Liftee e245 march 2014 final

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Information about Liftee e245 march 2014 final

Published on March 5, 2014

Author: sblank


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? 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? 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

e;;ve  landscape?  

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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