Amazon, Thrive Market). Customers will continue to purchase products because they will engage with the content and community. Eventually, we will grow into retail channels also (i.e. Wholefoods). ● Sell a safe and tasty shelf- evident and shelf-stable product ● Release new flavors regularly ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a Topt community GET - googleAdWords, Instagram/ Facebook, collabs with other brands, “share with a friend” KEEP - new flavors, User Generated Content / community of users GROW - subscription option ● Food scientist capabilities ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with Amazon / other e-commerce ● Delivery & storage capabilities ● DTC: beautifully branded, easy to use website ● E-commerce ● Eventually Retail: Whole Foods, Bed Bath & Beyond, health stores ● Direct marketing, influencers, partnerships Week 7 ● Community of users ● Food retailers ● Public eating locations ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Co-packers ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are young, brand- aware, health- conscious millennials who lack the time, knowledge or creativity to make their food exciting. Other potential segments: ● Brand-aware and health-conscious moms ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Single working men ● Cafeteria eaters (hospitals, workplace, military, school) Our primary costs are cost of ingredients, cost of packaging and [bottle], storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Zest through our website, brand partnerships, partner retailers, e-commerce partners, and Foodservice channels. ● Sell a functional and beautiful physical product ● Release new flavors ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a community around our content Zest’s relationship with customers is long term - our customers fall in love with our products. Engagement is rooted in co-creation of content (UGC), driven by a strong community of users. ● DTC: beautifully branded website ● Retail: Whole Foods, Bed Bath & Beyond, health stores ● E-commerce ● Foodservice ● Direct marketing, influencers, partnerships ● Clean, quality ingredients ● Innovative & healthy flavors ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with retailers ● Delivery & storage capabilities EXCEPT THE SPICE AISLE Week 4
  7. MVP 1 - The first time users tried Topt! Breakfast taste test in Arbuckle Dining: 20+ people tried it We learned: 1. People are reluctant to season prepared foods outside the home 1. Those who did try our product, liked it a lot! Week 5Chapter 1: Who is the Topt customer & where do they eat?
  8. Week 5Chapter 1: Who is the Topt customer & where do they eat? What do our customers eat? Surveyed 150 consumers We learned: 1. People eat simple, basic meals 1. Meals are HACKED together, without a recipe or plan
  9. ● Food scientist ● Co-packer ● Community of users ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are busy, brand- aware, health- conscious people who are hacking together meals at home. They lack the time, initiative or money to make their food exciting. ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Topt satisfies the need to improve simple, at-home meals; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Dieters: Topt brings variety and excitement to repetitive, simple meals without sacrificing health; it’s easy to know what’s inside and if if it fits in the constraints of your diet Our primary fixed costs are R&D (food scientist, creation of new flavors), regulatory setup costs, company office & people. Our primary variable costs are cost of ingredients, cost of packaging and [bottle], co-packer costs, storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Topt through our website (one-time purchase or subscription) and through e-commerce (i.e. Amazon, Thrive Market). Customers will continue to purchase products because they will engage with the content and community. Eventually, we will grow into retail channels also (i.e. Wholefoods). ● Sell a safe and tasty shelf- evident and shelf-stable product ● Release new flavors regularly ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a Topt community GET - googleAdWords, Instagram/ Facebook, collabs with other brands, “share with a friend” KEEP - new flavors, User Generated Content / community of users GROW - subscription option ● Food scientist capabilities ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with Amazon / other e-commerce ● Delivery & storage capabilities ● DTC: beautifully branded, easy to use website ● E-commerce ● Eventually Retail: Whole Foods, Bed Bath & Beyond, health stores ● Direct marketing, influencers, partnerships Week 7 ● Community of users ● Food retailers ● Public eating locations ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Co-packers ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our primary costs are cost of ingredients, cost of packaging and [bottle], storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Zest through our website, brand partnerships, partner retailers, e-commerce partners, and Foodservice channels. ● Sell a functional and beautiful physical product ● Release new flavors ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a community around our content ● DTC: beautifully branded website ● Retail: Whole Foods, Bed Bath & Beyond, health stores ● E-commerce ● Foodservice ● Direct marketing, influencers, partnerships ● Clean, quality ingredients ● Innovative & healthy flavors ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with retailers ● Delivery & storage capabilities Week 5
  10. Chapter 2: Will people like our flavors? Will they eat it? Week 6 98 Interviews 11 experiments
  11. Week 6Chapter 2: Will people like our flavors? Will they eat it? MVP 2 - Topt flavor menu Interacted with 30+ grocery store shoppers
  12. “Pesto and that Coconut flavor sound the best to me; I can immediately think of a whole bunch of things I would put them on.” Jessica, grocery store shopper Week 6Chapter 2: Will people like our flavors? Will they eat it? Topt flavor development We learned: 1. Everyone loves new things & wants free samples 1. People like familiar flavors that are approachable
  13. Week 6Chapter 2: Will people like our flavors? Will they eat it? MVP 3 - Munger housing free samples First time Topt makes it into the home! - Offered 4 Flavors: 3 savory and 1 sweet - 30 people took Topt home & tried it
  14. Week 6Chapter 2: Will people like our flavors? Will they eat it? Munger samples feedback We learned: 1. Strangers were excited to try Topt 1. People were posting and sending us photos of them using Topt! 1. They needed some direction on how to use it
  15. Chapter 3: Will people buy Topt? Weeks 7-9 130+ Interviews 16 experiments
  16. Week 7Chapter 3: Will people buy Topt? MVP 4 - Selling at the farmers market We sold through all of our inventory in 2 hours! - Offered 5 Flavors: 3 savory and 2 sweet - 50 people tasted Topt, 30+ people purchased Topt
  17. Week 8Chapter 3: Will people buy Topt? Topt’s first revenue! We felt so excited by $40: - Our week 8 slide We learned: 1. People wanted to pay for Topt 1. Most people tried & bought multiple flavors
  18. MVP 5 - Topt available for purchase online! Week 8Chapter 3: Will people buy Topt?
  19. Convenient Easy to use with suggestions right on the packaging Healthy A few simple, clean ingredients, you recognize Accessible Fun take on familiar flavors you know and love Cool Cute packaging you want to show your friends Topt sample packet Week 8Chapter 3: Will people buy Topt?
  20. Week 8Chapter 3: Will people buy Topt? MVP 5 - 35 orders fulfilled (in 1 week) $297 in revenue in the first week! 35 Topt Starter Packs sold & shipped We learned: 1. People will buy Topt online 1. People wanted to pay for Topt (we even raised prices) 1. Customers are engaging with us on social media
  21. Customers are LOVING Topt Week 8Chapter 3: Will people buy Topt? My wife loved it!
  22. Week 8 Topt elevates your food! Chapter 3: Will people buy Topt?
  23. Week 8Chapter 3: Will people buy Topt?
  24. Week 8Chapter 3: Will people buy Topt?
  25. Week 8Chapter 3: Will people buy Topt? My daughter loved it! The flavor names are so much fun!
  26. Chapter 4: Topt today Week 10 7 Flavors 100+ Customers
  27. Chapter 4: Topt today
  28. ● Food scientist ● Co-packer ● Community of users ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are busy, brand- aware, health- conscious people who are hacking together meals at home. They lack the time, initiative or money to make their food exciting. ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Topt satisfies the need to improve simple, at-home meals; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Dieters: Topt brings variety and excitement to repetitive, simple meals without sacrificing health; it’s easy to know what’s inside and if if it fits in the constraints of your diet Our primary fixed costs are R&D (food scientist, creation of new flavors), regulatory setup costs, company office & people. Our primary variable costs are cost of ingredients, cost of packaging and [bottle], co-packer costs, storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Topt through our website (one-time purchase or subscription) and through e-commerce (i.e. Amazon, Thrive Market). Customers will continue to purchase products because they will engage with the content and community. Eventually, we will grow into retail channels also (i.e. Wholefoods). ● Sell a safe and tasty shelf- evident and shelf-stable product ● Release new flavors regularly ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a Topt community GET - googleAdWords, Instagram/ Facebook, collabs with other brands, “share with a friend” KEEP - new flavors, User Generated Content / community of users GROW - subscription option ● Food scientist capabilities ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with Amazon / other e-commerce ● Delivery & storage capabilities ● DTC: beautifully branded, easy to use website ● E-commerce ● Eventually Retail: Whole Foods, Bed Bath & Beyond, health stores ● Direct marketing, influencers, partnerships Week 7 ● Community of users ● Food retailers ● Public eating locations ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Co-packers ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our primary costs are cost of ingredients, cost of packaging and [bottle], storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Zest through our website, brand partnerships, partner retailers, e-commerce partners, and Foodservice channels. ● Sell a functional and beautiful physical product ● Release new flavors ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a community around our content ● Clean, quality ingredients ● Innovative & healthy flavors ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with retailers ● Delivery & storage capabilities Week 10
  29. Topt revenue to date revenue from ecommerce purchases in under 3 weeks & no marketing effort/spend user customer base, repeat purchase habits are beginning to form AOV, users are buying more than 1 SKU (our prices range from $1.50 - $6) of revenue driven directly from instagram, through word of mouth & user generated content of all purchases are for the Topt Sampler Pack that includes 1 of each flavor $1300 100+ $12 70% 25% Week 10Chapter 4: Topt today
  30. Chapter 4: Topt today 5000+ followers - 50+ user posts @toptfoods - 75% influencer response rate - Creative ways of using Topt Rapidly growing UGC community Week 10
  31. Chapter 5: Topt tomorrow We attended industry conferences & met founders and CEO’s: - Trends: Plant based ingredients Better-for-you products Clean & modern branding Buzz around niche brands - Topt Foods booth in 2020 Topt at Expo West & Fancy Foods
  32. today
  33. Chapter 5: Topt tomorrow Building a brand Expanding our product line
  34. Future of Topt Subscription option with seasonal flavors PR launch with large format Soft launch with mini-packs & ecom Topt community New product launch: dressings, bundles... Today Q3 2019 Q4 2019 Q1 2020 Q3 2020 All team members continuing to work on Topt - 3 team members working on Topt full-time this summer, 2 part-time Chapter 5: Topt tomorrow
  35. Topt is the go-to brand for meal hackers everywhere! Topt 2025 revenue; 100K DTC customers ($36 3x/year), 500K retail customers ($36 3x/year) and 250K subscription customers ($10/month)$100MM buying Topt and engaging with us on social media through DTC, Subscription, Ecommerce and natural and chain groceNationwide Distribution 1M Customers sharing meal hacks and ideas online #yourdailymealstopt2M Followers Chapter 5: Topt tomorrow
  36. Hire a food scientist & conduct shelf stability test: next 2 months Partner with co-packer (with FDA approval): next 4 mo Design & produce beautiful shelf- evident bottle: next 2 months Partner with Amazon (ramp production & fulfillment): next 6 months We are continuing to build Topt Foods as a brand with various product lines. Upcoming milestones Chapter 5: Topt tomorrow
  37. ● Food scientist ● Co-packer ● Community of users ● Instagram influencers & bloggers ● Brand collaborations ● Nutritionists & chefs ● Shipping and logistics providers Key Suppliers: ● Ingredient suppliers ● Packaging manufacturer ● Label printer ● Shipping packaging Our most important end users are busy, brand- aware, health- conscious people who are hacking together meals at home. They lack the time, initiative or money to make their food exciting. ● Dieters (eg. Ketogenic Diet, Paleo, Whole 30) ● Topt satisfies the need to improve simple, at-home meals; improving taste in a healthy and easy way, and making a simple meal “instagrammable.” ● Dieters: Topt brings variety and excitement to repetitive, simple meals without sacrificing health; it’s easy to know what’s inside and if if it fits in the constraints of your diet Our primary fixed costs are R&D (food scientist, creation of new flavors), regulatory setup costs, company office & people. Our primary variable costs are cost of ingredients, cost of packaging and [bottle], co-packer costs, storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Topt through our website (one-time purchase or subscription) and through e-commerce (i.e. Amazon, Thrive Market). Customers will continue to purchase products because they will engage with the content and community. Eventually, we will grow into retail channels also (i.e. Wholefoods). ● Sell a safe and tasty shelf- evident and shelf-stable product ● Release new flavors regularly ● Build & manage relationships with retailers and consumers ● Be a cool brand ● Create a Topt community GET - googleAdWords, Instagram/ Facebook, collabs with other brands, “share with a friend” KEEP - new flavors, User Generated Content / community of users GROW - subscription option ● Food scientist capabilities ● Easy to use, eye catching packaging ● Beautiful website & social media with content ● Relationship with Amazon / other e-commerce ● Delivery & storage capabilities ● DTC: beautifully branded, easy to use website ● E-commerce ● Eventually Retail: Whole Foods, Bed Bath & Beyond, health stores ● Direct marketing, influencers, partnerships Week 7 Our primary costs are cost of ingredients, cost of packaging and [bottle], storage costs, shipping costs, advertising costs, and content costs. Customers will purchase Zest through our website, brand partnerships, partner retailers, e-commerce partners, and Foodservice channels.
  38. Vera, our amazing mentor. The Lean Launchpad teaching team & all of our LL peers for being Topt’s early evangelists. People we interviewed led us on this journey. Team Topt, for the hard work and commitment to each other. Topt thanks
  39. Come try Topt favorite flavors during the reception. www.toptfoods.com | @toptfoods
  40. Take a free sample of Topt! Try here!
  41. Hire a food scientist & conduct shelf stability test: next 2 months Partner with co-packer (with FDA approval): next 4 mo Design & produce beautiful shelf- evident bottle: next 2 months Partner with Amazon (ramp production & fulfillment): next 6 months Upcoming milestones Chapter 5: Topt tomorrow

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