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Spot pitch deck
- 1. SP TRediscover Your World
- 3. Young people don’t have a way to find cool places. THE PROBLEM Community interactionis missing leaving them feeling unconnected. Touristy suggestions aren’t unique and drive them away. Privacy and secrecy aren’t emphasized- they wantto be in on something.
- 4. A social platform that gives users access to a public map of interesting places found by other users. THE SOLUTION Purpose-driven balance between social media andlocation discovery SOCIAL AUTHENTIC EXCLUSIVE Content generated by users yields unique experiences Each spothas its own location-specific community andexclusive content
- 5. THE PRODUCT Link to Prototype: https://www.sp0t.app/prototype/
- 6. COMPETITIVE ANALYSIS Feed Map Feature Private Content Personalized Profile Community Specific Content Adding New Places to Map Google MapsSP T
- 7. COMPETITIVE ADVANTAGE User-Friendly Private Add toPublic Map Profile Save Money Design
- 8. Personal collection Usersroutinelyarchivetheirown personalexperiences through notes app,screenshots,and pictures PROOF OF CONCEPT Word of MouthandSocial Media Userslean on friendstore- discovertheir areasthrough Snapchatmaps, respondingtoInstagramstories, anddirectcontact
- 9. Option 1: Generate ad revenue through location-specific sponsored content. Option 3: Launch user/market research reveals a stronger monetization strategy. We hope to lean on Launch to help determine Spot's strongest monetization strategy. BUSINESS MODEL Option 2: license data to companies like Google andApple.
- 10. Location-basedsearch advertising Advertisers canpayto have their havetheirSpotsurfacewithtop surfacewithtopSpotsneara neara user'scurrentlocation. location. ADVERTISING EXAMPLES Sponsored Spotson citymap Businessescanbid fortheirevent tobethe sponsoredSpotonthe citymapfora day(designated by orangetarget). Non-disruptive, relevant ads minimize advertising's negative impact on user experience.
- 11. INITIAL COSTS Seed funding needed: $16,000 Engineering: $8000 + Initial marketing: $1500 Cost to MVP: $9500 + Upkeep : $2500 + New features: $2000 + Databasing: $500 + Additional marketing: $1500
- 12. j Year 1: A Chapel Hill + Carrboro beta launch will give us access to a tight-knit community and allow room to pivot. BETA LAUNCH Goal: reach a critical mass of users in Chapel Hill to build a self-sustaining Spot community. User acquisition: referral system, incentivize users to upload Spots, push notifications Targeted marketing: affinity group leaders, influencers, campus orgs, events and on- campus efforts (direct)
- 13. BETA LAUNCH FINANCIALS Seed Funding
- 14. EXPANSION: YEAR 2 – 3.5 Funding Round A Spot expands to 5 additional cities.
- 15. Funding Round B EXPANSION: YEAR 3.5 – 5 Spot expands to 20 cities and finds long-term viability.
- 16. ABOUT US
- 17. ENTREPRENEURIAL EXPERIENCE We've taken Vintage Blue from an Instagram business to a physical retailer that empowers artists and creatives.
- 19. THANK YOU
Editor's Notes
- Kenny: Last year over fall break, the two of us went hiking with some friends around Jordan Lake. Out of nowhere,, we stumbled upon a beautiful clearing with tree trunks to sit on, and watched the sunset there. It was surreal, like we had stepped into another world for a few minutes. As we explored the area more, we found a notebook inside one of the hollowed out trees. It was filled with letters, doodles, and poems all packed with meaning and authenticity. We felt connected to the people filling up these pages that had sat where we sat and experienced this same special spot. On the way home we kept thinking about all the other thousands of places like this out there that we may never experience because we didn’t how to find them. Stumbling upon that beach and that notebook was one in a million. We thought, “what if there were an app that took these experiences, archived them and also encouraged us to find more.”
- Tyler: Spot is a mobile app that unlocks the undiscovered world around you. We’ve created a social platform that gives users access to a public map of interesting places found by other users, and empowers anyone to add spots of their own. Each spot has its own community, and its own digital guest book of content that can be unlocked by going to the spot and checking in through GPS.
- You may ask yourself what’s missing from the travel market. On the surface, it may seem oversaturated when we already have social media and city guide apps. But our research tells us that things-to-do services are completely missing the mark with younger demographics. So far we’ve conducted over 100 interviews with people ages ranging 16-24, and this is what we’ve found. 80% of those interviewed said they actively searched for new places to eat, drink, spend time in nature, or sightsee. However, when we asked how they went about it finding these places, the results were remarkable. 24% said they used Google Maps 14% said they used TripAdvisor 7% said they used Yelp 6% said they used EventBrite 1% said they used Foursquare So why are these numbers so low? What are these services missing? We’ve identified 3 main reasons why younger demographics are not buying into the current travel market, and why there is a huge opportunity for Spot to fill this void. 1- The social aspect. Generation Z discovers their world socially and grew up connected to their friends. Right now the travel market is impersonal and offers little sense of community. 2- Authentic One of the paramount traits for this age group is individuality, so it makes sense that the touristy recommendations from travel services like TripAdvisor, Yelp, Foursquare, don’t interest this group. 3- Exclusive That feeling of being “in on something” is strikes a chord with the younger demographic. Right now there is no sense of secrecy, exclusivity, or privacy with any any city-guide or things to do apps.
- 1- Social Spot creates a purpose-driven space that bridges the gap between social media and discovery. 2- Allows our users to differentiate themselves from their peers 3- Spot allows users to archive and share their own experiences (privately or publicly) and discover new ones that connect them to the amazing communities that already exist there
- Link will guide you to the fully-developed Spot prototype that we showed in the presentation.
- Apps that people use to share places currently miss the mark in all the areas that spot focuses Traditional "things-to-do" apps aren't social and don't allow for users to truly archive and share experiences beyond reviews And social media services like Instagram are great places for sharing content, but it's not a purpose-driven space People can indirectly find places through Instagram (a friend takes a picture at a cool location), but it's almost impossible to find new places through a simple search.
- In areas of overlap with competitors, Spot separates itself because it’s extremely easy to use, Simply click on spots around you to see the best places to spend time in nature, eat, drink, or sightsee With Spot you have the ability to keep places you find private if you choose and to share those special places with anyone in particular You have the ability to add your spots to a public map, - Spot gives you the opportunity to be a creator of a special place, and a sense of ownership over it
- As we’ve researched Spot further , we’ve that people already implementing the idea in their daily life. From the survey data we’ve collected so far, we’ve found that 96% of those interviewed said find new experiences through word of mouth, and 79% said they ask their friends about pictures of cool places they posted on social media. Additionally, we’ve conducted more in-depth user interviews, and we’ve found a main method of archiving interesting experiences is making a note on your phone or taking pictures. Spot puts these methods of communication into one, beautiful space, solving a direct user need and marrying the desire to discover, archive, and share. And people are already starting to catch on. Over the course of the year we’ve been pitching spot to more and more people. As interest has grown, future users have started submitting spots that will be on the map when it comes time to launch, So far we’ve archived over 150 spots around the world from around 50 future users.
- Option 1: ad revenue We realize advertising is falling out of favor as a means of monetization 71% of millennials and Gen Z prefer personalized ads and 75% expect advertisements for free content (Nielsen study) Spot's platform could allow advertisers to reach users in a non-intrusive manner Business model: space for advertisers to directly reach their target markets Yelp charges local businesses 1000 times the average online advertising rate. This is because Yelp is a purpose-driven space; when users open Yelp, they're looking for somewhere to eat. Spot gives advertisers access to a similar, purpose-driven space Search advertising and location-based digital targeting Search ads: When a user searches for food or drinks, the first 2 results could be sponsored by businesses that pay to be there Location-based digital targeting: same thing as search ads except when a user searches for Spots in a given location, we can also surface sponsored results For both of these, we would have to have some sort of quality control-> cannot disrupt user experience too much Semi-exclusive events: you can only go to if you’ve been to certain Spots Places like Honeysuckle could use their Spot community to promote events Only people in that community would be able to go to events Sponsored Spots: we can give off the grid places a chance to advertise. These places want to seem lowkey and don’t want to aggressively promote Strike the balance and find an organic way to reach the audiences that they want to reach Option 2: Data licensing Companies like Foursquare make over 40% of their revenue off of data licensing to companies like Apple and Google, who use this data to improve their location services and location-specific applications Spot data will help fill the gaps in Google Maps and similar data-> where are people going when they’re not going to the most crowded places in a city? Spot has the answer Option 3: We'll get there Like many successful social apps, Spot's true value comes from its community. Spot will look to leverage Launch experience and expertise to find the best monetization strategy for Spot
- If Spot goes the advertising route: Special "goat yoga" event at Honeysuckle Tea House illustrates how advertisers could reach their audiences through location-based targeting. Location-based search advertising works similar to Yelp or Google Maps Sponsored Spots are a way of really getting the attention of users: most expensive advertising option (most impressions, high cost per impression) No more than 3 sponsored Spots in a given city: can't disrupt the user experience too much
- BETA LAUNCH: Chapel Hill: $16,000 ($9,500 initial startup costs) Engineering costs: $8,000 to get the app built and to get to an MVP $2,500 for the first year of upkeep and bug fixes (20% of initial development costs) $2,000 for new features and to get closer to our final designs Databasing costs: Firebase makes databasing relatively inexpensive. It’ll be about $500 for the first year Marketing costs: $3,000 ($1500 pre-launch)
- Critical mass = 100 daily users Targeted marketing: Digital: social media influencers (athletes, affinity group leaders), campus organizations we have access to (SHHO / VB / Carolina Thrift / Galore) Direct: Spot booth at events with UNC students, arts festivals, campus org meetings, fraternity/sorority chapter meetings, "pit sit" Adding advertisements for Chapel Hill business in year 1 is a real possibility We would certainly A/B test this and ensure that it doesn't disrupt user experience (metrics focused on drop-off and retention) User acquisition Referral system: leverage UNC community to get users signed up for the app. Potential giveaways and swag for users who reach a certain number of referrals. Incentives to post Spots Educate the user the first time they open the app so there's no confusion-> encourage them to get involved right away- unlock a public spot or 2 for them. Push notifications
- BETA LAUNCH: Chapel Hill: $16,000 ($9,500 initial startup costs) Search and location specific advertising: $9000 Yelp charges $600 per 1000 impressions Online average is $3 Assuming we can charge $10 per 1000 impressions Average 500 daily users in Chapel Hill/Carrboro- they see 6 search and location specific advertisements a day on average-> 3000 impressions $30/day-> $9000/year Spot exclusive events: $3250 We charge $.25 per person in the community. Average spot community is 50 people for businesses. 5 Spot events per week. $12.50 per event * 5 = $62.50 per week $3250 in revenue / year Sponsored Spots on the map: $9000 $50 per 1000 impressions -> everyone who opens the app in a 2 mile radius is going to see the ad this is high-intention, disruptive advertising 1 daily sponsored Spot, $25 a day to have a sponsored Spot in Chapel Hill/Carrboro (500 daily users) -> $9000/year Costs: $16,100 total Engineering costs: $8,000 to get the app built and to get to an MVP $2,600 for the first year of upkeep and bug fixes (20% method) $2,000 for new features and to get closer to our final designs Databasing costs: Firebase makes databasing relatively inexpensive. It’ll be about $500 for the first year Marketing costs: $3,000 for year 1, much more for expansion
- Expand to 5 additional cities: 2nd funding round ($260,000) heavy marketing in each city + Spot curators Add members to the team- development & marketing Revenues will outweigh costs again halfway through year 3 YEAR 2 - 3.5 REVENUE: $480,000 -> $90,000 profit Assuming it takes 6 months to get to a critical mass of users and to get advertisers on board $80,000/city -> 6 cities (include Chapel Hill/Carrboro) -> $480,000 revenue Search and location specific advertising: $22,000/city Assuming we can charge $10 per 1000 impressions Average 1000 daily users in each city after- they see 6 search and location specific advertisements a day on average-> 6000 impressions $60/day-> $18000/year Spot exclusive events: $13,000/city We charge $.25 per person in the community. Average spot community is 100 people for businesses. 10 Spot events per week. $250 per week $13000 in revenue / year Sponsored Spots on the map: $55,000/city $50 per 1000 impressions -> everyone who opens the app in a 2 mile radius is going to see the ad this is high-intention, disruptive advertising 3 daily sponsored Spots, $50 a day to have a sponsored Spot in cities (1000 daily users) -> $55,000/year YEAR 2 - 3.5 COSTS: $450,000 ($260,000 startup costs) Hiring Spot curators: $10,000/city: $50,000 Marketing efforts: $20,000/city: $100,000 Advertiser relations: $5,000/city: $30,000 Extra databasing and development: $15,000 Payroll: $255,000 ($110,000 immediate) 2 developers: $90,000 each ($60,000 yearly) 1 Marketing: $75,000 ($50,000 yearly)
- Really scale here: 20 city expansion Potential for utilizing AR and VR + accessibility Year 3.5 - 5 Revenue: $178,000/city x 20 cities = $3,560,000 in revenue + $445,000 (revenue from 5 original cities) ~ $4,000,000 Search and location specific advertising: $33,000/city Assuming we can charge $10 per 1000 impressions Average 1500 daily users in each city after- they see 6 search and location specific advertisements a day on average-> 9000 impressions $90/day-> $33000/year Spot exclusive events: $30,000/city We charge $.25 per person in the community. Average spot community is 150 people for businesses. 15 Spot events per week. $560 per week $30,000 in revenue / year Sponsored Spots on the map: $115,000/city $70 per 1000 impressions -> everyone who opens the app in a 2 mile radius is going to see the ad this is high-intention, disruptive advertising 3 daily sponsored Spots, $105 a day to have a sponsored Spot in cities (1500 daily users) -> $55,000/year YEAR 3.5 - 5: 20 City Expansion (14 new): $1,540,000 ($500,000 immediate) Marketing: $15,000/city: $300,000 -> Decrease due to Spot expanding from city-city via word of mouth Original cities marketing-> $5,000/city: $30,000 Advertiser relations: $10,000/city (includes old cities): $200,000 Extra databasing + SEO: $100,000 Misc. scaling costs: $100,000 Payroll: $810,000 ($170,000 immediate) 3 developers: $270,000 ($90,000 each) 1 designer: $75,000 1 marketer: $75,000 1 data analyst: $90,000 2 Advertising and sales: $150,000 Our salaries: $150,000
- vintageblueunc.com Instagram.com/vintageblueunc
- Galore will open
- While we have entrepreneurial experience, we’ve never made an app before. And that’s why were here. We’ve been working hard over the past year to get Spot where it is today, but we believe a partnership with Launch Chapel and getting involved with the Chapel Hill entrepreneurial scene could help us get across the finish line and spot in the app store next spring. Opportunity for Impact We believe that there is a huge opportunity in the travel market to engage young people by creating a purpose-driven space for social discovery. Generation Z spends over 4 hours a day looking on their phone, and we believe that spot can break us out of the pattern of endlessly scrolling through other people’s experiences. Spot’s mission is to create a mindful use of technology that empowers anyone to rediscover their world. And we would love the for Launch Chapel Hill to be a part of our journey.