Ce diaporama a bien été signalé.
Nous utilisons votre profil LinkedIn et vos données d’activité pour vous proposer des publicités personnalisées et pertinentes. Vous pouvez changer vos préférences de publicités à tout moment.

Equify engr 245 lean launchpad stanford 2019

74 674 vues

Publié le

business model, customer development, e245, engr245, lean launchpad, lean startup, stanford, startup, steve blank

Publié dans : Formation
  • Want to preview some of our plans? You can get 50 Woodworking Plans and a 440-Page "The Art of Woodworking" Book... Absolutely FREE ★★★ http://tinyurl.com/y3hc8gpw
       Répondre 
    Voulez-vous vraiment ?  Oui  Non
    Votre message apparaîtra ici
  • The #1 Woodworking Resource With Over 16,000 Plans, Download 50 FREE Plans... ♥♥♥ http://ishbv.com/tedsplans/pdf
       Répondre 
    Voulez-vous vraiment ?  Oui  Non
    Votre message apparaîtra ici
  • Soyez le premier à aimer ceci

Equify engr 245 lean launchpad stanford 2019

  1. From Pinecone to Equify: Our LLP Journey
  2. Play Video Here
  3. Our Mission: Reduce the burden of student debt to unlock the full potential of U.S. grads Equify Student financing via flexible and customizable loans Pinecone ISA Student financing via income share agreements 3 Mike Saltzman Amir Damerdji Sam Abernethy Iryna Kryvda Leeor Mushin Picker MBA & BS Engineering Hustler MSx & MS Engineering Hacker PhD Applied Physics & MS Mathematical Modelling Hacker MS Management Science and Engineering Designer MBA & BBA/BA 100+ Interviews
  4. How it All Started
  5. 5 We had to assemble the right team...
  6. First Main Learnings Who are our customers and what do they actually want?
  7. 7 Test 001: Which Customer and What Value Prop? CUSTOMER SEGMENTS VALUE PROPS PROCEDURE Undergraduate s Law Students Med Students Career Insurance Payment Flexibility Freedom of Career Choice 1. Create different ad language for each target group and value prop, target small batch of FB ads to each group X 3 3 Week 2 1. Undergrads & Career Insurance 2. Med Students & Payment Flexibility HIGHEST INTEREST
  8. Jane - Med School Grad - Her debt = $250k - Wants to pursue career as family medicine Doc - Pain point: cannot afford debt payments early in her career, so pushed into high interest income-based loans John - Undergrad - His debt = $35k - Wants to pursue career in entrepreneurship - Pain point: a feast-or- famine career makes paying for debt uncertain After 30+ Student Interviews We Found 2 Representative Customers 8 Main Want: Career Insurance Main Want: Payment Flexibility *Names changed / identities masked due to privacy concerns
  9. Investors balked at the Income Share Agreement What happens when insurance pools attract lopsided participants?? 9 3-5%Earnings % Students Interest Investor Interest 7-10% 15-20%
  10. “You guys are selling two products as one. Which do people really want? Can you get investors onboard with that one? Is my pocket square peeking out the right amount?” 10 According to the CFOracle, sometimes 1+1 = 0 Week 3
  11. We had to face the music: a financial product without investor support would go nowhere 11 How can we ditch the method but stick to the mission? What if we were a non-profit? Do we want to be a non- profit? What is our real mission, anyway?
  12. We pivoted our product while keeping our core value props A Loan with Flexible Payments True to our mission AND investors should be able to get behind it 12 Week 4
  13. Out of the building!! 13 Med Students Biz Students Law Students Undergrad Students Avg. Debt $200k $80k $115k $30k Income Predictability (1-10) 8 5 6 3 Early Career $$ Stress (1- 10) 9 Stress? Lol 5 5 Financial Illiteracy (1-10) 8 2 5 5 13 In the building Week 5 The new product would benefit indebted Med School grads
  14. Business Model Canvas Medical Students (test market) - Often have huge debt loads and want flexibility with repayment and help optimizing their finances Educate students and universities on impacts of fixed vs. variable payments Secure long-term capital partners Fund diversified group of medical students Institutional Investors Marketplace loan purchasers to fund our book of loans Medical Schools / thought leaders to serve as a potential evangelists Fees: Take an up front % of all funding issued to students + Loan Servicing Fee Capital: A capital base with long time horizons Cooperation: we’ll align our incentives with theirs Simplicity: we’ll demystify tricky topics Transparency: we’ll be up front about how and when we make money Capital Cost: What will investors demand? Customer Acquisition Cost: How much to attract and sign up a student? Servicing Cost: How much to service the agreements over time? Trusted Intermediaries: Partner with financial aid offices to reach students Targeted Online Funnels: Media spend combined with fast online intake process Subject Matter Experts: Associate with online student financial planning sources, earn trust through expertise Delay Payments until you are more able to handle them Smart Repayment that optimizes across your circumstances and goals Transparency and convenience in monitoring and controlling payments Accountability for individuals who know what is best for them logically but who don’t always execute
  15. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 15 Week 6
  16. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 16 Week 6
  17. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 17 Week 6
  18. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 18 Week 6
  19. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 19 Week 6
  20. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 20 Week 6
  21. Our product: student loans with flexible payments, tailored to borrowers’ income and needs 21 Week 6
  22. Not that simple: Borrowers like Jane value transparency and accountability 22 Week 6 Over 30 Med Students / Residents / Doctors interviewed
  23. How can we help? Think of Betterment, but for loans 23 Jane the Doctor
  24. MVP 2.0: Visualizing our loan optimization 24 Week 7
  25. Business Model Canvas Medical Students (test market) - Often have huge debt loads and want flexibility with repayment and help optimizing their finances Educate students and universities on impacts of fixed vs. variable payments Secure long-term capital partners Fund diversified group of medical students Institutional Investors Marketplace loan purchasers to fund our book of loans Medical Schools / thought leaders to serve as a potential evangelists Fees: Take an up front % of all funding issued to students + Loan Servicing Fee Capital: A capital base with long time horizons Cooperation: we’ll align our incentives with theirs Simplicity: we’ll demystify tricky topics Transparency: we’ll be up front about how and when we make money Capital Cost: What will investors demand? Customer Acquisition Cost: How much to attract and sign up a student? Servicing Cost: How much to service the agreements over time? Trusted Intermediaries: Partner with financial aid offices to reach students Targeted Online Funnels: Media spend combined with fast online intake process Subject Matter Experts: Associate with online student financial planning sources, earn trust through expertise Delay Payments until you are more able to handle them Smart Repayment that optimizes across your circumstances and goals Transparency and convenience in monitoring and controlling payments Accountability for individuals who know what is best for them logically but who don’t always execute
  26. 26 Borrower Feedback “If I could get private bank rates WITH income-based repayment, I would sign up in a heartbeat” Irina (MD) “I love that the loan is personalized for me. That’s huge” Thomas (Undergrad) “Terrific. I love the simple online portal- currently I need 4 logins to download all my loan data.” Chris (MBA) Potential Product- Market Fit with Borrowers Conditional on Similar Rates to Existing Players
  27. 27 Loan Investor Feedback “Variable liquidity is a tradeoff between borrower and lender. They won’t like it.” Matt Reeder, Theorem “You need to figure out exactly what 1000 loans like this look like. When do people delay? When do they prepay? What asset is this?” Derek Weiss, FFL Partners “Once you prove out the first 100 loans, buyers will take you seriously. But until then you’ll be funding loans out of equity.” Jeremy Solomon, Affirm Product Market Meh, but promising..
  28. We Reduced the Balance Sheet by Making Bridge Loans 28 Week 8 Reduction of Balance Sheet Exposure by 83%!
  29. We’re moving ahead, with challenges in sight 1. Demand from potential borrowers 1. Understanding what investors need 1. Big institutional buy in 1. Working with a smaller balance sheet 1. Vulnerability to copy- cating by the big guys 1. Competing with aritificially cheap loans 1. Efficient, succinct product messaging 29 Our Strengths Our Remaining Challenges
  30. Next Steps: ✗ Majority of team continuing ✗ Secure funding for first round of loans ✗ Full analysis of “Bridge Loan” ✗ Continue to optimize customer acquisition model ✗ Build an online personal finance portal ✗ Find and build partnership with loan servicer 30
  31. 31 Thanks! Especially to the teaching team, Mike Dorsey, the TAs, and our classmates!
  32. Appendix 32
  33. Freedom: Make the best career choices for your future, not for next month’s debt payment. Cost Reduction: The price of education should be relative to the financial rewards it provides Risk Reduction: Never get squeezed by your fixed student debt payment, no matter what happens Delay Payments until you are more able to handle them Original Business Model Canvas Mid-tier college students Typically have the highest unsubsidized debt loads upon graduation Grad Students (Law, Med) Often have highest absolute debt loads and may want flexibility with repayment Educate students and universities on impacts of fixed vs. variable payments Secure long-term capital partners Fund diversified group of students Institutional Investors willing to be among the first holders of this (for now) illiquid asset Universities willing to include our ISAs when they present financing options to students Collection Agencies to outsource the ongoing servicing work Fees: Take an up front % of all funding issued to students Performance: Receive an ongoing share of the repayments from students Capital: A capital base with long time horizons and comfort with illiquidity Data: Need the information to build advanced prediction models Cooperation: we’ll align our incentives with theirs Simplicity: we’ll demystify tricky topics Transparency: we’ll be up front about how and when we make money Capital Cost: What will investors demand? Customer Acquisition Cost: How much to attract and sign up a student? Servicing Cost: How much to service the agreements over time? Infrastructure: how much to develop the prediction model? Trusted Intermediaries: Partner with financial aid offices to reach students Targeted Online Funnels: Media spend combined with fast online intake process Subject Matter Experts: Associate with online student financial planning sources, earn trust through expertise Highlight VP and customers

×