JieRen DGMT 720

andrew marco | claire partlow | vy ngo | seth ross | jie ren

business plan

andrew marco claire partlow vy ngo seth ross jie ren with a special thanks to Professor Kwela Herrmans

Section One: Executive Summary the pitch problem & opportunity statements value propositions final renderings the dream team Section Two: Business Model pursuit business model canvas intellectual property analysis

Section Three: Supporting Evidence the creative brief the research plan personas competitor business model canvas prototyping and testing

table of contentstable of contents

section one: executive summary

Strohmeyer, R. (2013, September 26). The crowdfunding caveat: Most campaigns fail. Retrieved February 27, 2015, from http://www.pcworld.com/article/2049399/ the-crowdfunding-caveat-most-campaigns-fail.html

more than 75% of crowdfunded ventures deliver the goods much later than promised, with many delivering more than eight months behind schedule, if at all.

29% of startup businesses failed because they ran out of money.

Weisul, K. (2014, September 25). What Went Wrong: 101 Failed Startups Tell All. Retrieved February 27, 2015, from http://www.inc.com/kimberly-weisul/what- went-wrong-failed-startups-tell-all.html

in order to make 10 investments the average venture capital firm reviews around 1,200 companies

Jacobsohn, S. (2014, April 19). Here’s a look inside a typical VC’s pipeline (a must-read for entrepreneurs). Retrieved February 27, 2015, from http://venturebeat.com/2014/0 4/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs/

Some of the funding routes that one might go would be better suited for one type of entrepreneur, or one type of idea, than another.

Forrest, C. (2014, January 22). Funding your startup: Crowdfunding vs. angel investment vs. VC. Retrieved February 27, 2015, from http://www.techrepublic.com/article/funding-your- startup-crowdfunding-vs-angel-investment-vs-vc/

Pursuit is a digital plaform that prepares idea holders to launch successful startups through expert guidance and offers unique opportunities for investors and makers to bid on business concepts.

problem & opportunityproblem statement

opportunity statement

There is an abundance of crowdfunding and information networks designed for entre-preneurs, however, there is not a platform

There is an opportunity to create a platform for entreprenuers that not only offers advice and/or funding but a holistic system includ-ing a business development framework, an

that holisticly supports entrepreneurs look-ing to launch their ideas into the market.

advisor network, and bidding system that forges partnerships with investors, manu-facturers, suppliers, and other professionals needed to actualize ideas.

A platform for designers, idea holders, and entrepreneurs who want to launch their innovative ideas and are seeking assistance in making their dreams reality. Our service provides a legally protected information sharing network between idea holders, manufacturers, and investors that allows

For investors, manufacturers, suppliers, and the people necessary to making ideas a reality who are seeking their next project or business venture and desire a vast network of innovative ideas and creative people to choose from. We do this by providing an online platform that facilitates competitive bidding on idea listings, easy communica-

value proposition idea holders

value proposition makers

for the exchange of information, exper-tise, and financing. This is accomplished by guidlines and checklists, expert screenings, trends research, and cyber pitching. We differ from our competitors by providing an holistic service that brings competitive resources to the “Thinkers.”

tion, exchange of data and money transfer while also offering expert advice forums, and legal protection for all users. Unlike other social networks geared only toward funding or advising entrepre-neurs, we offer a holistic approach for the purpose of bringing innovative design to life.

value proposition

WIP - REWORKING

dream team

A rag tag group of design students paired together to develop a social network based on a sharing economy. the dream team includes various design backgrounds and nationalities, creating an extremely diverse set of skills and knowledge. working tireless-ly for ten weeks from january

dream team 5th until march 12th, the dream team has developed a new social network aimed at making the pursiut of entreprenuerial ideas as seamless and as effective as possible. We have put our heart and soul into our work and have lost our minds in the process.

andrew marco design management Andrew has a BFA in industrial design and has two-plus years experience in CPG packaging design. He also was a two time captain of the Men’s Golf Team at SCAD and the athletic directors scholar athlete of the year.

claire partlow design management Claire is an illustrator, designer and en-trepreneur who has a passion for DIY and handmade goods. Claire moved to Savan-nah, Georgia in 2010 where she lives happi-ly ever after with her many houseplants and pet hedgehog, Pickle.

vy ngo interior design Vy has worked for 8 years in hospitality de-sign, and 3 years for the HCMC Architec-ture College as an instructor. Vy is active, energetic, and eager to explore new things, but structured and attentive to details.

seth ross design management Seth is a recipient of two Graduate Scholar-ships. His professional background includes work in graphic design for a Navy contrac-tor, experience as a small business owner, skills in carpentry, and even a stint as a stay at home parent.

jie ren design management Jie had two years work experiences before He came to Savannah. He worked as both researcher and 3D model designer. Now, He enjoys his studies at SCAD, and new challenges.

we were born ready... pursuit | the dream team

section two: business model

Our business model incorporates a limited roll out to students of design and engi-neering schools first, in order to generate interest and populate our portfolio with concepts from trained - but inexperienced- designers and engineers.

Once a critical mass of users/members has been reached and operations require all advisory positions be stagged by full time employees, we will open our service to the rest of the world.

pursuit business model applied from Osterwalder & Pigneur, “Business Model Generation,” 2010

business model

stage-one

for whowhatbyunlike

why we do it

the college kid

show their portfolios

Pursuit online platform

unlike behance, Pursuit is focused on gaining university students. Each university will have their own currated page.

to strenghten Pursuit’s idea holder user group to attract investors and manufacturers.

collaboration space know us

universtiystudents

upload their

portfoliossee other

work

stage-one journey map

key resources channelsonline platform

key partners

cost structrue revenue structure

key activities value prop customer relations customer segments

university career advisors

web design web hosting office space - including utilities travel staffing - graphic/web, admins, design manager, marketing, recruitment

as Pursuit is free for idea holders, there would be no money generated from the core offering until it is scaled

portfolio sharing community for feed-back & collaboration

encourage collaborate showcase

“A collaboration space for college kids to show their portfolios by using the Pursuit online platform. Unlike Behance, Pursuit is focused on gaining university students. Each university will have their own currat-ed page. This is done to strenghten Pursuit’s idea holder user group to attract investors and manufacturers.”

the college kid

college career advisors college lectures social media

pursue next step

no pursuit

computers phones desks chairs color copier/printer office necessities

10 12 12 18 1

1 1 1 1 5

$25,000 $720

$6,000 $3,600 $3,500 $4,900

administrative assistant website administration accountant attorney, IP founders

$27,000 $40,000 $40,000 $70,000

$250,000

lease utilities cleaning web hosting

general liability insurance IP infringment liability insurnce

$20,000 $6,000

$12,000 $6,000

$3,646 $50,000

estimated $556,366

stage-one cost breakdown critical mass 100,000 usersequipement

employees

facilities

insurance

total stage-one costs

stage-one cost breakdown - insights We plan to perform as many functions as possible ourselves in order to reduce costs, but we will have to hire appropriate staff to maintain daily opperations and provide customer services. The stage one figures include the neccessary equipment, facilities and staff to begin operations. In order to obtain this capital we will need to raise money through one or more rounds of investing.

Before moving onto stage two of the Pursuit business plan, we will need to reach critical mass. Critical mass has been set at 100,000 users. This number will tell us when our platform has been diffussed and has the numbers to warrant additional services provided in stage two. We decided that selling advertising space would not provide a large enough return to justify the dilution of our brand.

stage-two

for who

whatby

unlike

why we do it

the college kid the right outta-school

improve their portfolios

Pursuit online platform, and Pursuit advisors

unlike other platforms, Pursuit has certified professional advisors to assist idea holders.

to strenghten Pursuit’s idea holder user group by creating great portfolio pieces in order to attract investors & manufacturers.

post final ideas join us

key resources channelsonline platform professional advisors

key partners



colleges career advisors Pursuit advisors

web design web hosting office space - including utilities travel staffing - advisors, graphic/web, admins, design manager, marketing, recruitment

as Pursuit is free for idea holders, there would be no money generated from the core offering until it is scaled sold advertising space

portfolio sharing community for feed-back & collaboration mentorship from Pursuit certified business professionals

encourage collaborate showcase mentor

“A portfolio space for college kids and right outta-schoolers to show their portfolios by using the Pursuit online platform. Un-like other platforms, Pursuit has certified professional advisors to assist idea holders. This is done to streng-hten Pursuit’s idea holder user groupby creating great portfo-lio pieces in order to attract investors and manufacturers.”

college kid right-outta school advisors


universtiystudents

upload their

portfolios

trained by design

advisors

post their final design

concept

stage-two journey map

pursue next step

no pursuit

computers phones desks chairs office necessities

5 5 5 5

1 1 1 1 5 5

$12,500 $300

$2,500 $1,000 $7,622

administrative assistant website administration accountant attorney, IP founders entrepreneurial advisors

$27,000 $40,000 $40,000 $70,000

$250,000 $350,000


$20,000 $7,200

$12,000 $6,000

stage-two cost breakdown critical mass 500,000 usersequipement

employees

facilities

employee health insurance general liability insurance IP infringment liability insurnce

$44,000 $3,646

$50,000

estimated $943,768 running total estimated cost $1,500,134

insurance


stage-two cost breakdown - insights As the number of future entreprenuers and investors grows, we will need to create additional positions and hire more staff. In this stage, we introduce entrepreneurial advisors. These advisors will serve to assist idea holders through their journey to creating “pitch ready” ideas. We will have 5 full time advisors at $70,000 per year. Equipment for the new staff members is included in the budget for this phase.

We feel that this level of staffing is appropriate for the number of members we will be servicing, however we will monitor customer service, satisfaction and success rates in order to determine effective staffing levels.

“Pitch Ready” address the following: The ProblemHow are you solving the problem?What is the size of the addressable market?The management team & their backgroundsCompetetive advantage?Who are the competitors?What is your business model?What is your finacial model? How are you going to make money?What are your projections?What is your exit strategy?How are going to get your investors their money back?

for who

what

by

unlike

why we do it

the college kid the right outta-school the side action the dreamer

improve their portfolios and make their ideas “pitch ready”

Pursuit online platform, Pursuit advisors, Pursuit investors

unlike other platforms, Pursuit has certified professional advisors and investors.

to strenghten Pursuit’s idea holder user group by creating great portfolio pieces that are pitch ready and need to be funded.

stage-three

pitch ready create value

key resources channelsonline platform Pursuit advisors Pursuit investors

key partners



colleges career advisors Pursuit advisors Pursuit investors


Pursuit will charge investors a subscription fee ($250) and take 3% of any invest made in idea holders

portfolio sharing community for feed-back & collaboration mentorship from Pursuit certified business professionals bidding from investors

encourage collaborate showcase mentor invest

“A portfolio space for young entrepreneurs to show their original ideas by using the Pursuit online plat-form. Unlike others, Pursuit has certified professional advisors to assist idea holders and certified advisors to bid on ideas. This is done to strenghten Pursuit’s idea holder user groupby creating great portfolio pieces that are pitch ready and need to be funded”

college kid right-outta school side action the dreamer advisors investors


go through pitch ready

steps

pitch to investors

trained by entrepreneur

advisors

stage-three journey map

receive funding

bids

trycrowd-funding

acceptfunding

bid

computers phones desks chairs office necessities

7 7 7 7

1 1 1 1 5 5 10

$17,500 $420

$3,500 $1,400 $9,400

administrative assistant website administration accountant attorney, IP founders design advisors - part time entrepreneurial advisors

$27,000 $40,000 $40,000 $70,000

$250,000 $182,000

$700,000


$40,000 $12,000 $12,000 $6,000

stage-three cost breakdown critical mass 250 investmentsequipement

employees

facilities


$76,000 $5,000

$50,000

estimated $1,542,220 running total estimated $3,042,354

insurance


stage-three cost breakdown - insights In stage three, we add 5 more entreprenuerial advisors and 5 part time designer advisors (a job that we were preforming up until this point in time). This change influ-enced the equipment, and most important-ly our office space. In order to accomidate the new hires we will need to expand our office to double the size of stage one and two. These changes are reflected in our cost break down. During stage three, Pursuit starts to recognize an operations revenue stream for the first time. Based on our research, accredited investors (qualified) have $1 million in net worth and $200,000 individual income. The number of potential angel investors in the US is 4 million.

In 2008, approximately 225,000 people invested about $19 billion in 55,000 deals, for an average of $345,000 per deal. 35,000 of those were small businesses.

In the first year, we plan to sign up 4.5% of current angel investors, or 10,000 investors, at $250 each for a total of $2.5 million per year for access to our designers and founders. When a investment is made, Pursuit will retain 3% of the investment made. Being conservative, if the average investment using Pursuit is $250,000 we will retain $7,500 per deal. If we assume 250 deals will be made within a calender year (.5% of total deals made in 2008) using Pursuit, we will recognize $1,875,000 in revenue from investments. This number, coupled with 2.5 million from subscription fees, brings our total gross revenue to $4,375,000. FAQs About Angel Groups. (2014, January 1). Re-trieved February 28, 2015, from http://www.angelcapi-talassociation.org/press-center/angel-group-faq/

for who

what

by

unlike

why we do it

the college kid the right outta-school the side action the dreamer

bring their ideas into fruition

Pursuit online platform, Pursuit advisors, Pursuit investors, realization

unlike other platforms, Pursuit has certified professional advisors that help make ideas pitch ready for investors and connect successfully funded ideas with manufacturers.

to strenghten Pursuit’s idea holder user group by creating great portfolio pieces that are pitch ready and need to be funded, and in turn make a profit.

stage-fourpursuit create profits

key resources channels

online platform Pursuit advisors Pursuit investors

key partners



colleges career advisors Pursuit advisors Pursuit investors manufacturers


Pursuit will charge investors a subscriotion fee and take 3% of any invest made in idea holders Pursuit will charge manufacturers a subscriotion fee sold advertising space

portfolio sharing community for feed-back & collaboration mentorship from Pursuit certified business professionals bidding from investors bidding form manufactueres

encourage collaborate showcase mentor invest

“A portfolio space for young entrepreneurs to show their original ideas by using the Pursuit online plat-form. Unlike others, Pursuit has certified professional advisors to assist idea holders and certified advisors to bid on ideas. This is done to strenghten Pursuit’s idea holder user groupby creating great portfolio pieces that are pitch ready and need to be funded”

college kid right-outta school side action the dreamer advisors investors manufacturers

college career advisors college lectures social media design conferences

stage-four journey map

receivemakerbids

acceptfunding

bid

acceptmakerbids

start making your

productSuccess!

You did it!

office necessities

1 1 1 1 5 5 10

$9,400

administrative assistant website administration accountant attorney, IP founders design advisors - part time entrepreneurial advisors

$27,000 $40,000 $40,000 $70,000

$250,000 $182,000

$700,000


$40,000 $12,000 $12,000 $6,000

stage-four cost breakdownequipement

employees

facilities


$76,000 $5,000

$50,000

estimated $1,519,400 running total estimated $4,561,754

insurance


stage-four cost breakdown - insights At this stage, we dont plan on adding any more staff, as our employees should be able to service the customers we have aquired. However, if volume requires changes in staffing levels, we will respond accordingly.

We also hope to sign up an equal number of manufacturers at the same rate, creating total revenues from subscriptions of $5 million per year during this phase.

stage 4 journey map

receivemakerbids

acceptmakerbids

go through pitch ready

steps

pitch to investors

stage 3 journey map

receive funding

bids

trained by design

advisors

post final design

concept

stage 2 journey map

pursue next step

no pursuit

universitystudents

upload portfolio

see other work

stage 1 journey map

pursue next step

no pursuit

pursuit complete user journey including different stages of Pursuit business scaling

start making your

product

trycrowd-funding

acceptfunding

bid

Success!You did it!

trained by entrepreneur

advisors

We understand the need to protect the IP of our members and will employ attorneys with expertise in IP to guide members through the process of attaining whatever trademarks, copyrights and patents nec- Trademark To protect the Pusuit name brand and logo a trademark will be used. “A trademark is used in commerce to identify and dis- Copyright To protect the process used to help idea holders launch successful startups, Pusuit will copyright said process. “A copyright is protection granted to authors of original Non-Disclosure Agreement To portect the intelectual property of our users/members and Pursuit, we require all vistitors to our website to read and sign a non-disclosure agreement before viewing Non-Solicitation Agreement To protect Pursuit from investors and manufacturers poaching idea holders and work found through the use of Pursuit, and sidestepping the platform a non-solicitation agreement will be enforced. “A non-solic-

essary to ensure the successful defense of any challenge to their rights as creators. Additionally, we will assist with legal activi-ties required to protect our members’ work and the companies we help launch. tinguish the goods of one manufacturer or seller from those of another and to indicate the source of the goods.” works of authorship that includes the right to reproduce, distribute, prepare derivative works, perform, and display the aforemen-tioned copyrighted work.” any designs. “A NDA is a contract by which a person agrees to not disclose any information shared by or discovered from the use of confidential information. itation agreement is a contract by which a person agrees to refrain for a specified time, from enticing employees or custom-ers away from a company or employer.

intellectual property

intellectual property applied from ProperCounsel, “Intellectual Property Fundamentals Quick Reference,” 2015

section three: supporting evidence

sharing economy According to Rachel Botsman, writer for Fast Company, a “sharing economy largely focuses on sharing underutilized assets from spaces to skills to stuff for monetary or non-monetary benefits.” The idea takes the power out of large cor-porations hands and places it into the hands

Botsman writes a collaborative economy is “an economy built on distributed networks of connected individuals and communitites as opposed to centralized institutions, tansforming how we can produce, consume, finance and learn.”

what is a sharing economy? Rachel Botsman, “The Sharing Economy Lacks a Shared Definition,” 2014

what about a collaborative economy?

of the consumer, making it a P2P Econ-omy (Peer to Peer, assests are owned and exchanged directly person-to-person). But what about conecting idea holders with the necessary assets to bring the ideas to life? Isn’t that still sharing? Yes. Enter the collaborative economy.

A collaborative economy falls under the umbrella that is a sharing economy and allows for further exploration of ideas.

social network If this question was posed to a random stranger, a likely answer might be “Face-book,” or “Twitter,” or more importantly “something that connects people on the internet.” As humans, our definition of a social net-work has increasingly become dependant on the internet. However, isn’t a school chess club considered a social network?

what is a social network? According to the Oxford Dictionary, “a social network is a network of social inter- actions and personal relationships.” Nowhere in the definition does it mention the internet. More importantly, as a group of designers, we believe that a social network is depen-dant on utility and an inherent human need for a sense of community and belonging.

To organize our thoughts and better under-stand the questions that needed to be an-swered, our group created a research plan, considering all areas that would need to be explored and analyzed. Broad questions were initially formulated to later generate more descriptive, specific questions.

Who are the players? What is a sharing economy? What do we need to know? Where is this service located? When will it be used? Why is this relevant/necessary? How do we grow the social network?

the planresearch plan applied from LeCompte & Schensul, “Designing & Conducting Ethnographic Research”

who are the players?

focused questions

why do we need to know this?

what type of data? methods who do we contact?

pinpoint questions

where can we find the data?

1. What tools do they use? 2. What are their motivations for becoming an entrepreneur? 3. Who would use or be influenced by our product?

To identify users motivations, needs, wants, fears, etc... To understand the current process entrepreneurs go through To find out how to reach our demographic

Qualitative - Primary Quantitative - Secondary

Primary Research - Interviews Secondary Research Possible Observation - Think Savanah

Entrepreneurs Makers Advisors Investors Exsisting Platforms

1. What other platforms do you use? 2. What are their motivations? 3. Who would use or be influenced by our product?

User Groups Internet - Case Studies

pursuit | research plan

what is a sharing economy?

focused questions



pinpoint questions


1. What is the definition? 2. What are people’s assumptions? 3. Where did it come form and where is it going?

To gain a better understanding of the users definition of a sharing economy To understand what users are willing to share

Qualitative - Primary and Secondary

Primary Research - Interviews Secondary Research


1. How did they form their opinion? 2. Are they willing to participate? Why or why not?

User Groups Internet


what do we need to know?

focused questions



pinpoint questions


1. Where are the users located? 2. What are the customer’s pain points? What are the customer’s successes? 3. What is our investment to make it a reality? 4. What are user’s willing to pay? 5. What is the scale of the user’s ideas?

To identify flaws in the current landscape To identify areas of opportunity To find the “white spaces”

Qualitative - Primary and Secondary

Primary Research - Interviews Secondary Research


1. Which patforms do they currently use? 2. How did they hear about the platform?

User Groups Internet - Case Studies


where is the service located?

focused questions



pinpoint questions


1. Where are the users located? 2. What is the best form of communication for the user? 3. What if we had a physical aspect to the platform?

To identify how the users find the informa-tion they need to be successful? Is it the best way/most effective way? To see if this system is flawed

Qualitative - Primary and Secondary Quantitative - Primary

Primary Research - Interviews and Surveys Secondary Research - Popular media scan


1. Were do they go when they need advice? 2. Why do they use those locations?

User Groups Internet - blogs and forums


when will this be used?

focused questions



pinpoint questions


1. How often will the idea holder use our site? 2. When do entrepreneurs decide to seek help in their process? 3. What are the user demographics?

To better understand our target market / develop thoughtful personas To help us build our business model To identify service needed

Qualitative - Primary and Secondary Quantitative - Primary and Secondary

Primary Research - Interviews


1. Why do idea holders seek advice? 2. Do users have a current job?

User Groups


why is this relevant/necessary?

focused questions



pinpoint questions


1. What are the user motivations? 2. How do we get idea holders to become entrepreneurs? 3. How do we save our user time and money?

To understand user motivations and deep needs. To identify areas of opportunity to encourage users to reach their goals. To make the process as seamless and user friendly as possible




1. Why did the user to be an entrepreneur? 2. What is holding the idea holder back from making the jump? Why? 3. Why is time of the essence?

User Groups


how do we grow our social network?

focused questions



pinpoint questions


1. How do we encourage users to participate in our service? 2. How do our users have success? 3. How do we remediate the bad ideas?

To create a successful business To grow our business To create a platform that is user-centered




1. How do we get users to return if successful? Unsuccessful?

User Groups


creative brief

The creative brief is the framework the project and consisting of 10 categories. With this brief, our team has defined the guidelines for success and has provided a judge for appropriateness of design.

The 10 categories are as followed: Background Summary Overview Drivers Audience Competitors

creative brief applied from Terry Stone, “Managing the Design Process; Concept Development,” 2010

Tone Message Visuals Details People

background summary

overview

drivers

A platform for designers, idea holders, and entrepreneurs who want to launch their innovative ideas and are seeking assistance in making their dreams reality. Our service provides a legally protected information

This services is needed to help make the ac-tualization process for entreprenuerial ideas as seamless as possible. This service will help bring great ideas to life. This is accomplished by providing an online platform that facilitates compe-titive bid-ding on idea listings, easy communication,

What is our goal? To make the connection among thinkers, helpers, producers, and investors What are we trying to achieve?To support innovative ideas and help them become actualized

sharing network between idea holders, manufacturers, and investors that allows for the exchange of information, expertise, and financing through the use of a unique bidding process.

exchange of data and money transfer while also offering expert advice forums, and legal protection for all users. Unlike other social networks geared only toward funding or advising entrepreneurs, we offer a holistic appr-oach for the purpose of bringing innovative design to life.

What is the purpose?Integration of information, financing op-tions, and expertise exchange that creates new business opportunities and ventures for entreprenuers

Our service has 3 main competitors that offer idea holders a way to connect with manufacturers, suppliers, and designers aw well as network.

How should we be communicating?Our “voice” as a company portrays all of the following adjectives. Overall, it is sin-cere, positive, honest & knowledgeable, yet a bit witty and trendy with lightly humorous language (think Vitamin Water, or Etsy)

competitors

tone

The 3 competitors are as followed: Makers Row Quirky Founder Dating

What adjectives describe the feeling of approach?ambitious, optimistic, enthusiastic, trustworthy, knowledgeable,friendly, approachable, transparent, professional

Our audience is a combination of designers, idea holders, entreprenuers, manufacturers, and investors. These segments use our service to connect with one another to create a system that

audience supports an idea from conception to real-ization and takes the stress and guesswork out of the equation.

1

4

5

6

2

3

message

visuals

deliverables

people

What do we want audiences to take away?We want our users to feel that we are an essential part of their team, an ally, a friend and a supporter of their personal and entrepreneurial goals. We want our users to grow more confident about their ideas, skills and goals as they interact with our service.

We will create original artwork to represent our ideas with the use of CAD rendering,

List of deliverables:Project Plan, Network Design Concepts, Network User Definition, Competitor Research Analysis, Business Model Canvas,

Who are we reporting to?Kwela Sabine Hermanns

Are the words already developed or do we need to develop them? Need to name the two user groups (“Thinkers” & “Makers”) Need to name the service Need to name each step of the “checklist”

the Adobe suite, & stock imagery when necassary.

User Documentation, Prototypes, Proto-type Testing, Brand Development, Network Sales Pitch, Process Book

Who needs to be informed?Kwela Sabine Hermanns, The Class, Investors

7

8

9

10

The Established EntrepreneurWe’ve followed our dreams and put in the work to get to where we are today...

The Accidental EntrepreneurWe’re not really sure how we got here, but being your own boss has its perks....

The DreamerWe would love to take the plunge to be full-time entrepreneurs someday...

The Successfully CrowdfundedWe hopped on the new-media bandwagon and it worked!

The AdvisorWe’ve seen it all and have the experience to guide today’s entrepreneurs to success.

personasThe InvestorWe have a keen eye for good business ideas and know how to spot ambituous entrepreneurs. The Side-ActionWe’re balancing our entrepreneurial passions with our full-time job.

The Right-Outta SchoolWe decided to take the plunge right out of school and hit the ground running...If you follow your dreams you’ll never work a day in your life!

The Experienced MakerWe’ve been making our goods by hand, but we’ve grown our businesses and can no longer meet the demands on our own.

the users

Kim Nguyen The Right-Outta School 22 | Hanoi, Vietnam | Designer Kim Nguyen graduated with a BFA in Jewelry Design from SCAD in 2013. She has since pursued entrepreneurship full-time, selling her jewelry online and at art fairs.

I noticed some drawbacks of kickstarter“I would have preferred another platform other than Kickstarter. Kickstarter wasn’t my first choice, It’s all or nothing. I would have preferred partial funding to no funding, I could have really used what was raised and wished there was a way to collect that. I was told to used kickstarter by a friend, but looking back it, it didn’t really fit my specific set of needs”

I had conflicts with our partners “I wanted to use the money to re-inverst in our business, by my partner did not.”

I lacked the information we needed “I still know very little about starting a busines”

I had issues taking advantage of resources “If you don’t have the support of the local community, you don’t have a shot.”

I wanted the perks of being self-employed “I think a lot of entrepreneurs start for the freedom”“I don’t like someone asking me to do things”

I learned networking is a valuable form of support “My roommate aquired a lot of business knowledge from her personal network. I’m learning a lot from her.”

we had issues with funding at first “I didn’t want to send my friends and family dontation requests”“I didn’t use all of the social media platforms available to fundraise and promote.”

we have common worries with other entrepreneurs “We worry about the high risk of failure”pursuit | personas

the right-outta school insights Think & Feel The Right Outta School feel that they made the right decision in becoming entre-preneurs. They love the freedom entrepre Say & Do The Right Outta School are hestitant to ask their friends and family for money, or ask for donations. They try to find other means

neurship provides, and can’t wait to make their dreams a reality. They are happy with any help or funding they can get. of gaining investment for their entrepre-neurial ventures.

say & do

think & feel

seehear

My friends and colleaguesrecommended I try Kickstarter

I get business advice from friends and family who are also entrepreneurs themselves

I feel like I made a wise decision to become an entrepreneur

because of all the freedom I have now

I’ve seen other peoplebecome really successful

from using Kickstarter, but itdidn’ t fit my specific needs

I don’t want to spam myfriends and family with

donation requests

I still prefer partial fundingv.s. no funding at all

I worry about failing asan entrepreneur, but having freedom is worth the risk

Brett Robinson The Side-Action 26 | Richmond, VA | Designer Brett Robinson has been an auto-motive designer for six years. He decided to create a side-business selling his handmade leather goods while also balancing a full-time job. He enjoys the security of haaving a consistent paycheck, but also pursuing his passion.

I like catching the fish“Designers love to cast out and hook the fish, but have no goal of reeling it in. Because that’s where the actual hard work comes in, not that were not hard workers but we don’t like that part, we love to go catch the next one to see what we can hook, it’s the business person, the marketing people that love to real in and see how much they can actually pull in, how much weight they can actually get out of it, or how much money can they get from that project.” “At the last minute we realized what happens if it happens? Then you’ve got 3 years of… I don’t really want to work with you for another 3 years, maybe it was just a short lived thing then now what? Ive got to deal with all of this.”

I value a strong sense of community “What I like about Kickstarter is that it builds a community and that community comes back for product after product after product, you know.”

I need to be practical “I am alone at design school and ive got 4 classes that I am trying to take, Quirky is easy, I can put on head phones, im working on my project, I flip a tab, I see something that’s come up, I do a couple of sketches, I send it up, I go back to my work.”

being an entrepreneur has been a learning process “Did we go through all the methodologies, all of those amazing books out about creating a startup and how to be an entrepreneur? No. We did it our own way.

I am aware of my weaknesses “I think more what you learn from school is confidence. Once you leave school you should have confidence enough in yourself, or your skills, or your knowledge that you’re willing to risk more because you know you can rebound faster.”

I need to be all in “What I find, especially in this environment (academic) we just cant do the other side. If we have to make a company, its like all or nothing. We cant do it and teach, here. The money would then pay for all of our salaries. That would be the only way to do it, cut ties, move on and then start the company. In this environment its impossible to do both, that’s why I say venture capitalist”pursuit | personas

say & do

think & feel

seehearI value a sense of communityand having the support of otherartists and entrepreneurs

I think the idea of beingan entrepreneur and

owning a businessis very exciting

and inspiring

I’ve seen how demanding it is to be an entrepreneur,

and I’m not sure I’m ready to dedicate that much of my time

at this point. I hope to in the future though.

I’ve seen how risky it is to become an entrepreneur,

and I’m not sure I’m ready tomake such a huge gamble

with my money and livelihood

I still work full-time andpursue my entrpreneurialpassions on the side. This

allows me to have financialsecurity while I experiment

I think I learn new thingsall the time, and improve my entrepreneurial skills as I go

I think I still have a lot to learnand I want to make sure I’mready before I do anything too risky

the side action insights Think & Feel The Side Action feel that they have sacri-ficed and dedicated a lot of their time and energy toward acheiving Hear The Side Action rely heavily on word of mouth testimony and personal recommen-dations. They value this form of communi-cation and advice over others because it See The Side Action have seen how much time, money and effort it takes to be a full-time entrepreneur, and hestitant about to taking Say & Do Side Action prefers to work a full-time job and experiment with entrepreneurial ventures on the side. This allows them to

their goals. They recognize shared character traits in themselves and other entrepreners that contribute to success. seems trustworthy to them. However, they also frequently hear of new technologies, but are unlikely to adopt them without a friend’s testimony the risk. They prefer to ease their way into entrepreneurship, rather than jumping in all at once. maintain a steady paycheck and have finan-cial security while also testing the waters of entrepreneurship.

Drew Richards The Dreamer 32 | San Fransico, CA | Designer A graduate of Art Center College, Drew is a graphic designer who developed a clothing line while in school. After working as a graphic designer for Razorfish in San Fran-sico for 6 years, Drew decided to quit his job and pursue making his clothing line into a full time gig.

“Passion and a fear of complacency. I didn’t want to be stuck at my day job for the rest of my life. It’s simply not for me. I saw my skills become stale and passions take the backroad - it terrified me. Being completely comfortable scares me. I like the slightly uneasy feeling of not knowing what’s ahead, because you’re forced to figure things out and grow.”

I’ve realized the path to success is very long “I would definitely describe the career journey of a designer as a very long one. Until you find your stride. That’s something that probably takes 10 years on the short side.”

nothing beats real-world experience “The real education begins in the real world, once you start working. “

It’s important to explore you curiousities “I believe the route we’ve chosen has been good to us so far. If we were to do anything different, it would be to focus on just one product and making it the absolute best that we could. Not that we didn’t strive to create great products, but simplifying the process on one product makes it easier to introduce an idea. We put too much pressure on ourselves to launch a full collection.”

I learned from others before starting my own business “I grew there a lot, but personally and professioanally. And then I started my own studio. Yet again, it’s a completely new beginning, a newlevel; you learn a lot of things about yourself and about design and the business of design as well”

it’s important to follow your passions

pursuit | personas

say & do

think & feel

seehear

I’ve heard what worked anddidn’t work for other people. This helped me learn some things before starting myown business venture

I’ve heard how unhappy myfriends are at their desk jobs and realized I never want thatfor myself

I feel like I have learnedvaluable skills at my other

jobs and training

I’ve seen how long it takes to be successful as an entrepreneur.

The journey is usually very long

I’ve seen other designerstake years to fully develop as artists with quality work

I seek out new experiencesto expand my business knowledge

and grow as an entrepreneur

I feel it’s important toexplore your passionsand interests

the dreamer insights Think & Feel Dreamers value freedom and creativity. They believe it is important to explore their passions and interests so they may Hear Dreamers often talk to other entrepreneurs and learn from their successes and failures. They have seen other friends work jobs they See Dreamers realize the journey of entrepre-neurship is very long and requires a lot of persistance and perserverance. They have Say & Do Dreamers actively seek out new experi-ence because they realize the value of new knowledge. They are usually fairly accepting

have enjoyable careers. They are also often adventurous and enjoy the ever-changing world they live in. didn’t enjoy, and decided they would pursue their own dreams in order to attain happy, also noticed how hard work pays off for entrepreneurs and are eager to start upon their path to success. of new technologies and try to stay on top of trends and potential opportunities for their business.

Tony Ellis The Successfully Crowdfunded 28 | Oakland, CA | Inventor Tony Ellis is an avid inventor who designs innovative products in his free-time. His dreams came true when his latest project was funded on Kickstarter. He now looks forward to beginning his journey as an entrepreneur.

I wasn’t prepared“We didn’t know the first thing about CHINA!” “Our crowdfunded backers became the unfortunate guinea pigs”

“The complexities of testing were magnified by the fact the product was expected to work in partnership with whatever lock customers already had on their door.”

“I know some Kickstarters that are TOO successful. They raise too much, take too many orders and then can’t keep up!”

I couldn’t have done it on my own “I really want to avoid distributors for now, but they have customers I need” “The company started changing course. It found a new manufacturing partner, one that specialized in locks”

I have learned from my mistakes ““I didn’t get funded on IndieGogo. The audience is smaller and my video probably wasn’t done right. The second video I submitted (on Kickstarter) was more on product, less on the company’s back story, and I got funded!”

I am learning how to grow a business “I kept getting direct messages from manufacturers and marketing companies that want me to hire them” “My next line is coming out in March. That money came from my Kickstarter”

I strive for “accessible authenticity” “I felt that the prices of other luxury handbags was too much, and out of range for most people”

I had some unexpected results

a rare case of The Accidental Entrepreneur

“I wasn’t thinking about being an entrepreneur; I just wanted to make handbags.”

“Growing my business is more about going with the flow. Whatever is in front of me, I do.”

“I would prefer that someone else manage the business side and freeme to just design.”

“Handmade is easier for me right now. I don’t need to look for factories to make my product.”

“The business part for me is really blurry. I’m not really interested.”

pursuit | personas

say & do

think & feel

seehear

I hear about crowdfundingand decided to try it. It wasn’talways an easy route, but it mademy dreams come true

I’ve heard of other crowdfundingsites, but they all seem to have their pro’s and con’s

I feel unsure of my business skills and wish I could just

be a designer instead

I have seen some entrepreneursbecome “too successful” on Kickstarter. They

earned enough money for multiple product collections

I have also seen entrepreneurs fail because they got too many

pre-orders and then couldn’tactually make them

I am not afraid to share my ideaswith the world and ask for help

making them a reality

I think I need help with most of the businessmanagement processes

the successfully crowdfunded insights Think & Feel The Successfully Crowdfunded feel that lack skills in certain areas and need a team to be as successful as possible. They wish Hear The Successfully Crowdfunded heard about crowdfunding as a source of making their ideas real, and decided to try it. They also realized there was a bit of a learning curve See The Successfully Crowdfunded have seen how crowdfunding can sometimes go wrong if they user underestimates how much Say & Do The Successfully Crowdfunded aren’t afraid to ask the world for help when it comes

they could focus on the aspects of entre-preneurship they enjoy, and leave the other parts to employees. with using a crowdfunding site, and wished for more help and advising at certain points of the process.

funding they need, receive too many pre-orders than they can produce, or have a other issues. to funding. They appreciate the publicity crowdfunding provides.

Daniel SmithThe Established Entrepreneur 53 | Nashville, TN | Advertising Daniel Smith, graduated from University of Kentucky with a BS in Communications. Prior to graduation, Smith formed a small ad agency with a fellow classmate. After receiving his degree, Smith decided to pursue his business as a full-time profession.

I believe in myself“The characteristics of entrepreneurs are going to sound a bit cliché but they’re true. They need to be self-confident, willing to take chances, smart, willing to deal with adversity and ups and downs. They need to be resilient, able to deal with stress, and independent. The entrepreneurial path—even if it is successful—is rarely a nice steady path.”

“Every entrepreneur puts their ass on the line. Sweat equity, opportunity costs from what they could be earning at their job, their own money, bor-rowed money from friends and family…”

“A strong ego and a somewhat self-focused personality are characteristics I think you will find in must successful entrepreneurs. We don’t follow our given paths to make other people happy. We do it for our own gain.”

it’s important to build a strong team “I’ve met people who are idea-driven and have no idea how to actually create something out of nothing but they have an idea—they just need to partner up with someone who knows more of the latter.”

I’m constantly monitoring the growth of my business “The business will – or must - to remain viable. Personally, I am now of retirement age. I will continue to work, but am in the process of turning the operation over to a team that will take over and continue the culture.”

you learn as you go “One other big pain point that I see all the time is that if [the entrepreneur] is lucky or talented enough to start generating success, it’s learning how to create a company instead of doing everything themselves. That’s another huge pain point”

sometimes I have trouble adapting to new technology “Flexibility is a key to entrepreneurship. Being able to adjust to changes in the market quickly and effectively…quicker than the competition.”

I want to control my own future “I enjoyed the freedom, control to make the decisions, and control where the business went. It’s about controlling your own future”

I want to run my business ethically “What lead me to [entrepreneurship] was seeing the inequities, failings and corruptions of corporate America, and believing the only way to truly control your own professional growth was on your own”

I believe in doing your research to get the best deal “You should always get three bids. Have them come [to your business] and see what you’re trying to do and get their three estimates. Then you choose based on their price and what they have to say. I also always think ‘two heads are better than one’, so I’ll present my three bids to other people I trust to get their opinions and advice”pursuit | personas

say & do

think & feel

seehear

I’ve heard about crowdfunding, but I’m not sure it’s for me

I hear about new technologyall the time, but I usually don’tadopt it until others have testedit first

I hear stories and advice from myfrends and colleagues and highlyvalue it

I feel like I’ve sacrificed a lot to get where I am today

I’ve seen other businesses fail because they didn’t manage

their assets well

I see entrepreneurship as a way to control my future outcomes

and personal successes

I am careful about makingdecisions and tend to ask other entrepreneurs fortheir input and advice

I think I learn new thingsall the time, and improve

my business with what I’velearned along the way

I think the most important traits of entrepreneurs areconfidence, patience and perserverance

the established entrepreneur insights Think & Feel Established Entrepreneurs feel that they have sacrificed and dedicated a lot of their time and energy toward acheiving Hear Established Entrepeneurs rely heavily on word of mouth testimony and personal See Established Entepreneurs have seen others sucesses and failures and have learned from them. They also view entrepreneurship as a Say & Do Established Entepreneurs are cautious with their decision making and realize the

their goals. They recognize shared character traits in themselves and other entrepreners that contribute to success. recommendations. They value this form of communication and advice over others. means of freedom and personal autonomy. They believe it is important to control their own outcomes and successes in life. importance of receiving several bids before making a purchase.

Gloria Paulsen The Advisor 33 | Belfast, Ireland | Professor Gloria Paulsen received her MBA from London Business School where she was also a professor for four years following graduation. Paulsen now enjoys serving as an advisor to start-ups when she is not teaching at NYU.

do your research “[If I were starting a business] I’d figure out what resources I need for the first year, both money, capital and human capital, property and equipment and put together a game plan. For the start-up phase you need to know everything you’re going to need, have a time table, project plan, an action plan…Then go get whatever you need.”

I believe entrepreneurs can make something out of nothing “An entrepreneur is a person who can start with a blank piece of paper or a card table in their basement. An entrepreneur is someone who can essentially start with NOTHING and turn it into SOMETHING.”

don’t be afraid to ask for advise! “I think not having a really good business plan is a pain point. For people who never had to write a really good business plan, that’s a pain point.”

know your weaknesses “A lot of smart entrepreneurs that I work with are smart enough to know what they don’t know. The worst is entrepreneurs that think they know everything. They’re doomed to failure, because no one knows everything.”

Look for money in the right places “There’s tons of angel investors and early stage investors. There’s angel networks in every city. There’s tons of stuff out there. The money is there for start-ups especially right now.”

cash is king!“If you look at [entrepreneurs’] stories, the number of them that do [borrow money from friends and family] is high because where are you going to get the money? If you have it, great, you’re done. But if you don’t have it…you’re not going public, you’re not going to a VC (Venture Capitalist), you’re not going for private equity—none of those people are ready for you yet.”

“In the very beginning, you don’t have any metrics. I guess if you’re a proven entrepreneur with a track record, you might be able to get big, real money at the beginning. But most people don’t get real money.”

pursuit | personas

say & do

think & feel

seehear

I’ve heard crowdfunding is aneasy way to raise seed capital

I hear from entrepreneurs thatraising money is one of the biggest pain points

I think doing your researchis absolutely critical

no matter what

I see the passion and energy entrepreneurs have, and it’s so exciting how much they

love their ideas

I have seen a lot of creative business ideas that have potential,

but the entrepreneur is naive

I tell young entrepreneurs to not be afraid to ask for help

and advice

I think one of the main issuesentrepreneurs have is creating

a professional business plan

I think most entrepreneursare risk-takers who haveconfidence in their abilities and ideas

the advisor insights Think & Feel Advisors realize the high importance of research and making informed business Hear Advisors hear about the struggles and triumphs of entrepreneurs on a daily basis. They learn what is working and not See Advisors recognize the passion and love entrepreneuers have for their ideas. They Say & Do Advisors must be patient and frequently encourage entrepreneurs to be aware of

decisions. A lot of times they have to walk entrepreneurs through this process. working for other entrepreneurs, so they can pass on the knowledge to others

work hard to utilize this energy for the benefit of the entrepreneurs. their weaknesses and not be afraid to ask for help.

Jacob Johnson The Investor 58 | New York, NY | Investor Jacob has extensive experience with international business affairs and trade policy. Jacob now serves as a board member of the World Trade Organization.

I consider the size of the market“Demonstrating that the business will target a large, addressable market oppor-tunity is important for grabbing VC investors’ attention. For VCs, “large” typically means a market that can generate $1 billion or more in revenues. In order to receive the large returns that they expect from investments, VCs generally want to ensure that their portfolio companies have a chance of growing sales worth hundreds of millions of dollars. The bigger the market size the greater the likelihood of a trade sale, making the business even more exciting for VCs looking for potential ways to exit their investment. Ideally, the business will grow fast enough for them to take first or second place in the market.”

I look for great products with a competitive edge “Investors want to invest in great products and services with a competitive edge that is long lasting.”

I seek out excitig opportunities “An adventure capitalist would be a wealthy individual who seeks out exciting experiences.”

I tend to specialize in a certain area

I know how to recognize promissing entrepreneur’s

crowdfunding is crowded

resources are key

“An ‘adventure capitalist’ is a specific type of venture capitalist who is more accessible, but who may be harder to find and whose pockets are not as deep as a traditional venture capitalist. Or, a specific type of venture capitalist who is willing to invest in endeavors that would be considered too risky for traditional venture capitalists.”

“At the end of the day - Investors want to invest in a person. They want to get to know you before they are going to write yu a big check. Investing is a lot about relationships.”

“Crowdfunding platforms are so crowded, the only time I go there is when someone in my network asks me to check out their new thing.”

“Funding your idea... if you don’t come from money and need to work and eat... Funding can be a really big challenge. You might depend on friends and family or try crowdfunding. Some entreprenuers have certain connections or networks. If they went to Stanford, they already have those relationsips - it seems to be easier for them.”

I also consider an entrepreneur’s management team “Quite simply, management is, by far and away, the most important factor that smart investors take into consideration.” pursuit | personas

say & do

think & feel

seehearI’ve heard about crowdfunding but it’s so crowded! I only go there when someone asks me to check out their project.

I think about my investments thoroughly before making

offers to entrepreneurs

I’ve seen other businesses fail because they didn’t manage

their assets well

I see entrepreneurs as a way to make money over the course

of many years

I tend to specialize in areas I have the most experience in. This helps me make informed decisions and investments.

I think choosing products and services with a strong

competitive edge is absolutely critical

I think the most important traits of entrepreneurs areconfidence, patience and perserverance

I also considerther entrepreneur’s

management team beforeI make an investment offer

the investor insights Think & Feel Investors try their best to make well-informed decisions that are carefully thought out and backed by research Hear Investors are familiar with crowdfunding, but tend to avoid it. Venture capitalists and angel investors are typically more interest- See Investors have the ability to see potential. They see entrepreneurs as opportunities to make money long-term. They also realize Say & Do Investors realize their strengths and tend to focus their investments in areas they are most familiar with. They also tell frequently

and wisdom. Investors consider their op-tions before making an offer.

ed in personal communication and making business deals one-on-one with entrepre-neurs and start-ups. this is a gamble and are therefore very cautious and selective about who they give their money to. entrepreneurs to focus on polishing their business plan before pitching their idea.

Kai Solomon The Experienced Maker 58 | Portland, OR | Maker Kai is a self-starter who wanted to pursue his dreams of owning his own small manufactureing company. Kia specializes in creating prototypes for new ideas and creating solutions that can be easily transfered to a larger manufacturing scale.

I need to be able to swim in the deep end“One of the big problems with Kickstarter is, they get you money, show people your idea and then they kind of take you to this ocean and tell you that you have to swim, they’re out of there - bye - and you have to make everything else happen. A lot of people don’t have a design background and they don’t have a clue.” “Who is going to manufacture it? What is that going to cost?” “A designer might think about how it works and what it looks like, but what it costs is harder to figure out. The client may like your design but discover that it is too expensive to manufacture.” “Materials, sometimes a manufacturer will help you with that, and it may have to do with their capabilities. You need to be aware of whether they are offering the best process or just trying to sell you on what they have.” “And if you’re not sure which process you are going to use,the manufacturer could come back and tell you that you are looking at the wrong process, they are an injection molder and you need blow molding. They might suggest changes. If there are too many variable, you can’t get accurate quotes, you can’t compare apples to apples. The more specific your information is the easier it is to get and compare quotes.”

capabilities equal business

accuracy is in the details

“I started with just 4-5 people, but if you want to do business with a Dell or an IBM, they need to know that you are staffed - if you have the manpower and expertise to handle the job. I had to bring on additional staff. I also had 6 full time employees in my model shop, which is over 10,000 square feet. We can make anything in that shop. Fully functional prototypes. That’s what it takes to get attention from a John Deere or IBM.”

“When you ask for quotes, they’re going to ask for CAD files, technical drawings to give you the most accurate quote. But its typical to have a design that’s not quite there yet and you’re just looking for a ballpark estimate. It’s difficult for them to estimate from just a drawing. They want detailed specs.”

making ideas happen is expensive

good ideas are important

I need an understandable design language

how do idea holders find me?

“It’s not just designing a product. It’s engineering, prototyping, user testing and consumer feedback - that all costs money and you haven’t even gotten it manufactured yet.”

“As a manufacturer, I want good ideas. I don’t want to talk to 500 people with bad ideas. If you had a contest - some way to filter that - and Kickstarter kind of does that, the bad ideas fall out and don’t make it through the filter.”

“The most difficult part of being a designer is communicating with non-designers, people without a design background.”

“There used to be a big registry, Thomas. It was a set of volumes listing mainly US companies and it cost $3-4000. Now it’s online and you can search by category or location. International companies are listed now, too.”

making units doesn’t equal making money “Now that you have 5000 parts, you have to sell them. Do you have a distributor set up? Is Walmart or ACE Hard-ware going to sell your part”

I need to know their track record “If I were considering a manufacturer that I haven’t worked with yet, I would look at their capabilities and their track record. I would talk to people who have worked with them in the past. One big thing is scheduling - how long it takes them to do something... I would find that out by talking to people who have worked with them.”

pursuit | personas

say & do

think & feel

seehear

I hear others struggle to finda common design languagebetween them in order to communicate properly witheach other

I hear about other processesand technology all the time.Usually I’m very interested tofind out how it could benefitme and my process of making goods

I think you shouldalways strive forperfection. The

accuracy is inthe details

I see how the processof making goods works,

and I’ve refined my processover time

I need to see a traditionof success before I will

partner with a manufacturer

I feel it’s very importantto plan well and considerall the potential expenses

and potential profit

I think it’s so important to think on your feetand learn to adapt

I try my very best to first creategreat ideas. Without a great idea first,

a product itself is pretty pointless

the experienced maker insights Think & Feel The Experienced Makers feel that the devil is in the details. Accuracy in the planning stage is crucial, and all details should be equally considered. They also have real- Hear The Experienced Makers have heard other designers and creatives struggle to find a common language. Bridging the gap in See The Experienced Makers have seen how each step of the process affects the final outcome. They also appreciate seeing a Say & Do The Experienced Makers believe the idea itself is possibly the most important part of creating a great new product. They value a strong process of ideation and design plan-

ized the importance of being able to adapt to new technologies, new materials and changing user needs.

communication and creating universal vocabulary is a true area of oppurtunity.

proven trackrecord of success before they are comfortable partering with a manufac-turer or other type of business. ning before beginning the manufacturing process. Without a great idea, products are pointless.

I learn by doing

my network is one of the most valuable asets

I need to be in charge cash is king!

pursuit | personas

I couldn’t have done it on my own

I can’t win without the right team

business model canvases “A business model describes the rationale of how an organization creates, delivers, and captures value.” The bussiness model canvas that we have applied covers 9 basic building blocks and 4 main areas of business that include; customers, offer, infrastructure, and financial viability.

The business model is a tool to organize an idea through organizational structures, processes, and systems. In this chapter we have mapped our com-petitors business model canvases and pulled insights form them.

competitor business model canvases applied from Osterwalder & Pigneur, “Business Model Generation,” 2010

Updated & Informed Good & Different Matrix

Marty Neumeier, “Zag,” 2007

bad same bad different

good same good different Criteria: These companies were evaluated and assigned locations within the “Good and Different” matrix based on their originality, uniqueness, versatility and ability to operate in many different industries. Competitors: Quirky: Users propose ideas, quirky makes them real. YEI: Yale’s academic startup incubator for students and alumni. Makers Row: a digital database of local manufacturers. 1871: a Chicago based entrepreneurial incubator. Founder Dating: Matches entreprenuers with one another. Engineering based. Advisor network. Founder Labs: a 5 week workshop focuesed on helping mobile startups

YEImakers row

quirky

1871

founder datingfounder labs

pursuit | competitor business model canvases

After creating an initial “Good &

Different” matrix, we used our research to refine & currate our competitors. Our

“Updated and Informed” matrix shows these competitors and where they fall

on the good and different spectrum. Ultimately, the goal would be to have Pursuit within the good and different

square and to have competitors fall into the good and same square due to

Pursuit’s uniquness and originality.

maker’s row A digital platform that connects idea hold-ers with local, US based manufacturers and provides a means of communication for the

two parties involved. Idea holders have to search manufacturing companies.

key resources channelsdigital platforms connections with manufacturers and suppliers

key partners



manufacturers (over 5,000) makers suppliers invetors designers

web hosting servers staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

starters - $25 professionals - $105 enterprise - $ask advertising ticket sales

discover (research and factories) connect with factories create a design plan create a brand profile exclusive events inbox/mail for users

“Loved by thousands of makers” showcases their users-testimonials and success stories on home page

“Our mission is to make the manufactu-ing process simple to understand and easy to access. From large corporations to first time designers, we are providing unparalleled access to industry specific factories and suppliers across the United States.”

first time designers to large corporations right outta school side action the dreamer the accidental entrepreneur the established entrepreneur

online website on ground events social media


key resources channelsdigital platforms connections with manufacturers and suppliers

key partners



manufacturers (over 5,000) makers suppliers invetors designers

web hosting servers staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

starters - $25 professionals - $105 enterprise - $ask advertising ticket sales

discover (research and factories) connect with factories create a design plan create a brand profile exclusive events inbox/mail for users

“Loved by thousands of makers” showcases their users-testimonials and success stories on home page

“Our mission is to make the manufactu-ing process simple to understand and easy to access. From large corporations to first time designers, we are providing unparalleled access to industry specific factories and suppliers across the United States.”

first time designers to large corporations right outta school side action the dreamer the accidental entrepreneur the established entrepreneur


maker’s row insights Key Partners: Maker’s Row has a large network of manu-facturers, over 5,000. Once our business has been scaled, we too will need a large network of manufacturers. Because of this, Maker’s Row could become a direct Revenue Structure: In order for idea holders to use Maker’s Row they have to pay a fee. The road for a startup to success is long and requires a great deal of time and money. Pursuit’s goal is to help the idea holder reach his or her potential, and we don’t believe that our Customer Segments: Maker’s Row targets an extremely wide array of users. Almost every Pursuit per-sona is represented within their customer segment. We believe this is too broad and could discourage our customer segment Value Proposition: Maker’s Row is soley focused on connecting idea holders (entreprenuers - large corps) with manufacturers. But entreprenuers need more than just access to manufacturers.

competitor. Pursuit has the opportunity to provide more revenue producing work for manufacturers by bringing more ideas to realization through the use of the platform.

service should put anymore financial stress on a startup. $25 might not seem like a lot of money, but every penny counts. Pursuit has the opportunity to provide a free servuce for idea holders.

from using Maker’s Row. As a startup company, competeing against large corpo-rations for manufacturers is intimdating. Pursuit has the opportunity to target a more specific user group. What about financial advisors and design managers? Pursuit has the opportunity to provide access to necessities including, but not soley, manufacturing.

All of our entreprenuerial personas are represented w/in Makers Row

Only help connect idea holders with manufacturers

A large network of manufactuers. We might compete with Makers Row for their business

Pursuit has the opportunity to provide more revenue producing work for manufacturers

Pursuit has the opportunity to target a more specific user group.

Pursuit has the opportunity to provide access to more than just manufacturing.

Strictly online service allows for a lower Cost of Goods

The service costs idea holders money.

This differes from

Puruit’s revenue structure


Pursuit has the opportunity to provide a free service for idea holders.

quirky


human capital members - communityonline platform

key partners



Quirky is an online community and market-place where idea holders can suggest areas of oppurtunities, add design input, and get products produced. It a a great, quick way

for designers to gain experience and make a small amount of money without the burden of being an entreprenuer.

designers inventors engineers industry experts manufacturers community members

website infrastructure admins and experts web deisgn and security shipping and delivery manufacturing office operations, product design

product sales advertising

collect ideas evlauate & categorize public voting & comment manufacturing sale of goods

desingers inventors advisors advertisers buyers

“We make invention accessible. We believe the best ideas in the world aren’t actually in the world... they’re locked inside people’s heads. We exist to solve that problem.”

amateur designer experience-seeking designers buyers right outta school side action the accidental entrepreneur

online social mediadistribution


Pursuit has the opportunity to empower the idea holders and provide a service that isn’t built on stealing

their ideas

Pursuit will need to find a way to

attract some of the same idea holders

form QuirkyPursuit will need to find a way to attract some of the same

custormer segments form Quirky


human capital members - communityonline platform

key partners



designers inventors engineers industry experts manufacturers community members

website infrastructure admins and experts web deisgn and security shipping and delivery manufacturing office operations, product design

product sales advertising

collect ideas evlauate & categorize public voting & comment manufacturing sale of goods

desingers inventors advisors advertisers buyers

“We make invention accessible. We believe the best ideas in the world aren’t actually in the world... they’re locked inside people’s heads. We exist to solve that problem.”

amateur designer experience-seeking designers buyers right outta school side action the accidental entrepreneur

online social mediadistribution

Quirky forgets to mention that their business model is dependent upon using your ideas to generate capital

Quirky is dependent upon the community aspect of their

platform

Outside designers create and share designs that are

then capitalized by Quirky. Designers

are essential

Quirky has both an

online presence and

a physical location

where final product

designs are created

Quirky has a strong social media

presence which reaches their

customer segments

quirky insights Key Partners: Quirky sources a community of outside idea holders to create and share designs that are then capitalized by Quirky. Outside idea holders are essential to the Revenue Structure: Quirky produces the products designed on their platform and brands them as Quirky. Their revenue is based on product sales and designers get a small comission on sales. Value Proposition: In there value propsition, Quirky states “We believe the best ideas in the world aren’t actually in the world... they’re locked inside people’s heads. We exist to solve that problem.” Quirky forgets to mention that

Quirky business model. Pursuit will have to find a way to attract some of the same idea holders by creating a completely different experience than Quirky. Pursuit’s revenue structure is dependent upon a percentage taken from investments made by investors on idea holders.

their business model is dependent upon using idea holders ideas to generate capital. Pursuit has the opportunity to empower the idea holders and provide a service that isn’t built on stealing their ideas.


Quirky produces the products designed on their platform. There revenue is based on their product sales.

Pursuit revenue structure is

dependant upon a percentage taken from investments

made by investors on idea holders

Quirky targets a lot of the same

customer segments

that Pursuit does. This could create direct competition.

yale entrepreneurial institute


alumni social expert volunteers school fund donation

key partners



The Yale Entrepreneurial Institute is a university department that helps entrepre-neurs and innovators at Yale start scalable new ventures with programs, workshops, events and funding. YEI is leading the effort to expand entrepreneurship opportunities

across Yale and to build an entrepreneurial ecosystem in New Haven, Connecticut, through partnerships with Yale’s schools, campus innovation centers and with local groups and business partners.

kickstarter - curated page SBIR - small business inovator research STTR - small business technology transfer

staffing - graphic/web, admins, event planners, advisors, designer manager, marketing, recruitment organizing events office operations rent & equipment charges - handled by school

donation school budget

mentor funding event workshop/training award - career advice

advisor accelerator investor

“Help Yale students and faculty start scalable new business ventures. We mentor innovators through ideation, proof-of-concept and the busi-ness creation process.”

yale students faculty investors corporate partners right outta school side action the accidental entrepreneur

events websiteon-ground



alumni social expert volunteers school fund donation

key partners



kickstarter - curated page SBIR - small business inovator research STTR - small business technology transfer

staffing - graphic/web, admins, event planners, advisors, designer manager, marketing, recruitment organizing events office operations rent & equipment charges - handled by school

donation school budget

mentor funding event workshop/training award - career advice

advisor accelerator investor

“Help Yale students and faculty start scalable new business ventures. We mentor innovators through ideation, proof-of-concept and the busi-ness creation process.”

yale students faculty investors corporate partners right outta school side action the accidental entrepreneur

events websiteon-ground

Pursuit has the opportunity to use ascepts of

Yale’s service as a framework for

mentoring its idea holders

Initially, Yale’s and

Pursuit’s customer

segments are similar,

with Yale having a smaller segment de-fined by the school

Yale mentors idea holders through

ideation, proof-of-concept and the business creation

process

YEI channels are greatly impacted by

having an on-campus

physical location. As a student at Yale, you know

about YEI

YEI is not-for-profit and has the

luxury of a constant cash flow

from the university

Yale has a partnership with Kickstarter and a currated page

Pursuit does not have the luxury of a constant cash flow from a larger instituition. Pursuit will need to make a profit

yale entrepreneurial institute insights Key Partners: YEI has a partnership with Kickstarter and a currated page that assists idea holders with getting initial funding. Partnering with an Revenue Structure: YEI is a not-for-profit and gets its funding from sponsors and school budget allotments, a luxury of a constant cash flow form the university. Pursuit does not have the luxury Value Proposition: YEI mentos idea holders through ideation, proof-of-concept and the business creation process. Pursuit has the opportunity to use

established entrepreneurial platform could be an are of oppurtunity for Pursuit. of a constant cash flow from a larger insti-tution. Pursuit will need to make a profit in order to stay in business.

aspects of Yale’s service as a framework for mentoring its idea holders.

1871 1871 ia a not-for-profit entrepreneurial incubator located in Chicago, IL. 1871 has a physical presence within the Merchandise Mart in the Loop that promotes and grows the startup community in Chicago. 1871

develops programs, establishes patnerships and runs projects that provide entrepre-neurs with the tools they need to build successful, sustainable business.


physical space technology sponsors members college startups

key partners



mentors partners investors developers customers friends

rent & equipment charges staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

not-for-profit sponsors reserved member $450 monthly shared $300 monthly designer & developer $300 monthly associate membership $300-$1500 individual associate membership $200

education & inspiration session co-working space

“Come to a place where you can share ideas, make mistakes, work hard, build your business and, with a little luck, change the world.”

“A community of designers, coders, & entreprenuers who learn from each other, encourage each other, & share a journey up the steep startup learning curve.”

reserved member shared member night/weekend member designer & developer membershipassociate membershipindividual associate membership right outta school side action the dreamer

website tour shared/collab workspace



physical space technology sponsors members college startups

key partners



mentors partners investors developers customers friends

rent & equipment charges staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

not-for-profit sponsors reserved member $450 monthly shared $300 monthly designer & developer $300 monthly associate membership $300-$1500 individual associate membership $200

education & inspiration session co-working space

“Come to a place where you can share ideas, make mistakes, work hard, build your business and, with a little luck, change the world.”

“A community of designers, coders, & entreprenuers who learn from each other, encourage each other, & share a journey up the steep startup learning curve.”

reserved member shared member night/weekend member designer & developer membershipassociate membershipindividual associate membership right outta school side action the dreamer

website tour shared/collab workspace

Pursuit has the opportunity to develop a co-lab space for users to interact and work together

Shared spaces may limit the

collaboration of users if they

work at different times

1871 insights Key Activities: 1871 is a unique incubator because it also serves as a co-lab workspace for users. This allows users to benefit from meeting each other in person and receive feedback and

Revenue Structure: 1871 generates a lot of their revenue from users’ membership fees and co-lab work-space rent. Although co-lab spaces could potentially be a beneficial space for collaboration, with so many different

advice from other users. Implementing physical co-lab spaces is an concept for Pursuit to keep in mind and consider for the future.

membership options, it’s unclear how much users truly interact with each other. 1871 offers a “nights and weekends” mem-bership, but they are unlikely to encounter very many users during off-hours.

key partners key activities value prop customer relations customer segments

founder dating Founder dating links users with expertise and desire to launch entrepreneurial ven-tures with like-minded individuals to create a partnering network. It is a digital platform

with the option for in person meetings after two parties have shown interest in working together.

members entrepreneurs advisors

screening applicants introductions advice cowork meetups hackathons accelerator

showcases their users-testimonials and success stories on home page

“think of us as linkedin for entreprenerus”

online and ongroundvetted members


online platform vetted members


online and onground testimonials

website infrastructure admins and experts web deisgn and security office operations

$50 one time joining fee

engineers designers investors right outta school side action the dreamer the experienced entrepreneur the investor the advisor


key partners key activities value prop customer relations customer segments

members entrepreneurs advisors

screening applicants introductions advice cowork meetups hackathons accelerator

showcases their users-testimonials and success stories on home page

“think of us as linkedin for entreprenerus”

online and ongroundvetted members


online platform vetted members


online and onground testimonials

website infrastructure admins and experts web deisgn and security office operations

$50 one time joining fee

engineers designers investors right outta school side action the dreamer the experienced entrepreneur the investor the advisor

Many of our personas could benefit from

the services of Founder Dating

We believe comparing your service to an

existing one is a poor choice

Pursuit has the opportunity to

gain new users by sharing inspiring success stories

Pursuit has the opportunity to ensure quality by screening the ideas that are

submitted

founder dating insights Key Activities: Founder Dating implements a system of screening applicants before they are allowed to participate in the service. Al-though this may limit their customer seg-ment, it also ensures quality. Pursuit aims to be an open door for any idea Value Proposition: Founder Dating simply describes them-selves as “LinkedIn for entrepreneurs”. We believe comparing your brand to an existing brand is a recipe for distaster. Pursuit dif Customer Relations: Founder Dating cleverly uses the success and testimonials of their previous users to inspire and attract new users. This allows users to connect and empathize Customer Segments: Founder Dating is successful because it isn’t limited by industry or a certain type of user. In theory, all of the Pursuit personas would be interested in the services of Founder Dating. We realize this is a potential threat.

holder to make their dreams a reality. We intend to implement a screening process of the ideas, instead of users. Pursuit also offers expert advising and remediation of ideas that aren’t up to our standards

ferentiates their business model from any existing competitors and has developed a strong brand idenity from the beginning

with each other’s stories. Pursuit has realized testimonials could be an excellent form of advertising in the future However, users will choose Pursuit over Founder Dating because of our free enroll-ment, expert advisors, and unrivaled com-munity of idea holders and makers.

founder labs Founder Labs is a 5 week opportunity focused on the first phase of launching a mobile startup. Founder Labs markets itself as “something unique,” an experience and opportunity, not as an incubator.

Founder Labs is a select group of people with one common mission, to launch a new mobile venture. Not everyone succeeds but everyone gets an equal shot to try.

key resources channelsmentors investor network online interface

key partners



engineers designers business/marketing mavens investors

web hosting space for 5 week program and associated costs (equipement, utilities, etc...) staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

$775 cost per person

week 0 desing thinking & idea generation week 1 lean startup lessons week 2 customer dev week 3 learn marketing week 4 raising your first round week 5 final demo night

encouragement guidence mentors

“Founder Labs is a 5 week experience foucused on the first phase of launching startups in the mobile space”

founders seeking cofounders founders with ideas to validate founders without an idea who want to join others right outta school side action the dreamer



key resources channelsmentors investor network online interface

key partners



engineers designers business/marketing mavens investors

web hosting space for 5 week program and associated costs (equipement, utilities, etc...) staffing - graphic/web, admins, event planners, design manager, marketing, recruitment

$775 cost per person

week 0 desing thinking & idea generation week 1 lean startup lessons week 2 customer dev week 3 learn marketing week 4 raising your first round week 5 final demo night

encouragement guidence mentors

“Founder Labs is a 5 week experience foucused on the first phase of launching startups in the mobile space”

founders seeking cofounders founders with ideas to validate founders without an idea who want to join others right outta school side action the dreamer


Very expensive enrollment fee. This may limit participation

Well-organized system of

developing their users’ skills

Pursuit has the opportunity to develop physical spaces for users

to collaborate

Pursuit has the opportunity to

reduce barriers to entry by offering free enrollment

founder labs insights Key Activities: Founder Labs is a physical workspace that holds workshops for entrepreneurs to meet each other and refine their skillsThey divide each learning outcome Cost Structure: Founder Labs benefits from having a phys-ical location to use as a workspace, office, and multi-use space for events. Physical spaces may be an idea for Pusuit Revenue Structure: Founder Labs’ five week program costs $775, which may be a barrier to entry for some users who don’t have enough money in the beginning. We have realized this barrier can be eliminated if Pursuit offers

into separate weeks to ensure the holistic development of their users. Pursuit may benefit from using a similar approach of “user stages” and checklists.

to consider in the future. This would allow greater community outreach and offer more resources to our users.

free enrollment for idea holders. This would allow to attract more users since people are generally more willing to try services that are free.

entre

pren

uer

sell

idea

individualgroup

2x2 matrix

WORK IN PROGRESS...

This matrix shows our competitors and their relationships on a scales of individual to group and entreprenuer to sellout. Quirky is a bit of an outlier in this matix as it is the only competitor that allows users to sell

their idea but still be apart of its develope-ment. There is an oppurtunity to create a platform that is individual and entrepre-neurial focused.

JieRen DGMT 720

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