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Exit Strategy
…to today
The Master Key to Your
Life
A consumer-facing SaaS tool for
creating and maintaining a
customizable “map” of an
individual (or family’s) online
accounts
10 weeks
102 interviews
“Eliminate the
migraine of settling
someone’s affairs
after death”
From the beginning…
https://youtu.be/eFNaDRk7ZUM
Exit Strategy
The Master Key to Your Life
Kelly Deutermann
MBA
Hustler/Picker/
Designer
David Koh
CS
Hacker
Rachel Park
MBA/MPH
Hustler/Picker/
Designer
Ashmeet Sidana
Mentor
Engineering Capital
Why did we pursue this idea?
The pain was real
“Three years after my dad died, I
received an email from him. It was
creepy and unnecessary.”
- Kelly
The market is big
Total amount
Americans spend on
legal services a year
Total amount
Americans spend
on legal services
for death a year
Total amount Americans
spend on end of life affairs
Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
Exit
Strateg
y
Legal information resources
Online password/
profile managers
End-of-life online
management platforms
Independent banks
(professional trustees),
law firms, forensic/public
accountants
Not widely-served
Ad hoc approaches
+ digging through loved one’s
email account
+ receiving magazine
subscriptions and past due
notices months after death
+ giving up and leaving
accounts open (e.g. iTunes
balance)
Team dynamics and
communications…a tale
Kelly Deutermann
David Koh
Rachel Park
Oski!
I’ve signed a will,
funded our trust,
created a contingency
plan for the kids…
What’s
a trust?
A trust is only
for super-rich
people, right?
We never found
our Oski….
Our first MVP
Our first MVP
Lesson learned: MVPs are critical to get
your customers - and your own team -
on the same page
Getting to the Dirty Work:
Customer Discovery
Our customer segments converged & diverged
Week 1: Everyone
Terminally ill
New parents
Healthy baby boomers
Military
Disabled
Type A, Young
Professionals
Recent death experience
Week 2: Focus on
identifiable triggers
Terminally ill: Engaged in
planning
25-35 Parents, w/2+ kids:
Professionals, homeowners
Engaging in family planning
Healthy Adults >55:
>$500k assets, have will/trust
in place
Adults 30-55, designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Week 3: Still diverging…
Terminally ill: Engaged in
planning
25-35 Parents, w/2+ kids:
Professionals, homeowners
Engaging in family planning
Healthy Adults >55:
>$500k assets, have will/trust
in place
Adults 30-55, designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Type A, Young Professional,
Efficiency Oriented:
Executed will/trust
The value prop canvas became really complex!
We picked and refined one customer segment
Healthy Adults >55:
>$500k assets, have
will/trust in place
Healthy Adults 50-65:
>$500k assets, have
will/trust in place
85 year old: “I don’t own a
cell phone.”
68 year old: “Someone
who’s working is very
different from someone who
has been retired for 10
years”
Insight: Not all people 55+
are the same!
Multiple interviews: “I do all the
finances, so if I’m gone, my
wife/husband is screwed. I’ve
written down my accounts and
passwords…and hope they can
figure it out from there”
Healthy Adults 50-65:
>$500k assets, have will/trust in place,
organized, comfortable with technology,
manages household finances
Which helped us learn how NOT to market to them
“OMG WTF how does
it know the date I
recently accessed my
account?”
“Do you guys work
for the CIA?"
"This makes me feel so
inadequate!”
“OMG this is scary! I
would need you to
give me some Valium
before looking at this
more…”
And helped us understand what’s important
“It was a nightmare
for my mom when
my grandmother
died”
“I don’t want to be a
burden on my
family”
“I use the internet
for everything”
“If I passed away,
my husband would
be at a loss for
where to start”
“My files are all in
one place – I’m
organized.”
“My professional
network is who I
trust to provide
credible
recommendations”
And helped us understand what’s important
“It was a nightmare
for my mom when
my grandmother
died”
“I don’t want to be a
burden on my
family”
“I use the internet
for everything”
“If I passed away,
my husband would
be at a loss for
where to start”
“My files are all in
one place – I’m
organized.”
“My professional
network is who I
trust to provide
credible
recommendations”
Lessons learned:
1. The customer’s experience with your
product drives the insights; the
technology behind it is a distraction.
2. Narrowing your CS is the only way to
dive deep
Through Customer
Discovery Comes Channel
Discovery!
“This would be really helpful if it came through my estate attorney – as
we were actively working through the estate planning process – instead of
picking it up later.” ~ Customer
“This would be an amazing intake tool! Increasing the efficiency of my
operations is huge – I spend 80% of my time on 20% of my clients.”
~ Estate Attorney
Starting to get signal...
Let’s find some estate attorneys!
“My professional
network is who I
trust to provide
credible
recommendations”
40
cold calls, emails, and
visits to estate attorneys
1
email from our mentor
(Ashmeet) to a contact, getting
us into the Kasner Symposium
3
Interviews with estate
attorneys
3
Interviews with estate
attorneys
…in 45 min
Hustling helps…
…but using your network helps even more!
But estate attorneys weren’t our path to market
• Fragmented market, with most in 2-5 person shops
• Difficult to reach
• Not particularly dissatisfied with current process
• Not hugely interested in new technology
• Ethical issues with preferring a particular vendor
And we never found that route to our customers
AARP
Somewhat interested, more
for healthcare directive, still
reeling from association
with “death panels”
Financial planners
Similar to estate attorneys
Non-profits
Love to extend their
mission, but sensitive
about “selling” a
commercial product
Third-party trustee
More focused on
very high asset
clients
This left gaping
holes in our canvas.
It became really
difficult to proceed
coherently through
the left side of the
canvas without a
solid go-to-market
strategy
Marketing:
- Largest likely cost
- Without a verified
primary channel, we’d
have to pursue every
channel to find the best fit
- Solving the channel
problem before moving to
activities would have
allowed for a more
focused exploration of
required marketing
activities
We got mixed signals on revenue model
Subscription + Add positive quote about subscription
– “I would have to pay for this for 30 years? I don’t know if I would like that…”
One-time fee + “I would probably only set it up once, so a one-time fee is better”
+ “I’d rather it be on my desktop than on the Internet”
– Add negative quote about subscription
Free, ad-
based
+ “Would rather have it free, I don’t mind ads.”
– “I definitely wouldn’t want ads for this type of thing”
– “You would have trouble finding advertisers, except maybe funeral homes. But then you
actually want your customers to come back, that’s what makes them valuable to
advertisers.”
Lesson learned:
In the real world, don’t move on until
you’ve solved a glaring problem
Where we ended up
An MVP with a simpler message for a direct
to consumer strategy
That keeps
focus on the
human
experience…
And meets
their needs in
a lean startup
environment
Investment readiness: not desired…not required!
We’ve identified an interesting
business opportunity…
✓ Large market
✓ Fragmented competition
✓ Big pain point & excitement from
customers
But open questions remained…
In this class, we were held up as a
result of the channel issue and the
course progress.
GYST.com has a compelling story
and proven channel to customers.
Kelly will work with the GYST.com
leadership team over the next
semester to integrate our product into
their offerings.
Investment readiness: not desired…not required!
We’ve identified an interesting
business opportunity…
✓ Large market
✓ Fragmented competition
✓ Big pain point & excitement from
customers
But open questions remained…
In this class, we were held up as a
result of the channel trouble.
GYST.com has a compelling story
and proven channel to customers.
Kelly will work with the GYST.com
leadership team over the next
semester to integrate our product into
their offerings.
Final Act:
GYST.com is taking over where we are
leaving off
Thank you to
Ashmeet Sidana, our mentor
Mike Olson, our advisor
Amit Kumar, our advisor
Our classmates
Teaching team
Our interviewees
Appendix
Who we interviewed
Traveled across the Bay Area
+ Video chats with people in Seattle, WA
+ Cleveland, OH
+ Tampa, FL
+ Washington, DC
+ Morocco
+ South Korea
+ Ketchakan, AK
+ Irvine, CA
+ And more...
Who we interviewed
70 customers
- 31 healthy 50+
- 17 young professionals
- 10 young parents
- 3 military
- 3 terminally ill
- 6 other
23 partners
- 10 estate attorneys
- 3 financial planners
- 3 marketing pros
- 3 non-profits
- 2 startups
- 1 hospice
- 1 AARP
9 startups (for left
side of canvas
discussions)
102 total interviews
More recent insight: Minimum sensitive info on
platform; just enough required to offer value
1. Choose your accounts
(no account information)
2. Generate account map
+ instructions on how to
deal with accounts
3. Share with yourself
or friends/family
2 death certificates
Call 800-555-USAA
Avg: 3-6 months
4 death certificates
Call 800-555-CHUK
Avg: 2-5 months
1 death certificates
Call 800-555-AAPL
Avg: 7 hours
Business
model
canvas
business model
canvas with any
changes marked
in red, Multi-sided
markets shown in
different colors
Terminally Ill:
Goal for this week
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
25-35yo parents:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Terminally Ill:
Engaged in planning
Healthy Adults >55:
>$500k assets, have
will/trust in place
25-35 Parents, w/2+
kids: Professionals,
homeowners
Engaging in family
planning
Adults 30-55,
designated as
executors/guardians for
minor(s):
Planned for executorship/
guardianship
Week 2
Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
25-35yo parents:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Type A, Young
Professional:
Not be burdensome for
family upon death
Terminally Ill:
Engaged in planning
Healthy Adults >55:
>$500k assets, have
will/trust in place
25-35 Parents, w/2+
kids: Professionals,
homeowners
Engaging in family
planning
Adults 30-55,
designated as
executors/guardians
for minor(s):
Planned for
executorship/
guardianship
Type A, Young
Professional,
Efficiency Oriented:
Executed will/trust
Through word of mouth
Partner with law firms as
an intake tool
Week 3
Business
model
canvas
Terminally Ill: Organize
for family member taking
over affairs
Healthy Adults >55:
-> Website to store/
manage financial info in
one place
-> Easy (free) updates
Provides control/
structure for
communicating affairs
Parents of young kids:
-> Streamlines funding
trust without the hassle
-> Life organizing tool
Adults 30-55,
designated as
executors/guardians:
Guided questions /
checklist repository for
answers
Type A, Young
Professional:
Not be burdensome for
family upon death
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Parents of young
kids: Have a trust in
place
Adults 30-55,
designated as
executors/guardians
for minor(s)
Type A, Young
Professional,
Efficiency Oriented:
Executed will/trust
Through word of
mouth from trusted
advisors
- Family/friends
- AARP
- Cancer/hospital
social workers
Estate planning
attorneys
More likely to DIY,
not through lawyer -
> more expensive to
reach
More likely to
have urgency and
higher WTP
Not a bad
segment, but may
be busier, less
urgency
Hard to be the
person asking
someone else to get
organized
Week 4
Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info
in one place
-> Easy (free)
updates
Provides control/
structure for
communicating
affairs
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital
social workers
Estate planning
attorneys
GET:
- Professional referral
- FB/Google ads
KEEP:
- Service/product
upgrades
- Loyalty incentives
GROW:
- Referrals
- Upsell services
Week 5
Business
model
canvas
Terminally Ill:
Organize for family
member taking over
affairs
Healthy Adults >55:
-> Website to store/
manage financial info
in one place
-> Easy (free)
updates
Provides control/
structure for
communicating affairs
Automatically
pulling together a
picture of your
financial/digital
assets
Terminally Ill:
Engaged in planning
Healthy adults >55:
>$500k assets, have
will/trust in place
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital
social worker
- Financial planner
GET:
- Professional referral
- FB/Google ads
KEEP:
- Service upgrades
- Loyalty incentives
GROW:
- Referrals
- Upsell services
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Week 6
Terminally Ill: Engaged
in planning
Healthy adults 50-65:
>$500k assets, have
will/trust in place
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
- FB/Google ads
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Cancer/hospital social
worker
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing access)
Tiered subscription (cheaper for simpler situations)
Software development
to create functional site
Encryption & security
to establish peace of
mind
Marketing & PR to build
confidence
Fixed: Engineering, hosting costs, security licensing,
company overhead
Variable: Marketing/sales, miscellaneous office
Non-profits: The
Conversation Project
Security firms
Online Password
Service
PR firm
Bloggers, news
sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance
Terminally Ill: Engaged in
planning
Healthy (partnered) adults
50-65:
- Sufficiently comfortable
with technology
- $500k+ assets,
- Have will/trust in place,
- Organized
- Manage household
finances
Single women (50-65)
- Sufficiently comfortable
with technology
- Organized
- Manage own finances
- Not wanting to be a
“burden” to family members
- Experienced a family
member’s passing
Single men (50-65)
- Sufficiently comfortable
with technology
- Organized, planning
oriented
- Manage own finances
- Experienced a family
member’s passing
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Tiered subscription (cheaper for
simpler situations)
Create a functioning website
Have an accessible
Database
Ensuring Security
Attract customers: Target
individual customers
Company Financing
Attract customers: Find
large channels
Address customer inquiries
Find a place to work and
keep the lights on
Fixed: Engineering, hosting costs, security licensing, company
overhead
Variable: Marketing/sales, miscellaneous office
Non-profits: The
Conversation Project
Security firms
Online Password Service
PR firm
Bloggers, news sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance
Terminally Ill: Upon initial
diagnosis
Healthy (partnered)
adults 50-65:
- Sufficiently comfortable
with technology
- $500k+ assets,
- Have will/trust in place,
- Organized
- Manage household
finances
Single women (50-65)
- Sufficiently comfortable
with technology
- Organized
- Manage own finances
- Not wanting to be a
“burden” to family
members
- Experienced a family
member’s passing
Single men (50-65)
- Sufficiently comfortable
with technology
- Organized, planning
oriented
- Manage own finances
- Experienced a family
member’s passing
- Life organizing tool:
Tool to auto-map assets
for own life organization
- Not a burden on others
- Save time/money:
Avoid a costly call to
attorney
GET:
- Professional referral
- Bloggers / PR
- Oncology social
workers
KEEP: Service upgrades,
Loyalty incentives
GROW: Referrals,
Upsell services
Web
Through word of mouth
from trusted advisors
- Family/friends
- AARP
- Financial planner
Financing: Friends,
family, angels
Physical: Company
location, server hosting
Human: Engineering,
Marketing,
Advisors/mentors
Intellectual property:
Trade secrets, patent
One-time fee (for static download)
Annual fee (subscription for ongoing
access)
Tiered subscription (cheaper for
simpler situations)
Create a functioning website
Have an accessible Database
Ensuring Security
Attract customers: Target
individual customers
Company Financing
Attract customers: Find large
channels
Address customer inquiries
Find a place to work and keep
the lights on
Fixed: Engineering, hosting costs, security licensing, company
overhead, Marketing/sales, miscellaneous office
Variable: Commissions
Non-profits: The
Conversation Project
Security firms (not in
year 1)
Online Password
Service (not in year 1)
PR firm (not in year 1)
Bloggers, news sources
Associations: AARP
Insurance companies:
Life insurance, health
insurance, long-term care
insurance

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Exit strategy Berkeley 2016

  • 1. Exit Strategy …to today The Master Key to Your Life A consumer-facing SaaS tool for creating and maintaining a customizable “map” of an individual (or family’s) online accounts 10 weeks 102 interviews “Eliminate the migraine of settling someone’s affairs after death” From the beginning… https://youtu.be/eFNaDRk7ZUM
  • 2. Exit Strategy The Master Key to Your Life Kelly Deutermann MBA Hustler/Picker/ Designer David Koh CS Hacker Rachel Park MBA/MPH Hustler/Picker/ Designer Ashmeet Sidana Mentor Engineering Capital
  • 3. Why did we pursue this idea?
  • 4. The pain was real “Three years after my dad died, I received an email from him. It was creepy and unnecessary.” - Kelly
  • 5. The market is big Total amount Americans spend on legal services a year Total amount Americans spend on legal services for death a year Total amount Americans spend on end of life affairs
  • 6. Exit Strateg y Legal information resources Online password/ profile managers End-of-life online management platforms Independent banks (professional trustees), law firms, forensic/public accountants Not widely-served Ad hoc approaches + digging through loved one’s email account + receiving magazine subscriptions and past due notices months after death + giving up and leaving accounts open (e.g. iTunes balance)
  • 7. Exit Strateg y Legal information resources Online password/ profile managers End-of-life online management platforms Independent banks (professional trustees), law firms, forensic/public accountants Not widely-served Ad hoc approaches + digging through loved one’s email account + receiving magazine subscriptions and past due notices months after death + giving up and leaving accounts open (e.g. iTunes balance)
  • 8. Exit Strateg y Legal information resources Online password/ profile managers End-of-life online management platforms Independent banks (professional trustees), law firms, forensic/public accountants Not widely-served Ad hoc approaches + digging through loved one’s email account + receiving magazine subscriptions and past due notices months after death + giving up and leaving accounts open (e.g. iTunes balance)
  • 10. Kelly Deutermann David Koh Rachel Park Oski! I’ve signed a will, funded our trust, created a contingency plan for the kids… What’s a trust? A trust is only for super-rich people, right? We never found our Oski….
  • 12. Our first MVP Lesson learned: MVPs are critical to get your customers - and your own team - on the same page
  • 13. Getting to the Dirty Work: Customer Discovery
  • 14. Our customer segments converged & diverged Week 1: Everyone Terminally ill New parents Healthy baby boomers Military Disabled Type A, Young Professionals Recent death experience Week 2: Focus on identifiable triggers Terminally ill: Engaged in planning 25-35 Parents, w/2+ kids: Professionals, homeowners Engaging in family planning Healthy Adults >55: >$500k assets, have will/trust in place Adults 30-55, designated as executors/guardians for minor(s): Planned for executorship/ guardianship Week 3: Still diverging… Terminally ill: Engaged in planning 25-35 Parents, w/2+ kids: Professionals, homeowners Engaging in family planning Healthy Adults >55: >$500k assets, have will/trust in place Adults 30-55, designated as executors/guardians for minor(s): Planned for executorship/ guardianship Type A, Young Professional, Efficiency Oriented: Executed will/trust
  • 15. The value prop canvas became really complex!
  • 16. We picked and refined one customer segment Healthy Adults >55: >$500k assets, have will/trust in place Healthy Adults 50-65: >$500k assets, have will/trust in place 85 year old: “I don’t own a cell phone.” 68 year old: “Someone who’s working is very different from someone who has been retired for 10 years” Insight: Not all people 55+ are the same! Multiple interviews: “I do all the finances, so if I’m gone, my wife/husband is screwed. I’ve written down my accounts and passwords…and hope they can figure it out from there” Healthy Adults 50-65: >$500k assets, have will/trust in place, organized, comfortable with technology, manages household finances
  • 17. Which helped us learn how NOT to market to them “OMG WTF how does it know the date I recently accessed my account?” “Do you guys work for the CIA?" "This makes me feel so inadequate!” “OMG this is scary! I would need you to give me some Valium before looking at this more…”
  • 18. And helped us understand what’s important “It was a nightmare for my mom when my grandmother died” “I don’t want to be a burden on my family” “I use the internet for everything” “If I passed away, my husband would be at a loss for where to start” “My files are all in one place – I’m organized.” “My professional network is who I trust to provide credible recommendations”
  • 19. And helped us understand what’s important “It was a nightmare for my mom when my grandmother died” “I don’t want to be a burden on my family” “I use the internet for everything” “If I passed away, my husband would be at a loss for where to start” “My files are all in one place – I’m organized.” “My professional network is who I trust to provide credible recommendations” Lessons learned: 1. The customer’s experience with your product drives the insights; the technology behind it is a distraction. 2. Narrowing your CS is the only way to dive deep
  • 20. Through Customer Discovery Comes Channel Discovery!
  • 21. “This would be really helpful if it came through my estate attorney – as we were actively working through the estate planning process – instead of picking it up later.” ~ Customer “This would be an amazing intake tool! Increasing the efficiency of my operations is huge – I spend 80% of my time on 20% of my clients.” ~ Estate Attorney Starting to get signal... Let’s find some estate attorneys! “My professional network is who I trust to provide credible recommendations”
  • 22. 40 cold calls, emails, and visits to estate attorneys 1 email from our mentor (Ashmeet) to a contact, getting us into the Kasner Symposium 3 Interviews with estate attorneys 3 Interviews with estate attorneys …in 45 min Hustling helps… …but using your network helps even more!
  • 23. But estate attorneys weren’t our path to market • Fragmented market, with most in 2-5 person shops • Difficult to reach • Not particularly dissatisfied with current process • Not hugely interested in new technology • Ethical issues with preferring a particular vendor And we never found that route to our customers AARP Somewhat interested, more for healthcare directive, still reeling from association with “death panels” Financial planners Similar to estate attorneys Non-profits Love to extend their mission, but sensitive about “selling” a commercial product Third-party trustee More focused on very high asset clients
  • 24. This left gaping holes in our canvas. It became really difficult to proceed coherently through the left side of the canvas without a solid go-to-market strategy
  • 25. Marketing: - Largest likely cost - Without a verified primary channel, we’d have to pursue every channel to find the best fit - Solving the channel problem before moving to activities would have allowed for a more focused exploration of required marketing activities
  • 26. We got mixed signals on revenue model Subscription + Add positive quote about subscription – “I would have to pay for this for 30 years? I don’t know if I would like that…” One-time fee + “I would probably only set it up once, so a one-time fee is better” + “I’d rather it be on my desktop than on the Internet” – Add negative quote about subscription Free, ad- based + “Would rather have it free, I don’t mind ads.” – “I definitely wouldn’t want ads for this type of thing” – “You would have trouble finding advertisers, except maybe funeral homes. But then you actually want your customers to come back, that’s what makes them valuable to advertisers.” Lesson learned: In the real world, don’t move on until you’ve solved a glaring problem
  • 28. An MVP with a simpler message for a direct to consumer strategy
  • 29. That keeps focus on the human experience…
  • 30. And meets their needs in a lean startup environment
  • 31. Investment readiness: not desired…not required! We’ve identified an interesting business opportunity… ✓ Large market ✓ Fragmented competition ✓ Big pain point & excitement from customers But open questions remained… In this class, we were held up as a result of the channel issue and the course progress. GYST.com has a compelling story and proven channel to customers. Kelly will work with the GYST.com leadership team over the next semester to integrate our product into their offerings.
  • 32. Investment readiness: not desired…not required! We’ve identified an interesting business opportunity… ✓ Large market ✓ Fragmented competition ✓ Big pain point & excitement from customers But open questions remained… In this class, we were held up as a result of the channel trouble. GYST.com has a compelling story and proven channel to customers. Kelly will work with the GYST.com leadership team over the next semester to integrate our product into their offerings. Final Act: GYST.com is taking over where we are leaving off
  • 33. Thank you to Ashmeet Sidana, our mentor Mike Olson, our advisor Amit Kumar, our advisor Our classmates Teaching team Our interviewees
  • 35. Who we interviewed Traveled across the Bay Area + Video chats with people in Seattle, WA + Cleveland, OH + Tampa, FL + Washington, DC + Morocco + South Korea + Ketchakan, AK + Irvine, CA + And more...
  • 36. Who we interviewed 70 customers - 31 healthy 50+ - 17 young professionals - 10 young parents - 3 military - 3 terminally ill - 6 other 23 partners - 10 estate attorneys - 3 financial planners - 3 marketing pros - 3 non-profits - 2 startups - 1 hospice - 1 AARP 9 startups (for left side of canvas discussions) 102 total interviews
  • 37. More recent insight: Minimum sensitive info on platform; just enough required to offer value 1. Choose your accounts (no account information) 2. Generate account map + instructions on how to deal with accounts 3. Share with yourself or friends/family 2 death certificates Call 800-555-USAA Avg: 3-6 months 4 death certificates Call 800-555-CHUK Avg: 2-5 months 1 death certificates Call 800-555-AAPL Avg: 7 hours
  • 38. Business model canvas business model canvas with any changes marked in red, Multi-sided markets shown in different colors Terminally Ill: Goal for this week Healthy Adults >55: -> Website to store/ manage financial info in one place -> Easy (free) updates Provides control/ structure for communicating affairs 25-35yo parents: -> Streamlines funding trust without the hassle -> Life organizing tool Adults 30-55, designated as executors/guardians: Guided questions / checklist repository for answers Terminally Ill: Engaged in planning Healthy Adults >55: >$500k assets, have will/trust in place 25-35 Parents, w/2+ kids: Professionals, homeowners Engaging in family planning Adults 30-55, designated as executors/guardians for minor(s): Planned for executorship/ guardianship Week 2
  • 39. Business model canvas Terminally Ill: Organize for family member taking over affairs Healthy Adults >55: -> Website to store/ manage financial info in one place -> Easy (free) updates Provides control/ structure for communicating affairs 25-35yo parents: -> Streamlines funding trust without the hassle -> Life organizing tool Adults 30-55, designated as executors/guardians: Guided questions / checklist repository for answers Type A, Young Professional: Not be burdensome for family upon death Terminally Ill: Engaged in planning Healthy Adults >55: >$500k assets, have will/trust in place 25-35 Parents, w/2+ kids: Professionals, homeowners Engaging in family planning Adults 30-55, designated as executors/guardians for minor(s): Planned for executorship/ guardianship Type A, Young Professional, Efficiency Oriented: Executed will/trust Through word of mouth Partner with law firms as an intake tool Week 3
  • 40. Business model canvas Terminally Ill: Organize for family member taking over affairs Healthy Adults >55: -> Website to store/ manage financial info in one place -> Easy (free) updates Provides control/ structure for communicating affairs Parents of young kids: -> Streamlines funding trust without the hassle -> Life organizing tool Adults 30-55, designated as executors/guardians: Guided questions / checklist repository for answers Type A, Young Professional: Not be burdensome for family upon death Terminally Ill: Engaged in planning Healthy adults >55: >$500k assets, have will/trust in place Parents of young kids: Have a trust in place Adults 30-55, designated as executors/guardians for minor(s) Type A, Young Professional, Efficiency Oriented: Executed will/trust Through word of mouth from trusted advisors - Family/friends - AARP - Cancer/hospital social workers Estate planning attorneys More likely to DIY, not through lawyer - > more expensive to reach More likely to have urgency and higher WTP Not a bad segment, but may be busier, less urgency Hard to be the person asking someone else to get organized Week 4
  • 41. Business model canvas Terminally Ill: Organize for family member taking over affairs Healthy Adults >55: -> Website to store/ manage financial info in one place -> Easy (free) updates Provides control/ structure for communicating affairs Terminally Ill: Engaged in planning Healthy adults >55: >$500k assets, have will/trust in place Through word of mouth from trusted advisors - Family/friends - AARP - Cancer/hospital social workers Estate planning attorneys GET: - Professional referral - FB/Google ads KEEP: - Service/product upgrades - Loyalty incentives GROW: - Referrals - Upsell services Week 5
  • 42. Business model canvas Terminally Ill: Organize for family member taking over affairs Healthy Adults >55: -> Website to store/ manage financial info in one place -> Easy (free) updates Provides control/ structure for communicating affairs Automatically pulling together a picture of your financial/digital assets Terminally Ill: Engaged in planning Healthy adults >55: >$500k assets, have will/trust in place Through word of mouth from trusted advisors - Family/friends - AARP - Cancer/hospital social worker - Financial planner GET: - Professional referral - FB/Google ads KEEP: - Service upgrades - Loyalty incentives GROW: - Referrals - Upsell services One-time fee (for static download) Annual fee (subscription for ongoing access) Week 6
  • 43. Terminally Ill: Engaged in planning Healthy adults 50-65: >$500k assets, have will/trust in place - Life organizing tool: Tool to auto-map assets for own life organization - Not a burden on others - Save time/money: Avoid a costly call to attorney GET: - Professional referral - Bloggers / PR - FB/Google ads KEEP: Service upgrades, Loyalty incentives GROW: Referrals, Upsell services Web Through word of mouth from trusted advisors - Family/friends - AARP - Cancer/hospital social worker - Financial planner Financing: Friends, family, angels Physical: Company location, server hosting Human: Engineering, Marketing, Advisors/mentors Intellectual property: Trade secrets, patent One-time fee (for static download) Annual fee (subscription for ongoing access) Tiered subscription (cheaper for simpler situations) Software development to create functional site Encryption & security to establish peace of mind Marketing & PR to build confidence Fixed: Engineering, hosting costs, security licensing, company overhead Variable: Marketing/sales, miscellaneous office Non-profits: The Conversation Project Security firms Online Password Service PR firm Bloggers, news sources Associations: AARP Insurance companies: Life insurance, health insurance, long-term care insurance
  • 44. Terminally Ill: Engaged in planning Healthy (partnered) adults 50-65: - Sufficiently comfortable with technology - $500k+ assets, - Have will/trust in place, - Organized - Manage household finances Single women (50-65) - Sufficiently comfortable with technology - Organized - Manage own finances - Not wanting to be a “burden” to family members - Experienced a family member’s passing Single men (50-65) - Sufficiently comfortable with technology - Organized, planning oriented - Manage own finances - Experienced a family member’s passing - Life organizing tool: Tool to auto-map assets for own life organization - Not a burden on others - Save time/money: Avoid a costly call to attorney GET: - Professional referral - Bloggers / PR KEEP: Service upgrades, Loyalty incentives GROW: Referrals, Upsell services Web Through word of mouth from trusted advisors - Family/friends - AARP - Financial planner Financing: Friends, family, angels Physical: Company location, server hosting Human: Engineering, Marketing, Advisors/mentors Intellectual property: Trade secrets, patent One-time fee (for static download) Annual fee (subscription for ongoing access) Tiered subscription (cheaper for simpler situations) Create a functioning website Have an accessible Database Ensuring Security Attract customers: Target individual customers Company Financing Attract customers: Find large channels Address customer inquiries Find a place to work and keep the lights on Fixed: Engineering, hosting costs, security licensing, company overhead Variable: Marketing/sales, miscellaneous office Non-profits: The Conversation Project Security firms Online Password Service PR firm Bloggers, news sources Associations: AARP Insurance companies: Life insurance, health insurance, long-term care insurance
  • 45. Terminally Ill: Upon initial diagnosis Healthy (partnered) adults 50-65: - Sufficiently comfortable with technology - $500k+ assets, - Have will/trust in place, - Organized - Manage household finances Single women (50-65) - Sufficiently comfortable with technology - Organized - Manage own finances - Not wanting to be a “burden” to family members - Experienced a family member’s passing Single men (50-65) - Sufficiently comfortable with technology - Organized, planning oriented - Manage own finances - Experienced a family member’s passing - Life organizing tool: Tool to auto-map assets for own life organization - Not a burden on others - Save time/money: Avoid a costly call to attorney GET: - Professional referral - Bloggers / PR - Oncology social workers KEEP: Service upgrades, Loyalty incentives GROW: Referrals, Upsell services Web Through word of mouth from trusted advisors - Family/friends - AARP - Financial planner Financing: Friends, family, angels Physical: Company location, server hosting Human: Engineering, Marketing, Advisors/mentors Intellectual property: Trade secrets, patent One-time fee (for static download) Annual fee (subscription for ongoing access) Tiered subscription (cheaper for simpler situations) Create a functioning website Have an accessible Database Ensuring Security Attract customers: Target individual customers Company Financing Attract customers: Find large channels Address customer inquiries Find a place to work and keep the lights on Fixed: Engineering, hosting costs, security licensing, company overhead, Marketing/sales, miscellaneous office Variable: Commissions Non-profits: The Conversation Project Security firms (not in year 1) Online Password Service (not in year 1) PR firm (not in year 1) Bloggers, news sources Associations: AARP Insurance companies: Life insurance, health insurance, long-term care insurance