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

2. 140+ interviews 3 total restarts 1 major pivot 4 different
Belinda Mo Deirdre Clute Dani Pensack Ion Esfandiari Marta Milkowska Maria Amundson
Hacker
BS Symbolic Systems
Hustler
MBA
Picker
MBA
Designer
BS SymSys / PD
Picker
MBA & MPA
Mentor
Job marketplace for students to earn
money for college
Employee benefits platform to pay down
student debt
Day One: Now:

3. At week 0, we were at the start of a long journey
Mission
Send more low- and
middle-income
students to college
Week 0
Out of the building,
and into the
retirement home!

4. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
VALUE PROP:
Provide students with the tools and
opportunities to begin saving for
college, and offer rewards & incentives
to develop lifelong habits.
Seniors connect with young people,
make them “feel alive” again, teach them
how to be connected to the world

5. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
CUSTOMER SEGMENTS
Low- and middle- income
students who want to go to
college but lack financial
resources.
Senior citizens who are not
very tech savvy but want to
be “in-the-know”
Banks that want to gain
loyalty with a new, growing
customer segment

6. 19
Week 1
“I’m not worried, I
think my parents will
help me pay.”
– Natalie, high school
Freshman
In week 1, our model began to crumble...
“My dad will pay.”
Hypothesis: Students to earn and save for college
Of students not willing
to take on new work.
Student interviews,
posts on Reddit
TEST
RESULTS
84%

7. “I worry about
paying for college
all the time. I’ll do
anything to make
sure my son never
has loans.”
– Parent we
harassed at Taco
Bell
...But we gained some key insights!
Week 2
Of parents worry about
paying for college
Discovery: Parents worry the most about paying
for college
TEST
RESULTS
21
Parent interviews
90%

8. Services
Students giving
tech lessons to
seniors
Week 2
Bye, Charitize.

9. We had a full restart
Week 2
Platform where students
could teach tech to seniors
and earn money for college
App for parents to save for
their kids’ college through
roundups into a 529 account
Bamboo

10. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
Provide an
easy seamless
way to save
money for
college
through
acorns
connected to
the 529
account

11. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
For low
income
parents who
want to send
their children
to college

12. Hypothesis: Parents want an easy way to
save and understand the “acorns” model
MVP 1: Test roundup model for 529 college savings
Week 3
Of parents with kids under
5 are already thinking
about college savings
TEST
RESULTS
15
Parent interviews & MVP test
90%
...BUT, we realized they weren’t in
pain while saving.

13. “I’m sure I’ll have
enough, I’m putting
in $50 per month.”
– Jeremy, parent of 4yo
“I don’t have enough,
so she’ll have to rely
on scholarships.”
– Diana, parent of 18yo
Our test and interviews showed discouraging results
Week 4
Discovery: Parents don’t know how much
to save & saving can always be
deprioritized
TEST
28
Parent interviews
Only 1 out of 8
Parents mentioned that
college savings was a
somewhat urgent need

14. Services
Bamboo
Roundups for 529
college accounts
Week 4
RIP, indeed.

15. So we had another restart
App for parents to save for
their kids’ college through
roundups into a 529 account
Bamboo
Bringing the army model to the
private sector: student debt
forgiveness for 4 years of work
Week 5

16. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
Increasing talent
attraction and
attrition
by providing
employee benefits
that help the company
completely repay
employees’ student
debt

17. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
For nurses and
hospitals,
For big tech
companies and
engineers

18. Engage key customer
segments (high
schoolers), excite them
to offer their talents,
sign them up for bank
account with minimal
information
• Student communities
like Boys and Girls
Club, college readiness
nonprofits, schools.
Financial institutions
excited to open
accounts for these
students to bank new
customers & grow
loyalty (ex. Stanford
Credit Union, First
Southern National
Bank)
Low- and middle-
income students who
want to go to college
but lack financial
resources.
Senior citizens who are
not very tech savvy but
want to be “in-the-
know”
Banks that want to gain
loyalty with a new,
growing customer
segment
We provide students
with the tools and
opportunities to begin
saving for college, and
offer rewards &
incentives to develop
lifelong habits.
Seniors connect with
young people, make
them “feel alive” again,
teach them how to be
connected to the world
Gain loyalty with a new,
growing customer
segment
• Marketing and advertising
• Development costs
• Credit card transaction fees (~3%)
• Data analysis tools
• Buyers offer a tip for our platform (pilots showed ~90%
customers tip and tip is ~20% of sale).
• We earn $50-100 for each bank account opened and earn 2%
interest on money held within the accounts.
Trustworthy support
system, recurring
relationship.
Recurring relationship,
long-term value-based,
new customers &
loyalty.
Marketing abilities,
easy-to-use social
platform, simple
validating and on-
boarding process,
partnerships with
banks & student
organizations
Snapchat, Instagram,
their schools & college
readiness programs,
NextDoor
Retirement
communities, their
kids, AARP, community
programming
Charitize Week [1-4]
Selling to HR
director

19. MVP 2 & 3: Test B2B student debt repayment program
Week 5
Hypothesis: Students are more interested in job
offers with debt repayment benefits.
TESTS
1
Student flyer
tests
RESULTS
22%
HIGHER CTR for “debt
repayment” versus “sign on
bonus”
68
Ad clicks
MVP 2: Job flyer
MVP 3: Job ads

20. Key Insight 1: Students prefer jobs with debt repayment benefits.
Employees are more attracted to jobs with debt repayment benefits
Week 5
“I’d commit to Thumbtack for 5 years
if they paid off my student debt”
- Stanford grad, PM at Thumbtack
“Getting the CFO to pay the entire
amount will be tough.”
- Howard Wollner, ex-SVP Starbucks
Employees Employers
But will employers pay?
4 of 5 employers expressed
concern about program
cost

21. So, we pivoted
Bringing the army model to the
private sector: student debt
forgiveness for 4 years of work
Week 6
Benefits platform for
employers to pay off interest
on employees’ student loans

22. ● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
skilled workforce
with >100
employees
2- Employees
● Recent engineering
grads with student
loans
To Companies:
● Contribution to
employees’ financial
health & wellbeing
● Attract hard to get
hires
● Retain top talent
To Employees:
● Remove
psychological burden
around debt
● Repay student debt
faster
● Easy management of
loans
● Marketing and advertising
● 3rd party API fee (eg Plaid)
● Development costs
● Data analysis tools
● Integration fees
● $6/ month/ employee max
● One time setup fee ($50/employee)
● Create partnerships with
HR departments and
CEOs
● Analyze metrics to provide
best package to company
and display impact
● Develop platform that
delivers our value
propositions
● Identify and apply to
funding
● Get: Online ads, direct
sale to HR Agents and
employers
● Keep: Simple
onboarding,
comprehensive platform,
loan display, refinancing.
● Grow: Referrals,
integration of adjacent
benefits
● Company offices
● Employer and Employee
Platform (payment
system, payroll
integration)
● Human capital (engineers,
designers, salespeople,
mentors)
● IP (trademark, refinancing
algorithm, training
content)
● Direct: CEOs and
Heads of HR Benefits
● Employee benefits
brokers (ex: AON)
● Our website
● Schools & financial aid
offices
Rightfoot Final BMC
Increasing talent
attraction and
attrition
by providing
employee benefits
that help the company
repay interest of the
employees’ student
debt

23. ● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
skilled workforce
with >100
employees
2- Employees
● Recent engineering
grads with student
loans
To Companies:
● Contribution to
employees’ financial
health & wellbeing
● Attract hard to get
hires
● Retain top talent
To Employees:
● Remove
psychological burden
around debt
● Repay student debt
faster
● Easy management of
loans
● Marketing and advertising
● 3rd party API fee (eg Plaid)
● Development costs
● Data analysis tools
● Integration fees
● $6/ month/ employee max
● One time setup fee ($50/employee)
● Create partnerships with
HR departments and
CEOs
● Analyze metrics to provide
best package to company
and display impact
● Develop platform that
delivers our value
propositions
● Identify and apply to
funding
● Get: Online ads, direct
sale to HR Agents and
employers
● Keep: Simple
onboarding,
comprehensive platform,
loan display, refinancing.
● Grow: Referrals,
integration of adjacent
benefits
● Company offices
● Employer and Employee
Platform (payment
system, payroll
integration)
● Human capital (engineers,
designers, salespeople,
mentors)
● IP (trademark, refinancing
algorithm, training
content)
● Direct: CEOs and
Heads of HR Benefits
● Employee benefits
brokers (ex: AON)
● Our website
● Schools & financial aid
offices
Rightfoot Final BMC
Selling directly
to CEO
Distribution
through
HRMS

24. ● Loan providers
● Loan refinancing
partners
● HR Management
systems
1- Companies
● Tech companies
with a young, highly
skilled workforce
with >100
employees
2- Employees
● Recent engineering
grads with student
loans
To Companies:
● Contribution to
employees’ financial
health & wellbeing
● Attract hard to get
hires
● Retain top talent
To Employees:
● Remove
psychological burden
around debt
● Repay student debt
faster
● Easy management of
loans
● Marketing and advertising
● 3rd party API fee (eg Plaid)
● Development costs
● Data analysis tools
● Integration fees
● $6/ month/ employee max
● One time setup fee ($50/employee)
● Create partnerships with
HR departments and
CEOs
● Analyze metrics to provide
best package to company
and display impact
● Develop platform that
delivers our value
propositions
● Identify and apply to
funding
● Get: Online ads, direct
sale to HR Agents and
employers
● Keep: Simple
onboarding,
comprehensive platform,
loan display, refinancing.
● Grow: Referrals,
integration of adjacent
benefits
● Company offices
● Employer and Employee
Platform (payment
system, payroll
integration)
● Human capital (engineers,
designers, salespeople,
mentors)
● IP (trademark, refinancing
algorithm, training
content)
● Direct: CEOs and
Heads of HR Benefits
● Employee benefits
brokers (ex: AON)
● Our website
● Schools & financial aid
offices
Rightfoot Final BMC
For big tech
companies and
engineers

25. Hypothesis:
Employers will buy this service
Hypothesis:
Students prefer 0% interest loans
to $10k cash bonuses
Pivot: 0% Student Loan Benefit for Employees at Tech Companies
Week 6
“I’ll take a 0% interest loan over a
10k cash bonus.”
– Chris, Stanford senior engineer

26. We found that employees actually want this!
Week 7
48%*Of engineering
students chose
(25 of 52)
0% interest
student loans
$10,000 cash
bonus
vs

27. And so do employers:
Week 8
MVP
10 pitches
to C-level executives
4 requests for
proposals
1 pilot

28. Target Market
Total Addressable Market: $21B
(HRMS)
Served Available Market: $5.25B
TAM * 25% of US adults have student debt
Target Market: $5B
SAM*96% of companies that don’t currently offer
Y1-Y3 Revenue: $56K, $1.4M, $13.5M
($5500/year student debt repayment) * (1% fee) * active users (1K, 15K, 150K) + ($6 fee / employee / month) * actives
users
Week 10

29. Where we’ve been and where we’re going
Lean
Launchpad
Seed Series A
Week 10
140 +interviews
2teammates launching this June
Growth Goals
● Achieve 20% conversion rate
● Create pipeline of 50+
customers
● 20%+ uptake in each company

30. Steve BlankJeff Epstein
Mar Hershenson
Steve Weinstein
Maria Amundson Tom Bedecarre
Couldn’t have done this without you
George John Trent Hazy Parker Ence
And to our classmates for the killer feedback!

31. And of course, a huge shoutout to BABY HUGH HAZY

32. We help employees get started on the right foot!
Follow our journey at rightfoot.info