ānanda Engr245 2022 Lessons Learned
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ānanda Engr245 2022 Lessons Learned
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ānanda Engr245 2022 Lessons Learned
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- 2. Divya Agarwal Jackson Richter Ben Maines Picker MS Health Policy & MS&E Hustler MPP, Health Policy Concentration Hound MD Candidate & MS E-IPER Saffron supplement as an alternative to traditional anxiety and depression treatment Where we started Anti-anxiety gummy + integrated community platform to holistically address the mental health epidemic Where we are today 151 total interviews Mentors: Radhika Malpani & Steve Douty
- 3. Our journey to product market fit Week 0 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 0 Saffron Supplement for anxiety Week 8 Teenagers are the beachhead market Week 10 Next Steps Week 2 For young adults 18-40 0 8 2 Journey to Product Market Fit Week 5 Teens are excited by our VP 5 Week 3 What is the right target market? 3 10 Week 6 Parents desperate for solutions 6
- 4. 1 2 3 4 5 6 7 8 9 10 We initially aimed to provide adults 18-40 with a saffron- based low-cost anxiety supplement (1) Plant-based, low-cost, side-effect free supplement for anxiety (2) Platform that educates and empowers users on their mental health and promotes an active role in becoming more mentally healthy Value Proposition (1) Young adults 18-40 struggling with anxiety, depression, and stress (2) Anxiety medication patients who are experiencing side effects (3) Uninsured and underinsured young adults seeking low-cost mental health relief Customer Segments Week
- 5. 1 2 3 4 5 6 7 8 9 10 This was our initial MVP: A website about our saffron- based supplement Week
- 6. 1 2 3 4 5 6 7 8 9 10 We got out of the building to test our hypothesis that young adults want a saffron-based anxiety supplement We talked to 20 people at the Cal Ave farmers market! Week
- 7. We learned that teens were more excited to talk to us and that people preferred gummies to capsules 1 2 3 4 5 6 7 8 9 3 1 2 10 % of respondents expressing interest 20% 13% 60% 60% 20% 40% Week
- 8. We iterated on our MVP by creating new landing pages focused on our gummy 1 3 4 5 6 7 8 9 2 10 We set up two landing pages to test two value propositions… We validated our hypothesis: an anti-anxiety gummy is our core VP Week
- 9. We learned that adolescents were excited about a side- effect free anxiety gummy 1 3 4 5 6 7 8 9 2 10 Meet Aly, 17 Struggles with anxiety. Wants to feel her best and feel like herself. Loves acting, shopping, and making TikTok videos “If I could buy something to feel better and feel like myself I would buy it right now.” ~ Aly Week
- 10. 2 3 4 5 6 7 8 9 1 10 We thought that our key partners would be popular related brands, mental health apps, personalized nutrition brands, and non-profits Personalized Nutrition Mental Health Apps Popular Brands Non-profits Week
- 11. 2 3 4 5 6 7 8 9 1 10 We thought that our key partners would be popular related brands, mental health apps, personalized nutrition brands, and non-profits Personalized Nutrition Mental Health Apps Popular Brands Non-profits Week
- 12. 2 3 4 5 6 7 8 9 1 10 Instead we learned that manufacturers and distributors would be our key partners Steve Blank told us about getting our product in front of lots of people. This requires: Major Distributors & Manufacturers 8 Week
- 13. 2 3 4 5 6 7 8 9 1 10 We talked to some VCs to understand if our VP was compelling and fundable “You need scientific credibility and customer credibility.” ~Sonoma Brands 8 4 5 6 Week
- 14. 2 3 4 5 6 7 8 9 1 10 We also learned that to be fundable and scalable we cannot limit our market to teens but that we can start there! 8 4 5 6 Week Adolescents Young adults + Adolescents Adults + Young adults + Adolescents
- 15. Other key lessons we learned along our journey - Building the right team is challenging - Navigating competing advice is hard - Hypothesis testing: Knowing when enough data is enough - Individual, Team, and Project milestones are essential 1 2 3 4 5 6 7 8 9 10 Week
- 16. Some of us will continue to work on ānanda this summer! Still working out details and roles beyond 1 2 3 4 5 6 7 10 8 9 Week Divya Agarwal Jackson Richter Ben Maines Botha Chan Internship ?
- 17. Our Ask | Help us revolutionize mental health Mentorship: Advice or connections to scientific advisors or other advisors Accelerators: We are looking to join accelerators this summer and fall Funding: We are on the path to raise a pre-seed round 1 2 3 4 5 6 7 10 8 9 Week
- 18. To our mentors, teaching team, & classmates: Thank you. Radhika Malpani Mentor Steve Douty Mentor Steve Weinstein Teaching Team Steve Blank Teaching Team Jennifer Carolan Teaching Team Tom Bedecarré Teaching Team Todd Morrill Teaching Team Kaitlin Highstreet TA
Notes de l'éditeur
- During our journey we talked to a number of VCs and learned that credibility really matters. But not how we first thought. It’s not just about showing compelling clinical trial data, we’ll need to have a scientific advisory board, a clear signal to VCs that we’re really onto something. And at the same time, we’ll need Key Opinion Leaders associated with our brand to appeal to our target audience.
- We also learned that to be fundable and scalable we can’t limit our market to teens. Based on market research and feedback we realized that we can start in the teen market and from there quickly scale to reach young adults and eventually people of all ages
- We also learned some other major lessons along the way. Building the right team is really hard but also one of the most important parts of any startup. We’re also learning how to wrestle with this challnege of navigating competing advice, and knowing when enough information is enough to make a decision confidently.
- Divya and I have are excited to carry ananda forward this summer through the GSB’s Botha Chan Fund, and we’re optimistic and still exploring what this will look like beyond that!
- And as we wrap up, here are a few of our asks as we look toward the future. We’ve had amazing mentorship through this class and are looking for continued opportunities in that regard, and we’ll be seeking accelerators and funding in the months ahead.
- So thank you all so much for being here and to the teaching team and our mentors for the help along the way.