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The Startup Owners Manual
             Steve Blank

        Stanford - School of Engineering
    U.C. Berkeley - Haas School Of Business
           www.steveblank.com
              Twitter: @sgblank
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This Talk is Based On
• Business Model Generation
• The Lean Startup
• Four Steps to the Epiphany
This Talk is Based On
• Business Model Generation
• The Lean Startup
• The Startup Owners Manual
Not all those who wander are lost

            Bilbo Baggins
The Search for a Path

     1602 - 1908
The Path to Business Execution

 But Startups are Not Smaller Versions
          of Larger Companies
From Atoms to Bits
The Startup Path

Search Versus Execution
What’s a Startup?
What’s a Business Model?
Value Proposition

What Are You Building and For Who?
Customer Segments

   Who Are They?
 Why Would They Buy?
Channels

How does your Product
  Get to Customers?
Customer Relationships

How do you Get, Keep and Grow Customers?
Revenue Streams
How do you Make Money?
Key Resources
What are your most important Assets?
Key Partners
Who are your Partners and Suppliers?
Key Activities
What’s Most Important for the Business?
Cost Structure
What are the Costs and Expenses
Turning Hypotheses Into Facts
The Four Steps – The Startup Path


       Customer Development
Customer Development

There Are No Facts Inside The Building,
       So Get the Heck Outside
Customer Development

Test the Problem, Then the Solution
Customer Development

 The Entrepreneurial Journey
Startup Owners Manual
Startup Owners Manual




National Science Foundation
Startup Owners Manual

• Yes there’s an E-Book version coming
• Free autographed copies - Sunday
  Startup America Salon E 1:30 -3pm
Examples from the Book
Examples from the Book
Customer Relationships
Customer Relationships
Web/Mobile Products– Get Customers




                                     © 2012 Steve Blank
Customer Relationships
Web/Mobile Products– Keep Customers




                                      © 2012 Steve Blank
Customer Relationships
Web/Mobile Products– Grow Customers




                                      © 2012 Steve Blank
Customer Relationships
Web/Mobile Products Get/Keep/Grow




                                    © 2012 Steve Blank
Customer Relationships
Physical & Web Mobile Are Different




                                      © 2012 Steve Blank
Customer Relationships
Physical & Web Mobile Are Different




                                      © 2012 Steve Blank
How Does This Really Work?

    Lean LaunchPad Class




  National Science Foundation
How Does This Really Work?

 8 Weeks from an Idea to a Business
Interviews: 252
Partner: 10
Survey: 76




                  Team Dynamo

                  Final Presentation
THE TEAM


          MeghGautam                       Al Hassan Hleileh
          MS&E MS                          MBA 2

           BTech in IT                     MA in POL
PICTURE                          PICTURE     ECON SOC H




          Hung Le                          ElikaMahdavi
          MS&E MS                          MS&E MS

           BS in EE/CS                     BS in Indus.Eng.
PICTURE                          PICTURE
TABLE OF CONTENTS


1. Overview of our idea evolution

2. Our journey from week 1 to week 8

3. Current Idea
      Archetype

      Product vision

      Partner

      Channel & Demand Creation

      Competitive Landscape

      Market Sizing

4. Lesson learned and what next
IDEA EVOLUTION THROUGH PIVOT




     1           2           3           4               5     6                  7     8

Travel       Social     Ex-pat      Safe         Travel inspiration -      Nudge to enrich life
booking      travel     travel      travel       Social platform that
portal for   planning   portal to   portal for   nudges people to
Middle                  Middle      US           inspire and enrich
Easterns                East        travelers    their life
                                    to M.E.




       Focus   Competition Market size Market                      Scalability
     Customer              Customer      size                      Market size
      Insights              Insights   Research
Interviews: 20




     1

Travel
booking
portal for
Middle
Easterns
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                                New
                                                                                                                                Remain
                                                                                                                                Remove




                  Middle East focused Travel booking portal

         Hotels    Middle East focused platform price
                           Product Development Lowest                             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
         Events (Festivals)      Relationship with       Convenient               Brand awareness/           Willing to explore
                   Offer a booking platform with group discounts and flash-sales
         Car rentals
         Promotion companies
                                 hotels; airlines; car
                                 rentals
                                                         Experiential UI
                                                         Social Validation
                                                                                  identification
                                                                                  Pilots                     Young and single
         Deal listings           Sourcing deals          Create a Community       Cross pollination          Divergent origins
         State Tourism           Acquisition, retain     Multiple options         Events (Parties!)          Social media savvy
                   Ramp up strategy through social conversations
         Travel agents           customers               Best Actionable deals
         Conventions (CES)                               Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
                   Preserve memories of travel through photo sharingand quotes
         (Study groups)
                                                                                                             Young families
                                                                                                             Best education for kids
                                                                                                             Cultural experience
                                                                                  Web and mail               Trendy destinations
                                                                                  Advertising
                                 Market understanding                             Social Media
                                 Best in class product                            Word of Mouth
                                 Relationship with                                Referrals
                                 partners                                         Customer call centers
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                                New
                                                                                                                                Remain
                                                                                                                                Remove




         Hotels                  Product Development     Lowest price             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
         Events (Festivals)      Relationship with       Convenient               Brand awareness/           Willing to explore
         Car rentals             hotels; airlines; car   Experiential UI          identification
         Promotion companies     rentals                 Social Validation        Pilots                     Young and single
         Deal listings           Sourcing deals          Create a Community       Cross pollination          Divergent origins
         State Tourism           Acquisition, retain     Multiple options         Events (Parties!)          Social media savvy
         Travel agents           customers               Best Actionable deals
         Conventions (CES)                               Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
         (Study groups)
                                                                                                             Young families
                                                                                                             Best education for kids
                                                                                                             Cultural experience
                                                                                  Web and mail               Trendy destinations
                                                                                  Advertising
                                 Market understanding                             Social Media
                                 Best in class product                            Word of Mouth
                                 Relationship with                                Referrals
                                 partners                                         Customer call centers
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                                New
                                                                                                                                Remain
                                                                                                                                Remove




         Hotels                  Product Development     Lowest price             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
         Events (Festivals)      Relationship with       Convenient               Brand awareness/           Willing to explore
         Car rentals             hotels; airlines; car   Experiential UI          identification
         Promotion companies     rentals                 Social Validation        Pilots                     Young and single
         Deal listings           Sourcing deals          Create a Community       Cross pollination          Divergent origins
         State Tourism           Acquisition, retain     Multiple options         Events (Parties!)          Social media savvy
         Travel agents           customers               Best Actionable deals
         Conventions (CES)                               Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
         (Study groups)
                                                                                                             Young families
                                                                                                             Best education for kids
                                                                                                             Cultural experience
                                         Lack of focus in value propositions
                                                                    Web and mail                             Trendy destinations
                                                                                  Advertising
                                 Market understanding                             Social Media
                                          Too broad a platform
                                 Best in class product                            Word of Mouth
                                 Relationship with                                Referrals
                                 partners                                         Customer call centers
                                          Too many value propositions
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                               New
                                                                                                                               Remain
                                                                                                                               Remove




         Hotels                  Product Development     Lowest price             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
         Events (Festivals)      Relationship with       Convenient               Brand awareness/           Willing to explore
         Car rentals             hotels; airlines; car   Experiential UI          identification
         Promotion companies     rentals                 Social Validation        Pilots                     Young and single
         Deal listings           Sourcing deals          Create a Community       Cross pollination          Divergent origins
         State Tourism           Acquisition, retain     Multiple options         Events (Parties!)          Social media savvy
         Travel agents
         Conventions (CES)
                                 customers                      Market sizing problem
                                                         Best Actionable deals
                                                         Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
         (Study groups)                                          The method we used was a top-down
                                                                  approach                  Young families
                                                                                            Best education for kids
                                                                                                             Cultural experience
                                                                 We didn’t use net numbers (gross)
                                                                                  Web and mail               Trendy destinations
                                                                                  Advertising
                                 Market understanding                             Social Media
                                 Best in class product
                                 Relationship with               The lesson here is that if we were to do it
                                                                                  Word of Mouth
                                                                                  Referrals
                                 partners                         again we would use bottom up / net figures
                                                                                  Customer call centers
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                                New
                                                                                                                                Remain
                                                                                                                                Remove




                                                            Lack of focus in
                                                            customer segments
         Hotels                  Product Development     Lowest price             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
         Events (Festivals)      Relationship with          We were not focused on a
                                                         Convenient               Brand awareness/           Willing to explore
         Car rentals             hotels; airlines; car      specific customer segment
                                                         Experiential UI          identification
         Promotion companies     rentals                 Social Validation        Pilots                     Young and single
         Deal listings           Sourcing deals             – too broad.
                                                         Create a Community       Cross pollination          Divergent origins
         State Tourism           Acquisition, retain     Multiple options         Events (Parties!)          Social media savvy
         Travel agents           customers               Best Actionable deals
         Conventions (CES)                                  Our interview base was
                                                         Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
         (Study groups)                                     biased towards our network
                                                            – needed a better sample.                        Young families
                                                                                                             Best education for kids
                                                                                                             Cultural experience
                                                                                  Web and mail               Trendy destinations
                                                                                  Advertising
                                 Market understanding                             Social Media
                                 Best in class product                            Word of Mouth
                                 Relationship with                                Referrals
                                 partners                                         Customer call centers
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
WEEK 1 – MAKE MY DREAM
Week 1
                                                                                                                                New
                                                                                                                                Remain
                                                                                                                                Remove




         Hotels                  Product Development     Lowest price             Trusted relationships      Young and the affluent
         Airlines                A/B testing             Best inventory           Successful partnerships    High disposable incomes
                   Key learning
         Events (Festivals)      Relationship with       Convenient               Brand awareness/           Willing to explore
         Car rentals             hotels; airlines; car   Experiential UI          identification
         Promotion companies     rentals                 Social Validation        Pilots                     Young and single
                    Focus is crucial – be it in your value proposition or in your customer
         Deal listings
         State Tourism
                                 Sourcing deals
                                 Acquisition, retain
                                                         Create a Community
                                                         Multiple options
                                                                                  Cross pollination
                                                                                  Events (Parties!)
                                                                                                             Divergent origins
                                                                                                             Social media savvy
                     segmentation
         Travel agents           customers               Best Actionable deals
         Conventions (CES)                               Relevant locations                                  Young couples
         Business Schools                                                                                    Trendsetting behavior
                    Market sizing – Use bottom up whenever possible
         (Study groups)
                                                                                                             Young families
                                                                                                             Best education for kids
                    Get out of the building – in spirit and in action. Avoid bias                           Cultural experience
                                                                                                             Trendy destinations
                                                                                  Web and mail
                                                                                  Advertising
                                 Market understanding                             Social Media
                                 Best in class product                            Word of Mouth
                                 Relationship with                                Referrals
                                 partners                                         Customer call centers
                                 Human Capital                                    Magazines




                   Human Capital                                                 Percentage of booking costs
                   Product Development                                           Percentage of hotel/package (s)
                   Advertising costs                                             Advertising revenues
                   Maintaining relationships                                     Event of the month
                   Refunds                                                       Exclusive partnership with events
Interviews: 20




     1           2

Travel       Social
booking      travel
portal for   planning
Middle
Easterns




     Customer
      focus
WEEK 2 – SOCIAL TRIP PLANNING
Week 2
                                                                                                                                     New
                                                                                                                                     Remain
                                                                                                                                     Remove




                                 Pivot to social travel planning for group traveling

         Social Networks         Through Acquisition
                                  Customer our mentors, we really dug into our customers insights
                                                     Easy and pleasurable Trusted relationships Young and the affluent
         Travel Publications       Customer Retention      trip planning            Successful partnerships       High disposable incomes
                                   Product Dev             Best inventory           Events (Parties!)             Willing to explore
         Hotels                   They were telling us that they didn’t just want to go to the
                                   Relationship with key
         Business Schools          partners         Convenient           Brand awareness/    Young and single
         Travel agents
                                   middle east
                                   Sourcing deals   Experiential UI      identification      Divergent origins
         Airlines                                          Lowest price             Pilots                        Social media savvy
         Events                                            Multiple options         Cross pollination
         Deal listings            They wanted a seamless, social and enjoyable travel
                                                           Best Actionable deals                                  Young couples

         Car rentals
                                   experience from A-Z     Relevant locations
                                                           Create a Community
                                                                                                                  Trendsetting behavior

         Promotion companies                               Social Validation                                      Young families
         State Tourism
         Conventions (CES)
                                  We pivoted to The Middle Easts travel booking portal with a                    Best education for kids
                                                                                                                  Cultural experience
                                   ramp up focused on influential who want easy and
                                                                      Word of Mouth                               Trendy destinations
                                                                      Social Media
                                  Market understandingtrip planning
                                   pleasurable
                                   Human Capital                                    Web and mail
                                   Relationship with                                Advertising
                                   partners                                         Referrals
                                                                                    Customer call centers
                                   Best in class product                            Magazines



                     Human Capital                                                 Percentage of booking costs
                     Product Development
                     Advertising costs                                             Percentage of hotel/package (s)
                     Maintaining relationships                                     Advertising revenues
                     Refunds                                                       Event of the month
                                                                                   Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING
Week 2
                                                                                                                                     New
                                                                                                                                     Remain
                                                                                                                                     Remove




         Social Networks           Customer Acquisition    Easy and pleasurable     Trusted relationships         Young and the affluent
         Travel Publications       Customer Retention      trip planning            Successful partnerships       High disposable incomes
                                   Product Dev             Best inventory           Events (Parties!)             Willing to explore
         Hotels                    Relationship with key
         Business Schools          partners                Convenient               Brand awareness/              Young and single
         Travel agents             Sourcing deals          Experiential UI          identification                Divergent origins
         Airlines                                          Lowest price             Pilots                        Social media savvy
         Events                                            Multiple options         Cross pollination
         Deal listings                                     Best Actionable deals                                  Young couples
                                                           Relevant locations                                     Trendsetting behavior
         Car rentals                                       Create a Community
         Promotion companies                               Social Validation                                      Young families
         State Tourism                                                                                            Best education for kids
         Conventions (CES)                                                                                        Cultural experience
                                                                                    Word of Mouth                 Trendy destinations
                                                                                    Social Media
                                   Market understanding
                                   Human Capital                                    Web and mail
                                   Relationship with                                Advertising
                                   partners                                         Referrals
                                                                                    Customer call centers
                                   Best in class product                            Magazines



                     Human Capital                                                 Percentage of booking costs
                     Product Development
                     Advertising costs                                             Percentage of hotel/package (s)
                     Maintaining relationships                                     Advertising revenues
                     Refunds                                                       Event of the month
                                                                                   Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING
Week 2
                                                                                                                                      New
                                                                                                                                      Remain
                                                                                                                                      Remove




         Social Networks            Customer Acquisition    Easy and pleasurable     Trusted relationships         Young and the affluent
         Travel Publications        Customer Retention      trip planning            Successful partnerships       High disposable incomes
                                    Product Dev             Best inventory           Events (Parties!)             Willing to explore
         Hotels                     Relationship with key
         Business Schools           partners                Convenient               Brand awareness/              Young and single
         Travel agents              Sourcing deals          Experiential UI          identification                Divergent origins
         Airlines                                           Lowest price             Pilots                        Social media savvy
         Events                                             Multiple options         Cross pollination
         Deal listings                                      Best Actionable deals                                  Young couples
                                                            Relevant locations                                     Trendsetting behavior
         Car rentals                                        Create a Community
         Promotion companies                                Social Validation                                      Young families
         State Tourism                                                                                             Best education for kids
         Conventions (CES)                                                                                         Cultural experience
                                                                                                                   Trendy destinations



                                                                                     Word of Mouth
                                                                                     Social Media
                                    Market understanding
                                    Human Capital                                    Web and mail
                                    Relationship with                                Advertising
                                    partners                                         Referrals
                                                                                     Customer call centers
                                    Best in class product                            Magazines
                     Human Capital                                                  Percentage of booking costs
                     Product Development
                     Advertising costs                                              Percentage of hotel/package (s)
                     Maintaining relationships                                      Advertising revenues
                     Refunds                                                        Event of the month
                                                                                    Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING
Week 2
                                                                                                                                     New
                                                                                                                                     Remain
                                                                                                                                     Remove




         Social Networks           Customer Acquisition    Easy and pleasurable     Trusted relationships         Young and the affluent
         Travel Publications       Customer Retention      trip planning            Successful partnerships       High disposable incomes
                     What was the problem?
                                   Product Dev             Best inventory           Events (Parties!)             Willing to explore
         Hotels                    Relationship with key
         Business Schools          partners                Convenient               Brand awareness/              Young and single
         Travel agents             Sourcing deals          Experiential UI          identification                Divergent origins
         Airlines
                     When research for potential partners, we learned of several existing
                                                           Lowest price             Pilots                        Social media savvy
         Events      competitors with similar product      Multiple options         Cross pollination
         Deal listings                                     Best Actionable deals                                  Young couples
                                                           Relevant locations                                     Trendsetting behavior
         Car rentals  crowded                             Create a Community
         Promotion companies                               Social Validation                                      Young families
         State Tourism                                                                                            Best education for kids
                      hypercompetitive
         Conventions (CES)                                                                                        Cultural experience
                                                                                                                  Trendy destinations
                                                                                    Word of Mouth
                                                                                    Social Media
                                   Market understanding
                                   Human Capital                                    Web and mail
                                   Relationship with                                Advertising
                                   partners                                         Referrals
                                                                                    Customer call centers
                                   Best in class product                            Magazines



                     Human Capital                                                 Percentage of booking costs
                     Product Development
                     Advertising costs                                             Percentage of hotel/package (s)
                     Maintaining relationships                                     Advertising revenues
                     Refunds                                                       Event of the month
                                                                                   Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING
Week 2
                                                                                                                                     New
                                                                                                                                     Remain
                                                                                                                                     Remove




         Social Networks           Customer Acquisition    Easy and pleasurable     Trusted relationships         Young and the affluent
         Travel Publications       Customer Retention      trip planning            Successful partnerships       High disposable incomes
                     Key learning  Product Dev             Best inventory           Events (Parties!)             Willing to explore
         Hotels                    Relationship with key
         Business Schools          partners                Convenient               Brand awareness/              Young and single

         Airlines
                      We should have looked at the competitive landscape earlier
         Travel agents             Sourcing deals          Experiential UI
                                                           Lowest price
                                                                                    identification
                                                                                    Pilots
                                                                                                                  Divergent origins
                                                                                                                  Social media savvy
         Events                                            Multiple options         Cross pollination
         Deal listings                                     Best Actionable deals                                  Young couples
                      We should have spoken to industry / domain experts earlier
                                                           Relevant locations                                     Trendsetting behavior
         Car rentals                                       Create a Community
         Promotion companies                               Social Validation                                      Young families
         State Tourism                                                                                            Best education for kids
         Conventions (CES)                                                                                        Cultural experience
                                                                                    Word of Mouth                 Trendy destinations
                                                                                    Social Media
                                   Market understanding
                                   Human Capital                                    Web and mail
                                   Relationship with                                Advertising
                                   partners                                         Referrals
                                                                                    Customer call centers
                                   Best in class product                            Magazines



                     Human Capital                                                 Percentage of booking costs
                     Product Development
                     Advertising costs                                             Percentage of hotel/package (s)
                     Maintaining relationships                                     Advertising revenues
                     Refunds                                                       Event of the month
                                                                                   Exclusive partnership with events
Interviews: 64




     1           2             3

Travel       Social     Ex-pat
booking      travel     travel
portal for   planning   portal to
Middle                  Middle
Easterns                East




                 Competition
WEEK 3 – EX-PAT TRAVELING
Week 3
                                                                                                                         New
                                                                                                                         Remain
                                                                                                                         Remove




                Pivot to Ex-pat Community Travel Portal

                We pivoted back to the original idea knowhow and on Trustedcustomer segment the affluent
         Social Networks    Customer Acquisition Local with focus   one relationships  Young and
         Hotels                        Customer Retention      content    Successful partnerships      High disposable incomes
         Business Schools              Product Dev                                                     Willing to explore
                  A travel planner for Ex-Pat Easy and pleasurable
         Travel agents                         studentswho frequently (Parties!) Middle-East &
                                       Relationship with key        Events visit the
                                       partnerstrip planning                         Young and single
                     other major cities.
         Travel Publications           Sourcing deals
                                               Best inventory                        Divergent origins
         Airlines                                                                                      Social media savvy
         Events
                 We want to capture & publish their travel experience.
         Deal listings                                                                                 Young couples
                                                                                                       Trendsetting behavior




                                                                          Word of Mouth
                                                                          Social Media
                                       Market understanding
                                       Human Capital
                                       Relationship with
                                       partners




                         Human Capital                                   Percentage of booking costs
                         Product Development
                         Advertising costs
                         Maintaining relationships
                         Refunds
WEEK 3 – EX-PAT TRAVELING
Week 3
                                                                                                                                  New
                                                                                                                                  Remain
                                                                                                                                  Remove




         Social Networks           Customer Acquisition    Local knowhow and       Trusted relationships        Young and the affluent
         Hotels                    Customer Retention      content                 Successful partnerships      High disposable incomes
         Business Schools          Product Dev                                                                  Willing to explore
         Travel agents             Relationship with key   Easy and pleasurable    Events (Parties!)
                                   partners                trip planning                                        Young and single
         Travel Publications       Sourcing deals          Best inventory                                       Divergent origins
         Airlines                                                                                               Social media savvy
         Events
         Deal listings                                                                                          Young couples
                                                                                                                Trendsetting behavior




                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 3 – EX-PAT TRAVELING
Week 3
                                                                                                                                  New
                                                                                                                                  Remain
                                                                                                                                  Remove




         Social Networks           Customer Acquisition    Local knowhow and       Trusted relationships        Young and the affluent
         Hotels                    Customer Retention      content                 Successful partnerships      High disposable incomes
                     What was the problem?
         Business Schools          Product Dev                                                                  Willing to explore
         Travel agents             Relationship with key   Easy and pleasurable    Events (Parties!)
                                   partners                trip planning                                        Young and single
         Travel Publications       Sourcing deals          Best inventory                                       Divergent origins
         Airlines
                     We interviewed 64 people and found:                                                        Social media savvy
         Events
         Deal listings                                                                                          Young couples
                      The market was too small                                                                 Trendsetting behavior


                      There is little homogeneity in customer needs
                                                                                   Word of Mouth
                      Too low frequency of travel to justify target Social Media
                                                                     market
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 3 – EX-PAT TRAVELING
Week 3
                                                                                                                                  New
                                                                                                                                  Remain
                                                                                                                                  Remove




         Social Networks           Customer Acquisition    Local knowhow and       Trusted relationships        Young and the affluent
         Hotels                    Customer Retention      content                 Successful partnerships      High disposable incomes
                     Key learning
         Business Schools          Product Dev                                                                  Willing to explore
         Travel agents             Relationship with key   Easy and pleasurable    Events (Parties!)
                                   partners                trip planning                                        Young and single

         Airlines
                      Market sizing is crucial
         Travel Publications       Sourcing deals          Best inventory                                       Divergent origins
                                                                                                                Social media savvy
         Events
         Deal listings                                                                                          Young couples
                                                                                                                Trendsetting behavior




                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
Interviews: 33
                        Survey: 46




     1           2           3            4

Travel       Social     Ex-pat       Safe
booking      travel     travel       travel
portal for   planning   portal to    portal for
Middle                  Middle       US
Easterns                East         travelers
                                     to M.E.




                                 Market
                                  size
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                              New
                                                                                                                              Remain
                                                                                                                              Remove




                                Pivot to US Traveler Portal to Middle East

         Social Networks        We expanded our market proposition US
                                   Customer Acquisition Safety to entire        Trusted relationships        Young and the affluent
         Alumni Associations
         Hotels
                                travel market
                                   Customer Retention
                                   Product Development
                                                        Localknowhowandconte
                                                        nt
                                                                                Successful partnerships      High disposable incomes
                                                                                                             Willing to explore
         Business Schools          Relationship with key   Community/Group
         Travel agents
                                 Platform to facilitate Americans to
                                   partners
                                   Sourcing deals
                                                           Travel                                            -MBA Students

         Travel Publications      travel to the Middle-East pleasurable
                                                      Easy and
         Airlines                                          trip planning
         Events                                            Best inventory
         Deal listings




                                                                                Word of Mouth
                                                                                Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                             Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                                 New
                                                                                                                                 Remain
                                                                                                                                 Remove




                               Young affluent market

         Social Networks           Customer Acquisition    We surveyed 46 people and
                                                            Safety proposition   Trusted relationships          MBA Students
         Alumni Associations       Customer Retention       Localknowhowandconte Successful partnerships
         Hotels                    Product Development     interview 33 more
                                                            nt                                                  Young and the affluent
         Business Schools          Relationship with key    Community/Group                                     High disposable incomes
         Travel agents             partners                 Travel                                              Willing to explore
                                   Sourcing deals           Young & Affluent Americans
         Travel Publications                                Easy and pleasurable
         Airlines                                           trip traveling to the Middle East
                                                                 planning
         Events                                                  need local insight.
                                                            Best inventory
         Deal listings

                                                            We’ll be the trusted
                                                             source!
                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                                 New
                                                                                                                                 Remain
                                                                                                                                 Remove




         Social Networks           Customer Acquisition    Safety proposition      Trusted relationships        Young and the affluent
         Alumni Associations       Customer Retention      Localknowhowandconte    Successful partnerships      High disposable incomes
         Hotels                    Product Development     nt                                                   Willing to explore
         Business Schools          Relationship with key   Community/Group
         Travel agents             partners                Travel                                               -MBA Students
                                   Sourcing deals
         Travel Publications                               Easy and pleasurable
         Airlines                                          trip planning
         Events                                            Best inventory
         Deal listings




                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                                   New
                                                                                                                                   Remain
                                                                                                                                   Remove




                Launched website with full basic booking functionalities
         Social Networks            Customer Acquisition     Safety proposition      Trusted relationships        MBA Students
         Alumni Associations        Customer Retention       Localknowhowandconte    Successful partnerships
         Hotels Ebtism.com went liveProduct Development      nt                                                   Young and the affluent
         Business Schools           Relationship with key    Community/Group                                      High disposable incomes
         Travel agents              partners                 Travel                                               Willing to explore
                 Full basic functionalities (login, browse deals and book trips)
                                    Sourcing deals
         Travel Publications                                 Easy and pleasurable
         Airlines                                            trip planning
         Events  4 sourced deals from agencies              Best inventory
         Deal listings

                 42 GSB students booked

                                                                                     Word of Mouth
                                                                                     Social Media
                                    Market understanding
                                    Human Capital
                                    Relationship with
                                    partners




                     Human Capital                                                  Percentage of booking costs
                     Product Development
                     Advertising costs                                      Deals selection
                    Exclusive login              Value proposition                                    Ability to book trips
                     Maintaining relationships                              (real sourcing)
                     Refunds
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                                 New
                                                                                                                                 Remain
                                                                                                                                 Remove




         Social Networks           Customer Acquisition    Safety proposition      Trusted relationships        MBA Students
         Alumni Associations       Customer Retention      Localknowhowandconte    Successful partnerships
         Hotels      What was the problem?
                                   Product Development     nt                                                   Young and the affluent
         Business Schools          Relationship with key   Community/Group                                      High disposable incomes
         Travel agents             partners                Travel                                               Willing to explore
                                   Sourcing deals
                     We spoke to Christos Stergiou, and pleasurable truegreece.com (Greece
         Travel Publications                    Easy
                                                       founder of
         Airlines    Analogue)                  trip planning
         Events                                            Best inventory
         Deal listings
                      10 years of development

                      $5M idea
                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
WEEK 4 – US TRAVEL TO Middle East
Week 4
                                                                                                                                 New
                                                                                                                                 Remain
                                                                                                                                 Remove




         Social Networks           Customer Acquisition    Safety proposition      Trusted relationships        MBA Students
         Alumni Associations       Customer Retention      Localknowhowandconte    Successful partnerships
         Hotels      Key learning  Product Development     nt                                                   Young and the affluent
         Business Schools          Relationship with key   Community/Group                                      High disposable incomes
         Travel agents             partners                Travel                                               Willing to explore
                                   Sourcing deals
                     Market size need to be VENTURE SCALE
         Travel Publications                    Easy and pleasurable
         Airlines                                          trip planning
         Events                                            Best inventory
                     We want to DISRUPT the Travel Space.
         Deal listings


                     Let’s Re-think the Entire Idea!
                                                                                   Word of Mouth
                                                                                   Social Media
                                   Market understanding
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                Percentage of booking costs
                     Product Development
                     Advertising costs
                     Maintaining relationships
                     Refunds
Interviews: 17
                                    Survey: 10




     1           2           3           4            5

Travel       Social     Ex-pat      Safe         Social
booking      travel     travel      travel       platform
portal for   planning   portal to   portal for   that
Middle                  Middle      US           nudges
Easterns                East        travelers    people to
                                    to M.E.      travel




                                             Market
                                              size
WEEK 5 – TRAVEL NUDGE
Week 5
                                                                                                                Paying partner side
                                                                                                                End-user side
                                                                                                                Remove




                               Pivot to travel inspiration

         Social Networks       We pivot to a brand new market
                                Customer Acquisition Enrichment (Travel)     Trusted relationships        Online travelers
         Travel Websites          Customer Retention      Leads              Successful partnerships      Travel Websites
                                  Product Development
         Alumni Associations    Inspire people to travelproposition
                                                    Safety more
                                  Relationship with key                                                   MBA Students
         Travel agents            partners          Local knowhow and
         Business Schools
                                 through recommendation
                                                    content                                               Young and the affluent
         Hotels                   Sourcing deals          Community/Group                                 High disposable incomes
                                                          Travel                                          Willing to explore
                                Relevant based on social graph
                                 and travel history


                                                                             Word of Mouth
                                                                             Social Media
                                  User data
                                  Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                           Leads
                    Product Development                                     Advertising
                    Advertising costs
                    Maintaining relationships                               Percentage of booking costs

                    Refunds
WEEK 5 – TRAVEL NUDGE
Week 5
                                                                                                                    Paying partner side
                                                                                                                    End-user side
                                                                                                                    Remove




                    Inception of Nudge by looking at the competitive landscape
         Social Networks          Customer Acquisition    Enrichment (Travel)    Trusted relationships        Online travelers
         Travel Websites          Customer Retention      Leads                  Successful partnerships      Travel Websites
                                  Product Development
         Alumni Associations      Relationship with key   Safety proposition                                  MBA Students
         Travel agents            partners                Local knowhow and
         Business Schools                                 content                                             Young and the affluent
         Hotels                   Sourcing deals          Community/Group                                     High disposable incomes
                                                          Travel                                              Willing to explore




                                                              Revised
                                                               later             Word of Mouth
                                                                                 Social Media
                                  User data
                                  Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                               Leads
                    Product Development                                         Advertising
                    Advertising costs
                    Maintaining relationships                                   Percentage of booking costs

                    Refunds
WEEK 5 – TRAVEL NUDGE
Week 5
                                                                                                                    Paying partner side
                                                                                                                    End-user side
                                                                                                                    Remove




         Social Networks          Customer Acquisition    Enrichment (Travel)    Trusted relationships        Online travelers
         Travel Websites          Customer Retention      Leads                  Successful partnerships      Travel Websites
                                  Product Development
         Alumni Associations      Relationship with key   Safety proposition                                  MBA Students
         Travel agents            partners                Local knowhow and
         Business Schools                                 content                                             Young and the affluent
         Hotels                   Sourcing deals          Community/Group                                     High disposable incomes
                                                          Travel                                              Willing to explore




                                                                                 Word of Mouth
                                                                                 Social Media
                                  User data
                                  Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                               Leads
                    Product Development                                         Advertising
                    Advertising costs
                    Maintaining relationships                                   Percentage of booking costs

                    Refunds
WEEK 5 – TRAVEL NUDGE
Week 5
                                                                                                                      Paying partner side
                                                                                                                      End-user side
                                                                                                                      Remove




                               Sizeable potential market

         Social Networks          Customer Acquisition  Enrichment (Travel)        Trusted relationships        Online travelers
         Travel Websites          Customer Retention    Leads                 Bottom-up estimation
                                                                                  Successful partnerships       Travel Websites
                                  Product Development
         Alumni Associations               TAM = $900MSafety proposition
                                  Relationship with key                                                         MBA Students
         Travel agents
         Business Schools
                                  partners              Local knowhow and
                                                        content
                                                                               Market = population x nudgethe affluent
                                                                                                    Young and
         Hotels                   Sourcing deals        Community/Group         frequency x CTR x CPCdisposable incomes
                                                                                                    High
                                                        Travel                                                  Willing to explore
                                            SAM = $373M
                                                                               With leads revenue sharing model,
                                                                                TAM is based on assumptions of
                                                                                nudges frequency and conversion
                                           SOM = $267M
                                                                                   Word of Mouth

                                  User data
                                                                               Target market is justifiable with an
                                                                                   Social Media

                                  Human Capital                                 annual revenue of $267 million with
                                  Relationship with
                                  partners                                      31% market penetration



                    Human Capital                                                 Leads
                    Product Development                                           Advertising
                    Advertising costs
                    Maintaining relationships                                     Percentage of booking costs

                    Refunds
WEEK 5 – TRAVEL NUDGE
Week 5
                                                                                                                    Paying partner side
                                                                                                                    End-user side
                                                                                                                    Remove




                    Mock up of the product for customer interview
         Social Networks          Customer Acquisition    Enrichment (Travel)    Trusted relationships        Online travelers
         Travel Websites          Customer Retention      Leads                  Successful partnerships      Travel Websites
                                  Product Development
         Alumni Associations      Relationship with key   Safety proposition                                  MBA Students
         Travel agents            partners                Local knowhow and
         Business Schools                                 content                                             Young and the affluent
         Hotels                   Sourcing deals          Community/Group                                     High disposable incomes
                                                          Travel                                              Willing to explore




                                                                                 Word of Mouth
                                                                                 Social Media
                                  User data
                                  Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                               Leads
                    Product Development                                         Advertising
                    Advertising costs
                    Maintaining relationships                                   Percentage of booking costs

                    Refunds
Interviews: 52 + 3 partners




     1           2           3           4               5     6

Travel       Social     Ex-pat      Safe         Travel inspiration -
booking      travel     travel      travel       Social platform that
portal for   planning   portal to   portal for   nudges people to
Middle                  Middle      US           inspire and enrich
Easterns                East        travelers    their life
                                    to M.E.
WEEK 6 – TRAVEL NUDGE
Week 6
                                                                                                                  Paying partner side
                                                                                                                  End-user side
                                                                                                                  Remove




         Social Networks          Customer Acquisition    Enrichment (Travel)     Trusted relationships     Online travelers
         Travel Websites          Customer Retention      Customer Acquisition    Successful partnerships   Travel Websites
                                  Product Development
                                  Relationship with key   Leads
                                  partners




                                                                                  Word of Mouth
                                                                                  Social Media
                                  User data
                                  Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                                Cost per acquisition
                    Product Development
                    Advertising costs                                            Leads
                    Maintaining relationships                                    Advertising
WEEK 6 – TRAVEL NUDGE
Week 6
                                                                                                               Paying partner side
                                                                                                               End-user side
                                                                                                               Remove




                                          Partner

         Social Networks          Customer Acquisition    Enrichment (Travel)    Trusted relationships   Online travelers
         Travel Websites                  Reach out to Travelocity (Jim Hornthal)
                                  Customer Retention   Customer Acquisition Successful partnerships      Travel Websites
                                  Product Development
                                  Relationship with key   Leads
                                  partners
                                           Customer insights differed

                                           Technological challenges (e.g. cookies)

                                           Revenue share instead of lead generating

                                          Reach out to Expedia andBookingmarkets
                                                                       Word of Mouth
                                                                                 Social Media
                                  User data
                                           Confirm revenue share model (5% - 10%) and we
                                  Human Capital
                                  Relationship with
                                  partners  even got a standard term



                    Human Capital                                               Cost per acquisition
                    Product Development
                    Advertising costs                                           Leads
                    Maintaining relationships                                   Advertising
WEEK 6 – TRAVEL NUDGE
Week 6
                                                                                                         Paying partner side
                                                                                                         End-user side
                                                                                                         Remove




                               The customers value relevance of nudges

         Social Networks         Customer Acquisition Enrichment (Travel)  Trusted relationships   Online travelers
         Travel Websites       Then we went out of the building to interview 50partnerships
                                 Customer Retention   Customer Acquisition Successful              Travel Websites
                               people at Stanford Mall
                                 Product Development
                                  Relationship with key   Leads
                                  partners
                                What prevents people from traveling is time, not
                                 imagination or laziness (seasonal)

                                People don’t want to be nudged too often (1 per
                                 month)
                                                                             Word of Mouth
                                Referrals from close friends more valuable
                                                                   Social Media
                                 User data
                                  than referrals from strangers
                                 Human Capital
                                  Relationship with
                                  partners




                    Human Capital                                           Cost per acquisition
                    Product Development
                    Advertising costs                                       Leads
                    Maintaining relationships                               Advertising
Interviews: 16




     1           2           3           4               5     6             7

Travel       Social     Ex-pat      Safe         Travel inspiration -   Nudge to
booking      travel     travel      travel       Social platform that    enrich
portal for   planning   portal to   portal for   nudges people to         life
Middle                  Middle      US           inspire and enrich
Easterns                East        travelers    their life
                                    to M.E.




                                                                    Market
                                                                     size
Week 7
                                                 WEEK 7 - NUDGE

                                Expand from travel to include activity nudges

         Social Networks         Customer Acquisition our nudges to include activities, events, Students
                                   We expanded           Enrichment (Activities + Trusted relationships
         Travel Websites
         Event Websites
                                   social reminders than just travels
                                  Customer Retention
                                  Product Development
                                                         Travel)
                                                         Customer Acquisition
                                                                                  Successful partnerships Graduates
                                                                                                          Young Families
         University Events         Relationship with key
         Merchants
                                 Keep user more engaged with relevant frequent nudges Websites
                                   partners      Enrichment (Travel)                 Travel

                                                                                                          Online travelers




                                                                                  Word of Mouth
                                                                                  Social Media
                                   User data
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                               Cost per acquisition
                     Product Development
                     Advertising costs
                     Maintaining relationships
Week 7
                                                 WEEK 7 - NUDGE


         Social Networks           Customer Acquisition    Enrichment (Activities +    Trusted relationships     Students
         Travel Websites           Customer Retention      Travel)                     Successful partnerships   Graduates
         Event Websites            Product Development     Customer Acquisition                                  Young Families
         University Events         Relationship with key
         Merchants                 partners                Enrichment (Travel)                                   Travel Websites

                                                                                                                 Online travelers




                                                                                       Word of Mouth
                                                                                       Social Media
                                   User data
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                    Cost per acquisition
                     Product Development
                     Advertising costs
                     Maintaining relationships
Week 7
                                                 WEEK 7 - NUDGE


         Social Networks           Customer Acquisition    Enrichment (Activities +    Trusted relationships     Students
         Travel Websites           Customer Retention      Travel)                     Successful partnerships   Graduates
         Event Websites            Product Development     Customer Acquisition                                  Young Families
         University Events         Relationship with key
         Merchants                 partners                Enrichment (Travel)                                   Travel Websites

                                                                                                                 Online travelers

                                      The customers want diverse nudges
                                      We went out of the building to interview 20
                                      people
                                                                                       Word of Mouth
                                       People also want to be nudged in other
                                   User data
                                                                                       Social Media

                                        things than just travel
                                   Human Capital
                                   Relationship with
                                   partners
                                       Mobile is the most effective medium to
                                        increase engagement

                     Human Capital                                                    Cost per acquisition
                     Product Development
                     Advertising costs
                     Maintaining relationships
Week 7
                                                 WEEK 7 - NUDGE


         Social Networks           Customer Acquisition    Enrichment (Activities +    Trusted relationships     Students
         Travel Websites           Customer Retention      Travel)                     Successful partnerships   Graduates
         Event Websites            Product Development     Customer Acquisition                                  Young Families
         University Events         Relationship with key
         Merchants                 partners                Enrichment (Travel)                                   Travel Websites

                                                                                                                 Online travelers




                                                                                       Word of Mouth
                                                                                       Social Media
                                   User data
                                   Human Capital
                                   Relationship with
                                   partners




                     Human Capital                                                    Cost per acquisition
                     Product Development
                     Advertising costs
                     Maintaining relationships
The startup owners manual sxsw
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The startup owners manual sxsw

  • 1. The Startup Owners Manual Steve Blank Stanford - School of Engineering U.C. Berkeley - Haas School Of Business www.steveblank.com Twitter: @sgblank
  • 2. See the Animated Version of this Presentation at: http://www.slideshare.net/sblank/th e-startup-owners-manual-sxsw-the- movie-2
  • 3. This Talk is Based On • Business Model Generation • The Lean Startup • Four Steps to the Epiphany
  • 4. This Talk is Based On • Business Model Generation • The Lean Startup • The Startup Owners Manual
  • 5. Not all those who wander are lost Bilbo Baggins
  • 6. The Search for a Path 1602 - 1908
  • 7.
  • 8.
  • 9. The Path to Business Execution But Startups are Not Smaller Versions of Larger Companies
  • 10.
  • 12.
  • 13. The Startup Path Search Versus Execution
  • 14.
  • 16.
  • 18.
  • 19. Value Proposition What Are You Building and For Who?
  • 20.
  • 21. Customer Segments Who Are They? Why Would They Buy?
  • 22.
  • 23. Channels How does your Product Get to Customers?
  • 24.
  • 25. Customer Relationships How do you Get, Keep and Grow Customers?
  • 26.
  • 27. Revenue Streams How do you Make Money?
  • 28.
  • 29. Key Resources What are your most important Assets?
  • 30.
  • 31. Key Partners Who are your Partners and Suppliers?
  • 32.
  • 33. Key Activities What’s Most Important for the Business?
  • 34.
  • 35. Cost Structure What are the Costs and Expenses
  • 36.
  • 38.
  • 39. The Four Steps – The Startup Path Customer Development
  • 40.
  • 41. Customer Development There Are No Facts Inside The Building, So Get the Heck Outside
  • 42.
  • 43. Customer Development Test the Problem, Then the Solution
  • 44.
  • 45. Customer Development The Entrepreneurial Journey
  • 46.
  • 48. Startup Owners Manual National Science Foundation
  • 49. Startup Owners Manual • Yes there’s an E-Book version coming • Free autographed copies - Sunday Startup America Salon E 1:30 -3pm
  • 53. Customer Relationships Web/Mobile Products– Get Customers © 2012 Steve Blank
  • 54. Customer Relationships Web/Mobile Products– Keep Customers © 2012 Steve Blank
  • 55. Customer Relationships Web/Mobile Products– Grow Customers © 2012 Steve Blank
  • 56. Customer Relationships Web/Mobile Products Get/Keep/Grow © 2012 Steve Blank
  • 57. Customer Relationships Physical & Web Mobile Are Different © 2012 Steve Blank
  • 58. Customer Relationships Physical & Web Mobile Are Different © 2012 Steve Blank
  • 59. How Does This Really Work? Lean LaunchPad Class National Science Foundation
  • 60. How Does This Really Work? 8 Weeks from an Idea to a Business
  • 61. Interviews: 252 Partner: 10 Survey: 76 Team Dynamo Final Presentation
  • 62. THE TEAM MeghGautam Al Hassan Hleileh MS&E MS MBA 2  BTech in IT  MA in POL PICTURE PICTURE ECON SOC H Hung Le ElikaMahdavi MS&E MS MS&E MS  BS in EE/CS  BS in Indus.Eng. PICTURE PICTURE
  • 63. TABLE OF CONTENTS 1. Overview of our idea evolution 2. Our journey from week 1 to week 8 3. Current Idea  Archetype  Product vision  Partner  Channel & Demand Creation  Competitive Landscape  Market Sizing 4. Lesson learned and what next
  • 64. IDEA EVOLUTION THROUGH PIVOT 1 2 3 4 5 6 7 8 Travel Social Ex-pat Safe Travel inspiration - Nudge to enrich life booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Focus Competition Market size Market Scalability Customer Customer size Market size Insights Insights Research
  • 65. Interviews: 20 1 Travel booking portal for Middle Easterns
  • 66. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Middle East focused Travel booking portal Hotels  Middle East focused platform price Product Development Lowest Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore  Offer a booking platform with group discounts and flash-sales Car rentals Promotion companies hotels; airlines; car rentals Experiential UI Social Validation identification Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy  Ramp up strategy through social conversations Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Preserve memories of travel through photo sharingand quotes (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 67. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 68. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) Young families Best education for kids Cultural experience Lack of focus in value propositions Web and mail Trendy destinations Advertising Market understanding Social Media  Too broad a platform Best in class product Word of Mouth Relationship with Referrals partners Customer call centers  Too many value propositions Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 69. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents Conventions (CES) customers Market sizing problem Best Actionable deals Relevant locations Young couples Business Schools Trendsetting behavior (Study groups)  The method we used was a top-down approach Young families Best education for kids Cultural experience  We didn’t use net numbers (gross) Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Relationship with  The lesson here is that if we were to do it Word of Mouth Referrals partners again we would use bottom up / net figures Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 70. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Lack of focus in customer segments Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Events (Festivals) Relationship with We were not focused on a Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car specific customer segment Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single Deal listings Sourcing deals – too broad. Create a Community Cross pollination Divergent origins State Tourism Acquisition, retain Multiple options Events (Parties!) Social media savvy Travel agents customers Best Actionable deals Conventions (CES) Our interview base was Relevant locations Young couples Business Schools Trendsetting behavior (Study groups) biased towards our network – needed a better sample. Young families Best education for kids Cultural experience Web and mail Trendy destinations Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 71. WEEK 1 – MAKE MY DREAM Week 1 New Remain Remove Hotels Product Development Lowest price Trusted relationships Young and the affluent Airlines A/B testing Best inventory Successful partnerships High disposable incomes Key learning Events (Festivals) Relationship with Convenient Brand awareness/ Willing to explore Car rentals hotels; airlines; car Experiential UI identification Promotion companies rentals Social Validation Pilots Young and single  Focus is crucial – be it in your value proposition or in your customer Deal listings State Tourism Sourcing deals Acquisition, retain Create a Community Multiple options Cross pollination Events (Parties!) Divergent origins Social media savvy segmentation Travel agents customers Best Actionable deals Conventions (CES) Relevant locations Young couples Business Schools Trendsetting behavior  Market sizing – Use bottom up whenever possible (Study groups) Young families Best education for kids  Get out of the building – in spirit and in action. Avoid bias Cultural experience Trendy destinations Web and mail Advertising Market understanding Social Media Best in class product Word of Mouth Relationship with Referrals partners Customer call centers Human Capital Magazines Human Capital Percentage of booking costs Product Development Percentage of hotel/package (s) Advertising costs Advertising revenues Maintaining relationships Event of the month Refunds Exclusive partnership with events
  • 72. Interviews: 20 1 2 Travel Social booking travel portal for planning Middle Easterns Customer focus
  • 73. WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Pivot to social travel planning for group traveling Social Networks Through Acquisition Customer our mentors, we really dug into our customers insights Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels  They were telling us that they didn’t just want to go to the Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents middle east Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings  They wanted a seamless, social and enjoyable travel Best Actionable deals Young couples Car rentals experience from A-Z Relevant locations Create a Community Trendsetting behavior Promotion companies Social Validation Young families State Tourism Conventions (CES)  We pivoted to The Middle Easts travel booking portal with a Best education for kids Cultural experience ramp up focused on influential who want easy and Word of Mouth Trendy destinations Social Media Market understandingtrip planning pleasurable Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 74. WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 75. WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines Lowest price Pilots Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 76. WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes What was the problem? Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Travel agents Sourcing deals Experiential UI identification Divergent origins Airlines When research for potential partners, we learned of several existing Lowest price Pilots Social media savvy Events competitors with similar product Multiple options Cross pollination Deal listings Best Actionable deals Young couples Relevant locations Trendsetting behavior Car rentals  crowded Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids  hypercompetitive Conventions (CES) Cultural experience Trendy destinations Word of Mouth Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 77. WEEK 2 – SOCIAL TRIP PLANNING Week 2 New Remain Remove Social Networks Customer Acquisition Easy and pleasurable Trusted relationships Young and the affluent Travel Publications Customer Retention trip planning Successful partnerships High disposable incomes Key learning Product Dev Best inventory Events (Parties!) Willing to explore Hotels Relationship with key Business Schools partners Convenient Brand awareness/ Young and single Airlines  We should have looked at the competitive landscape earlier Travel agents Sourcing deals Experiential UI Lowest price identification Pilots Divergent origins Social media savvy Events Multiple options Cross pollination Deal listings Best Actionable deals Young couples  We should have spoken to industry / domain experts earlier Relevant locations Trendsetting behavior Car rentals Create a Community Promotion companies Social Validation Young families State Tourism Best education for kids Conventions (CES) Cultural experience Word of Mouth Trendy destinations Social Media Market understanding Human Capital Web and mail Relationship with Advertising partners Referrals Customer call centers Best in class product Magazines Human Capital Percentage of booking costs Product Development Advertising costs Percentage of hotel/package (s) Maintaining relationships Advertising revenues Refunds Event of the month Exclusive partnership with events
  • 78. Interviews: 64 1 2 3 Travel Social Ex-pat booking travel travel portal for planning portal to Middle Middle Easterns East Competition
  • 79. WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Pivot to Ex-pat Community Travel Portal We pivoted back to the original idea knowhow and on Trustedcustomer segment the affluent Social Networks Customer Acquisition Local with focus one relationships Young and Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore  A travel planner for Ex-Pat Easy and pleasurable Travel agents studentswho frequently (Parties!) Middle-East & Relationship with key Events visit the partnerstrip planning Young and single other major cities. Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events  We want to capture & publish their travel experience. Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 80. WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 81. WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes What was the problem? Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Travel Publications Sourcing deals Best inventory Divergent origins Airlines We interviewed 64 people and found: Social media savvy Events Deal listings Young couples  The market was too small Trendsetting behavior  There is little homogeneity in customer needs Word of Mouth  Too low frequency of travel to justify target Social Media market Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 82. WEEK 3 – EX-PAT TRAVELING Week 3 New Remain Remove Social Networks Customer Acquisition Local knowhow and Trusted relationships Young and the affluent Hotels Customer Retention content Successful partnerships High disposable incomes Key learning Business Schools Product Dev Willing to explore Travel agents Relationship with key Easy and pleasurable Events (Parties!) partners trip planning Young and single Airlines  Market sizing is crucial Travel Publications Sourcing deals Best inventory Divergent origins Social media savvy Events Deal listings Young couples Trendsetting behavior Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 83. Interviews: 33 Survey: 46 1 2 3 4 Travel Social Ex-pat Safe booking travel travel travel portal for planning portal to portal for Middle Middle US Easterns East travelers to M.E. Market size
  • 84. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Pivot to US Traveler Portal to Middle East Social Networks We expanded our market proposition US Customer Acquisition Safety to entire Trusted relationships Young and the affluent Alumni Associations Hotels travel market Customer Retention Product Development Localknowhowandconte nt Successful partnerships High disposable incomes Willing to explore Business Schools Relationship with key Community/Group Travel agents  Platform to facilitate Americans to partners Sourcing deals Travel -MBA Students Travel Publications travel to the Middle-East pleasurable Easy and Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 85. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Young affluent market Social Networks Customer Acquisition We surveyed 46 people and Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Localknowhowandconte Successful partnerships Hotels Product Development interview 33 more nt Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals  Young & Affluent Americans Travel Publications Easy and pleasurable Airlines trip traveling to the Middle East planning Events need local insight. Best inventory Deal listings  We’ll be the trusted source! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 86. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships Young and the affluent Alumni Associations Customer Retention Localknowhowandconte Successful partnerships High disposable incomes Hotels Product Development nt Willing to explore Business Schools Relationship with key Community/Group Travel agents partners Travel -MBA Students Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory Deal listings Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 87. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Launched website with full basic booking functionalities Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Localknowhowandconte Successful partnerships Hotels Ebtism.com went liveProduct Development nt Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore  Full basic functionalities (login, browse deals and book trips) Sourcing deals Travel Publications Easy and pleasurable Airlines trip planning Events  4 sourced deals from agencies Best inventory Deal listings  42 GSB students booked Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Deals selection Exclusive login Value proposition Ability to book trips Maintaining relationships (real sourcing) Refunds
  • 88. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Localknowhowandconte Successful partnerships Hotels What was the problem? Product Development nt Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals We spoke to Christos Stergiou, and pleasurable truegreece.com (Greece Travel Publications Easy founder of Airlines Analogue) trip planning Events Best inventory Deal listings  10 years of development  $5M idea Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 89. WEEK 4 – US TRAVEL TO Middle East Week 4 New Remain Remove Social Networks Customer Acquisition Safety proposition Trusted relationships MBA Students Alumni Associations Customer Retention Localknowhowandconte Successful partnerships Hotels Key learning Product Development nt Young and the affluent Business Schools Relationship with key Community/Group High disposable incomes Travel agents partners Travel Willing to explore Sourcing deals Market size need to be VENTURE SCALE Travel Publications Easy and pleasurable Airlines trip planning Events Best inventory We want to DISRUPT the Travel Space. Deal listings Let’s Re-think the Entire Idea! Word of Mouth Social Media Market understanding Human Capital Relationship with partners Human Capital Percentage of booking costs Product Development Advertising costs Maintaining relationships Refunds
  • 90. Interviews: 17 Survey: 10 1 2 3 4 5 Travel Social Ex-pat Safe Social booking travel travel travel platform portal for planning portal to portal for that Middle Middle US nudges Easterns East travelers people to to M.E. travel Market size
  • 91. WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Pivot to travel inspiration Social Networks We pivot to a brand new market Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations  Inspire people to travelproposition Safety more Relationship with key MBA Students Travel agents partners Local knowhow and Business Schools through recommendation content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore  Relevant based on social graph and travel history Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 92. WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Inception of Nudge by looking at the competitive landscape Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Revised later Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 93. WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 94. WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Sizeable potential market Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Bottom-up estimation Successful partnerships Travel Websites Product Development Alumni Associations TAM = $900MSafety proposition Relationship with key MBA Students Travel agents Business Schools partners Local knowhow and content  Market = population x nudgethe affluent Young and Hotels Sourcing deals Community/Group frequency x CTR x CPCdisposable incomes High Travel Willing to explore SAM = $373M  With leads revenue sharing model, TAM is based on assumptions of nudges frequency and conversion SOM = $267M Word of Mouth User data  Target market is justifiable with an Social Media Human Capital annual revenue of $267 million with Relationship with partners 31% market penetration Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 95. WEEK 5 – TRAVEL NUDGE Week 5 Paying partner side End-user side Remove Mock up of the product for customer interview Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Leads Successful partnerships Travel Websites Product Development Alumni Associations Relationship with key Safety proposition MBA Students Travel agents partners Local knowhow and Business Schools content Young and the affluent Hotels Sourcing deals Community/Group High disposable incomes Travel Willing to explore Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Leads Product Development Advertising Advertising costs Maintaining relationships Percentage of booking costs Refunds
  • 96. Interviews: 52 + 3 partners 1 2 3 4 5 6 Travel Social Ex-pat Safe Travel inspiration - booking travel travel travel Social platform that portal for planning portal to portal for nudges people to Middle Middle US inspire and enrich Easterns East travelers their life to M.E.
  • 97. WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 98. WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove Partner Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Reach out to Travelocity (Jim Hornthal) Customer Retention Customer Acquisition Successful partnerships Travel Websites Product Development Relationship with key Leads partners  Customer insights differed  Technological challenges (e.g. cookies)  Revenue share instead of lead generating Reach out to Expedia andBookingmarkets Word of Mouth Social Media User data  Confirm revenue share model (5% - 10%) and we Human Capital Relationship with partners even got a standard term Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 99. WEEK 6 – TRAVEL NUDGE Week 6 Paying partner side End-user side Remove The customers value relevance of nudges Social Networks Customer Acquisition Enrichment (Travel) Trusted relationships Online travelers Travel Websites Then we went out of the building to interview 50partnerships Customer Retention Customer Acquisition Successful Travel Websites people at Stanford Mall Product Development Relationship with key Leads partners  What prevents people from traveling is time, not imagination or laziness (seasonal)  People don’t want to be nudged too often (1 per month) Word of Mouth  Referrals from close friends more valuable Social Media User data than referrals from strangers Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Leads Maintaining relationships Advertising
  • 100. Interviews: 16 1 2 3 4 5 6 7 Travel Social Ex-pat Safe Travel inspiration - Nudge to booking travel travel travel Social platform that enrich portal for planning portal to portal for nudges people to life Middle Middle US inspire and enrich Easterns East travelers their life to M.E. Market size
  • 101. Week 7 WEEK 7 - NUDGE Expand from travel to include activity nudges Social Networks  Customer Acquisition our nudges to include activities, events, Students We expanded Enrichment (Activities + Trusted relationships Travel Websites Event Websites social reminders than just travels Customer Retention Product Development Travel) Customer Acquisition Successful partnerships Graduates Young Families University Events Relationship with key Merchants  Keep user more engaged with relevant frequent nudges Websites partners Enrichment (Travel) Travel Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 102. Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 103. Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers The customers want diverse nudges We went out of the building to interview 20 people Word of Mouth  People also want to be nudged in other User data Social Media things than just travel Human Capital Relationship with partners  Mobile is the most effective medium to increase engagement Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships
  • 104. Week 7 WEEK 7 - NUDGE Social Networks Customer Acquisition Enrichment (Activities + Trusted relationships Students Travel Websites Customer Retention Travel) Successful partnerships Graduates Event Websites Product Development Customer Acquisition Young Families University Events Relationship with key Merchants partners Enrichment (Travel) Travel Websites Online travelers Word of Mouth Social Media User data Human Capital Relationship with partners Human Capital Cost per acquisition Product Development Advertising costs Maintaining relationships

Editor's Notes

  1. PlatformExpedia kind ofSocial Angle to gain customersPost processing
  2. Dense canvasToo many things100 week analogy
  3. Trying to be – Too broad a platformBy having – Too many value propositionsKey lesson learned - focus
  4. Key lesson learned about market sizing
  5. Bias was the key lesson learnedVery broadFocus was missing