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Wanderwell engr 245 lean launch pad stanford 2019

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

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Wanderwell engr 245 lean launch pad stanford 2019

  1. 126 total interviews Niche market type 1 Helping businesses turn queues into an asset Trusted travel planning through your network LineZoom Wanderwell Alex Weitzman Designer MS Computer Science & BS Symbolic Systems Daniel Levine Picker MBA & BS Computer Science Alexander Sappington Hustler MBA & BS Economics Aditya Khandelwal Hacker BS Computer Science Don Peppers Advisor
  2. 2 It started with travel broadly... Week: 0
  3. 3 And narrowed to airport lines... Week: 0 Airport lines are a pain ... Actually, all lines are a pain Actually, all lines are a pain Actually, all lines are a pain
  4. 4 In the beginning, we were LineZoom... Week: 1 A queue management platform that allows consumers to “virtually” stand in lines across all businesses Plus, a “fastpass” system allowing customers to pay more to wait in a shorter line
  5. In the beginning, we were LineZoom... 5Week: 1 Value Prop: Improve customer service & maximize revenue Customer Segment: Busy enterprises who have a wait time for their service.
  6. In the beginning, we were LineZoom... 6Week: 1 We reached out to 15 businesses: 1. 7 retail shops 2. 5 restaurants 3. 2 theme parks/arenas 4. 1 sports team (49ers)
  7. In the beginning, we were LineZoom... 7Week: 1 Value Prop: Convenience and saving time Customer Segment: People who want to wait in line virtually and/or pay for expedited lines
  8. The Switch Test 8Week: 2 $$$?
  9. In the beginning, we were LineZoom... 9Week: 2
  10. In the beginning, we were LineZoom... 10 Big Insight: No one really cared about lines “I never stand in lines” Week: 2
  11. In the beginning, we were LineZoom... 11 Big Insight: No one really cared, or at least didn’t realize frequency of the pain “I never stand in lines” Week: 2
  12. A bold but necessary decision: Restart 12Week: 2
  13. We dove into the travel planning space What we heard: Lack of trust in available online options Week: 3 Wanderwell Hyper-local
  14. Millennials prefer their friends’ recommendations 22 MBA1s, 24 undergrads Week: 3 If you only had time for one, which would you choose?
  15. Find inspiration 1 2 3 4 5 Got a good sense of the millennial’s travel planning process Week: 3
  16. Find inspiration Get recs from friends 1 2 3 4 5 Got a good sense of the millennial’s travel planning process Week: 3
  17. Find inspiration Get recs from friends Verify with review sites Build itinerary Book 1 2 3 4 5 Got a good sense of the millennial’s travel planning process Week: 3
  18. Find inspiration Get recs from friends Verify with review sites Build itinerary Book 1 2 3 4 5 Got a good sense of the millennial’s travel planning process Week: 3 Often manually done, unorganized, or skipped by travelers
  19. Finding recommendations is currently a manual, messy process Week: 3 Survey sent to 17 students 67.5% said asking for recommendations takes too much effort and time.
  20. Find inspiration Get recs from friends Verify with review sites Build itinerary Book 1 2 3 4 5 MVP #1: Aggregator site for GSB students’ travel recommendations Week: 3
  21. MVP #1: Aggregator site for GSB students’ travel recommendations Week: 4
  22. Week: 4 Drawbacks of MVP1: No incentive Emailed the MVP to 50 GSB students at random. 12/50 (24%) of recipients signed in, but 0 submitted recommendations
  23. Week: 4 How can we give an incentive? We looked to our survey data...
  24. Week: 4 How can we give an incentive? We looked to our survey data...
  25. MVP #2: A shareable itinerary Week: 5
  26. MVP #2: A shareable itinerary Week: 5 Stanford University: 10 people Columbia University: 10 people
  27. MVP #2: A powerful shot, but off target Week: 5
  28. MVP #2: A powerful shot, but off target Week: 5
  29. MVP #2: A powerful shot, but off target Week: 5
  30. MVP #2: A powerful shot, but off target Week: 5
  31. Wanderwell hits a new low Week: 6
  32. Wanderwell hits a new low No one wants this. Time to pivot. Week: 6
  33. Wanderwell hits a new low No one wants this. Time to pivot. Wellness travel? Week: 6
  34. Wanderwell hits a new low No one wants this. Time to pivot. Wellness travel? We are NOT doing another re-start!! Week: 6
  35. Wanderwell hits a new low No one wants this. Time to pivot. Wellness travel? We are NOT doing another re-start!! At least we’re not still doing lines... Week: 6
  36. Wanderwell hits a new low Why did I have to get stuck with these guys... Week: 6
  37. Then, two critical user interviews Week: 6
  38. Then, two critical user interviews Week: 6 “Look, your tool is cool, but I’m not going to send it out because I have no clue who to send it to.” GSB Student
  39. Then, two critical user interviews Week: 6 “Look, your tool is cool, but I’m not going to send it out because I have no clue who to send it to.” “Our list-serv is full of unorganized travel rec spam and we’ve been trying to fix it.” GSB Student Harvard alumna
  40. Then, two critical user interviews Week: 6 “Build us a solution and we’ll use it.” Harvard alumna
  41. Find friends who have been there 1 2a 3 4 5 Now knew we had to facilitate expertise discovery within networks Week: 7 2b 2 Find inspiration Verify with review sites Build itinerary Book Ask for recs from those people
  42. ● Travel bloggers & influencers ● Alumni travel office ● Travel agents / planners (to help with booking before we have capability) ● Airlines, hotels ● Online booking sites ● Experience operators who will pay an affiliate fee ● Investors Networks with active list- servs that include frequent travel recommendation requesting E.g., All-female college club or sorority alumni networks Females looking for safe, trusted recs abroad People who care about social trends Find where your friends have been Reduce friction in rec request, itinerary building, and booking processes by reducing frictions Make travel planning a more social experience Commissions for bookings, Pay for organized itineraries / guide while on the ground, Advertising ● Product development ● Customer acquisition: Source networks for initial launch, create virality ● Partner development Wanderwell Week [8] 43 Personal, exciting, intuitive, trustworthy, communal, visual, interactive, minimal, modern Web & Mobile app Network identification efforts Network launch parties Word of mouth ● Physical: office locations ● Software: Mobile app, REST API, booking platform, modern tech ● Human: software engineers, growth hackers / sales people, advisors & mentors ● IP: Travel-tech expertise Tech platform development and maintenance costs; Customer acquisition costs; Business development costs with partners; Employee payroll Value Propositions: Find out where your network has been and get recommendations Customer Segments: Members of active, trusted social networks
  43. Finally, some positive signs 44Week: 8Week: 8
  44. Finally, some positive signs Responses: 10 emails within 5 minutes 35 emails in first afternoon 71 emails received (25% of the network) 45Week: 8Week: 8
  45. Finally, some positive signs 46 “Great idea!” “So GSB of you ;) This looks cool!” “I LOVEEEEEE this idea yay” Week: 8Week: 8
  46. Potential partnerships emerge 47Week: 8 Partner: Hypothesis: Alumni group travel offices Reason: Additional users and also a supplemental revenue source for Wanderwell
  47. Potential partnerships emerge 48 “We know [the alumni] are talking - where they’ve been, where to go next - but we don’t have a way of tapping into that conversation to improve our offering.” “Your idea could be huge for our marketing department.” Week: 8
  48. MVP #3: Bringing it all together check it out: trywanderwell.com Week: 9
  49. MVP #3: Testing with the GSB network Week: 9
  50. MVP #3: Bringing it all together Week: 10 40new users 18asks for recommendations 31recommendations Additionally, we had 61 requests to connect
  51. MVP #4: Building on our learnings Week: 10 Next additions: ● Notifications when you receive a recommendation ● Likes, upvotes, and replies ● “News Feed” style updates
  52. Summary: What we are Week: 10 By showing you where your network has been, we help travelers easily obtain recommendations they trust. Once we have that core data, we can leverage it to build a full social travel solution.
  53. Find friends who have been there Find inspiration Ask for recs from those people Verify with review sites Build an itinerary Book where necessary 1 3 4 5 Current Wanderwell To compete in crowded space, must focus on trust-based, social aspect … 2a 2b
  54. Current Wanderwell Future Wanderwell … but eventually span the entire planning journey to make money Find friends who have been there Find inspiration Ask for recs from those people Verify with review sites Build an itinerary Book where necessary 1 3 4 52a 2b
  55. ● Travel bloggers & influencers ● Alumni travel office ● Travel agents / planners (to help with booking before we have capability) ● Online booking sites ● Hotels, restaurants ● Experience operators who will pay an affiliate fee ● Investors Networks with active list- servs that include frequent travel recommendation requesting E.g., All-female college club or sorority alumni networks Females looking for safe, trusted recs abroad People who care about social trends Find where your friends have been Reduce friction in rec request, itinerary building, and booking processes by reducing frictions Make travel planning a more social experience Commissions for bookings, Pay for organized itineraries / guide while on the ground, Advertising ● Product development ● Customer acquisition: Source networks for initial launch, create virality ● Partner development Wanderwell Week [8] 56 Personal, exciting, intuitive, trustworthy, communal, visual, interactive, minimal, modern Web & Mobile app Network identification efforts Network launch parties Word of mouth ● Physical: office locations ● Software: Mobile app, REST API, booking platform, modern tech ● Human: software engineers, growth hackers / sales people, advisors & mentors ● IP: Travel-tech expertise Tech platform development and maintenance costs; Customer acquisition costs; Business development costs with partners; Employee payroll Core Revenue Model: First Step: Affiliate fees from existing booking platform partners - Booking.com, Expedia, OpenTable End State: Booking done in-house - collect full commission from hotels, restaurants, & tour providers
  56. Revenue potential for Wanderwell 2025 Projections Users: 2.8M Revenue: $27M Earnings: $3M
  57. The future of Wanderwell - Plan to continue on in the spring quarter - Iterate on product and continue to gain traction within existing networks - Pitch investors for funding - Expand product development team - Accelerate acquisition of networks & partners
  58. Acknowledgements Thank you to all the professors, TAs, and other students in the class
  59. Acknowledgements And a special thank you to Donny Pep, our loving mentor
  60. Thank you!
  61. Appendix
  62. 3-year Operating Plan Q1 Q2 Q3 Q4 2019 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cashreserves 5M 10M 20M 30M Seed $1M Series A $6M Series B $15M OperationsSoftware development Lean Launch pad Hire 2 engineers Integrate trip planning / booking features Integration with Google, TripAdvisor, and planning sites Suggested trips, curated itineraries according to your preferences MVP tests Beta Launch at colleges with campus reps Replicate & Scale Scaling destinations covered & customer acquisitionAnalyze Results Recs from friends platform Out of network recs Partnerships with hotels, airlines, tour operators 64 18 Months Time to Profitability: Travel map and friends’ maps
  63. Market Size Total Addressable Market: $38B Total annual travel spend ($381B) * potential booking commission (10%) Served Available Market: $19B TAM * Proportion of spend on things other than transportation (50%) Target Market: $2.7B SAM * Proportion of travel spend from millennials (35%) * Proportion who would never use a travel agent (40%) Y1-Y3 Revenue: $100K, $1M, $5M Estimating average fee of $200/itinerary booked (10% of average non-flight expenses) * itineraries booked (1,000; 10,000; 50,000) Sources: US Travel, Deloitte, World Atlas, Statistica 65
  64. Competitor Leaf Diagram Wanderwell Hyper-local Travel Startups 66
  65. - Building a startup is HARD - It requires grit to keep moving forward even when things seem hopeless Learnings (Wanderings)
  66. - Building a startup is HARD - It requires grit to keep moving forward even when things seem hopeless - The founding team is critical - We spent more time with each other than anyone else - Chemistry kept us going through tough times Learnings (Wanderings)
  67. Learnings (Wanderings) - Keep things simple - Be able to explain your value proposition to customers in 5 words - Only once we simplified to the core did we start seeing enthusiasm
  68. Learnings (Wanderings) - Keep things simple - Be able to explain your value proposition to customers in 5 words - Only once we simplified to the core did we start seeing enthusiasm - Break assumptions into testable hypotheses - We were slow to do this, but critical for de-risking

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