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Equipped engr 245 lean launchpad stanford 2019
Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo
Hustler
MBA & BComm
Hacker
MS, BS ME
Hustler
LLM, JD, BA
Designer
MBA & BS ME
Hacker
BS CS
Mentor: Freddy Dopfel
Investor, Grishin Robotics
130 total interviews
Then Now
An app and vending machine
to rent out sporting
equipment and organize
sporting leagues and events
A network of smart lockers
that lends recreational
equipment exactly when and
where people need it
Advisor: Ray Mueller
Former Mayor, Menlo Park
Creating a new market
Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo
Hustler
MBA & BComm
Hacker
MS, BS ME
Hustler
LLM, JD, BA
Designer
MBA & BS ME
Hacker
BS CS
Creating a new market Mentor: Freddy Dopfel
Investor, Grishin Robotics
130 total interviews
Then Now
An app and vending machine
to rent out sporting
equipment and organize
sporting leagues and events
A network of smart lockers
that lends recreational
equipment exactly when and
where people need it
Advisor: Ray Mueller
Former Mayor, Menlo Park
• Labor force: during the
prototyping, and then
ongoing maintenance
staff
• Communal space
owner/operators: parks,
cities, counties schools,
etc. whose land we will
be renting this equipment
on (note: Alex has
extensive work
experience here
negotiating with similar
stakeholders)
• Equipment
manufacturers
• Advertisers who may
use the space on the
equipment, the stations,
or the app to advertise
Two different ways to
segment user types:
1.Local residents, vs.
visitors/tourists
2.Impromptu events vs.
planned groups
3.Mostly interested in
equipment vs. “ “ in
coordination
Customer segment
hypotheses:
• Active, outdoorsy, and
occasionally travel:
people who find
themselves outdoors
often, but don’t have the
right equipment or
enough people to play
with – likely younger,
don’t own cars
• Access: ensures
equipment is available in
participating communal
spaces
• Convenience: users no
longer have to
carry/transport equipment
• Community: make it
significantly easier for
people to play together
• Choice: users can enjoy
a diversity of equipment
from a single source
• Value: users no longer
have to own/store items
that they want to use
• Lending recreational
equipment where/when
it’s needed
• Coordinating play
among friends and
strangers
• Informing users
equipment is available
• Recreational equipment: balls, frisbees, etc.
• Part-time labor: maintenance, repairs
• Hardware: development and Installation
• App technology/hosting costs
• Land license/access fees (ideally minimized through
subsidies/reciprocal arrangements for social impact benefits)
• Rental fees: hourly rates for using equipment ($2-$10/hr); potential for
subscription model (e.g. unlimited use for $10+/mo)
• Advertising: in-app, on machines
• Consumer behavior/activity data
• Organizing leagues: group activities, coordinated play
• Government subsidies to encourage play/healthy lifestyles
• Transportation: embedded link to Lyft/Uber etc., take commission
• Fun, easy, frictionless
• Reliable
• Informative (where is the
equipment, how much
does it cost, who else is
playing)
• Community-building
• Repeatable, loyalty-
system
• Sports equipment
• App: tell users
where/when equipment is
• Friendly people to
lend/interact with
customers (during
prototyping)
• Intuitive hardware
• Land access
• Maintenance
• App letting users know
where/when equipment is
available
• Intuitive hardware that
is easy-to-use
• Word of mouth
• Advertising on the
machines
• Signs at entrances/gates
to outdoor play spaces
• Labor force: during the
prototyping, and then
ongoing maintenance
staff
• Communal space
owner/operators: parks,
cities, counties schools,
etc. whose land we will
be renting this equipment
on (note: Alex has
extensive work
experience here
negotiating with similar
stakeholders)
• Equipment
manufacturers
• Advertisers who may
use the space on the
equipment, the stations,
or the app to advertise
Two different ways to
segment user types:
1.Local residents, vs.
visitors/tourists
2.Impromptu events vs.
planned groups
3.Mostly interested in
equipment vs. “ “ in
coordination
Customer segment
hypotheses:
• Active, outdoorsy, and
occasionally travel:
people who find
themselves outdoors
often, but don’t have the
right equipment or
enough people to play
with – likely younger,
don’t own cars
• Access: ensures
equipment is available in
participating communal
spaces
• Convenience: users no
longer have to
carry/transport equipment
• Community: make it
significantly easier for
people to play together
• Choice: users can enjoy
a diversity of equipment
from a single source
• Value: users no longer
have to own/store items
that they want to use
• Lending recreational
equipment where/when
it’s needed
• Coordinating play
among friends and
strangers
• Informing users
equipment is available
• Recreational equipment: balls, frisbees, etc.
• Part-time labor: maintenance, repairs
• Hardware: development and Installation
• App technology/hosting costs
• Land license/access fees (ideally minimized through
subsidies/reciprocal arrangements for social impact benefits)
• Rental fees: hourly rates for using equipment ($2-$10/hr); potential for
subscription model (e.g. unlimited use for $10+/mo)
• Advertising: in-app, on machines
• Consumer behavior/activity data
• Organizing leagues: group activities, coordinated play
• Government subsidies to encourage play/healthy lifestyles
• Transportation: embedded link to Lyft/Uber etc., take commission
• Fun, easy, frictionless
• Reliable
• Informative (where is the
equipment, how much
does it cost, who else is
playing)
• Community-building
• Repeatable, loyalty-
system
• Sports equipment
• App: tell users
where/when equipment is
• Friendly people to
lend/interact with
customers (during
prototyping)
• Intuitive hardware
• Land access
• Maintenance
• App letting users know
where/when equipment is
available
• Intuitive hardware that
is easy-to-use
• Word of mouth
• Advertising on the
machines
• Signs at entrances/gates
to outdoor play spaces
Communal space
owner/operators: parks,
cities, counties, schools,
etc. whose land we will be
renting this equipment on
• Labor force: during the
prototyping, and then
ongoing maintenance
staff
• Communal space
owner/operators: parks,
cities, counties schools,
etc. whose land we will
be renting this equipment
on (note: Alex has
extensive work
experience here
negotiating with similar
stakeholders)
• Equipment
manufacturers
• Advertisers who may
use the space on the
equipment, the stations,
or the app to advertise
Two different ways to
segment user types:
1.Local residents, vs.
visitors/tourists
2.Impromptu events vs.
planned groups
3.Mostly interested in
equipment vs. “ “ in
coordination
Customer segment
hypotheses:
• Active, outdoorsy, and
occasionally travel:
people who find
themselves outdoors
often, but don’t have the
right equipment or
enough people to play
with – likely younger,
don’t own cars
• Access: ensures
equipment is available in
participating communal
spaces
• Convenience: users no
longer have to
carry/transport equipment
• Community: make it
significantly easier for
people to play together
• Choice: users can enjoy
a diversity of equipment
from a single source
• Value: users no longer
have to own/store items
that they want to use
• Lending recreational
equipment where/when
it’s needed
• Coordinating play
among friends and
strangers
• Informing users
equipment is available
• Recreational equipment: balls, frisbees, etc.
• Part-time labor: maintenance, repairs
• Hardware: development and Installation
• App technology/hosting costs
• Land license/access fees (ideally minimized through
subsidies/reciprocal arrangements for social impact benefits)
• Rental fees: hourly rates for using equipment ($2-$10/hr); potential for
subscription model (e.g. unlimited use for $10+/mo)
• Advertising: in-app, on machines
• Consumer behavior/activity data
• Organizing leagues: group activities, coordinated play
• Government subsidies to encourage play/healthy lifestyles
• Transportation: embedded link to Lyft/Uber etc., take commission
• Fun, easy, frictionless
• Reliable
• Informative (where is the
equipment, how much
does it cost, who else is
playing)
• Community-building
• Repeatable, loyalty-
system
• Sports equipment
• App: tell users
where/when equipment is
• Friendly people to
lend/interact with
customers (during
prototyping)
• Intuitive hardware
• Land access
• Maintenance
• App letting users know
where/when equipment is
available
• Intuitive hardware that
is easy-to-use
• Word of mouth
• Advertising on the
machines
• Signs at entrances/gates
to outdoor play spaces
Coordinating play among
friends and strangers
Community: make it
significantly easier for
people to play together
Organizing leagues: group
activities, coordinated play
• Labor force: during the
prototyping, and then
ongoing maintenance
staff
• Communal space
owner/operators: parks,
cities, counties schools,
etc. whose land we will
be renting this equipment
on (note: Alex has
extensive work
experience here
negotiating with similar
stakeholders)
• Equipment
manufacturers
• Advertisers who may
use the space on the
equipment, the stations,
or the app to advertise
Two different ways to
segment user types:
1.Local residents, vs.
visitors/tourists
2.Impromptu events vs.
planned groups
3.Mostly interested in
equipment vs. “ “ in
coordination
Customer segment
hypotheses:
• Active, outdoorsy, and
occasionally travel:
people who find
themselves outdoors
often, but don’t have the
right equipment or
enough people to play
with – likely younger,
don’t own cars
• Access: ensures
equipment is available in
participating communal
spaces
• Convenience: users no
longer have to
carry/transport equipment
• Community: make it
significantly easier for
people to play together
• Choice: users can enjoy
a diversity of equipment
from a single source
• Value: users no longer
have to own/store items
that they want to use
• Lending recreational
equipment where/when
it’s needed
• Coordinating play
among friends and
strangers
• Informing users
equipment is available
• Recreational equipment: balls, frisbees, etc.
• Part-time labor: maintenance, repairs
• Hardware: development and Installation
• App technology/hosting costs
• Land license/access fees (ideally minimized through
subsidies/reciprocal arrangements for social impact benefits)
• Rental fees: hourly rates for using equipment ($2-$10/hr); potential for
subscription model (e.g. unlimited use for $10+/mo)
• Advertising: in-app, on machines
• Consumer behavior/activity data
• Organizing leagues: group activities, coordinated play
• Government subsidies to encourage play/healthy lifestyles
• Transportation: embedded link to Lyft/Uber etc., take commission
• Fun, easy, frictionless
• Reliable
• Informative (where is the
equipment, how much
does it cost, who else is
playing)
• Community-building
• Repeatable, loyalty-
system
• Sports equipment
• App: tell users
where/when equipment is
• Friendly people to
lend/interact with
customers (during
prototyping)
• Intuitive hardware
• Land access
• Maintenance
• App letting users know
where/when equipment is
available
• Intuitive hardware that
is easy-to-use
• Word of mouth
• Advertising on the
machines
• Signs at entrances/gates
to outdoor play spaces
Part-time labor: maintenance, repairs
Hardware: development, installation
We started small
Key activities
Key Partners
Customer
Segment
...in parks...
Connecting people,
and lending
sports gear...
...to end users
Week 1Week 1
We ran our 1st test by week 3
Lessons learned
● Location, location, location: our tests
require parks with high density
● Real customers! 8 rentals, $19
(our first revenue!), 60% NPS
● Advertising: we need to be in a prominent
location
● More inventory: we need more and
different items to keep up with demand (sold
out of footballs!)
● Validated willingness to pay; demand;
people understand our idea
Week 3Week 3
Three Cal students who borrowed a football
and later traded it for a soccer ball
Customers gave us great feedback
“This is super awesome -
I hope to see you all out here
more often!”
Week 3Week 3
“Please keep doing this”
Two cross-faded park-goers who
borrowed a soccer ball from 2 hours
We heard that coordinating pickup
and league games was valuable
“I’d like to play more - my
schedule is flexible but
unpredictable, so I can’t
join leagues”
Laki Triantafylidis,
Lawyer, Boston
Week 4
Rami Amir
Healthcare Consultant, NY
“I’ve tried to play more
[sports]. It’s tough to get
people together, and I
only own a spikeball set.”
Weeks 1-4
“It’s really frustrating
when I can’t find people to
play with”
Brickelle Bro
Stanford Paralympian
Weeks 4-5
3,544 impressions
19 clicks
2 sign-ups
CTR: 0.54%
We ran an ad to test “community”;
it failed, so we stopped pursuing it
Interviews showed new customers: B2B
“We sell our automated bike racks directly to
businesses: we are B2B. We sold our first
machine to a shopping centre based on CAD
renderings, as a way to get more customers there
- and then we had to find out how to build it!”
Week 4
Kristjan Lind
CEO,
Interviews showed a bigger market
than just parks & beaches: apartments
“You guys should be talking to
apartment complexes and campuses.”
Freddy Dopfel,
Mentor, investor
Weeks 2-4
Interviews showed a bigger market
than just parks & beaches: campuses
“We’ve thought about automating.
There’s not really anyone out there
offering that kind of service.”
Rick Craig,
Director of rec services
Weeks 2-4
Lending
sports gear...
...to end users,
and businesses
as a managed
service
...in all outdoor
spaces…
By week 4, we were now bigger
Week 1Week 4Week 1Week 4
Key activities
Key Partners
Customer
Segment
...in parks...
...to end users
Connecting people,
and lending
sports gear...
So we got out of the building again!
⬆ 13 Customers
⬆ $57 Revenue
Non-sports equipment
like blankets!
Week 1Week 4Week 1Week 4
Week 6
John Unkovic
Head of Hardware
We discovered a new business model
“Our users love us, so we can
charge the property owner, and
the customer, too.”
Charge the end user, too!
Space Owner
End User
End User
Sell the product as
a managed service
Offer the service as an
amenity/perk
Land Owner
Provides the right
to use the land
Charges the end
user for rental
B2C
B2B2C
Week 6
Our split business model
“Excellent businesses align public, private
and social goods. That’s when resources really
start to flow, and your customers become
your best sales channels!”
And learned the value of aligning our
interests with our partners
Founder & CEO
Jens Molbak
Week 6
And learned about hardware challenges
Kris Sandor
General Manager
Week 6
“Vandalism isn’t a big issue, but you
still need to build for durability, to
survive economically.”
And to keep getting feedback
“My co-founder and i still answer support tickets once a month.
It’s important to stay in touch with what customers want.”
Vijen Patel
Co-Founder
& CEO
Week 8
And that parks are about community
“A trial sounds great...we’re looking for
solutions that are good for the
community and serve a need”
Chris Beth
Director,
Parks and Rec
Weeks 7-8
“Public private partnerships need to be
a win-win-win”
Executive Director
Amy Aussieker
And that apartments want us, too!
“I love the idea!
Anything we can do to
improve the experience of
our residents is valuable.”
Gabi Franco
SVP of Asset Management
Week 9
Space Owner
End User
End User
Sell the unit as
a managed service
Offer the service as an
amenity/perk
Land Owner
Provides the right
to use the land (rent)
Charges the end
user for rental
B2C
B2B2C
Charged the end user, too!
Our split business model
...to end users,
businesses, and
charging their
customers, too
We’ve landed on a big vision, with a
specific use case
Lending
sports gear...
...to end users, and
businesses as a
managed service
...in all outdoor
spaces…
Key activities
Key Partners
Customer
Segment
...in parks...
...to end users
Connecting people,
and lending
sports gear...
Lending
recreation items...
...in all shared
spaces…
Week 8
Hardware could look like...
Week 1Week 7
Equipped Lending Station
Custom locker designed to be modular, dynamic, and user-friendly
Week 1Week 7
Customizable for any equipment
Smart detection for rentals/returns
Wifi hotspot for users
Mobile app connection
But for now it looks like this
Smart locker from Alibaba, hacked with upgrades and software
Durable, reliable construction
Week 1Weeks 7-9
Different sized compartments
for any equipment
Mobile app connection
Cost effective prototype
App connects users to the lockers
Uber-like location, easy reservation/rental; available on iOS, Android
Expenses:
6 months
$2,330
Servicing2
$100/month
Comparable 3rd party contractors
operating at scale
Hardware cost1
$1,500 purchase price
for 10-15 unit locker
Alibaba
Installation3 $200
Interviews with construction companies
Rental revenue4
30 rental hours per week
@ $3/hour = $90/week
1% conversion rate based on tests
The unit economics look promising:
6-month hardware payback!
Week 1Weeks 6-9
Revenue:
6 months
$2,340
5
Monitored Beaches2
3,375 monitored
beaches
EPA
Parks1
22,764 parks
in top 100 US cities
Trust for Public Land
Colleges3
2,474 4-year college
campuses
InfoPlease Higher Education
Multi-unit
residences4
90,000 buildings with
50+ apartments
National Multifamily Housing Council
Week 1Weeks 4-9
K-12 schools
140,000
K-12 schools
Quora
CoremarketAdjacent
+
+
+
+
Recreation TAM could be $1.3B+
~$1.3B+ US market
~260K+ potential sites
@ $5K revenue per machine
(sold either B2C or B2B/2C)
$25M business, 70% margins in 5 yrs;
driven by number of lockers installed
$25M business, 70% margins in 5 yrs;
driven by number of lockers installed
Teaching
Team
Advisors
and TAs
Cities Land
operators
Equipment
Providers
Thank you!
Two Priorities:
1. Acquiring machines from Alibaba
2. Agreement to test/install them in the Bay Area
Dan Mandelman Navjot Singh Alex Maschmedt Freddy Dopfel Ray Mueller
CEO
MBA & BComm
Technical Lead
MS, BS ME
Partnerships Lead
LLM, JD, BA
Mentor
Investor, Grishin Robotics
Advisor
Former Mayor, Menlo Park
Description
A network of smart lockers that
seamlessly lends recreational
equipment exactly when and
where people need it
Equipped engr 245 lean launchpad stanford 2019

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Equipped engr 245 lean launchpad stanford 2019

  • 2. Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo Hustler MBA & BComm Hacker MS, BS ME Hustler LLM, JD, BA Designer MBA & BS ME Hacker BS CS Mentor: Freddy Dopfel Investor, Grishin Robotics 130 total interviews Then Now An app and vending machine to rent out sporting equipment and organize sporting leagues and events A network of smart lockers that lends recreational equipment exactly when and where people need it Advisor: Ray Mueller Former Mayor, Menlo Park Creating a new market
  • 3. Dan Mandelman Navjot Singh Alex Maschmedt Sam Parker David Guo Hustler MBA & BComm Hacker MS, BS ME Hustler LLM, JD, BA Designer MBA & BS ME Hacker BS CS Creating a new market Mentor: Freddy Dopfel Investor, Grishin Robotics 130 total interviews Then Now An app and vending machine to rent out sporting equipment and organize sporting leagues and events A network of smart lockers that lends recreational equipment exactly when and where people need it Advisor: Ray Mueller Former Mayor, Menlo Park
  • 4. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces
  • 5. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Communal space owner/operators: parks, cities, counties, schools, etc. whose land we will be renting this equipment on
  • 6. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Coordinating play among friends and strangers Community: make it significantly easier for people to play together Organizing leagues: group activities, coordinated play
  • 7. • Labor force: during the prototyping, and then ongoing maintenance staff • Communal space owner/operators: parks, cities, counties schools, etc. whose land we will be renting this equipment on (note: Alex has extensive work experience here negotiating with similar stakeholders) • Equipment manufacturers • Advertisers who may use the space on the equipment, the stations, or the app to advertise Two different ways to segment user types: 1.Local residents, vs. visitors/tourists 2.Impromptu events vs. planned groups 3.Mostly interested in equipment vs. “ “ in coordination Customer segment hypotheses: • Active, outdoorsy, and occasionally travel: people who find themselves outdoors often, but don’t have the right equipment or enough people to play with – likely younger, don’t own cars • Access: ensures equipment is available in participating communal spaces • Convenience: users no longer have to carry/transport equipment • Community: make it significantly easier for people to play together • Choice: users can enjoy a diversity of equipment from a single source • Value: users no longer have to own/store items that they want to use • Lending recreational equipment where/when it’s needed • Coordinating play among friends and strangers • Informing users equipment is available • Recreational equipment: balls, frisbees, etc. • Part-time labor: maintenance, repairs • Hardware: development and Installation • App technology/hosting costs • Land license/access fees (ideally minimized through subsidies/reciprocal arrangements for social impact benefits) • Rental fees: hourly rates for using equipment ($2-$10/hr); potential for subscription model (e.g. unlimited use for $10+/mo) • Advertising: in-app, on machines • Consumer behavior/activity data • Organizing leagues: group activities, coordinated play • Government subsidies to encourage play/healthy lifestyles • Transportation: embedded link to Lyft/Uber etc., take commission • Fun, easy, frictionless • Reliable • Informative (where is the equipment, how much does it cost, who else is playing) • Community-building • Repeatable, loyalty- system • Sports equipment • App: tell users where/when equipment is • Friendly people to lend/interact with customers (during prototyping) • Intuitive hardware • Land access • Maintenance • App letting users know where/when equipment is available • Intuitive hardware that is easy-to-use • Word of mouth • Advertising on the machines • Signs at entrances/gates to outdoor play spaces Part-time labor: maintenance, repairs Hardware: development, installation
  • 8. We started small Key activities Key Partners Customer Segment ...in parks... Connecting people, and lending sports gear... ...to end users Week 1Week 1
  • 9. We ran our 1st test by week 3 Lessons learned ● Location, location, location: our tests require parks with high density ● Real customers! 8 rentals, $19 (our first revenue!), 60% NPS ● Advertising: we need to be in a prominent location ● More inventory: we need more and different items to keep up with demand (sold out of footballs!) ● Validated willingness to pay; demand; people understand our idea Week 3Week 3
  • 10. Three Cal students who borrowed a football and later traded it for a soccer ball Customers gave us great feedback “This is super awesome - I hope to see you all out here more often!” Week 3Week 3 “Please keep doing this” Two cross-faded park-goers who borrowed a soccer ball from 2 hours
  • 11. We heard that coordinating pickup and league games was valuable “I’d like to play more - my schedule is flexible but unpredictable, so I can’t join leagues” Laki Triantafylidis, Lawyer, Boston Week 4 Rami Amir Healthcare Consultant, NY “I’ve tried to play more [sports]. It’s tough to get people together, and I only own a spikeball set.” Weeks 1-4 “It’s really frustrating when I can’t find people to play with” Brickelle Bro Stanford Paralympian
  • 12. Weeks 4-5 3,544 impressions 19 clicks 2 sign-ups CTR: 0.54% We ran an ad to test “community”; it failed, so we stopped pursuing it
  • 13. Interviews showed new customers: B2B “We sell our automated bike racks directly to businesses: we are B2B. We sold our first machine to a shopping centre based on CAD renderings, as a way to get more customers there - and then we had to find out how to build it!” Week 4 Kristjan Lind CEO,
  • 14. Interviews showed a bigger market than just parks & beaches: apartments “You guys should be talking to apartment complexes and campuses.” Freddy Dopfel, Mentor, investor Weeks 2-4
  • 15. Interviews showed a bigger market than just parks & beaches: campuses “We’ve thought about automating. There’s not really anyone out there offering that kind of service.” Rick Craig, Director of rec services Weeks 2-4
  • 16. Lending sports gear... ...to end users, and businesses as a managed service ...in all outdoor spaces… By week 4, we were now bigger Week 1Week 4Week 1Week 4 Key activities Key Partners Customer Segment ...in parks... ...to end users Connecting people, and lending sports gear...
  • 17. So we got out of the building again! ⬆ 13 Customers ⬆ $57 Revenue Non-sports equipment like blankets! Week 1Week 4Week 1Week 4
  • 18. Week 6 John Unkovic Head of Hardware We discovered a new business model “Our users love us, so we can charge the property owner, and the customer, too.”
  • 19. Charge the end user, too! Space Owner End User End User Sell the product as a managed service Offer the service as an amenity/perk Land Owner Provides the right to use the land Charges the end user for rental B2C B2B2C Week 6 Our split business model
  • 20. “Excellent businesses align public, private and social goods. That’s when resources really start to flow, and your customers become your best sales channels!” And learned the value of aligning our interests with our partners Founder & CEO Jens Molbak Week 6
  • 21. And learned about hardware challenges Kris Sandor General Manager Week 6 “Vandalism isn’t a big issue, but you still need to build for durability, to survive economically.”
  • 22. And to keep getting feedback “My co-founder and i still answer support tickets once a month. It’s important to stay in touch with what customers want.” Vijen Patel Co-Founder & CEO Week 8
  • 23. And that parks are about community “A trial sounds great...we’re looking for solutions that are good for the community and serve a need” Chris Beth Director, Parks and Rec Weeks 7-8 “Public private partnerships need to be a win-win-win” Executive Director Amy Aussieker
  • 24. And that apartments want us, too! “I love the idea! Anything we can do to improve the experience of our residents is valuable.” Gabi Franco SVP of Asset Management Week 9
  • 25. Space Owner End User End User Sell the unit as a managed service Offer the service as an amenity/perk Land Owner Provides the right to use the land (rent) Charges the end user for rental B2C B2B2C Charged the end user, too! Our split business model
  • 26. ...to end users, businesses, and charging their customers, too We’ve landed on a big vision, with a specific use case Lending sports gear... ...to end users, and businesses as a managed service ...in all outdoor spaces… Key activities Key Partners Customer Segment ...in parks... ...to end users Connecting people, and lending sports gear... Lending recreation items... ...in all shared spaces… Week 8
  • 27. Hardware could look like... Week 1Week 7
  • 28. Equipped Lending Station Custom locker designed to be modular, dynamic, and user-friendly Week 1Week 7 Customizable for any equipment Smart detection for rentals/returns Wifi hotspot for users Mobile app connection
  • 29. But for now it looks like this Smart locker from Alibaba, hacked with upgrades and software Durable, reliable construction Week 1Weeks 7-9 Different sized compartments for any equipment Mobile app connection Cost effective prototype
  • 30. App connects users to the lockers Uber-like location, easy reservation/rental; available on iOS, Android
  • 31. Expenses: 6 months $2,330 Servicing2 $100/month Comparable 3rd party contractors operating at scale Hardware cost1 $1,500 purchase price for 10-15 unit locker Alibaba Installation3 $200 Interviews with construction companies Rental revenue4 30 rental hours per week @ $3/hour = $90/week 1% conversion rate based on tests The unit economics look promising: 6-month hardware payback! Week 1Weeks 6-9 Revenue: 6 months $2,340
  • 32. 5 Monitored Beaches2 3,375 monitored beaches EPA Parks1 22,764 parks in top 100 US cities Trust for Public Land Colleges3 2,474 4-year college campuses InfoPlease Higher Education Multi-unit residences4 90,000 buildings with 50+ apartments National Multifamily Housing Council Week 1Weeks 4-9 K-12 schools 140,000 K-12 schools Quora CoremarketAdjacent + + + + Recreation TAM could be $1.3B+ ~$1.3B+ US market ~260K+ potential sites @ $5K revenue per machine (sold either B2C or B2B/2C)
  • 33. $25M business, 70% margins in 5 yrs; driven by number of lockers installed
  • 34. $25M business, 70% margins in 5 yrs; driven by number of lockers installed
  • 36. Two Priorities: 1. Acquiring machines from Alibaba 2. Agreement to test/install them in the Bay Area Dan Mandelman Navjot Singh Alex Maschmedt Freddy Dopfel Ray Mueller CEO MBA & BComm Technical Lead MS, BS ME Partnerships Lead LLM, JD, BA Mentor Investor, Grishin Robotics Advisor Former Mayor, Menlo Park Description A network of smart lockers that seamlessly lends recreational equipment exactly when and where people need it

Notes de l'éditeur

  1. The origin of Equipped was Dan’s experience in New York, when he found himself in Central Park with a deflated basketball, no way of getting a new one where he needed it, and a realization that there was too much friction in getting access to sports equipment Dan tried out a few days of renting out equipment in Central Park himself, and then he found in us a group who shared his vision of allowing people to play outdoors On day one we viewed as ourselves as an app and vending machine solucion to rent out sports equipment and organize sports leagues and events
  2. Now, we are a network of smart lockers that seamlessly lends recreational equipment when and where people need it
  3. This is our day one canvas, a few things to highlight
  4. We identified public space partners as our key partners for land access - you’ll see how we have expanded this
  5. We thought that coordination of play among strangers and allowing them to connect with each other was a core part of our business
  6. We were largely ignorant of the real costs behind our business and what we needed to think about when trying to build Equipped
  7. We started small, in this presentation we will show you how we killed some things, changed others, and realized that our idea was bigger and more diverse than we thought
  8. Why not golden gate? No place to do a good test Great NPS → WHAT WAS IT - suggested we were onto something The first part of our canvas we had to validate was whether people would pay to rent sports equipment in public parks So how else to test this except piled in Nav’s coupe with a bag full of sports equipment, a borrowed whiteboard from the CoLab, and a vague plan to go to Golden Gate Park. We got there and saw a vast, open space, with very few people in it - and immediately realised that density is a key part of the economics of our idea We didn’t need playing fields, we needed a city park - so we got back into the car and headed for Dolores Park - which was much more like it At Dolores, we found a lot of high and drunk people who didn’t want us to come and talk to them - but we found that when we planted in a prominent location in the park, some people would come and talk to us We got our first revenue, positive NPS and extremely useful feedback from paying customers
  9. Lean Launchpad teaches us to talk to and watch customers, and hearing their feedback told us we might be onto something
  10. By week 4 we spoke to over 50 people, more than half told us that they WANT to find more connection to organized sports and games - name names - how many had we spoken to about this
  11. Terrible → QUANTIFY - 0.54, much less than 2-3% we defined as a success - we removed it from our key activities But when we tried an ad - we found people are not motivated and are not clicking through (get click through rate from Nav). We also tried to put up some flyers in Dolores Park in our second test (more on that later) - and we got no traction. So we burnt the community idea, and doubled down on lending.
  12. By week 4 we had 68 interviews, with 6 park and campus land-owners and 62 end users and we had learnt a lot already But we had a huge moment in week 4 when we spoke to Kristjen Lind from Bikeep - and he opened our eyes to the world of B2B sales of infrastructure that helps users. Kristjen sells automated bike-locking systems, he sold his first one on a CAD rendering - our mentor Freddy from Grishin Robotics connected us to him, and he gave us what we needed to begin to explore our B2B play
  13. Careful to only flip to the slide when you’re ready Freddy encouraged us to get out there and expand our market further to apartment complexes, and we had our first conversations with campus staff, who showed us there might be a market on campuses too
  14. Freddy encouraged us to get out there and expand our market further to apartment complexes, and we had our first conversations with campus staff, who showed us there might be a market on campuses too
  15. Within 4 weeks, our business had transformed. We focused on lending the equipment for people to play sports together. We were interested in any outdoor space where people congregate - beaches, tailgates, courts. And we were exploring a B2B business model. With those learnings in mind, we went back to….
  16. …. A park! To rent to end users, just like week 3! It sounds counterproductive, but we needed more information on our end users, so we went back to Dolores Park. This time we had 13 customers, and tripled our revenue to $57. But more importantly, we got a critical piece of information - people spontaneously want all sorts of things when they get together, not just sports equipment! We had asks for blankets, board games, battery packs, and more.
  17. We also had some fantastic interviews in the second half of the course. Stockwell, formerly known as Bodega, sells self-service vending machines to apartments and workspaces, and then sells the items inside to customers. John, their head of hardware, taught us about this “B2B2C” dual revenue stream model.
  18. The B2C model requires getting land access from a partner, to then sell to end users. With the B2B2C model, we can both sell the product to the organization that manages a shared space, and then also sell the product to their end users.
  19. Jens Molbak, Stanford GSB Class of 1990, founded Coinstar, which collects your loose change in exchange for gift cards or charitable donations. It was so effective at recirculating coins, that the US Mint could decrease its coinage output, saving them money, and turning them into a great sales partner. Jens taught us that if you can align public, private and social good interests, you are in a great place to succeed.
  20. Kris Sandor, the former head of New York City’s bike-share service, told us that vandalism hasn’t been a big problem with their public hardware, but designing for durability against tough environmental conditions is key. He also emphasized the opportunity to boost the lifetime value of customers by pushing them from pay-per-use to a subscription model.
  21. Vijen Patel, Co-founder and CEO of Pressbox, which services drop-off dry-cleaning lockers in apartment lobbies, emphasized the importance of always staying in touch with what customers want. We learned that their customer acquisition cost and lifetime value numbers for a very similar business model to Equipped were so strong that without taking on any external capital, they were able to expand to major markets all over the US, before being acquired by P&G last summer.
  22. 7 different city councils emphasized the importance of serving a real benefit to the community as justification for access to public land. And Chris from Redwood City Parks & Rec was ready for a public trial once we have the hardware ready! This is especially important for closing deals with public parks, because it can bring the sales cycles down to four to six months.
  23. Lastly, we talked to Gabi Franco from Carmel Partners, an apartment building operator. His enthusiasm for the opportunity was electric, and he was especially excited about a pilot program that could let us test out this B2B2C business model.
  24. Getting those valuable learnings from companies following both business models gave us great confidence moving into the homestretch of the course.
  25. By Week 8, we can provide any recreational equipment, in any shared space, to both businesses, and their customers. And we now see two sustainable business models going forward: a pure B2C model, and a B2B2C model.
  26. After validating our business model, we’ve spent the last three weeks fleshing out the hardware, market size, and unit economics Here’s what we think Equipped hardware will look like
  27. We envision these lockers living in every shared space Modular to fit any items - from spikeball sets to surfboard This version will also have smart detection for rentals and returns, like what Stockwell does with their vending units Also - this unit will be complete with many value-added features for the communities they’re in Based on feedback from our interviews with city councilors: they’re stock defribulator, insulin, wifi hotstop, and more - making the value prop to these public areas even more compelling But in the near term, we’re planning to hack together lower featured, and less expensive hardware, that looks like..
  28. This! We’re currently negotiating with four vendors from Alibaba to modify parcel lockers for our purposes These lockers can stock a variety of equipment, are weatherproof and durable, and cost $1,500 to deliver here in California We’ll also be able to connect these units…
  29. ...with our mobile application We’ve built a de-featured version of our mobile application - perhaps too robust for an MVP - that will allow users to easily locate, reserve, and rent equipment from their mobile phone It will look and feel a lot like uber Simply present your bar code, and voila, the equipment is yours
  30. Other kiosk business have told us 1-year is the golden standard for these kiosk businesses And our tests and interviews tell us we can do it in six Based on our hardware, servicing and installation costs And estimated rental revenue, based on our actual tests in SF dolores and NY Central Park We’ve pushed hard to understand how the economics of each machine will work Originally we were scared when we heard $5K to $10K quotes - whch would kill the viability of these units anywhere outside major cities But we’ve continued negotiating with contract manufacturers and now believe that we can source these lockers for $1,500 THe hardware, combined with monthly servicing costs and a one-time installation, leads to about a $3K annual cost to operate one machine Or put another way: 1000 rental hours, at the $3/hr rental price we’ve been able to charge during our real life tests 1000 hours is less than 20 hours per week for a year Or using our ~1% conversation rate, it’s a 6-month break even for the B2C model
  31. We’ve also explored how big can this market be We’re starting with just US recreation We see 5 major sites: parks, beaches, colleges, and then multi-unit residences and k-12 schools Together, there’s over 260K sites, and at $5K per machine, is a $1.3B market Two important caveats here: other use cases, and geography
  32. 5K machines of the 175K+ opportunities MORE STORIES WHY WE THINK THESE ARE THE USE CASES WHY TAM AND UNIT ECONOMICS ARE SO IMPORTANT THIS IS JUST RECREATION HOTELS AND APARTMENTS
  33. 5K machines of the 175K+ opportunities MORE STORIES WHY WE THINK THESE ARE THE USE CASES WHY TAM AND UNIT ECONOMICS ARE SO IMPORTANT THIS IS JUST RECREATION HOTELS AND APARTMENTS
  34. Looking ahead: we want to own recreation in the sharing economy Dan, Nav and Alex are continuing with this idea, with the help of Freddy and now Ray Mueller, former mayor of Menlo Park Our focus is on two items: acquiring a machine, and reaching an agreement to trial it in a park or other shared space And to do that, we’re speaking with six venture investors as we: Evaluate summer accelerator opportunities Raise $60K of pre-seed money to finance the first 5 machines in the Bay Area
  35. Looking ahead: we want to own recreation in the sharing economy Dan, Nav and Alex are continuing with this idea, with the help of Freddy and now Ray Mueller, former mayor of Menlo Park Our focus is on two items: acquiring a machine, and reaching an agreement to trial it in a park or other shared space And to do that, we’re speaking with six venture investors as we: Evaluate summer accelerator opportunities Raise $60K of pre-seed money to finance the first 5 machines in the Bay Area