Published on March 5, 2014
Li1ee Journey Be a parent, not a chauﬀeur Ritu Narayan, GSB Maayan Yavne, GSB Yang Zi Dong, MS&E Eric Lam, CS
Child Transportation Busy Parents Initial Hypothesis d Transportation is the #1 reason why parents have to scale down their car beginning
Busy Parents ous working professional s who do not like to rely going social reciprocity Children Children from ages 8 - 15 mer segments: our ini;al hypothesis Drivers Individuals from trus professions working in who need supplemen income
= + We enable point-to-point transportation of kids for their after-school activities ace-of-mind Reduced hassle proposi;on: our ini;al hypothesis Trustworthy transportation service Dedicated time
ess Model Canvas -‐ Week 2
r Real Users t Riley Meet Yash Experienced scheduling/dispatching/driving Understood pickup/drop-off complexity Realized significance of child experience “Outstanding customer service” “Recommend: 5 - absolutely” “It will be great to know in advance who is picking up” Meet Ben “Text info was very helpful” “An inefficient route from Pinewood to Home” “My only concern was how a change might impact you” got out of the building...
Parents want to change their exis;ng solu;on only during transi;ons: Nanny leaves, parents take more demanding job, kid transi6ons from elementary to middle, new a9er-‐school ac6vity Windows of opportunity are correlated with breakdown of current solu6on Parents value our service against their exis6ng op6ons on a cost-‐basis -‐ they do not calculate opportunity costs Doub6ng our ini6al value proposi6on e we went wrong... Need to ﬁnd segments for whom our serv holds the highest value
Dry Cleaning Groceries Full concierge services for busy parents Transportation ing other Value Proposi;ons Cooking
Transportation Companies Independent Drivers Schools Corporations HR (Recruitment) HR Consultancies Activity Centers HR (Benefits) Benefit Aggregators hypotheses for value-‐based customers segments
ess Model Canvas -‐ Week 6
Transportation Companies Independent Drivers Sc Corporations HR (Recruitment) HR (Benefits) Long Term Solution HR Consultancies e we were wrong Benefit Aggregators Activity C
e we were right? liftee.webflow.com Facebook advertising
There is a strong need for child transportation 280 Unique Visitors e we were right? 20 Pilot Signups “When are you launching?” “I’m calling other parents” © 2012 Steve Blank from the Startup Owner’s M
Child -‐ DelighOul child experien -‐ Handoﬀ/pickup concier Price Conscious oling age driver plaOorms Drivers -‐ Value advanced scheduling -‐ Value addi;onal leads spira;onal-‐Value and safety valida;on hypothesis to test value based pricing
ess Model Canvas: Week 9
recruited Uber type driver: mercial license and insurance charge by hour, no Uber pricing for advanced scheduling Uber only to ﬁll in on demand down 6me We signed up a carpool ride Liked personalized experience of car, chat, and music in car Inﬂuenced parents to provide high NPS We delivered the ride carpool parents Enjoyed Service, Convenienc Flexibility Price per ride expecta6on belo even Cost ($50 per hour) > Price per ride ($20 for ½ hour carpool) got out of the building...
nts love ease and convenience of LiVee LiVee driver persona: Reliable, Kids friendly, and can act as concierge Kids have an inﬂuence reten6on nts are great referrals, LTV can be high $800 Needs valid license and insurance coverage Kids can be delighted b paying aUen6on to the preferences ing needs to work for ongoing repeat use Driver Parent Rela6onship e are we now? Should think Advance scheduling = Lower cost Advance scheduling Delighul and high trust family experience
ah schedules a ride Mike delivers the ride Schedule a ride
h tracks Jenny’s ride rah rates Mike aVer the ride Track and Rate your ride
Investment Readiness Level Road Ahead: Run more Pilot Validate unit economics Reﬁne Parent and Driver segments Validate mul6 kids per car, carpool viability 5 e ready for investment?
http://www.youtube.com/watch?v=skwSCA7ZDHY ney Video
arket Sizing Estimate (High Performance dividuals) umber of Full time Working Women in the S p 10% income S Average fertility Rate d Activities/week eeks per year obile ownership erage Price per Trip Strong interest - willingness to Pay ated Market Size 43,200,000 4,320,000 2.1 kids/women TAM: $18.1 B SAM: $11.1 B 2 50 61% $20 10% TM: $1.11 B
Metrics What it means for us Value Lifetime Value 50% of our overall families estimated to be under subscription plan given repeat and predictable nature of school and activity rides. This gives us a high LTV per user $800 per family Price per ride Fixed price + Mileage + Time Average distance = 5 miles, Average time = 30 minutes $22 per ride per kid (Assumption) Cost per ride Driver pay (assuming driver has own vehicle, is licensed and insured, is paying for gas) $17 per ride per kid (Assumption, still validating driver fit vs. cost) Margin per ride We expect people to pay comparable price of Uber X and additional 15-20% premium for trust and safety for kids. 20% over driver cost per ride Customer Acquisition Cost Referral, online, and direct sales to grow customer base $20- 50 per user (online vs. offline sales) cs that maXer
Metrics What it means for us Value Number of Referrals Referrals from existing families will reduce marketing cost and increase loyal base 2 referrals per current family per year Number of new family sign ups Grow customer base - same city area, expand to new cities 10 new family per week % of families in subscription At least 2 rides per week for 10 months in a year 50% Churn Number of customers leaving per year and not returning back 20% Operational Cost We will have an ongoing cost of insurance for driver, background checks, direct sales, customer support, and R&D Insurance - around $2000 per year per driver Background check - $30 per driver, Direct Sales - $ 50,000 per year, Customer Support - $10 per call, R&D 500k cs that maXer contd..
cial and Opera;ons Timeline Assumptions: ● ● ● ● ● ● ● Number of kids per family: 2 Number of months in year: 1 % Family in Subscription: 50 # Pay per use rides per fam month : 4 # Subscription rides per fam month: 20 Average Price per ride: $20 % Liftee commission: 20%
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MARCH 2014. Volume 24 Issue 3. Forum for education and the exchange of ideas and information to improve the administration of the automotive industry.
No28 March 2014. 2 in our thoughts We are happy to report There are no departed Brethren May Almighty God in his infinite mercy,