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Columbia B7739-002
Steve Blank Bob Dorf
Day 2 - Advanced Entrepreneurship
April 17, 2012
Welcome to Day 2!
Order of Presentations
1. YSN
2. TVM Technologies
3. Table Compass
4. Social Crowd
5. Mobile Marketing
6. Kadak
2
7. Jiae
8. Factabase
9. eFood
10. Digital Exchange Network
11. Diagnosly
12. Bakamba
13. Pulze
Quick Announcements
● Please sit with your team members● Name cards are helpful! Please continue to put them up ● Remember to sign in when the sheet is passed around● Please grade and provide comments to the other teams’ presentations● Yesterday’s lecture presentations will be emailed or available on angel today,
including Alexander Osterwalder’s presentations. Lecture slides are not available prior to the lecture
Advanced Entrepreneurship
Day 2April 17, 2012
TVM Technologies
Team
Brian VogtDoug Carlson
Mohamed MaimouniAG Crum
Gabriel GilesSameer Kotak
Interviewed 35 people (end-users)
Technology for medical and comfort problems of the feet
TEAM NAME HERE
Most important? Men, dress &
business casual
Archetypes? (1) Sought med
(2) UnSought med(3) Tech ‘comfort’
Job to get done? Enable comfort and productivity
Activities? Customer input, IP filings, beta development, ,
suppliers
Customer’s problems? End-
users: foot sweat, hot, cold, fatigue.
Partners: differentiation
Customer needs? Comfort, medical / Profitability growth
Product features? Battery powered
shoe sole ventilation, cooling, heating, massage
Partners? Shoe mfg.'s / branders by
region , development
Suppliers?Component
mfg.'s, Ventiva
Getting? Technology,
manufacturing Giving?
Differentiation and price
Inherent in our model? Variable material, mfg overhead
Making money & pricing model?$40 mfg’ed, 80 soles, 200 shoes, 400 retail
400 retail
250 retail
Reach segments? Established partner retail
outlets (brick & mortar)
Resources? Development partner, seed
funding
FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9
1
3
4 2Get, keep, grow? End-users: PR, branded captivity
Partners: Convince of
unique value for end-users
5
6 7
8
9
• Medical (sweat) – Hyperhidrosis, 1-3% impaired
• General (sweat) – comfort, 10-30% problematic
• $14B global … high-tier dress & business casual
• 3% total-med SOM volume = 2M pairs, $500m (to be verified)
• Additional tech luxury (to be quantified)
Market size
Business type
• Contract manufacturing of self-contained shoe sole
• Sell as branded component to shoe makers
• Customers are partners and end-users
• Limited partners globally
Startup …
Proposed experiments
• Verify data & hypotheses on total med market –• podiatrist, dermatologist, foot clinic, sweat-help orgs• channels, reimbursement, sizing, etc
• Design new experiment to quantify ‘tech comfort’ segment
• Discuss business type options (contract manufacturing, licensing, IP) with the brands
• Survey end-retail to better understand requirements
Startup …
Table CompassAdvanced Booking Discounts for Restaurants
10 Restaurant Interviews
Robert Montrone
EMBA ’12Consultant /TV ProducerABC Television
Jaidev Rao
EMBA ’12Management ConsultingRothstein Kass
Abhishek Sheetal
EMBA ’12Tech Marketing / StrategyLeCroy Corporation
William Cooke
EMBA ’12Strategy & Financial PlanningBlue Sky Solar
Sarah Brown
EMBA ’12ConsultingNeuberger Berman
Dennis Kwon
MBA ’11Engineer / Tech EntrepreneurshipLala.com
Table Compass
Who are our most important customers?Both restaurants and end users What are their archetypes?People who plan, price conscious, occasions, groups of friends What Job do they want us to get done for them?End customer: discountsRestaurants: fill seats
Key Activities• Platform design and
development • Business
development, partnerships and marketing
Which of our customer’s problems are we helping to solve?• Empty tables• Difficulty making
reservations• Price
Which customer needs are we satisfying?• Restaurants: revenue
management, working capital
• End Customers: discounted meals, secured reservations, restaurant comparisons
What are the Key Features of our product that matchcustomers problem/need? • Discounted pricing• Restaurant discovery
Key Partners Restaurant owners
Key Suppliers Possibly Open Table
What are we getting from them? Reservation Service Giving them? Restaurant traffic
What are the most important costs inherent in our business model? Fixed Cost: Building the website Variable: Marketing, sales people, advertising
How do we make money? What’s the revenue model? Pricing tactics?Options: listing fees, percentage of restaurant fee, restaurant flat fee, first year free, etc.
Through which Channels do our Customer Segments want to be reached? • Restaurants: face to
face meetings• End Customers: Word
of mouth marketing, online, direct email
Key Resources• Designers, Engineers• Business
development, Sales• Money
1
3
4 2How will we Get, Keep and Grow Customers? Retention plan: points system, Groupon, promotional item, value add free meal, etc.
5
6 7
8
9
Customer Quotes
• “Retention on a discount customer in a restaurant is almost zero”
• “Discounts work in other businesses really well but maybe not in restaurants”
• “We don’t take reservations. Too many no shows and then we have to turn people away”
• “It’s really hard for people to wait for money”• “I’ve been burned by this shit before so I’m hesitant to
deal with it again”• “I get 5-20 phone calls from people like you every day”
Table Compass
Most important customers?• Medium-high end
restaurants that currently use online reservations
• End users Archetypes?People who plan, price conscious, occasions, groups of friends Job they want us to get done for them?End customer: Discounted bookingsRestaurants: Fill seats, Working capital
Key Activities• Platform design and
development • Business
development, partnerships and marketing
Which of our customer’s problems are we helping to solve?• Empty tables during
slow periods• Difficulty making
reservations• Price
Which customer needs are we satisfying?• Restaurants: Revenue
management, Working capital
• End Customers: Discounted bookings, secured reservations, restaurant comparisons
What are the Key Features of our product that matchcustomers problem/need? • Discounted pricing• Restaurant discovery
Key Partners Restaurant owners
Key Suppliers Possibly Open Table
What are we getting from them? Reservation Service Giving them? Restaurant traffic
What are the most important costs inherent in our business model? Fixed Cost: Building the website Variable: Marketing, sales people, advertising
How do we make money? What’s the revenue model? Pricing tactics?Options: listing fees, percentage of restaurant fee, restaurant flat fee, first year free, etc.
Through which Channels do our Customer Segments want to be reached? • Restaurants: face to
face meetings• End Customers: Word
of mouth marketing, online, direct email
Key Resources• Designers, Engineers• Business
development, Sales• Money
1
3
4 2How will we Get, Keep and Grow Customers? Retention plan: points system, Groupon, promotional item, value add free meal, etc.
5
6 7
8
9
jerry sanders Group 14
13
[Social Crowd]An online forum where (local) Finders & Grinders meet
4/16: 12 interviews (5 Finders; 7 Grinders)
jerry sanders Group 14
14The Problem
[Social Crowd]
14
Yesterday… we were almost right.
Small businesses (“Grinders”) -- which are essential to vibrant communities -- face increasing threats to viability due to the inaccessibility of:
• Development capital• Working capital• Third party contractors (planning, design, construction)
They rely on the “Finders” of new business opportunities (aka investors) to provide the illusive capital inputs.
jerry sanders Group 14
15The Solution (version 1.0)
[Social Crowd]
jerry sanders Group 14
16Interview results
[Social Crowd]
16
We struck oil!
Broad questions aimed at two key stakeholder groups revealed the following trends:
• 2 types of small business owner: self- & third-party funded• Grinders want access to small amounts of capital $10K-$2M;
typically they had LT r/ships with third party contractors• Structural holes exist between the ‘Money Men’ (Finders) and
the ‘Operators’ (Grinders)• Finders have limited time for DD; don’t want to be bothered
unless the opportunity ‘has legs’
jerry sanders Group 14
17Type of Business
[Social Crowd]
• Online ‘matchmaking’ forum to connect F&G• Differentiating factors:
– Local project focus– Investments of $10K - $2M– Improved efficiency & compatibility:
• Screening process conducted by a panel of CBS graduates with NYC start-up success
• Ability for both parties to upload a profile– Investment history / prior start-up success– “I am looking for…”
The solution (version 1.1)
jerry sanders Group 14
18Compatibility is key
[Social Crowd]
jerry sanders Group 14
19
[Social Crowd]
Finders:Individuals & groups seeking investment opportunities that provide (i) requisite returns and (ii) a direct benefit to a local community.
Grinders:Start-ups and locally owned businesses seeking capital investments of $10K-$2M
One-off:- Platform design
Ongoing:- Screening- Marketing- IT maint. &
support- New market ID
An online ‘matchmaking’ forum where F&G connect.
Finders: Investment efficiency through a screening process that ensures only the top ideas are posted.
Grinders: Access to small amounts of capital typically hard to acquire through institutional routes.
- Independent business organizations
- Community funding institutions
- Local business school alumni
- Personal connections
- Local business activists
Value-driven: Most important costs include:- Web platform development- IT management & technical support- Marketing & customer acquisition- Application review costs (experts)
Dual revenue structure:- Finders Fee (2% of consummated deal value)- Grinders Fee ($250 application review fee)
- Direct contact through website
- Local news & PR channels
- Word of mouth
- Customer d/base- Proprietary
knowledge- Brand copyright- Site skin: look, feel
FILL OUT ALL 9 BOXES OF THE CANVAS IN ORDER 1 THUR 9
1
3
4 2- Semi-automated - Local community-
focused
5
6 7
8
9
jerry sanders Group 14
20Market Size*
[Social Crowd]
Total Addressable Market600,000 new small businesses per year in the United States
Served Available MarketAssume 1/3 are self funded & 1/3 are funded by conventional (institutional) facilities
Target MarketIn 2010, NYC accounted for 5% of the new small business launches in the United States
*Need to pressure test these assumptions
600,000 200,000 10,000
Number of new small businesses
jerry sanders Group 14
21Proposed Experiments
[Social Crowd]
Test Activities
Genuine market size Further research to determine the accurate dollar value attributable to our target market
Customers’ willingness to pay Surveys & interviews to determine:Perceived value in CBS Alum review processValue attributed to time-saving componentPricing sweet-spot for fees: F&G
Importance of the local aspect Surveys & interviews with F&G to determine Research local investment statistics Research industry constituents
How to plug (not bridge!) the gap Surveys & interviews to determine impact of consummating:a good deal: loyalty to us or the contracting party?a bad deal: negative splash-back on us?
Diving deeper…
Mobile Marketing
Restaurants have a marketing
problem
People don’t like to receive random
advertisement (email, SMS)
Hypothesis
Can be solved by offering a flexible web-based tool to execute marketing
campaigns
People would like to receive it if they
were able to manage the
content
Facts
Owner of 5 Restaurants in New York
Manager of a New YorkRestaurant Chain
Main Problems • People retention• Access to capital• Sale fluctuation
• People retention• Increasing sales ( breakfast, grab-
and-go)
Marketing Problem Description
• Customer more loyal to booking services than to the restaurant
• Significant spend on online marketing and discounters fees ( >$5K pm)
• Chain manages the marketing campaign
• Developed focused campaigns• GM doesn’t engage in websites• Have developed a loyalty customer
base
Interest in the solution
• If it works and reduces the total spent on marketing
• Could give certain discounts to get new customer but there is a limit because of the margin
• Will pay on results
• See the potential on addressing people passing by
• Willing to try the product and ready to give 50% of the profit of the new campaign
Others • Against building a culture of getting customers due to discount
• High on reviews that allowed them to build a customer base
• Nearby restaurant is rebranding because of bad reviews
Segment (surveys)
20-27 (6) 28-35 (6) 35-45 (2) 45+ (2)
Main reason for choosing a restaurant
• Location• Price• Quality
• Quality• Looks
• Quality• Tidiness
• Quality• Tidiness
Selection mechanism
• Website • Word of mouth • Zagat
• Zagat • Known restaurants
Restaurant Advertisement
• Don’t do much • Yes, but to known customers
• Don’t do much • Don’t do
Reaction to email, SMS advertisement
• Annoying but allows you to get a discount
• Prefer email
• Annoyed by too many advertisements
• Don’t want to receive any
• Don’t want to receive any
Would they accept to get email, SMS advertisement
• Only if you can choose what you get
• Only if you can choose what you get
• Sizable discount
• Only if you can choose what you get
• Max number of messages
• Only if they liked the place
App that could like (guided question)
• Email with pictures send for what you are interested
• Proximity app including quality, price and discount
• Proximity app including quality and price
• Proximity app including quality and price
Restaurants have a marketing
problem
People don’t like to receive random
advertisement (email, SMS)
Hypothesis
Can be solved by offering a flexible web-based tool to execute marketing
campaigns
People would like to receive it if they
were able to manage the
content
- There is a marketing problem
- Reviews are the main issue
- Only see a potential in the product
- They don’t like random email, SMS
- Would if they were in control
- Want to mix quality and price
Facts
Mobile Marketing
Restaurants want to minimize the dependency on discounters
Restaurant want to run local marketing campaign ( 2 mins breakfast , cheap bagel after 11am, …)
Key Activities do we require?
Marketing Campaign templates, Software
development, relationship
building
- Restaurants to reduce sales fluctuations
- Restaurants to engage customers
Who are our Key Partners?
Online advertisement
Who are our key suppliers?
Telecoms, search engines
What are we getting from
them? Giving them?
Message delivery services
Important costs? Fixed? Variable?Software (technology) development, (fixed)
marketing/sales (variable)
Fee per marketing campaign, monthly subscription fee
Which Channels? Online
What Key Resources we
require?People, IT
infrastructure (data center)
1
3
4 2Get/keep/Grow
Customers?- Low-cost platform
- Mkt Campaign Templates
5
6 7
8
9
- Cheap and an effective way of reaching the customers
- Reaching local customer (location based)
Adeem FensterShashi Shrimali
Stella ChanSanjay Bharadwaj
Richard JamesNeeraj Lal
In person Interviews – 78
How will we Get, Keep and Grow Customers?• Consistent quality• Increase product variety • loyalty program tea card• word-of-mouth from students
(campuses)• Tea cart promotion via
Facebook or Tweeter• Tea tasting event to collect
customer feedback (via iPad)
Kadak – 04/16/2012
Who are our most important
customers?• repeat customers, Asian-
immigrants consumers• health conscious
customers
What are their archetypes?
• The Indian• The rising teen• Healthy parents• Undergrads• Baby-boomers
What Job do they want us to get done
for them?• make the tea (incl.
picking the best ingredients)
• education of tea
What Key Activities do we require?
• Purchasing raw material• Brewing tea• Setting up retail outlets• Advertising, & marketing• Setting up customer feedback
channel and analysis• Business development with
campuses• Product mix creation• FP&A management• Hiring
Which of our customer’s problems
are we helping to solve?
• consumer have limited access to authentic Asian tea in a retail format
Which customer needs are we satisfying?
• Desire to consume authentic Asian tea outside home
What are the Key Features of our
product that match customers
problem/need?• taste of our tea (quality)• the availability of tailored
flavor • speed of delivery• convenience
Who are our Key Partners?
• Indian stores and Asian stores
• Eventually tea makers• Indirect distribution
through -- subway, panda express
Who are our key suppliers?
• Indian store from NJ• Chinese stores from
Chinatown• Grocery stores such as
Wal-mart• Restaurant
utensils/hardware suppliers
What are we getting from them? Giving
them?• Milk, sugar, Splenda, tea
leaves, cups, spices, pots/pans
• MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed• Rent• Equipment, furniture and fixtures Variable• Raw materials & supplies• Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Low Intro promotion price to attract customers($1.99)• Keep the price close to Starbucks thereafter• Never price below breakeven even during promotion period• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our
Customer Segments want to be reached?
• direct retail• direct-to-home
delivery
What Key Resources we require?
• Money• Retail outlets• POS system to track sales• SAP system for accounting• License from NY / Campus
approval• HR for hiring & training• Tea brewing equipment
1
3
4 2
5
6 7
8
9
GLOBAL HOT DRINKS MARKET
US HOT DRINKS MARKET
Tea is expected to grow +4% in the next 5 years as compared to Coffee of +2%
<<Findings>>
Consumers
• Lots of tea drinkers • Most prefer to consume
tea at home• A retail format is not as
desirable• Quality of tea is
problem• Health is a big reason• Sweet spot was $1.99
for good quality tea• Lack of awareness of
varieties of tea
Channel
• Owners/managers see hot tea as an essential menu offering and would switch suppliers
• Significant diversity in the quality of teas offered exists:• Economy, mass produced, bagged tea• High quality, steeped, whole leaf teas
• Economy: purchased in bulk from wholesalers (manufacturers = Unilever, Nestle etc)
• High quality: purchased from domestic specialist tea merchants (importers/blenders), e.g. Numi (California), Teaguys (Mass)• Taste, aroma, exoticness,
presentation/packaging, reliability, sourcing are key attributes
• Distinct lack of brand awareness in this segment – customers do not know who’s tea they are drinking!
Business Hypothesis
Hypothesis
Tests Results
Desire to consume authentic Asian tea outside home
Interview
20% outside the home
66% preferred at home
consumer have limited access to authentic Asian tea in a retail format
Interview38% have access in
a retail format
make the tea (incl. picking the best ingredients)
Interview
53% consume tea at home
38% not satisfied with the quality
Business Hypothesis
Hypothesis
Tests Results
Particular about the taste of tea (quality)
Interview38% not satisfied with the quality
Lack of retail availability of tailored flavor
Interview
Many comments on survey citing inconsistency versus home
Consumers care about convenience/speed
InterviewOnly 7% cited
convenience as a preference
Business Hypothesis
Hypothesis
Tests Results
Consumer wants to be reached through retail channel
InterviewOnly 20% cited
retail channel as the preference
Customers are willing to pay Startbucks prices for good tea.
InterviewOnly 19% were willing
to pay > $438% chose $1.99
We need to educate customer about different varieties of tea.
Interview
66% of responses chose English
breakfast, Indian chai & green tea
out of 20 choices.
Business Hypothesis
Hypothesis
Tests Results
94% of Asian consume tea versus
88% averageCups/day slightly
above averageCaucasian #2
group
Demand from health conscious consumers
Interview66% cited health as
the reason for drinking tea
Demand from students Interview83% drink tea averaging slightly over 1 cup per
day
Demand from Asians Interview
How will we Get, Keep and Grow Customers?• Consistent quality• Increase product variety • loyalty program tea card• word-of-mouth from students
(campuses)• Tea cart promotion via
Facebook or Tweeter• Tea tasting event to collect
customer feedback (via iPad)
Kadak – 04/17/2012
Who are our most important
customers?• repeat customers, Asian-
immigrants consumers
• health conscious customers
What are their archetypes?
• The Indian • The rising teen• Healthy parents• Undergrads• Baby-boomers
What Job do they want us to get done
for them?• make the tea (incl.
picking the best ingredients)
• education of tea
What Key Activities do we require?
• Purchasing raw material• Brewing tea• Setting up retail outlets• Advertising, & marketing• Setting up customer feedback
channel and analysis• Business development with
campuses• Product mix creation• FP&A management• Hiring
Which of our customer’s problems
are we helping to solve?
• consumer have limited access to authentic Asian tea in a retail format
• BRAND - TBD
Which customer needs are we satisfying?
• Desire to consume authentic Asian tea outside home
What are the Key Features of our
product that match customers
problem/need?• taste of our tea
(quality)• the availability of
tailored flavor • speed of delivery• convenience
Who are our Key Partners?
• Indian stores and Asian stores
• Eventually tea makers• Indirect distribution
through -- subway, panda express
Who are our key suppliers?
• Indian store from NJ• Chinese stores from
Chinatown• Grocery stores such as
Wal-mart• Restaurant
utensils/hardware suppliers
What are we getting from them? Giving
them?• Milk, sugar, Splenda, tea
leaves, cups, spices, pots/pans
• MONEY, more revenue
What are the most important costs inherent in our business model?
Fixed• Rent• Equipment, furniture and fixtures Variable• Raw materials & supplies• Employee salaries
How do we make money? What’s the revenue model? Pricing tactics?
• Low Intro promotion price to attract customers($1.99)• Keep the price close to Starbucks thereafter• Never price below breakeven even during promotion period• Find ways to give them discounts (survey --- buzz discounts)
Through which Channels do our
Customer Segments want to be reached?
• direct retail/franchise model
• direct-to-home delivery
What Key Resources we require?
• Money• Retail outlets• POS system to track sales• SAP system for accounting• License from NY / Campus
approval• HR for hiring & training• Tea brewing equipment
1
3
4 2
5
6 7
8
9
Jiae.com: Interest based platform for creative minds in ChinaTeam: Deymon Chen, Yu Guo(Hugh), Mathias Rosenthal, James Hagen
10 Interviews2012.04.16
Rich TongTumblr Fashion Director
Fashion Blogger
and 9 design students from
What We Learn From Design Students
Insights from Design Students Interviews
Business Hypothesis for Design Students
Interview insights From Fashion Blogger
Satisfaction with platform promoting good quality photos based contentContent Quality is the key, platform needs to drive awareness for good photosTraffic is the most important incentive for these fashion bloggersFeedback is a way to keep them sharingKeep touch with community is another motivation for them to shareCreator of the photos, many bloggers post 50 original photos dailySharing different photos on different sites, 10 eachPinterest has more curators, rather than creators with affiliated model with sitesTumblr has more curators, together with curatorsDribbble attracts lots of designers to share partial original design worksFancy focuses on driving sales to B2C sites with good quality merchandising photos.Barriers in china is high for these emerging photo based US SNS sites to enter ChinaSources of good photo and good fashion bloggers in China are limitedDemand for good photo based information is highLifestyle inspiration ideas are what users are looking for on these photo based sites
Business Hypothesis for Fashion Blogger
•Photo based nice and
clean SNS platform
•More Traffic
• Design School
• Design Media
• Government
• Web Partners
• Companies/
Brands
• Platform Management
• Customer Acquisition
• Expanding Reach
• Platform
• Customer Base
• Brand
Platform Costs
Customer Acquisition Costs
Marketing and Sales Costs
Advertising
Design Marketplace
• 1:1 Customer Support
•China Photo Related sites
•China SNS Sites - weibo,
renren, qq, douban
• Fashion
Bloggers
Jiae: leading interest based online community in China
•Find, organized and
share inspiration Ideas
effectively (Designers)
•Find jobs/projects
(Designers)
•Showcase Portfolios for
Feedback
•Find Good Designers
(Companies)
•Design Marketplaces
(All Customers)
• Designers
• Consumers
• Companies
• Advertiser
• D-School Ambassador
• 1300 Design Schools
• Design Message
Boards•Jiae.com
Free Interest Based SNS Platform
• Community
Management
Columbia B7739-002: Advanced Entrepreneurship
JiaeTEAM MEMBERS Deymon Chen Hugh Guo Mathias Rosenthal James Hagen Scott Yoo
Degree program and Department/Major
EMBA Global-Asia 2013
EMBA Global-Asia 2013
Columbia Business School 2012
Columbia Business School 2012
EMBA Global-Asia 2013
Provide your LinkedIn public profile URL
http://www.linkedin.com/pub/deymon-chen/48/2a4/12
http://www.linkedin.com/in/guoyu
http://www.linkedin.com/pub/rosenthal-mathias/24/7b8/97a
http://www.linkedin.com/in/jamesohagen
N/A
Are you the subject matter expert (SME) for this team?
Business Development
User Experience Design, Business Development
Business development Business Development
Marketing; Sales
Pick a role you think you most likely will play on this team (Hustler, Hacker, Designer or Product Picker)
Hustler Designer Product Picker Strategist Hustler
Anything interesting we should know about you (be brief)
Citibank, Setup China’s first rural foreign lending company
Chief Designer of Baidu.com, Blogger
Banking, Startup-Chile, North American Chilean Chamber
eCommerce President, social media strategist for nonprofit
Doosan marketing regional manager, supply chain management
TEAM FACTABASE
8 Interviews already conducted20 pending
8 POTENTIAL CUSTOMERS AND AN INDUSTRY EXPERT HELPED US FOCUS OUR SEGMENTS, RELATIONSHIPS AND REVENUE STREAMS
Financial Services
Industry #Value Prop
News Agencies
Consulting
Entrepreneurs & Indp Researchers
2 (4)
1 (2)
1 (4)
2 (3)
8 (20)
• Non-frequent
Segments Relationships Revenue Streams
(2)
(2)
Universities
App Developers
0
0Pending Interviews
Same
Same
Same
Same
Same
• Automated Service
• Per table
Market Research
1 (1)• Needs are
frequent however has a risk of limiting growth
• Automated Service
• Limited only to per table
• Non-frequent • Automated Service
• Per table
• Subscription• Automated Service
• Automated Service
• Frequent
• Non-frequent • Per table
No ChangeChanged
WE INITIALLY BELIEVED THAT THE MAJORITY OF CUSTOMER SEGMENTS FALL UNDER A FULL ACCESS SUBSCRIPTION SERVICE
Co
mp
reh
ensi
veS
ecto
r S
pec
ific
Co
vera
ge
Nee
ded
FrequentLess Frequent
Frequency of Need
Entrepreneurs and Independent Researchers
Full Access Subscri-ption Based ServicePer Table Charge
Per Table ChargeSector based Subscri-ption Service
News Agencies
ConsultanciesUniversities
Financial Services Firms
Market Research Firms
HOWEVER, IT SEEMS THAT LESS OF OUR CUSTOMERS ARE INTERESTED IN A SUBSCRIPTION PACKAGE AND ARE MORE INTERESTED IN A PER TABLE ACQUISITION
Co
mp
reh
ensi
veS
ecto
r S
pec
ific
Co
vera
ge
Nee
ded
FrequentLess Frequent
Frequency of Need
Entrepreneurs and Independent Researchers
Full Access Subscri-ption Based ServicePer Table Charge
Per Table ChargeSector based Subscri-ption Service
News Agencies
Consultancies
Universities
Financial Services Firms
Market Research Firms
What are the most important costs inherent in our business model? Fixed? Variable? How do we make money? What’s the
revenue model? Pricing tactics?
1
3
4 2
5
6 7
8
9
Enhancing access to public statistics on emerging markets that often have issues relating to:1) Availability:
Believed to be non existent or are difficult to find.
2) Convenience: Require multiple steps to prepare them for use and/or compare multiple tables from multiple sources.
Through a user friendly one-stop setting with easy search, visualization and export options.
Companies and individuals with a need for detailed public statistics on Emerging Markets.
• Frequent and comprehensive (Financial services, consulting, Media, Universities and R&D)
• Frequent and sector/country specific (Ad Agencies and Market Research)
• Non-frequent and comprehensive (Individuals or Students)
• Non-frequent and sector/country specific (Entrepreneurs, International investors)
• Online
• Direct Sales
• Automated Services
• Personal assistance
• Co-creation
• Subscription model (comprehensive or sector/country specific) for premium tables
• Per-table sale options for premium tables• Ad-based model for free tables• API access for application developers• Special pricing for customized reports
• National Statistics Offices
• Public Authorities
• International Organizations
• Companies that publish public statistics
• Collecting and preparing the statistical tables
• Development of automation software and webapps
• Customer acquisition and management
• Software/Web developers
• Research analysts• Data entry people• HR and admin• Business
Development• IT Infrastructure
• FTE, IT costs, Rent (Fixed)• Part time employee salaries, SEO (variable)
OUR BUSINESS MODEL CANVAS AT DAY 0
What are the most important costs inherent in our business model? Fixed? Variable?
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3
4 2
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6 7
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9
Enhancing access to public statistics on emerging markets that often have issues relating to:1) Availability:
Believed to be non existent or are difficult to find.
2) Convenience: Require multiple steps to prepare them for use and/or compare multiple tables from multiple sources.
Through a user friendly one-stop setting with easy search, visualization and export options.
Companies and individuals with a need for detailed public statistics on Emerging Markets.
• Frequent(Consultancies)
• Non-Frequent(Financial Services, Entrepreneurs, Individuals, News Agencies)
• API access (special datasets)
• Online
• Direct Sales
• Automated Services
• Subscription model (comprehensive or sector/country specific)
• Per-table sale option
• API $xx per call
• National Statistics Offices
• Public Authorities
• International Organizations
• Companies that publish public statistics
• Collecting and preparing the statistical tables
• Development of automation software and webapps
• Customer acquisition and management
• Software/Web developers
• Research analysts• Data entry people• HR and admin• Business
Development• IT Infrastructure
• FTE, IT costs, Rent (Fixed)• Part time employee salaries, SEO (variable)
OUR BUSINESS MODEL CANVAS AT THE END OF DAY 1; FOCUSED CUSTOMER SEGMENTS, RELATIONSHIPS, CHANNELS AND REVENUE STREAMS
eFood
day 2
Interviews – End Users
End Users Value propositionsHypotheses check
Grocery Shopping and Inventory Management is an Inconvenient Process
28 interviews
Restaurants lack robust and reliable inventory system for keeping track of food and beverages
5 interviews
• Save time (finding and delivery) - YES• Reduce costs (waste, best deals) - NO• Diet advisory - …not tested• Recipes management & recommendations - … not tested
• Save time (finding and delivery) - NO• Reduce costs (waste, best deals) - NO
Test Details - Grocery Shopping
Test
We tested 28 consumers in three grocery store locations
Wholefoods Market – Midtown
Citarella – West VillageColumbia Grocery Store
ResultsMost shoppers find it to be inconvenient
Method for tracking inventory is un-sophisticated
“looking in the fridge” / taking notesOnline shopping / delivery used in 80% of
tests in W VillageFound potential partners
Fresh DirectMax Delivery
FairwaysTwo people had actively considered the
concept and wanted to use it,Connection to online delivery platform not
essentialTracking of data was deemed to be a negative
for one intervieweePeople still want to buy perishable goods
themselvesNot relevant to students
Test Details - Restaurants
Test
We tested 5 restaurants owner in:
• Bahamas (several Hotel/restaurants):
high-end• West Village :
asia-fusion • Times Square:
convenient
ResultsMost of the restaurants have an automatic
inventory system. A minor problem might be the beverages -
solutions are already in place.
Digital Exchange Network
Six Interviews
Customer Segmentation- Start at The High End & Work Down
• TOP 5% of LinkedIn users..roughly 10 million people.• Educated professionals, income above $80,000 a year• People for whom networking is a regular activity for real time
or future benefit• People who have exchanged a piece of information worth
more than $500
• People who place high value on creating goodwill, validation, stronger connections, verification. Capturing this will be a major differentiator.
Customer Sentiment/Emotions
• SOCIAL…connected, ambitious, worried about advancement, anxious about execution of their job,
• OPEN to helping others but not into free love• ENGAGED…I have built a lot of goodwill in the world and
sometimes feel like it doesn’t come back around• MAGNAMIOUS... I like doing things for other people • “SEEN” Want to be appreciated, admired for what I do. Would
like the world to really “see me.”• BELONGING.(I might deny it) but I like being member of the
right club• KARMA..is real
VALUE PROPOSITION
• HYPOTHESIS: People want to exchange high value business information online. This value is well understood and there is WTP for some.
• RESULT: Some willingness to try, but some late adopters scared of compromising relationships, “is it still personal? confidential? Not sure I’d actually use it? Why would I give away high value unless I know you” Realization that networks are very important. Already use some form of socially enabled marketplace, “buyers have nothing to offer..not an equal exchange.” IS IT REALLY HIGH END?
DROWNING IN TWEETS?
• HYPOTHESIS: Users are frustrated by energy spent on LinkedIn/social platforms or want an alternative with more value OR stronger, BETTER connections and verification.
• Result: Some recognition of the potential for private/high level groups. “Keep it smaller and closer.” “I don’t blog or tweet, don’t care. SEC rules” If it can get me more business… sure. What do I get out of LinkedIn?
I NEED THIS?
• HYPOTHESIS.. Top uses for D.E.N will be business expertise, sales leads, job search, favors, recognition for favors, making money, getting validation.
• RESULT: “I get it, we could use that perfectly in our community.” Some interviewees not sure of utility. Personal uses? The “priceless exchange of favors..Cancer Dr. Appointment?”
THE CLUB?
• HYPOTHESIS: Social structures that will influence uptake of D.E.N include alumni and affinity groups. Creating scarcity will cause uptake.
• RESULT: Very positive feedback from business school chiefs, alumni relations…need to overcome nervousness over brand, alumni don’t want job calls. Are there amazing people in the network? Exchanges of genuine high value?? More than other places? Why not email?
DOING GOOD?
• HYPOTHESIS: Karma matters! Existing platforms (Linkedin, GLG, Evisors etc) miss this & it’s important enough for me to switch.
• RESULT?:
CANVAS 1.0People who need high quality information and services and have trouble finding it.
Business builders, salesmen, anyone who has ever looked for a connection once removed from their closest circle--Reduce the friction to finding info, help me get value from what I do for others and what I know.
Software development, business development,
--People have trouble finding expert, reliable, verified information.
--People spend huge amounts of time displaying expertise with no tangible benefit
--A marketplace to match buyers and sellers--Simple easy way to aggregate postings about expertise--Scoring/ranking for reliability.
?
Alumni groups, Networking groups, (build to suit..potential white label sevice)
Outsourced engineering teams, We get paid to increase bonds between members ,make crucial offline activity more efficient. Allow monetization of expertise.
MVP engineering/hosting/design costs are fixed as is some project management..
community management, feature set build are variable
Free to join and use– then transaction fee, listing fee, fee for top tier circles
Affinity groupsBiz Dev, Cash,
tech development
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3
4 2Tap communities already transacting offline or chaotically
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6 7
8
9
CANVAS 1.1People who need high quality information and services and have trouble finding it.
Business builders, salesmen, anyone who has ever looked for a connection once removed from their closest circle--Reduce the friction to finding info, help me get value from what I do for others and what I know.
Seeding the high level community, Software development, business development,
--People have trouble finding expert, reliable, verified information.
--People spend huge amounts of time displaying expertise with no tangible benefit
--A marketplace to match buyers and sellers--Simple easy way to aggregate postings about expertise--Scoring/ranking for reliability.
?
Alumni groups, Networking groups, (build to suit..potential white label sevice)
Outsourced engineering teams, We get paid to increase bonds between members ,make crucial offline activity more efficient. Allow monetization of expertise.
Scalable marketplace business. MVP engineering/hosting/design costs are fixed. Feature set build are variable..build to spec
for partners?
--Free to join and use– then transaction fee, listing fee, fee for top tier circles
--Velvet rope, leaky door policy--Affinity groups
Goodwill,Brand, User Propagation
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3
4 2Tap communities already transacting offline or chaotically
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6 7
8
9
9 Interviews
Scope Narrowing
Narrowed focus to look at the life cycle around• Home Fertility Monitoring• Pregnancy Checkups• Toddler & Infant Monitoring & Unplanned Physician Visits
Interviews
Industry Expert
Patient Provider Payer Mfg0
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2
3
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5
6
7
Monday
Monday
70
Interviews
• “This would be a huge value.”• “The wait at the OB/GYN is atrocious. All
of my friends complain about it.”• “I wouldn’t have to get a babysitter!”• “I had to manually relay the data from my
heart monitor. It was so primitive!”
• Payers have a large problem of combating fraud (e.g. billing unnecessary procedures)
• Manually recording test results • Retaining hard copies of medical records
and trying to identify trends to discuss with their doctor
• Mother with 3 kids 25+ doctor visits per year.
~ 90% of them only involved basic diagnostic tests (ear, blood, throat culture)
• Stress• Avoidance
SAYING NEW INSIGHTS
DOING FEELING / THINKING
71
MONDAY Hypotheses
HYPOTHESIS TEST RESULT
• Patients would run diagnostic tests from home if given a viable solution
• Interviews • Valid
• Medical device makers are willing to use a 3rd party software platform
• Interviews • Inconclusive
• Parents with young children would like to reduce their number of doctor visits
• Interviews • Valid
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2
3
72
MONDAY Hypotheses
HYPOTHESIS TEST RESULT
• Pregnant women would like to reduce their number of doctor visits
• Interviews • Inconclusive
• People are concerned about being exposed to other illnesses at a hospital
• Interviews • Valid
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5
6
73
DIAGNOSLY
• R&D• Tech support• Partner sales &
support• Customer support
• Convenience of time and place
• Reduced cost for uninsured or high deductible plan subscribers
• Diagnostic and monitoring device OEMs
• Lab-on-chip OEMs• Health networks• Testing labs• Clinical research
companies• Online health service
providers
Getting from them:• Hardware to conduct
diagnostic tests• Access to customers
Payment process
Giving them:• A platform• Mobile connectivity• Data mgmt• Integration with online
health ecosystem
• People (R&D)• Tech infrastructure• Customer acquisition
• Testing fees (per test)• Monthly subscriptions (freemium model)
• Online (direct)• Physicians• Hospitals• Clinics• Health
networks
• Industry experts• Engineers and
designers• IP experts• Privacy experts• Lawyers
Get customers:• Partnerships• Online marketingKeep + Grow:• Quality service
and• user experience• Reduced cost and
increased quality of software
• Lower costs due to reduced visits, less fraud and consistent, comprehensive data
ConsumersFamilies (primarily mothers) in the fertility testing, pregnancy, and early childhood phase
Device MakersMakers of at-home monitors and diagnostic devices
PayersInsurance, Medicare, Medicaid
ProvidersGeneral Practitioners, Midwives, Nurses
• Improved patient outcomes
• Earn more money via focus on higher value procedures
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Future Hypotheses
• Patients would be willing to pay the same amount or more for home diagnostics
• Interviews
• Small device manufacturers would be willing to use 3rd party software, if it’s free
• Interviews
• Small device companies will be more willing to partner than larger ones
• Interviews
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2
3
HYPOTHESIS TEST RESULT
75
Future Hypotheses
• Bill physician a fee as a % of insurance / Medicare / Medicaid payments we facilitate
• Interviews
• Some patients will be willing to pay out of pocket
• Interviews
• General practitioners will be more receptive than specialists
• Interviews
4
5
6
HYPOTHESIS TEST RESULT
76
Future Hypotheses
• Payers will be supportive of software platform to unify data
• Interviews
4
HYPOTHESIS TEST RESULT
77
Market Size
Young family segment – 30 million
• 51 million children from 0 to 11 years old
• Average 2.1 children per household
• 4 million babies born in the U.S. each year (6 million
pregnancies)- http://www.childstats.gov/americaschildren/tables.asp
April 17th 2012
Scott Greco
Ari Harkov
Alex Morrison
Sarah Shenton
Francois Viargues
MichaelBurke
1. Traveling to urban destination and a desire for authentic experiences
2. Own smart phone / tablet (ideal)
3. Age 25-45 / target 25-35 (?)
4. Professional, $50k+ income
5. Time-starved
Our job:-making planning
quicker, easier, painless
-access to off the beaten path spots
-vacation that meets their specific interests
1. Itinerary collection & updates
2. Marketing / PR
3. Customer service – locals & travelers
For Customers:1. Access to authentic,
non-touristy spots
2. Better planned days = easier, maximize vacation time
3. Save time
4. Clean UX and interactive itineraries take the guidebook to 21st century
For Local Experts:5. Monetize your local
knowledge
Partners: hotels, local merchants, airlines, online booking sites, local sites, rental car
companies, international phone
data carriers
Suppliers: local trendsetters, work in
hospitality, younger/creative, bloggers, active
parents
Get itineraries: $$ for sales as well as
exposure (blog, video)
Fixed costs: upfront development of site and app
Variable costs: talent/people, marketing/advertising, compensation of locals, product iterations
How: Sell itinerary for $4.99, pay local 20%, keep 80% gross margin.
Pricing tactics: compete between guidebooks & freePromos: 1st free, free if feedback, buy 1 get 1 free, free if FB
post
1. Search (SEO/SEM)2. Social media3. Travel blogs4. Travel/local sites
1. Web developers2. Marketing/PR team3. Local expert
outreach4. Sales force (low end,
in person)
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2Get: PR, digital WOM, SEO, SEM, consumer promotions
Keep: great customer service, expand cities, improve partner offerings
Grow: CRM / relationship marketing, expand offering to more cities
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4Version 1 – April 15th 2012
Customer Analysis : • Bakamba has two core customer segments:
– Tourists & Hotel Concierge– Content Providers (Locals)
Testing Methodology:• Customer Segment 1: Tourists
– Interviewed 20 groups of NYC tourists including couples, families, singles, international, and domestic tourists
• Customer Segment 2: Content Providers– Received responses from potential local contributors via CraigsList and our
own personal networks.
Tourists desire more authentic experiences
while traveling.
Tourists will find value in our one-day itineraries &
are willing to pay.
Locals will find it appealing to contribute content to
Bakamba.
Looking good. With only a few exceptions, we learned that this seems to be true.
Inconclusive. While some tourists expressed a high
WTP (>$50), others wanted it to be free.
Validated. We have received over 45
contributions from locals already.
Hypothesis Result
Other Feedback & Insights from Tourist Interviews :– Flexibility – People seemed to want more flexibility in itinerary length, as well
as more alternate options for meals and activities– Greater Customization – Tourists seemed to want to see a greater number of
filters to help them sort itineraries. – Cost- We observed two distinctly different groupings of willingness to pay
(Free-$1.99 / $20-$100)– Additional Benefit Requested - Discounts on activities; better directions to
destination – Logistical Challenges - Foreign users will often not have internet access on
their phones, and many were concerned about the accuracy of our information
– Other Concerns – Many wanted to know more about who the locals writing the itineraries were.
Locals - Content Providers
1. Itinerary collection & updates
2. Marketing / PR
3. Customer service – locals & travelers
Partners: hotels, local merchants, airlines, online booking sites, local sites, rental car companies, international phone data carriers
Suppliers: local trendsetters, work in hospitality, younger/creative, bloggers, active parents
Get itineraries: $$ for sales as well as exposure (blog, video)
Fixed costs: upfront development of site and app
Variable costs: talent/people, marketing/advertising, compensation of locals, product iterations
How: Sell itinerary for $4.99, pay local 20%, keep 80% gross margin.
Pricing tactics: compete between guidebooks & freePromos: 1st free, free if feedback, buy 1 get 1 free, free if FB
post
• Craigslist• Social media• Local blogs
1. Web developers2. Marketing/PR team3. Local expert
outreach4. Sales force (low end,
in person)
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Version 2 – EOD April 16th 2012
Mass Distributors – Content Purchasers (Ex: Hotel Concierge)
Bakamba helps tourists have richer, more authentic travel experiences by tapping into the knowledge of locals Save time planning See the “Real” City Filter based on interests Everything in one place
Get: PR, digital WOM, SEO, SEM, consumer promotions
Keep/ Grow: great customer service, expand cities, improve partner offerings
4
Unique platform for locals experts to share and monetize their local knowledge
Revenue sharing & relationship marketing
• Search (SEO/SEM)• Social media• Travel blogs / sites
Tourists – Content Purchasers
Next Steps – Continue evaluating the willingness to pay of Customer Segment 1
(Tourists)– Begin evaluating value proposition for mass distributor channels– Challenge price point by requesting actual payment & offering
different pricing structures
Pulze Day 2Testing the improbable hypotheses
Customer Segments Interviewed
Employees (15+)
- Feel Disconnected from the firm
- Feel like employers don't care
- Data does not reflect the wishes of the employees
- Lack of Feedback
- Have better things to do
HR Manager (3)
- Believe that employee surveys provide enough data
- Feel like there is enough information make decisions
- Believe Management Accountability is a major concern
- Believe that empowering managers for one-to-one conversations is more efficient
Company Sample - 50,000+ employees
Test 1 - Enterprise Employees
Believe annual employee surveys don't matter
Feel disengaged from the strategy making process
Will participate in a survey for a small incentive ($5)
Will participate under favorable circumstances unrelated to monetary compensation
Survey Size: 15Methodology: In person, and over the phone
Test 2 : HR Managers
Did not look for incisive feedback, but for problems in the organization
Saw a problem in the current survey system
Interested in feedback from front-line employees
Survey Size: 3Methodology: In person
Team Pulze
500 < Enterprises
< 2000 Bottom-Up employee
engagement
Software vendors
One time service fee
Sales force
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3
4 2Key Account management
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7
8
Provide employees
ownership in business strategy
Low cost solution to interim surveys
Middle Management of
larger corporations
Semi customized
service based on needs
Subscription service
Enterprise social platforms
Partners
6
Cloud service
Data warehousing
Suppliers
3rd party analytics
R&DMarketing and Manage the
platform
Lead gen
Recruitment
Software developers
HR talent
Research experts
Payroll
marketing
Fixed
Sales
Customer acq.
Talent acq.
Variable
9
Website
What we plan to do tomorrow?
• Test original idea with mid-sized companies 500-2000
employees
• Test original idea with more strategy-focused people
• Test whether HR departments might respond to "What if
surveys showed that most employees provide bogus answers
to their employers' surveys?"
• Test whether middle managers feel that they have
insufficient feedback and would benefit from running their
own feedback surveys
• Test whether employees would like to join anonymously
provide feedback on their companies on a third-party site
• Test whether HR departments would consider paying for
analysis of employee criticism provided to a third-party site
Columbia B7739-002: Advanced Entrepreneurship
YOUR SUPPLIER NETWORK
TEAM MEMBERS Arez Mardoukhi Gopi Sukhavasi Kevin Woolley Ravi Pingli
Degree program and Department/Major
MS, Financial Engineering
MBA Candidate, Columbia Business SchoolB.S, Computer Science
MBA Candidate, Columbia & London Business School, M.S in Finance,B.A in Liberal Arts
MBA Candidate, Columbia Business School
Provide your LinkedIn public profile URL
http://www.linkedin.com/in/arezmardoukhi
http://www.linkedin.com/pub/gopichand-sukhavasi/4/b18/678
http://cl.linkedin.com/pub/kevin-woolley/2a/353/95
http://www.linkedin.com/pub/ravi-pingli/4/30/95a
Are you the subject matter expert (SME) for this team?
No Yes No No
Pick a role you think you most likely will play on this team (Hustler, Hacker, Designer or Product Picker)
Picker Hacker Hustler Designer
Anything interesting we should know about you (be brief)
10 years of experience in Spend management, Accounts Payable, T&E in various Fortune 500 companies.
Over 6 years in Chile and Peru and 3 years in Clean water technology entrepreneurship
Day 1 : Outside of the building
• 21 Interviews with restaurant owners/managerso Upper West Sideo West Villageo New Jerseyo Time Warner Center
Key Findings• No consistent pricing
• Low Volume of Business for small restaurants
• Reliability issues when it comes to small suppliers in terms of delivery time and quality of the product.
• Sales done based on the word of mouth/trade shows/food shows
• Not Organized Industry
• Local restaurants suppliers’ procurement process is a labor-intensive, paper and pencil, time consuming, monotonous routine requiring knowledgeable buyers, capable sellers and heavily word-of-mouth.
YOUR SUPPLIER NETWORK
Chain/Corporate Restaurants
Chain/Corporate Hotels
Sales Companies Distributing to Hotels and Companies
SoftwareMarketing
Sales
Buyers1. Find the best possible suppliers for procuring goods and services. 2. One solution to manage end to end source-to-pay process
Suppliers1. Provide platform to reach target market customers
Purchasing Associations
Marketing/Sales Team
Fixed - Software development, maintenance costs, administrative costs
Variable – Marketing/Sales costs
Subscription fee will be charged per seat for each customer.
The pricing will be higher for buyers than suppliers
Professional Network
Purchasing Associations
Industry conferences
Software Development
Team
Marketing Resources
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3
4 2Partnerships with
Industry Trade shows
Professional network
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6 7
8
9
Market Size
Type of Business & Experiments
• Type of Business : IT
• Pivoted customer segments into Chain Restaurants, Hotels, Sales companies
• Interviews/Surveys with different customer segments