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SIF Module 2


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SIF Module 2

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SIF Module 2

  1. 1. Module 2 Henrik Scheel Founder & CEO
  2. 2. Milestones (Sep – Feb) September: Validation of problem hypothesis and customer hypothesis October: Ideation + validation of value proposition and product idea November: MVP testing Dec - Jan: Refining business model, go-to market strategy, prepare pitch February: Deliver pitch and get feedback Feb – May Build company
  3. 3. Today’s goal: Update your idea based on what you’ve learned
  4. 4. • Acknowledge the Conflict (Conflict should be addressed immediately before it can grow.) • Stop and Cool Off • Clarify Positions (Get the whole story) • Make Compromise a Goal • Don’t Try to Change a Team Member • Be quick to forgive.
  5. 5. Customer Persona Describe the customer segment you are targeting Age group: Gender: Income level: Location: Personality characteristics: Frustrations/problems they are experiencing: Goals (what are you hoping to help them achieve): Market size (how many people in the U.S. match this description): How can you reach your customers:
  6. 6. Customer Persona Describe the customer segment you are targeting Age group: 25 - 50 Gender: All Income level: Mid to high income Location: Urban areas (top 50 cities in the U.S.), initial test market: San Francisco Personality characteristics: Smartphone user, understands apps and new technology Frustrations/problems they are experiencing: Concerned about losing their dog when they’re walking in the park Goals (what are you hoping to help them achieve): Peace of mind when taking the dog outside, always knowing where their dog is. Market size (how many people in the U.S. match this description): 60.2M households the U.S. own a dog # of dogs in the US: 90 million dogs Pet Care Market Size Worth $202.6 Billion By 2025 | CAGR: 4.9%, 69% of millennials are likely to use technology to keep track of their pets Percentage of mid/high level income families with dogs: 48% = 35M households How can you reach your customers: Social Media Marketing, Google Ads, Amazon featured product
  7. 7. Product idea Updated idea description Value proposition: Key Features: Show don’t tell (visual demonstration of your product and how it works).
  8. 8. Value proposition: Never risk losing your dog - Have peace of mind by know where your dog is located at all times. Key features: 1) Smart Collar (GPS) and smartphone app that locates your dog wherever it is, 2) Set an alarm if your dog leaves your home without you.
  9. 9. Role-play drawing Physical m ock-up Software demo Video DEMO/prototype
  10. 10. (simple and easy tool to design interactive (clickable), exportable prototypes) (rapid wire-framing tool that helps you work faster & smarter.) (slightly more advanced design tool) (making your visuals clickable)
  11. 11. Tasks Update your business model Update Customer persona and problem statement Update product description Run next round of interviews (solution interview) Do additional market analysis Create a visual representation of your idea (prototype/mockup)
  12. 12. “Whether you think you can, or you think you can’t - you’re right!” Henry Ford Henrik Scheel Good luck with your entrepreneurial journey! THANKS J