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Celsius Engr245 2021 Lessons Learned

business model, business model canvas, mission model, mission model canvas, customer development, lean launchpad, lean startup, stanford, startup, steve blank, entrepreneurship, I-Corps, Stanford

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Celsius Engr245 2021 Lessons Learned

  1. TEAM CELSIUS Day 1: environmental quality and human presence hardware sensor 100 interviews later... Hybrid work collaboration + employee engagement - Resegmenting an existing market as a niche entrant
  2. OUR Journey Space analytics& HumanOccupancy Pain Point: ???
  3. OUR Journey Space analytics& HumanOccupancy VirtualOfficeHUBwith frictionlessVideo 100 Interviews later Pain Point: ??? Pain Point: Collaboration and engagement
  4. OUR Journey Space analytics& HumanOccupancy VirtualOfficeHUBwith frictionlessVideo Pain Point: ??? Pain Point: Collaboration and engagement BUT WHAT REALLY HAPPENED HERE?!
  5. THE REALITY... ISNOTASSMOOTH
  6. MIKE NICO Webegan ourjourneybeforellpinjune2020 alex jason +kaitlin +leia +dave
  7. Ready, set,go!Huntingforcustomers Ourinitialpremise pre-class ourpre-classgoal To find customers for our solution Our team was formed to start a company based upon hardware technology that we had built to serve office space that monitors space optimization, energy usage and environmental health.
  8. Ready, set,go!Huntingforcustomers KEY TAKEaWAY There was general interest in our product but...there was something odd about our value proposition Ourinitialpremise Our team was formed to start a company based upon hardware technology that we had built to serve office space that monitors space optimization, energy usage and environmental health. “We think you’d have to make a big pivot.” Lookingback,wewishthatweknew… We had a solution but not a problem pre-class ourpre-classgoal To find customers for our solution
  9. ABITTER PILL:“youhaveavitamin, notmedicine” WEEKS1-2 We were excited to jump into interviews and receive positive feedback / clear validation, but…..
  10. ABITTER PILL:“youhaveavitamin, notmedicine” Westartedtoseecracksinthefoundation “Your value proposition is incredibly vague.” WEEKS1-2 “Solving for optimal workplace productivity is the holy grail for office managers today.” - SVP Corp Dev, Johnson Controls We were excited to jump into interviews and receive positive feedback / clear validation, but…..
  11. ABITTER PILL:“youhaveavitamin, notmedicine” WEEKS1-2 Wequicklylearned We have to be open to not being a hardware company Finding clear product-market fit is hard! That we should have been focusing on finding a problem rather than validating a problem we thought that we should solve. YETdidn'tso quicklylearn We were excited to jump into interviews and receive positive feedback / clear validation, but….. Westartedtoseecracksinthefoundation “Your value proposition is incredibly vague.” “Solving for optimal workplace productivity is the holy grail for office managers today.” - SVP Corp Dev, Johnson Controls
  12. FINALLY: an“aha”Moment Week3 So we adjusted our approach and asked more open-ended questions to focus on problems
  13. “The only real need to go into the office is for in-person collaboration.” - MD Employee Wellbeing, Cigna “Space is one aspect. Collaboration is a whole other ballgame!” - VP Software Engineering, QolSys Inc. FINALLY: an“aha”Moment Week3 Welearnedwhat matteredtocustomers So we adjusted our approach and asked more open-ended questions to focus on problems
  14. “The only real need to go into the office is for in-person collaboration.” - MD Employee Wellbeing, Cigna “Space is one aspect. Collaboration is a whole other ballgame!” - VP Software Engineering, QolSys Inc. FINALLY: an“aha”Moment Week3 Welearnedwhat matteredtocustomers "We're not concerned with pollutants in a building- it's just something you deal with in a city." - Director, Group Risk, Royal Bank of Canada ...And whatdidn't “So no one cares about the sensor.” So we adjusted our approach and asked more open-ended questions to focus on problems X
  15. FINALLY: an“aha”Moment Week3 Weidentifiedthecommonthread Workplace optimization and space utilization is a means to an end. Ultimately, employers want engaged employees who are collaborating with one another in a hybrid world So we adjusted our approach and asked more open-ended questions to focus on problems
  16. To discover how office space can best enable employee collaboration and engagement FINALLY: an“aha”Moment Week3 Weidentifiedthecommonthread Workplace optimization and space utilization is a means to an end. Ultimately, employers want engaged employees who are collaborating with one another in a hybrid world So we adjusted our approach and asked more open-ended questions to focus on problems ANDPIVOTEDTOANEWPURPOSE!
  17. TRYING TOPIVOT WHILEholding ontothepast WEEk4 We tried to explore our newfound problem without letting go of our old technology
  18. TRYING TOPIVOT WHILEholding ontothepast WEEk4 But we were adding new tools while keeping the older ones Wedesignedourfirstsaasmvp We tried to explore our newfound problem without letting go of our old technology
  19. TRYING TOPIVOT WHILEholding ontothepast WEEk4 “Tracking movement in an office is a third or fourth order concern." “I fully expect to never have a desk at Johnson Controls again! But no coffees, lunches or water cooler chat … I expect this to be a detractor to peoples’ and team’s development.” - Head of Healthy Buildings, Johnson Controls whilefeedbacksuggestedditchinghardware We tried to explore our newfound problem without letting go of our old technology But we were adding new tools while keeping the older ones Wedesignedourfirstsaasmvp
  20. TRYING TOPIVOT WHILEholding ontothepast WEEk4 Cracks in the foundation led to fissures in our team that soon came to a head ….. Meanwhiletheteamwaslosingalignment We tried to explore our newfound problem without letting go of our old technology But we were adding new tools while keeping the older ones Wedesignedourfirstsaasmvp
  21. UNCERTAINTY LEADING TOLOST MOMENTUM WEEKS5-6 We were unsure of our value proposition as interviews continued pointing to collaboration
  22. “[with Zoom] I miss the ability to recreate all of us sitting in a room together. You can read the room and body language.” - Chief Customer Officer, VirBELA Theproblemwasbecomingclear... “The most important thing in business is trust. It is easier to build trust in person. That sense of camaraderie is what businesses want.” - CEO, Sharp Development, Inc. We were unsure of our value proposition as interviews continued pointing to collaboration UNCERTAINTY LEADING TOLOST MOMENTUM WEEKS5-6
  23. “You’re circling around a very hot space! But need to zero in on the exact painkiller.” We were trying to determine which feature was the core value proposition, and should have made a decision to move in one direction Instead, fragmentation in the team grew, leading to unfocused, confusing interviews ...Butthesolutionwasnot We were unsure of our value proposition as interviews continued pointing to collaboration UNCERTAINTY LEADING TOLOST MOMENTUM WEEKS5-6 “[with Zoom] I miss the ability to recreate all of us sitting in a room together. You can read the room and body language.” - Chief Customer Officer, VirBELA Theproblemwasbecomingclear... “The most important thing in business is trust. It is easier to build trust in person. That sense of camaraderie is what businesses want.” - CEO, Sharp Development, Inc.
  24. Sowehadtomake a decisionaND RALLY BEHIND ONEIDEA 1. Hybridspacecollaboration 2. Peopledensity 3. Environmentalrating WEEKS5-6
  25. All handsondeck: FOCUSonhybridcollaboration WEEKS7-10 Interviews were completely focused on learning about collaboration and testing the new MVP!!!!
  26. MVP 3.0 Virtual office hub with: - Frictionless video tech - Open / closed door availability with calendar integration - Location information: in-office or remote - Breakroom All handsondeck: FOCUSonhybridcollaboration WEEKS7-10 Interviews were completely focused on learning about collaboration and testing the new MVP!!!!
  27. All handsondeck: FOCUSonhybridcollaboration WEEKS7-10 Interviews were completely focused on learning about collaboration and testing the new MVP!!!! “This is awesome. Challenges integrating remote with the in-person workforce remains in my perspective the biggest challenge.” - Human Capital, Deloitte “I really like it. It feels natural and I can see how it slides into the way I work. Also having a open / closed door that you can always see is a good mental cue to remind yourself to talk to others.” - Head of Talent / HR, Nova Pioneer “I would love to use it. I like how it looks - friendly and neat.” - Head of People Development, Pluspetrol AND….THEYLOVEdIT!
  28. All handsondeck: FOCUSonhybridcollaboration WEEKS7-10 Interviews were completely focused on learning about collaboration and testing the new MVP!!!! Thoughit'sneverthatsimple “You’re onto something but you are not there yet.” AND….THEYLOVEdIT! “I love this idea. But I wish you would just pitch this to Google and they would do it so I wouldn’t have to download another app.” - Marketing Manager, Netflix
  29. Continuing inthehybrid collaboration direction We are still testing our key value proposition through interviews and a pilot We hypothesized that large vs. small companies would prefer different value propositions To test, we interviewed HR and people managers from both segments and asked them to rank our key MVP features Testingourkeyinsight Physical location info - in / out of office, distributed locations Who do we exist for? Who are our key partners? Virtual office - open / closed door CEO (organizations under 100 employees) B2B distribution Keep: SaaS model and evolving data analytics / insights People - software engineers to build front-end software; sales / marketing; data analytics Seed funding Software engineers - to maintain latest / evolving user interface Product Development Data analytics Acquire: B2B sales and partnerships, freemium model Grow: word of mouth, partnerships, upsell to premium Sales & marketing / customer service team costs SaaS subscription revenue model What are we building and for who? What problem / need are we solving? Drag and drop video - instant casual check-ins HR (organizations over 100 employees) Category: hybrid office enablers CIO (very large organizations) Category: day-to-day users Employees seeking the social connection and ease of conversation in offices Calendar / scheduling tools (Outlook, Google) Potential Integrations Collaboration tools (Slack, Discord, Teams) Sales Fundraising HR software Widely used enterprise software (e.g., Salesforce) Office share orgs expanding offerings (e.g., WeWork) KEYPARTNERS KEYACTIVITIES CUSTOMERRELATIONSHIPS KEYRESOURCES COST STRUCTURE VALUE PROPOSITIONS CUSTOMERSEGMENTS CHANNELS REVENUESTREAMS Break room ? ?
  30. Continuing inthehybrid collaboration direction Frictionless video is the leader at the moment! Testingourkeyinsight Physical location info - in / out of office, distributed locations Who do we exist for? Who are our key partners? Virtual office - open / closed door CEO (organizations under 100 employees) B2B distribution Keep: SaaS model and evolving data analytics / insights People - software engineers to build front-end software; sales / marketing; data analytics Seed funding Software engineers - to maintain latest / evolving user interface Product Development Data analytics Acquire: B2B sales and partnerships, freemium model Grow: word of mouth, partnerships, upsell to premium Sales & marketing / customer service team costs SaaS subscription revenue model What are we building and for who? What problem / need are we solving? Drag and drop video - instant casual check-ins HR (organizations over 100 employees) Category: hybrid office enablers CIO (very large organizations) Category: day-to-day users Employees seeking the social connection and ease of conversation in offices Calendar / scheduling tools (Outlook, Google) Potential Integrations Collaboration tools (Slack, Discord, Teams) Sales Fundraising HR software Widely used enterprise software (e.g., Salesforce) Office share orgs expanding offerings (e.g., WeWork) KEYPARTNERS KEYACTIVITIES CUSTOMERRELATIONSHIPS KEYRESOURCES COST STRUCTURE VALUE PROPOSITIONS CUSTOMERSEGMENTS CHANNELS REVENUESTREAMS Break room We are still testing our key value proposition through interviews and a pilot
  31. VIDEO
  32. THANKYOUFOR THEJOURNEY!

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