infinity nyu final presentation
TRANSCRIPT
Infinity Team Startup Idea
• A smartphone APP that makes it easy to buy and sell electrical and plumbing home services and allows for useful ratings and rankings of buyers and sellers.
Group: InfinityRadhika SharmaSvetlana Ushakova
Interviews day 5: 8 (5 electricians, 3 plumbers)Total # of Interviews: 55
- Service providers (nanny, tutor, handyman, poolboy)
Key Activities - partnership with reliable service providers- build and maintain website/mobile app
Key ResourcesOnline customer care center (outsourced at the beginning)
Value Proposition
- essential services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of buyers and sellers
Customer Relationships
-Trustworthy relationship that will reassure customers that we will take care of their business and resolve any possible tensions between customer and service provider
Online & Social MediaRadio adsSubway stickersWord-of-mouth
Channels
Customer Segments
-Homeowners-Renters-Parents
Revenue- the platform provides easy access to services and guarantees yourmoney back in case the service wasn’t provided by service supplier- for introductory to service supplier / service consumer- Percentage from service charge – that is made through the platform- 18% service fee on each task
Cost Structure- Technology (service / APP) development- Legal services- Marketing- Insurance
Group: InfinityRadhika SharmaSvetlana Ushakova
Business Model Canvas – day
1
Initial hypothesis:Both home owners and renters need all kind of home services and it’s
always difficult to find a service provider at reasonable rate
Hypothesis: Home owners search home care services preferably via Smartphone app or Web.
Results: Home owner prefers to get a service provider through family
and friends for most planned home
improvement work.
Business Model Canvas - day
2
Key Partners- serviceproviders like nanny, tutor, handyman, poolboy
Plumbers, electricians
Key Activities- partnership with reliable service providers- build and maintain website/mobile app
Key ResourcesOnline customer care center (outsourced at the beginning)
Plumbers, electricians
Value Proposition
- essential services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of buyers and sellers
- Plumbing and electrician services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of `service `providers
- Easy to find a local service providers
- Consumer has choice of prices by looking at bids by service providers
- Service providers can bid for services according to their schedule
- `new platoform to find client
Customer Relationships
- Trustworthy relationship that will reassure customers that we will take care of their business and resolve any possible tensions between customer and service provider
Channels- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Smart phone App, Website
Customer Segments
- Homeowners- Renters- Parents Homeowners with responsibility of maintaining their own property
Plumbers, electricians
Revenue - the platform provides easy access to services and guarantees yourmoney back in case the service wasn’t provided by service supplier - for introductory to service supplier / service consumer - Percentage from service charge – that is made through the platform18% service fee on each task
Cost Structure- Technology (service / APP) development- Legal services- Marketing- Insurance
Group: InfinityRadhika SharmaSvetlana Ushakova
Business Model Canvas – day
3
Key Partners Key Activities
- partnership with reliable service providers- build and maintain
website/mobile app- Provide 24x7 customer
support
Key ResourcesOnline customer care center (outsourced at the beginning)
Technology development/maintenance staff/assets
Plumbers, electricians
Value Proposition
Customer Relationships
- Trustworthy relationship that will reassure customers that we will take care of their business and resolve any possible tensions between customer and service provider
- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Channels- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Smart phone App, Website
Customer Segments
Revenue - the platform provides easy access to services and guarantees yourmoney back in case the service wasn’t provided by service supplier - for introductory to service supplier / service consumer - Percentage from service charge – that is made through the platform18% service fee on each task
Cost Structure- Technology (service / APP) development- Legal services- Marketing- Insurance
Group: InfinityRadhika SharmaSvetlana Ushakova
- Service providers can bid for services according to their schedule/location
- New platoform to find client
Plumbing and electrician services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of service providers
Easy to find a local service providersConsumer has choice of prices by looking at bids by service providers
Customer care center
Plumbers, electricians
Homeowners with responsibility of maintaining their own proper
Customer care center
Plumbers, electricians
Provide new businesss/revenue
Homeowners with responsibility of maintaining their own proper
Business Model Canvas – day
4
Key Partners Key Activities
- partnership with reliable service providers- build and maintain
website/mobile app- Provide 24x7 customer
support
Key ResourcesOnline customer care center (outsourced at the beginning)
Technology development/maintenance staff/assets
Plumbers, electricians
Value Proposition
Customer Relationships
- Trustworthy relationship that will reassure customers that we will take care of their business and resolve any possible tensions between customer and service provider
- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Channels- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Smart phone App, Website
Customer Segments
Revenue - the platform provides easy access to services and guarantees yourmoney back in case the service wasn’t provided by service supplier - for introductory to service supplier / service consumer - Percentage from service charge – that is made through the platform18% service fee on each task - Free App - Monthly subscription fee for Service Providers
Cost Structure- Technology (service / APP) development- Legal services- Marketing- Insurance
Group: InfinityRadhika SharmaSvetlana Ushakova
- Service providers can bid for Service estimation fee according to their schedule/location
- New platoform to find client- Service Provider gets notified
every time there is job posting to react according to their schedule
Plumbing and electrician services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of service providers
Easy to find local service providers who are available for the job without spending time on calling multiple peopleConsumer has choice of prices by looking at bids by service providers
Customer care center
Plumbers, electricians
Homeowners with responsibility of maintaining their own proper
Customer care center
Plumbers, electricians
Provide new businesss/revenue
Homeowners with responsibility of maintaining their own proper
Day 2-4 Learning
1. Most renters call their apt society to get things fixed around the house/apartment, so they are not in our consumer segment
2. Service Providers are the ones who will pay us, so we need to concentrate on their behavior of how do they get new business
3. Home owners don’t want to waste their time on calling service providers who are not available for the job.
4. For most jobs, it’s not possible to estimate the price of job before hand, Service providers can’t really bid based on 2 liner problem description posted by Home Owner.
5. A lot of service providers will prefer to get a pop up notification of posted job right away at cost of monthly subscription fee.
6. Bidding can only be possible for Estimation Fee.
Business Model Canvas – day
5
Key Partners Key Activities
- partnership with reliable service providers- build and maintain
website/mobile app- Provide 24x7 customer
support
- Acquire plumbers & electricians online
- Run background check of service suppliers
Key ResourcesOnline customer care center (outsourced at the beginning)
Technology development/maintenance staff/assets
Plumbers, electricians
Value Proposition
Customer Relationships
Channels- Online & Social Media- Radio ads- Subway stickers- Word-of-mouth
Smart phone App, Website
Customer Segments
Revenue - the platform provides easy access to services and guarantees yourmoney back in case the service wasn’t provided by service supplier - for introductory to service supplier / service consumer - Percentage from service charge – that is made through the platform18% service fee on each task - Free App - Monthly subscription fee for Service Providers
Cost Structure- Technology (service / APP) development- Legal services - Marketing for acquisition and retention of service users & suppliers- Background check of service suppliers - Insurance
Group: InfinityRadhika SharmaSvetlana Ushakova
- Service providers can bid for Service estimation fee according to their schedule/location
- New platoform to find client- Service Provider gets notified
every time there is job posting to react according to their schedule
Plumbing and electrician services made easily and quickly accessible through one mobile app which allows for useful ratings and rankings of service providers
Easy to find local service providers who are available for the job without spending time on calling multiple peopleConsumer has choice of prices by looking at bids by service providers
Customer care center
Plumbers, electricians
Homeowners with responsibility of maintaining their own property
Customer care center
Plumbers, electricians
Provide new businesss/revenue
Homeowners with responsibility of maintaining their own proper
Background check agency
Background check agency
- Online & Social Media- TV/Radio ads- Subway stickers- Word-of-mouth- Ad Words - Free trial for service
providers - Online & Social Media- TV/Radio ads- Subway stickers- Word-of-mouth- Ad Words
Here is what we learnt
• Home owners prefer somebody reliable and available according to their schedule.
• Not everybody is looking to find a service provider online
• Not every service provider is looking for a job
• Only some service providers who are looking for job are looking on internet.
Here is where we ended
• Much narrower categories of service providers• Much narrower segment of service providers
(actively looking for job on internet)• Much narrower segment of consumers (Home
Owner who need a electrician or plumbing service urgently)
Here is what we are going to do next
Hypothesis Experiment Pass/Fail Criteria
Get Strategy – We have a large enough Service Provider segment who looks for job online
Post an ad on google and facebook for 1 day to find service providers and see if it really gets hit
Pass, if at least 10 people click it in 24 hours window
Get Strategy – Our early adapters are home owners looking for job done urgently and look for service provider on internet.
Post an ad on google and facebook for 1 day asking urgent need of plumber/electrician.
Pass, if at least 10 people click it in 24 hours window
o Develop a MVP, an internet animation demonstrating how the App will work.
o Proceed testing the actuality of the problem both on consumers and service providers sides.
o Crowdsourcing after MVP development.
App Launch first in couple of states and later scale nationwide