An invited presentation to Harvard Business School (HBS) Class of 2012, Section C. Total time: 15 minutes. Describes work background and history, pivot to build a consumer product, development of happier.com and being part of the failure of the company. Note: Slides are only presented as illustrative of actual talk given.

1. From Boom to Bust – the happier.com story Andrew J. Rosenthal 28 March 2011

2. Context and Timeframe 2 2002-2006: working in psychology, with expert 2006: graduation + begin working w/investor group 2006-2007: B2B sales, licensing Few clients, going broke Stagnant, poor products 2008: Make case to pivot 2008: Develop consumer product

3. Summer 2008: Launch 3 happier.com: a personal trainer for your happiness Targeted audience: women who watch the Today Show

4. 4 Data-driven user feedback, machine learning

5. Focus on Learning 5 Over 100 exclusive videos blog.happier.com

6. Focus on Doing 6

7. happier.com — Growing quickly 7

8. Capital Table / Board Issues 30+ angel investors Foundations, individuals ~$200-300k investments (warrants) Smart money Investor alignment Incentive alignment Market timing Management skill-set Ethical leadership is a priori – no compromise 8

9. The Nasty Part 9 Fail quickly Learn from experience (TOM simulation) Attempt to replace board Zappos trip Super Angel VC Pitches Investors won’t fix Dec 2009-January 2010: Negotiating for transfer