Customer Interviews Update: Using the survey we updated last week, we did 10 more customer interviews. We plan to publish results (when we have a good number of them) in our deck as supporting data.
What We Learned: This week in class we learned about the specifics on starting a company in the U.S., the different types of companies, and a bit on equity math. These are important for when it comes time to register a startup as an official company and figure out the legal means by which to do so.
Issues & Insights: This past week, we spoke to Tiffine and Rick to hammer out our business model. They both gave us some new things to think about, particularly how it might be difficult to tap into the hardware space. An issue is that our patent itself is about the hardware and software, and the latter is pretty much just to interpret the information provided by the former. They suggested changing our model to maybe one where we approach alarm companies and things like Nest to sell our software, but this would change our whole business model. We'll likely continue to flush out our B2B2C model first and explore this new option on the side. They also were against our subscription model and wanted an up-front tiered payment plan.
This Week/Plan: We worked on our first attempt at a pitch deck this week, the outline for which can be found here. With only a month left, things are speeding up! Our plan for the next few weeks will be to add to and perfect our deck before the final pitch date.
Approaching the project as a manufacturer rather than the start-up itself is interesting, as it does decrease the competitive nature of the product. Especially because the market is so well established, it might be safer to do so. However, the way industries worked has also dramatically changed in the past decade, allowing small companies to create lasting affects in pre-established industries. You never know!
ReplyDeleteHi! I think that the more challenging part in the hardware space is creating good manufacturing relationships. About your pitch: are you selling the hub, the application for the smartphones, or both things? I think that local governments could be interested in working in this, so that's an option that you may want to consider as well.
ReplyDeleteHi, I love how you're constantly weighing the pros and cons between the different business models, such as B2B2C, subscription models, and up-front tiered payment plan. I would like to know which business model you stuck to in the end, and for what reason?
ReplyDeleteAlthough it may be difficult to switch your business model entirely, I like the idea of switching to a model that approaches alarm companies, because it may even be easier for you to make strong manufacturing partnerships and get valuable feedback from surveys under this model. Are you also reaching out to companies that specialize in smarthome devices?
ReplyDeleteForming partnership with alarm companies to drive traffic to your product is a good idea. One detail you may want to further consider is the price spectrum you want to charge per user.
ReplyDeleteYour outline on your pitch deck seems to be pretty far along already! I have a question about you go-to-market strategy - have you been in contact with the Safety Commission to implement the requirement, and how long would it take for that policy to pass? Also, it would be great to get started on the financial forecast - our team has done it, and it helps to see the amount of funding we would need to jumpstart our startup and to pay our employees.
ReplyDeleteYour target market and go-to-market strategy seem vague on your deck, but maybe that's because you plan to explain the details when you pitch. Good luck!
ReplyDeleteHi guys. I like SIREN or First Alert out of the names on your outline. Good job with everything else. I'm still a little unsure about how you will differentiate yourselves from alerts from other apps or the iPhone itself.
ReplyDeleteThere is nothing wrong with gathering more and more market research. It will only complement your project and give you a more accurate and defined perspective. Good luck!
ReplyDeleteGood job collecting more market data! As for the names you are considering I like First Alert. Good luck!
ReplyDeleteYour analysis of business models is very interesting! Have you chosen a specific business model yet and what was your thought process?
ReplyDeleteHey there! Great job on your customer interviews. I took a look at your pitch deck outline. I think it's smart to have your problem and solution at the beginning. I also think you should add what you are asking the VCs and what you plan on doing with the funding. My other recommendation is to move the "team" up a little higher, maybe right after the problem and solution...One thing I have learned about pitching a startup is that VC's are not only investing in your product but they are also investing into the team. So don't forget to emphasize why your team is the right team to invest in!
ReplyDeleteHey there. It's good to know that you are moving forward with your startup. Having looked through your presentation, I would like to see the financial forecast in addition to the cost breakdown for your product. I think you should consider industry-specific details to market/price your product appropriately. Good luck!
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