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Transcript of Steve Blank Best Copy the Startup Owners Manual Sxsw Pptx
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The Startup Owners Manual
Stanford -‐ School of Engineering U.C. Berkeley -‐ Haas School Of Business
www.steveblank.com Twi9er: @sgblank
Steve Blank
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See the Animated Version of this PresentaCon at:
h9p://www.slideshare.net/sblank/the-‐startup-‐owners-‐manual-‐sxsw-‐
the-‐movie-‐2
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This Talk is Based On • Business Model GeneraCon • The Lean Startup • Four Steps to the Epiphany
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This Talk is Based On • Business Model GeneraCon • The Lean Startup • The Startup Owners Manual
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Not all those who wander are lost
Bilbo Baggins
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The Search for a Path
1602 -‐ 1908
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© 2012 Steve Blank
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The Path to Business ExecuCon
But Startups are Not Smaller Versions of Larger Companies
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© 2012 Steve Blank
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From Atoms to Bits
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© 2012 Steve Blank
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The Startup Path
Search Versus ExecuCon
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© 2012 Steve Blank
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What’s a Startup?
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© 2012 Steve Blank
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What’s a Business Model?
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© 2012 Steve Blank
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Value ProposiCon
What Are You Building and For Who?
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© 2012 Steve Blank
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Customer Segments
Who Are They? Why Would They Buy?
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© 2012 Steve Blank
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Channels
How does your Product Get to Customers?
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© 2012 Steve Blank
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Customer RelaConships
How do you Get, Keep and Grow Customers?
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© 2012 Steve Blank
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Revenue Streams
How do you Make Money?
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© 2012 Steve Blank
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Key Resources
What are your most important Assets?
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© 2012 Steve Blank
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Key Partners
Who are your Partners and Suppliers?
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© 2012 Steve Blank
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Key AcCviCes
What’s Most Important for the Business?
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© 2012 Steve Blank
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Cost Structure
What are the Costs and Expenses
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© 2012 Steve Blank
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Turning Hypotheses Into Facts
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© 2012 Steve Blank
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The Four Steps – The Startup Path
Customer Development
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© 2012 Steve Blank
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Customer Development
There Are No Facts Inside The Building, So Get the Heck Outside
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© 2012 Steve Blank
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Customer Development
Test the Problem, Then the SoluCon
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© 2012 Steve Blank
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Customer Development
The Entrepreneurial Journey
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© 2012 Steve Blank
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Startup Owners Manual
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Startup Owners Manual
NaConal Science FoundaCon
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• Yes there’s an E-‐Book version coming • Free autographed copies -‐ Sunday
Startup America Salon E 1:30 -‐3pm
Startup Owners Manual
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Examples from the Book
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Examples from the Book
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Customer RelaConships
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Customer RelaConships Web/Mobile Products– Get Customers
© 2012 Steve Blank
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Customer RelaConships Web/Mobile Products– Keep Customers
© 2012 Steve Blank
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Customer RelaConships Web/Mobile Products– Grow Customers
© 2012 Steve Blank
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Customer RelaConships Web/Mobile Products Get/Keep/Grow
© 2012 Steve Blank
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Customer RelaConships Physical & Web Mobile Are Different
© 2012 Steve Blank
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Customer RelaConships Physical & Web Mobile Are Different
© 2012 Steve Blank
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How Does This Really Work?
Lean LaunchPad Class
NaConal Science FoundaCon
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How Does This Really Work?
8 Weeks from an Idea to a Business
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Team Dynamo
Final Presentation
Interviews: 252
Partner: 10 Survey: 76
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Al Hassan Hleileh MBA 2 § MA in POL
ECON SOC H
Elika Mahdavi MS&E MS
§ BS in Indus.Eng.
Megh Gautam MS&E MS § BTech in IT
Hung Le MS&E MS § BS in EE/CS
PICTURE
PICTURE PICTURE
PICTURE
THE TEAM
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TABLE OF CONTENTS
1. Overview of our idea evolution
2. Our journey from week 1 to week 8
3. Current Idea § Archetype
§ Product vision
§ Partner
§ Channel & Demand Creation
§ Competitive Landscape
§ Market Sizing
4. Lesson learned and what next
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Travel booking portal for Middle Easterns
Social travel planning
Ex-pat travel portal to Middle East
Travel inspiration - Social platform that nudges people to inspire and enrich their life
2 1 3 5 6
Safe travel portal for US travelers to M.E.
4
IDEA EVOLUTION THROUGH PIVOT
7 8
Nudge to enrich life
Focus Customer Insights
Competition Market size Customer Insights
Market size
Research
Scalability Market size
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Travel booking portal for Middle Easterns
1
Interviews: 20
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
§ Middle East focused platform
§ Offer a booking platform with group discounts and flash-sales
§ Ramp up strategy through social conversations
§ Preserve memories of travel through photo sharing and quotes
Middle East focused Travel booking portal
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
§ Too broad a platform
§ Too many value propositions
Lack of focus in value propositions
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
§ The method we used was a top-down approach
§ We didn’t use net numbers (gross) § The lesson here is that if we were to do it
again we would use bottom up / net figures
Market sizing problem
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
We were not focused on a specific customer segment – too broad. Our interview base was biased towards our network – needed a better sample.
Lack of focus in customer segments
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Market understanding Best in class product Relationship with partners Human Capital
Hotels Airlines Events (Festivals) Car rentals Promotion companies Deal listings State Tourism Travel agents Conventions (CES) Business Schools (Study groups)
Product Development A/B testing Relationship with hotels; airlines; car rentals Sourcing deals Acquisition, retain customers
Web and mail Advertising Social Media Word of Mouth Referrals Customer call centers Magazines
Lowest price Best inventory Convenient Experiential UI Social Validation Create a Community Multiple options Best Actionable deals Relevant locations
Trusted relationships Successful partnerships Brand awareness/ identification Pilots Cross pollination Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 1 – MAKE MY DREAM New Remain Remove W
eek
1
§ Focus is crucial – be it in your value proposition or in your customer segmentation
§ Market sizing – Use bottom up whenever possible
§ Get out of the building – in spirit and in action. Avoid bias
Key learning
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Travel booking portal for Middle Easterns
Social travel planning
1
Customer focus
2
Interviews: 20
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Market understanding Human Capital Relationship with partners Best in class product
Social Networks Travel Publications Hotels Business Schools Travel agents Airlines Events Deal listings Car rentals Promotion companies State Tourism Conventions (CES)
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media Web and mail Advertising Referrals Customer call centers Magazines
Easy and pleasurable trip planning Best inventory Convenient Experiential UI Lowest price Multiple options Best Actionable deals Relevant locations Create a Community Social Validation
Trusted relationships Successful partnerships Events (Parties!) Brand awareness/ identification Pilots Cross pollination
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING New Remain Remove W
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Through our mentors, we really dug into our customers insights § They were telling us that they didn’t just want to go to the
middle east
§ They wanted a seamless, social and enjoyable travel experience from A-Z
§ We pivoted to The Middle Easts travel booking portal with a ramp up focused on influential who want easy and pleasurable trip planning
Pivot to social travel planning for group traveling
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Market understanding Human Capital Relationship with partners Best in class product
Social Networks Travel Publications Hotels Business Schools Travel agents Airlines Events Deal listings Car rentals Promotion companies State Tourism Conventions (CES)
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media Web and mail Advertising Referrals Customer call centers Magazines
Easy and pleasurable trip planning Best inventory Convenient Experiential UI Lowest price Multiple options Best Actionable deals Relevant locations Create a Community Social Validation
Trusted relationships Successful partnerships Events (Parties!) Brand awareness/ identification Pilots Cross pollination
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
New Remain Remove W
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Market understanding Human Capital Relationship with partners Best in class product
Social Networks Travel Publications Hotels Business Schools Travel agents Airlines Events Deal listings Car rentals Promotion companies State Tourism Conventions (CES)
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media Web and mail Advertising Referrals Customer call centers Magazines
Easy and pleasurable trip planning Best inventory Convenient Experiential UI Lowest price Multiple options Best Actionable deals Relevant locations Create a Community Social Validation
Trusted relationships Successful partnerships Events (Parties!) Brand awareness/ identification Pilots Cross pollination
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING New Remain Remove W
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Market understanding Human Capital Relationship with partners Best in class product
Social Networks Travel Publications Hotels Business Schools Travel agents Airlines Events Deal listings Car rentals Promotion companies State Tourism Conventions (CES)
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media Web and mail Advertising Referrals Customer call centers Magazines
Easy and pleasurable trip planning Best inventory Convenient Experiential UI Lowest price Multiple options Best Actionable deals Relevant locations Create a Community Social Validation
Trusted relationships Successful partnerships Events (Parties!) Brand awareness/ identification Pilots Cross pollination
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING New Remain Remove W
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When research for potential partners, we learned of several existing competitors with similar product
§ crowded
§ hypercompetitive
What was the problem?
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Market understanding Human Capital Relationship with partners Best in class product
Social Networks Travel Publications Hotels Business Schools Travel agents Airlines Events Deal listings Car rentals Promotion companies State Tourism Conventions (CES)
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media Web and mail Advertising Referrals Customer call centers Magazines
Easy and pleasurable trip planning Best inventory Convenient Experiential UI Lowest price Multiple options Best Actionable deals Relevant locations Create a Community Social Validation
Trusted relationships Successful partnerships Events (Parties!) Brand awareness/ identification Pilots Cross pollination
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior Young families Best education for kids Cultural experience Trendy destinations
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs Percentage of hotel/package (s) Advertising revenues Event of the month Exclusive partnership with events
WEEK 2 – SOCIAL TRIP PLANNING New Remain Remove W
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§ We should have looked at the competitive landscape earlier
§ We should have spoken to industry / domain experts earlier
Key learning
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Social travel planning
Ex-pat travel portal to Middle East
2 3
Competition
Travel booking portal for Middle Easterns
1
Interviews: 64
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Market understanding Human Capital Relationship with partners
Social Networks Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media
Local knowhow and content Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 3 – EX-PAT TRAVELING New Remain Remove W
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Pivot to Ex-pat Community Travel Portal
We pivoted back to the original idea with focus on one customer segment § A travel planner for Ex-Pat students who frequently visit the Middle-East &
other major cities.
§ We want to capture & publish their travel experience.
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Market understanding Human Capital Relationship with partners
Social Networks Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media
Local knowhow and content Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 3 – EX-PAT TRAVELING New Remain Remove W
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Market understanding Human Capital Relationship with partners
Social Networks Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media
Local knowhow and content Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 3 – EX-PAT TRAVELING New Remain Remove W
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We interviewed 64 people and found: § The market was too small
§ There is little homogeneity in customer needs
§ Too low frequency of travel to justify target market
What was the problem?
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Market understanding Human Capital Relationship with partners
Social Networks Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Dev Relationship with key partners Sourcing deals
Word of Mouth Social Media
Local knowhow and content Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships Events (Parties!)
Young and the affluent High disposable incomes Willing to explore Young and single Divergent origins Social media savvy Young couples Trendsetting behavior
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 3 – EX-PAT TRAVELING New Remain Remove W
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§ Market sizing is crucial
Key learning
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Ex-pat travel portal to Middle East
3
Safe travel portal for US travelers to M.E.
4
Market size
Social travel planning
2
Travel booking portal for Middle Easterns
1
Interviews: 33
Survey: 46
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
Young and the affluent High disposable incomes Willing to explore -MBA Students
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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Pivot to US Traveler Portal to Middle East
We expanded our market to entire US travel market § Platform to facilitate Americans to
travel to the Middle-East
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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We surveyed 46 people and interview 33 more § Young & Affluent Americans
traveling to the Middle East need local insight.
§ We’ll be the trusted source!
Young affluent market
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
Young and the affluent High disposable incomes Willing to explore -MBA Students
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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Launched website with full basic booking functionalities
Ebtism.com went live
§ Full basic functionalities (login, browse deals and book trips)
§ 4 sourced deals from agencies
§ 42 GSB students booked
Exclusive login Deals selection (real sourcing) Value proposition Ability to book trips
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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We spoke to Christos Stergiou, founder of truegreece.com (Greece Analogue) § 10 years of development
§ $5M idea
What was the problem?
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Market understanding Human Capital Relationship with partners
Social Networks Alumni Associations Hotels Business Schools Travel agents Travel Publications Airlines Events Deal listings
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Safety proposition Local knowhow and content Community/Group Travel Easy and pleasurable trip planning Best inventory
Trusted relationships Successful partnerships
MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Percentage of booking costs
WEEK 4 – US TRAVEL TO Middle East New Remain Remove W
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Market size need to be VENTURE SCALE We want to DISRUPT the Travel Space. Let’s Re-think the Entire Idea!
Key learning
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Ex-pat travel portal to Middle East
3
Safe travel portal for US travelers to M.E.
4
Social travel planning
2
Travel booking portal for Middle Easterns
1
Social platform that nudges people to travel
5
Market size
Interviews: 17
Survey: 10
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
WEEK 5 – TRAVEL NUDGE Paying partner side End-user side Remove W
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Pivot to travel inspiration
We pivot to a brand new market § Inspire people to travel more
through recommendation
§ Relevant based on social graph and travel history
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
WEEK 5 – TRAVEL NUDGE Paying partner side End-user side Remove W
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Inception of Nudge by looking at the competitive landscape
Revised later
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
Paying partner side End-user side Remove W
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
Paying partner side End-user side Remove W
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Bottom-up estimation § Market = population x nudge
frequency x CTR x CPC
§ With leads revenue sharing model, TAM is based on assumptions of nudges frequency and conversion
§ Target market is justifiable with an annual revenue of $267 million with 31% market penetration
Sizeable potential market
SOM = $267M
SAM = $373M
TAM = $900M
WEEK 5 – TRAVEL NUDGE
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
Paying partner side End-user side Remove W
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Mock up of the product for customer interview
WEEK 5 – TRAVEL NUDGE
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Ex-pat travel portal to Middle East
3
Safe travel portal for US travelers to M.E.
4
Social travel planning
2
Travel booking portal for Middle Easterns
1
Travel inspiration - Social platform that nudges people to inspire and enrich their life
5 6
Interviews: 52 + 3 partners
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User data Human Capital Relationship with partners
Social Networks Travel Websites
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Travel) Customer Acquisition Leads
Trusted relationships Successful partnerships
Online travelers Travel Websites
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition Leads Advertising
WEEK 6 – TRAVEL NUDGE Paying partner side End-user side Remove W
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User data Human Capital Relationship with partners
Social Networks Travel Websites
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Travel) Customer Acquisition Leads
Trusted relationships Successful partnerships
Online travelers Travel Websites
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition Leads Advertising
Paying partner side End-user side Remove W
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Partner
Reach out to Travelocity (Jim Hornthal) § Customer insights differed
§ Technological challenges (e.g. cookies)
§ Revenue share instead of lead generating Reach out to Expedia and Bookingmarkets § Confirm revenue share model (5% - 10%) and we
even got a standard term
WEEK 6 – TRAVEL NUDGE
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User data Human Capital Relationship with partners
Social Networks Travel Websites
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Travel) Customer Acquisition Leads
Trusted relationships Successful partnerships
Online travelers Travel Websites
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition Leads Advertising
Paying partner side End-user side Remove W
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Then we went out of the building to interview 50 people at Stanford Mall § What prevents people from traveling is time, not
imagination or laziness (seasonal)
§ People don’t want to be nudged too often (1 per month)
§ Referrals from close friends more valuable than referrals from strangers
The customers value relevance of nudges
WEEK 6 – TRAVEL NUDGE
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Ex-pat travel portal to Middle East
3
Safe travel portal for US travelers to M.E.
4
Social travel planning
2
Travel booking portal for Middle Easterns
1
Travel inspiration - Social platform that nudges people to inspire and enrich their life
5 6 7
Nudge to enrich
life
Market size
Interviews: 16
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User data Human Capital Relationship with partners
Social Networks Travel Websites Event Websites University Events Merchants
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Activities + Travel) Customer Acquisition Enrichment (Travel)
Trusted relationships Successful partnerships
Students Graduates Young Families Travel Websites Online travelers
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition
WEEK 7 - NUDGE W
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7
Expand from travel to include activity nudges
§ We expanded our nudges to include activities, events, social reminders than just travels
§ Keep user more engaged with relevant frequent nudges
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User data Human Capital Relationship with partners
Social Networks Travel Websites Event Websites University Events Merchants
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Activities + Travel) Customer Acquisition Enrichment (Travel)
Trusted relationships Successful partnerships
Students Graduates Young Families Travel Websites Online travelers
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition
WEEK 7 - NUDGE W
eek
7
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User data Human Capital Relationship with partners
Social Networks Travel Websites Event Websites University Events Merchants
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Activities + Travel) Customer Acquisition Enrichment (Travel)
Trusted relationships Successful partnerships
Students Graduates Young Families Travel Websites Online travelers
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition
WEEK 7 - NUDGE W
eek
7
We went out of the building to interview 20 people § People also want to be nudged in other
things than just travel § Mobile is the most effective medium to
increase engagement
The customers want diverse nudges
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User data Human Capital Relationship with partners
Social Networks Travel Websites Event Websites University Events Merchants
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Activities + Travel) Customer Acquisition Enrichment (Travel)
Trusted relationships Successful partnerships
Students Graduates Young Families Travel Websites Online travelers
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition
WEEK 7 - NUDGE W
eek
7
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Ex-pat travel portal to Middle East
3
Safe travel portal for US travelers to M.E.
4
Social travel planning
2
Travel booking portal for Middle Easterns
1
Travel inspiration - Social platform that nudges people to inspire and enrich their life
5 6 7 8
Nudge to enrich life
Interviews: 15 Partners: 7
Pilot nudges: 20
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User data Human Capital Relationship with partners
Social Networks Travel Websites Alumni Associations Travel agents Business Schools Hotels
Customer Acquisition Customer Retention Product Development Relationship with key partners Sourcing deals
Word of Mouth Social Media
Enrichment (Travel) Leads Safety proposition Local knowhow and content Community/Group Travel
Trusted relationships Successful partnerships
Online travelers Travel Websites MBA Students Young and the affluent High disposable incomes Willing to explore
Human Capital Product Development Advertising costs Maintaining relationships Refunds
Leads Advertising Percentage of booking costs
NUDGE Paying partner side End-user side Remove W
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nudge /nəәj/ verb: to push slightly or gently, especially with the elbow, to get someone's attention, prod someone into action, etc. noun: a slight or gentle push or jog, especially with the elbow.
Creating NUDGE
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User data Human Capital Relationship with partners
Social Networks Travel Websites Event Websites University Events Merchants
Customer Acquisition Customer Retention Product Development Relationship with key partners
Word of Mouth Social Media
Enrichment (Activities + Travel) Customer Acquisition
Trusted relationships Successful partnerships
Students Graduates Young Families Travel Websites
Human Capital Product Development Advertising costs Maintaining relationships
Cost per acquisition
WEEK 8 (FINAL) Paying partner side End-user side Remove W
eek
8
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CUSTOMER ARCHETYPES
Ashley Clair Alex
§ Age: 26 § Stanford Student § Worked in Hollywood § Loves Adventures § Wants to be nudged
relevantly, and inspired!
§ Age: 28 § Works at mobile start-up in
San Francisco, originally from Montana
§ Single & dating § Plays soccer, runs
marathons § Likes to cook/host dinner
with friends when possible
§ Age: 38 § Married, 1 child (4 y.o. Clay) § Investment professional in
New York § Volunteer coach for son’s
hockey team § Commutes for work to
Manhattan every day § Goes out of town to the
country for break once/month with his family
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NUDGE TYPES
social push serendipity
Nudges from friends as a social push OCCURING EVENTS
(REALITY)
EVENTS YOU ARE AWARE OF (CONSCIOUS)
DESIRE (SUBCONSCIOUS)
Discovering nudges
Highest conversion rate nudges
nudge
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SIMULATED NUDGE
“ As long as there is transparency between advertisers, the suggestion database and its users, this is an innovative idea. Otherwise, it is a rather subversive tool for consumer and social trends. An interesting concept either way!
”
“ Love the product idea!
”
“ This is awesome! I love it!! Just told me to walk the dish today! phenomenal and stunning all in one shot!!
”
We did a pilot to test how many people sign up for nudge
§ 103 people try the product
§ 42 people left email (41% signup for service rate)
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NUDGE: "it's 4 months till you graduate, take your best friend out for a coffee at Coupa, and share some of the good times you have had at GSB"
SIMULATED NUDGE
We carefully selected people we know to send them tailored nudges
We sent tailored nudge to 25 people with 40% conversion rate
§ 10 people actually like the nudge and go
§ 4 people may take the trip in the future
§ 11 people didn’t respond
NUDGE: "Visit the Rodin Sculpture Garden this week and get inspired. Located next to the Cantor Arts Center but accessible at all hours, the Rodin Sculpture Garden houses one of the largest collection of Rodin sculptures”
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RECOMMENDING PLATFORM
Computational § Matrix factorization § Collaborative
filtering
Crowd-sourced Social nudging
Curated
Data mining Social networks
Geography
Context-based Customized user preference
Time
Past behaviors
Input Model
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Revenue sharing (CPA)
PARTNERS
Partner
Gifts
Event + Activities
Travel
University Events
Restaurants
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Facebook Ad
Facebook Fan Page
YouTube Video
Views
273,380
Unique
120,173 82
Clicks
0.030%
CTR
$0.38
CPC
83
Like
Free
CPC Engage
46
Website
Unique
430 62%
Bounce rate
2:22min
Avg time
DEMAND CREATION W
eek
7
370
Days
900
898 60
3
7
30
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COMPETITIVE LANDSCAPE
Inspiration Planning Sharing Q&A Flash Deal Community
Reminder
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INCOME STATEMENT
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 User growth projection 2,000 20,000 50,000 500,000 1,000,000 2,000,000 4,000,000
Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Revenues Advertising N/A N/A N/A N/A N/A N/A N/A Rev. Share * $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Total Revenue $10,000 $100,000 $250,000 $2,500,000 $5,000,000 $10,000,000 $20,000,000 Cost of Sales Customer Acquisition $60 $600 $1,500 $15,000 $30,000 $60,000 $120,000 Advertising & Promotions $1,000 $1,000 $1,000 $3,000 $3,000 $3,000 $3,000 Total Cost of Sales $1,060 $1,600 $2,500 $18,000 $33,000 $63,000 $123,000 Gross Profit $8,940 $98,400 $247,500 $2,482,000 $4,967,000 $9,937,000 $19,877,000 Expenses Development ** $645,000 $645,000 $645,000 $940,000 $1,115,000 $1,290,000 $1,465,000 Hosting $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 Other Wages *** $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Travel $5,000 $5,000 $5,000 $10,000 $10,000 $15,000 $15,000 Office + Utilities $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 Total Expenses $763,250 $763,250 $763,250 $1,063,250 $1,238,250 $1,418,250 $1,593,250 Net Income ($754,310) ($664,850) ($515,750) $1,418,750 $3,728,750 $8,518,750 $18,283,750
California Universities
Local beta at Stanford Go global !
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§ Focus is key – segmentation is important
§ Market sizing is crucial!!!!
§ There is nothing more important than good team environment and culture
§ Mentorship is hugely important, we couldn’t have got where we are without our
Mentors help
§ We should be open to pivot – even at an earlier stage and trade off: The need to be loyal to our old ideas vs. new innovations that could solve problems based on
our customer insights
§ Distilling insights and listening to experiments
§ Looking past ourselves
§ We have a heightened awareness of confirmation bias and try and assuage that in our different experiments
LESSON LEARNED
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WHAT’S NEXT
Incubators
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CRITICAL SUCCESS MILESTONES NEXT 6 MONTHS
§ Initiate Cohort Analysis
§ Expand Beta testing to entire Stanford Campus
§ Test Gamification iteration and Badges
§ Develop machine learning and curation technology and resources to
enable scalability
§ Hire key resources (software developer, data scientist, marketing,
business development, social animal) and space
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Why Do We Do This?
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Make Your Lives Extraordinary