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Praxis engr 245 lean launchpad stanford 2019

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

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Praxis engr 245 lean launchpad stanford 2019

  1. Confidential – For Discussion Purposes Only Advancing Diversity & Inclusion outcomes through immersive, Virtual Reality based training experiences © 2018 Praxis Labs, Inc.
  2. Katie ConnorElise Smith Demi Horvat Heather Shen Melina López Then Praxis uses Virtual Reality to reduce bias in schools, governments, and companies Now Praxis reimagines D&I training in VR to increase perspective- taking and provide a more effective & scalable solution Praxis Confidential – For Discussion Purposes Only © 2019 Praxis Labs, Inc. We interviewed 120+ people to understand our customers and product
  3. 2 4 5 63 7 9 1081 We set out to understand our customer Chapter 1 Week
  4. What Key Activities do our Value Propositions require? ➣ Engaging AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources For whom are we creating value? ➣ Public orgs (e.g. gov’t, police departments, public universities) ➣ Private orgs (e.g. companies with ~30+ employees, private universities/medical schools, volunteer orgs) ➣ Employees & staff who undergo training Who are our most important customers? ➣Companies & Orgs (HR/Diversity dept) Our original business model canvas evolved over time We initially thought that we could impact many different customer segments
  5. We entered the class interested in exploring applications in Education, Police, Medical Institutions, and Companies... … and our interviews helped us narrow our focus
  6. “This is exciting, but I’m not sure what budget we have for this” Susie Brubaker-Cole Vice Provost of Student Affairs Our interviews helped us narrow our focus... 6 interviews Stanford University, Colorado College, Teach for America
  7. “Customized content is important and would need to be co- developed with officers” Ben Singleton Director of Analytics at NYPD Our interviews helped us narrow our focus... 2 interviews NYPD, Axon
  8. “Doctors will only listen to other doctors” Dr. Hannah Valentine Chief Officer @ NIH Our interviews helped us narrow our focus... 3 interviews Stanford Medicine, NIH, Crisis Prevention Institute
  9. We discovered an unmet need in corporations: Chief Culture / Diversity Officers have limited selection in current market This guided our focus toward corporations “We have a new role - the Chief Culture Officer. Like the Chief Diversity Officer & Chief Learning Officer, it reports to the CEO. I’ll send your pilot proposal to all 3. This is something we have to do” Head of Diversity Strategy Programs, Wells Fargo ...Until we landed on our target customer - large corporations with a CDO 35 interviews Walmart, Dropbox, Youtube, Airbnb, MetLife, Citibank, etc.
  10. What Key Activities do our Value Propositions require? ➣ Engaging 360/AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources For whom are we creating value? ➣ Large corporate companies with dedicated DEI function and spend ➣ University administration and faculty trainings ➣ Police departments ➣ Medical institutions Interviews helped us choose our target customer... University admin and faculty trainings not right initial target because of lack of resources Police and medical Institutions not right initial customer because subject matter expertise
  11. Then HR lead / Training / Compliance Lead ● Existing role with set budgets ● Budgets may be “first cut” due to lower priority than core business ops ● No clear D&I strategy We also got smarter on our actual buyer Now Chief Diversity Officer / Chief Culture Officer ● New role created in the last 5 years ● Few effective solutions to serve this new role and new budget ● High priority, especially in tech ● Clear D&I strategy and currently paying for trainings Valerie Williams Global Head of Inclusion & Diversity at Stripe Lauren Guite Head of Learning at Freckle
  12. 2 4 5 63 7 9 1081 Curveball: We heard about some new regulations and needed to understand more Chapter 2 Week
  13. What Key Activities do our Value Propositions require? ➣ Engaging 360/AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources ...but new CA regulations made us question our target segment Small companies will be affected by recent California regulation For whom are we creating value? ➣ Large corporate companies with dedicated DEI function and spend ➣Companies between 5- 50 employees that will be affected by new California state regulation for sexual harassment training ➣ University administration and faculty trainings ➣ Police departments ➣ Medical institutions
  14. Potential required customer! New CA regulations: ● Companies >5 employees must provide sexual harassment and bullying trainings ● All employees must undergo starting Jan 1, 2020 ● Must be interactive Smaller underserved companies will need new diversity training solutions & won’t be able to afford in-person workshops
  15. Pivot averted: interviews revealed that small startups (<20 people) not willing to pay whereas large companies see compliance separate from D&I Larger companies are approaching compliance training separate from D&I training Opportunity to combine legal compliance need with diversity training needs Opportunity Smaller companies (<100) are focused on growing fast and using internal/free resources More engaging D&I trainings are not compelling to smaller startups Size matters
  16. What Key Activities do our Value Propositions require? ➣ Engaging 360/AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources New CA regulations made us realize that we must be scalable For whom are we creating value? ➣ Large corporate companies with dedicated DEI function and spend ➣ Large & Medium companies now needing to scale D&I training to non-managers due to CA statute ➣Companies between 5- 50 employees ➣ University administration and faculty trainings ➣ Police departments ➣ Medical institutions Large/medium companies will need to scale compliance trainings Small companies (<100) do not have budget to use higher quality external resources
  17. 2 4 5 63 7 9 1081 We have a target customer. Now we need a product → on to content creation! Chapter 3 Week
  18. For whom are we creating value? ➣ Large corporate companies with dedicated DEI function and spend ➣ Large & Medium companies now needing to scale DEI training to non-managers due to CA statute ➣ University administration and faculty trainings ➣ Police departments ➣ Medical institutions Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources ...and we heard loud & clear how critical content would be What Key Activities do our Value Propositions require? ➣ Engaging 360/AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum We believed that we could produce engaging and effective trainings in 360 video, AR, and VR
  19. We surveyed over 30 people to test experiences with existing trainings © 2018 Praxis Labs, Inc. “It was pretty lame...boring... not helpful.” It was Impersonal & on my computer so hard to really get a proper perspective or feel engaged with the product
  20. Teaching staff reminded us: User≠Customer!
  21. Our actual customers are D&I leads who are searching for improved outcomes Confidential – For Discussion Purposes Only © 2018 Praxis Labs, Inc.
  22. We developed storyboards to test content with D&I leads Storyboard - initial content for first module © 2018 Praxis Labs, Inc.
  23. We developed storyboards to test content ideas with D&I leads to confirm content was aligned with their goals © 2018 Praxis Labs, Inc. We thought that D&I leads were most interested in what the content would be and what topics we’d cover We learned that D&I leads were interested in content and topics, but were especially excited about interactive and flexible components
  24. What medium is the best for interactivity and flexibility? ● Not 360 video! ○ Thought: fast and easy to prototype ○ Reality ■ Hard to make high quality, production value - see picture on right for example ■ Higher need for film experience and harder to enter as novices ■ Quote to have professional ten minute 360 video ~$15,000
  25. Copyright©2018byTheBostonConsultingGroup,Inc.Allrightsreserved. We need a medium that supports our value props of effectiveness & flexibility 1:1 coaching Praxis In-person workshops E-learning modules Effectiveness Affordability High Low Low High We interviewed 35+ technology and D&I experts © 2019 Praxis Empathy Building & Perspective Taking NEED: Empathy & Perspective-taking drive D&I training effectiveness VR builds empathy & perspective-taking more than other mediums Metrics & Effectiveness Tracking NEED: Companies struggle to track D&I training effectiveness VR offers innovative metrics opportunity (e.g. eye tracking) Why VR?
  26. For whom are we creating value? ➣ Large corporate companies with dedicated DEI function and spend ➣ University administration and faculty trainings ➣ Police departments ➣ Medical institutions Which customer’s problems are we solving? ➣ Current implicit bias training is costly, ineffective & fails to create sustained change Which customer needs are we satisfying? ➣ Better engagement & retention of bias training ➣ More effective product for DEI* budget owners ➣ Employee and customer satisfaction from trainings ➣ More inclusive & profitable companies that work across difference Who are our Key Partners? ➣ AR/VR producers ➣ DEI* service providers ➣ Hardware providers ➣ DEI* Research Institutes (Clayman, Ford, Urban, etc) Who are our key suppliers? ➣ Hardware providers ➣ AR/VR producers ➣ DEI*content creators What are the most important costs inherent in our business model? ➣ Investment in production of quality AR/VR experiences ➣ Hardware costs ➣ Business development & marketing For what value are our customers willing to pay? How do we make money? ➣ Corporate Implicit Bias Training is already a part of budget; customers are WTP for improved engagement and performance Through which Channels should we reach our Customer Segments? ➣ Through HR/ Talent/ Diversity/ CEO departments What Key Resources do our Value Props require? ➣ Expert AR/VR creators ➣ Production level AR/VR or ➣ LMS* Curriculum What relationship does each Customer Segment expect? ➣ Client: Long term, service provider relationship ➣ Client Employees: Access to resources We learned that VR is key to achieving our vision What Key Activities do our Value Propositions require? ➣ Engaging 360/AR/VR experiences to outperform traditional methods ➣ Best in class DEI* curriculum 360 video experiences do not support our value propositions
  27. 2 4 5 63 7 9 1081 Customer ✓ Content ✓ ... Future ? Chapter 4 Week
  28. Customer SegmentsKey Activities Value PropositionKey Partners What are the most important costs inherent in our business model? For what value are our customers willing to pay? ChannelKey Resources Customer Relationship LMS = Learning Management Systems; D&I = Diversity and Inclusion Our key learnings throughout the quarter led us to this: Hardware D&I Content Providers Clayman Institute Ford Foundation Interactive Storytellers Develop research- backed D&I curriculum Create immersive perspective taking VR experiences Test product efficacy VR Creators LMS Curriculum More Effective Solution: Increased engagement, attitude change, behavior change Increased retention & sense of belonging More cost-effective & scalable More profitable & innovative company Long-term service provider Metrics expert Resource provider Direct sales Chief Diversity Officer Learning & development lead Companies with CDO & dedicated budget Companies with recent bias incident VR Experience development Hardware Business development & sales Improved effectiveness & engagement Linking D&I trainings to D&I outcomes Employee retention & sense of belonging Tech companies with increased D&I scrutiny Hospitality & service companies with front line sales/ service associates
  29. Moving forward, we intend to pursue the $1.6BN spent on external solution $8.0BNDomestic corporate spending on D&I Training $3.4BND&I spending at Fortune 1000 Companies $1.6BNSpending on external content & solutions Target Market Served Available Market Total Addressable Market
  30. Today August Ongoing Go-to-market strategy & future plans Phase 1: Need Finding & Prototyping Phase 2: Pilot Phase 3: Broader Deployment ● >100 customer interviews ● Rapid prototype iteration ● Target customer = Chief Diversity Officer at Fortune 1000 company ● Tech industry or recent bias incident ActionLearnings ● Co-develop curriculum ● Refine technology ● Plan to test curriculum narratives ● Identify key D&I metrics & dashboard for Chief Diversity Officers ● Quantitative effectiveness test ● Word of mouth growth: D&I leads introduced us network ● 70% gave curriculum MVP an NPS score of 9+ Metrics ● ~85% of CDOs interviewed interested in summer pilot ● Deploy with pilot customers ● Gain new customers ● Pressure test deployment model (e.g. integrated hardware & software subscription) ● TBD © 2019 Praxis Labs, Inc. All 4 team members working on Praxis full time this summer!
  31. We’ve come a long way & are excited for the future!
  32. Acknowledgements and thank you! Katherine Connor Mentor Lean Launchpad Teaching Team© 2018 Praxis Labs, Inc.

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