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Allocate Stanford 2016
The document outlines the development and testing of an AI-based solution for automatically tracking billable hours, addressing inefficiencies faced by professionals like consultants and lawyers. The team pivoted their focus from targeting employees to managers, revealing a greater interest in real-time reporting and efficiency gains. The findings from interviews and prototypes indicate a strong market fit, leading to plans for further funding and development of a refined product.
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Allocate Stanford 2016
- 1. # interviews this week: 0 JuhanaKangaspunta Ron Tidhar Erik Zahnlecker David Flatow # total interviews: 0 Machine Learning / Software Engineering Product / Strategy VC / Growth Equity AI / Data Science Tracking billing hours automatically Tracking billable hours is a frustrating, laborious, and inefficient process for the employee.
- 2. Using AI totrack billable hours automatically Providing managers with accurate, real-time insights for growing the bottom line. # interviews this week: 10 Juhana Kangaspunta Ron Tidhar Erik Zahnlecker David Flatow # total interviews: 100 Machine Learning / Software Engineering Product / Strategy VC / Growth Equity AI / Data Science
- 3. Team 3 Juhana Kangaspunta RonTidhar Erik Zahnlecker David Flatow Machine Learning / Software Engineering Product / Strategy VC / Growth Equity AI / Data Science Nick O'Connor Tom Bedecarre Founder of Launchpad Accelerate Fresh Stanford student (also co-founder of AKQA) Mentors Allocate
- 4. Day One 4 Initial idea: Trackingbilling hours automatically Tracking billable hours is a frustrating, laborious, and inefficient process for the employee. Market size
- 5. Week 1 BusinessModel Canvas 5
- 6. Key Original Hypotheses 6 ValueProposition Saving time by filling out time sheet is the biggest value proposition Customer Relationships We can GET enterprise customers via a ‘trojan horse’ strategy… Customer Segments Any professionals who bill clients by the hour (consultants, lawyers, PR agents, project managers, and accountants) all experience this frustration
- 7. So Here’s WhatWe Did… 7 • MVP (below), and tested hypotheses Send daily report Verified by customer Collect Customer Data (for a single day) Process manually In the building Out of the building 10 Interviews
- 8. Learning 1 -Customer Segment Focus 8 • Cluttered thinking - trying to boil the ocean Lawyers Accountants PR Consultants Freelancers Interior Des. Advertising • Narrowed our focus - PR and Advertising professionals 35 Interviews • Why? PR/Ad are underserved, creative, multi-taskers, who are younger, and more willing to adopt new technology PR Advertising
- 9. Further Ad. Validation- Market Size 9Source: LinkedIn, Ibis Employee Count US PR Firms Total: 4,901 2015 Revenue: $13.8B US Advertising/Marketing Firms Total: 46,098 2015 Revenue: $50.0B
- 10. Learning 1 -Business Model Canvas 10
- 11. Learning 1 -Business Model Canvas 11
- 12. Learning 2 -Customer Archetype 12 Position Junior / Mid Level Professional CEO / Management IT / CIO / CFO Age 22 - 30 30+ 30+ Value Proposition Time-saving, increase productivity, avoid manager emails asking for timesheets, less time on non-vital tasks Increase revenue, real-time decisions, accuracy, efficient resource allocation, forecasting Avoid shadow IT, adopt tech built with enterprise in mind, security Channel Organic, SEM, word of mouth Direct Sales Direct Sales 0 Interviews Jennie
- 13. Learning 2 -Customer Archetype 13 Position Junior / Mid Level Professional CEO / Management IT / CIO / CFO Age 22 - 30 30+ 30+ Value Proposition Time-saving, increase productivity, avoid manager emails asking for timesheets, less time on non-vital tasks Increase revenue, real-time decisions, accuracy, efficient resource allocation, forecasting Avoid shadow IT, adopt tech built with enterprise in mind, security Channel Organic, SEM, word of mouth Direct Sales Direct Sales 50 Interviews Jennie Anna Jennie’s Boss
- 14. Learning 2 -Customer Archetype 14 Position Junior / Mid Level Professional CEO / Management IT / CIO / CFO Age 22 - 30 30+ 30+ Value Proposition Time-saving, increase productivity, avoid manager emails asking for timesheets, less time on non-vital tasks Increase revenue, real-time decisions, accuracy, efficient resource allocation, forecasting Avoid shadow IT, adopt tech built with enterprise in mind, security Channel Organic, SEM, word of mouth Direct Sales Direct Sales Jennie Anna Jennie’s Boss Gaza The Gatekeeper 75 Interviews
- 15. What Didn't Work 15 Hypothesis OutcomeA nice to have for employees Tracking hours is tedious and time consuming Value Proposition $2 CPC with little conversions Market to users with AdWords and SEO Customer Relationships • Do employees really care about timesheets? Or are they top- down mandated tasks? • Do people even know an automatic, AI-based solution exists? Why?
- 16. Learning 3 -Employee to Manager Pivot 16 Hypothesis Managers at PR/Ad Agencies want Allocate to help them understand their business Experiments 1. Email/LinkedIn campaigns 2. A/B Prototype demos 3. Pilot proposals Change Pivot to sell to managers rather than employees. Surprisingly managers are the evangelist 1. Roughly 20% response rate 2. Very positive responses to dashboard 3. Eagerness to pilot Results 80 Interviews
- 17. Learning 3 -Business Model Canvas 17
- 18. Learning 3 -Business Model Canvas 18
- 19. Learning 3 -Strategy Implications 19 Channel Need enterprise sales team for direct sales Customer Relationships Email campaigns and demos allow us to GET managers at large agencies Value Proposition Managers need accurate and real-time reports about their organizations allow managers to make informed business decisions
- 20. Value Proposition Canvas- Junior Employee 20 • High output - reading, creation, coordination • Multitaskers - many clients • Tech-savvy - computer, smartphone • Communicators - in person, emails • Want to appear organised, efficient, valuable • Working on time-consuming, mundane activities • Manual, unchallenging, non-vital • Things that interrupt workflow and ability to multitask, deliver high volume output, etc. • Using AI to automatically track a person’s billable hours • Pre-filling of timesheets Time Saving Savings: • Time • Effort • Frustration • Reliability • Accuracy • Manager scepticism Time Saver
- 21. Value Proposition Canvas- Junior Employee 21 • High output - reading, creation, coordination • Multitaskers - many clients • Tech-savvy - computer, smartphone • Communicators - in person, emails • Want to appear organised, efficient, valuable • Working on time-consuming, mundane activities • Manual, unchallenging, non-vital • Things that interrupt workflow and ability to multitask, deliver high volume output, etc. • Using AI to automatically track a person’s billable hours • Pre-filling of timesheets Time Saving Savings: • Time • Effort • Frustration • Reliability • Accuracy • Manager scepticism Time Saver Doing good work, and satisfying their clients & managers
- 22. Value Proposition Canvas- Manager 22 • Tech-savvy - computer, smartphone • Communicators - in person, emails • Need to be organised • Staffing • Project Management, Budgets (burn rates), teams • Projections and forecasts • Lack of knowledge or insight into employee’s work and activities • Chasing up employees to fill out timesheets • Uncertainty with regards to employee utilisation • Budgetary constraints • Poor forecasts • Slow budgeting/staffing reaction times (month-by-month planning) • KPI metrics dashboard based on real-time, accurate data • Customisable, searchable dashboards • Simple, beautiful UI/UX • Staffing, budgeting, and forecasting dashboards • Information • Accuracy • Budgeting, Staffing, Projecting • Revenue, Efficiency • Bottom Line Savings: • Time • Effort • Frustration (chasing employees) • Reliability • Accuracy • Money Doing good work, and satisfying clients
- 23. Payment Flows 23 Employee Junior Account Exec PRFirm CFO/COO Client Marketing / Account Managers Weekly Reports $ 50K / year Daily Timesheet $ Retainer / Hourly Contract $ Salary Resource Mgmt
- 24. Market Map -Timekeeping 24 Market Leaders
- 25. Market Map -Resource Management 25
- 26. Where We EndedUp 26 Employee MVP Manager MVP Using AI to track billable hours automatically Providing managers with accurate, real-time insights for growing the bottom line
- 27. Investment Readiness 27 Idea We useAI to automatically populate time sheets and to provide accurate, real-time insights to managers Prototype Prototypes for different customer segments and archetypes. Product MVP has given validation that technology is feasible. Manager prototypes have allowed us to refine key features. Proven Product Market Fit Get 10+ paying, referenceable customers Have list of companies which are eager to start early access. Customer Trials
- 28. Meta-Learnings 28 • Interviews -“We have two ears, and one mouth - use them in the right proportions” • Teamwork - find some faces you’re willing to look at after 1am • Sales - know your customer segments so well that you can “wow” them by speaking their language • Sales pt. 2 - always bring baked goods to meetings
- 29. What’s Next? 29 • Seedfunding? • Y-Combinator application for Summer 2016 batch • Build high fidelity MVP with 80%+ automation • Pilot program
- 30. By the Numbers 30 NotesTaken (words) 39,080 (Animal Farm has 29,000) Slack Messages 3,800 Emails Written 1,292 Lines of code 1,125 Slides 199 Interviews 100 Launchpad (hours) 76 Prototypes 6
- 31. Special Thanks 31 •Teaching Staff •For encouragement, and being relentlessly direct •Jennie Chow & Monica Cho • Dozens of PR agents interviews, and brave early guinea pigs •Mark Zahnlecker • Directing, filming, and editing Lessons Learned •Our Mentors. Especially Tom Bedcarre, our adopted mentor • 9 mentor meetings • Came to almost all of our 3-hour long classes • 14 Intros to senior management at the best Ad/PR firms in SF • Including management at AKQA: CFO, CIO, Head of IT, Finance Director… •Our Interviewees, friends, families, and many more