process book
andrew marco | claire partlow | vy ngo | seth ross | jie ren
We’ll do the fetching for you
andrew marco claire partlow vy ngo seth ross jie ren
Prepared for DMGT 720 Winter 2015 Special Thanks: Professor Kwela Sabine Hermanns Professor Micky Goodman Professor John McCabe Professor Owen Foster Linda Gordon Mike Gordon Kellee Joost Nghia Vu Mika Becktor Sean Metcalf Lisa Levine Pete Marco
table of contents
table of contents 08 - the dream team 12 - what is a sharing economy 14 - what is a social network 18 - initial concepts 24 - final concept 32 - the creative brief 38 - the research plan
56 - personas & empathy maps 100- competitor business model canvas 134 - pursuit business model canvas 154- intellectual property analysis 158 - marketing channels 160 - exit strategy 162 - prototyping
dream team
08 - pursuit | dream team
dream team A rag tag group of design students paired together to develop a social network based on a sharing economy. The dream team includes various design backgrounds and nationalities, creating an extremely diverse set of skills and knowledge. Working tirelessly for ten weeks from January
5th until March 12th, the dream team has developed a new social network aimed at making the pursuit of entrepreneurial ideas as seamless and as effective as possible. We have put our heart and soul into our work and have lost our minds in the process.
we were born ready...
andrew marco
claire partlow
Andrew has a BFA in industrial design and has two-plus years experience in CPG packaging design. He also was a two time captain of the Men’s Golf Team at SCAD and the athletic directors scholar athlete of the year.
Claire has a BFA in Illustration with a minor in Business Management and Entrepreneurship. Her passion for DIY and handmade goods lead her to create an Etsy shop in 2011 to share her creations with the world. Claire lives happily ever after with her many houseplants and pet hedgehog.
design management
10 - pursuit | dream team
design management
pursuit | the dream team
vy ngo
seth ross
jie ren
Vy has worked for 8 years in hospitality design, and 3 years for the HCMC Architecture College as an instructor. Vy is active, energetic, and eager to explore new things, but structured and attentive to details.
Seth is a recipient of two Graduate Scholarships. His professional background includes work in graphic design for a Navy contractor, experience as a small business owner, skills in carpentry, and even a stint as a stay at home parent.
Jie had two years work experiences before he came to Savannah. He worked as both researcher and 3D model designer. Now, he enjoys his studies at SCAD, and new challenges.
interior design
design management
design management
sharing economy
12 - pursuit | sharing economy
what is a sharing economy?
Rachel Botsman, “The Sharing Economy Lacks a Shared Definition,” 2014 According to Rachel Botsman, writer for Fast Company, a “sharing economy largely focuses on sharing underutilized assets from spaces to skills to stuff for monetary or non-monetary benefits.” The idea takes the power out of large corporations hands and places it into the
hands of the consumer, making it a P2P Economy (Peer to Peer, assests are owned and exchanged directly person-to-person). But what about conecting creatives with the necessary assets to bring the ideas to life? Isn’t that still sharing? Yes. Enter the collaborative economy.
what about a collaborative economy? Botsman describes a collaborative economy is “an economy built on distributed networks of connected individuals and communitites as opposed to centralized institutions, transforming how we can
produce, consume, finance and learn.” A collaborative economy falls under the umbrella that is a sharing economy and allows for further exploration of ideas.
social network
14 - pursuit | social network
what is a social network? If this question was posed to a random stranger, a likely answer might be “Facebook,” or “Twitter,” or more importantly “something that connects people on the internet.”
According to the Oxford Dictionary, “a social network is a network of social interactions and personal relationships.” Nowhere in the definition does it mention the internet.
As humans, our definition of a social network has become increasingly dependant on the internet. However, isn’t a school chess club considered a social network?
More importantly, as a group of designers, we believe that a social network is dependant on utility and an inherent human need for a sense of community and belonging.
initial concepts
16 - pursuit | initial concepts
initial concepts Given the four areas of study, our group chose to focus on a sharing economy. With this in mind, we brainstormed and developed four possible unique and innovative areas of opportunity.
The initial concepts included: Friendship Social Network Mentor Network Backyard Bartering Pursuit: The Entrepreneurial Network
1
friendship social network In today’s world there are endless opportunities to keep in-touch with your friends online; Facebook, Instagram, Twitter, Snapchat, etc...
This platform would allow users to find other users that share their interests and create a new friendship that would extend beyond the digital world.
However, where do you go to MEET new friends with the same interests as you?
methodologies
18 - pursuit | initial concepts
secondary research: popular media scan offering-activity-culture map analagous model interest group discussion trends matrix
primary research: observation shadowing interviewing
good same
good different
social topia skype google hangout facebook
girlfriend circle
wechat meetup chatroulette tinder Preliminary Good & Different Matrix
bad same
bad different
Marty Neumeier, “Zag,” 2007 A two-by-two matrix focused on finding the good and different areas for new ideas, or as Neumeier calls it, “where good and different combine to create a successful zag.”
2
mentor network Have you ever wished you had a mentor with the wisdom and expertise to help you achieve your goals?
guidance of an interested mentor. Mentors benefit from the teaching experience of being a role model to a mentee.
This network allows mentors and mentees to be partnered using a matching system. Mentees benefit from the support and
methodologies
20 - pursuit | initial con-
secondary research: popular media scan offering-activity-culture map analogous model interest group discussion trends matrix
primary research: observation shadowing interviewing
good same
bigbrother big sister best buddies ymca
the mentor network
bad same
good different
visionaire first tee organization hood to woods
bad different
Preliminary Good & Different Matrix
Marty Neumeier, “Zag,� 2007
3
backyard bartering Creates a market where producers of goods can exchange their products with each other. By creating a framework we would help “communities� become self-sufficient by assigning responsibilities to users, who
would in turn share their yields with the others within the community. By doing this, backyard bartering would create a true sharing economy.
methodologies
22 - pursuit | initial concepts
secondary research: popular media scan offering-activity-culture map analogous model interest group discussion trends expert interview
primary research: observation shadowing interviewing
good same
california farm-to-school network dakota rural farmer network uw-madison farmer-to-farmer network
bad same
good different
cropswap backyard barter farmscape urban-farm.com
bad different
Preliminary Good & Different Matrix
Marty Neumeier, “Zag,� 2007
final direction
24 - pursuit | final direction
4
pursuit: the entrepreneurial network There is no shortage of platorms that encourage crowdfunding & donations. This network would allow users to pitch their idea to potential partners such as engineers, manufacturers, designers, advertisers, and suppliers.
This allows the entrepreneur to network and better prepare their idea before asking for funding online.
problem statement There is an abundance of crowdfunding and information networks designed for entrepreneurs, however, there is not
a platform that holistically supports entrepreneurs looking to launch their ideas into the market.
opportunity statement
26 - pursuit | final direction
There is an opportunity to create a platform for entrepreneurs that not only offers advice and/or funding but a holistic system including a business development framework, an advisor network, and
bidding system that forges partnerships with investors, manufacturers, suppliers, and other professionals needed to actualize ideas.
value proposition creatives A platform for creative individuals who want to launch their innovative ideas and are seeking assistance in making their dreams reality. Our service provides a legally protected information sharing network between creatives, advisors, investors, and manufacturers that allows
for the exchange of information, expertise, and financing. This is accomplished by guidelines, checklists, expert screenings, trends research, and cyber pitching. We differ from our competitors by providing an holistic service that brings innovative design to life.
value proposition makers For investors, manufacturers, suppliers, and the people necessary to making ideas a reality who are seeking their next project or business venture and desire a vast network of innovative ideas and creative people to choose from. We do this by providing an online platform that facilitates competitive bidding on idea listings, easy
communication, exchange of data and money transfer while also offering expert advice, and legal protection for all users. Unlike other social networks geared only toward funding or advising entrepreneurs, we offer a holistic approach for the purpose of bringing innovative design to life.
good different
good same
quirky
Preliminary Good & Different Matrix Marty Neumeier, “Zag,� 2007
founder dating maven cofoundr
behance
linkedin biznik startup nation common
partner-up
makers row sharktank
ten bad same
invent help
bad different
Quirky: Users propose ideas, quirky makes them real. Behance: Online portfolio site for designers to get work recognized. Employers can post jobs. Makers Row: a digital database of local manufacturers. Shark Tank: Pitch based TV Show. Founder Dating: Matches entrepreneurs with one another. Engineering based. Advisor network. Maven: digital micro-consulting. Advice network. Cofoundr: Post prject. Assigned a developer (freelance). Apps developed. Middle man. Common: Etsy, consultants, think-tank, all-in-one. TEN: Traditional group gathering for advice. Biznik: Advisor network. Out of Business. Startup Nation: Consulting network. Forums, Radio, have to join and pay. Partner up: Spam and Classified Ads.
30 - pursuit | final direction
creative brief
32 - pursuit | creative brief
creative brief
applied from Terry Stone, “Managing the Design Process; Concept Development,� 2010 The creative brief is the framework the project and consisting of ten categories. With this brief, our team has defined the guidelines for success and has provided a judge for appropriateness of design.
The 10 categories are as followed: Background Summary Tone Overview Message Drivers Visuals Audience Details Competitors People
1
background summary A platform for creatives who want to launch their innovative ideas and are seeking assistance in making their dreams reality. Our service provides a legally protected information sharing network between
2
overview This service is needed to help make the actualization process for entrepreneurial ideas as seamless as possible. This service will help bring great ideas to life. This is accomplished by providing an online platform that facilitates competitive bidding on idea listings, easy communication,
3
exchange of data and money transfer while also offering expert advice forums, and legal protection for all users. Unlike other social networks geared only toward funding or advising entrepreneurs, we offer a holistic approach for the purpose of bringing innovative design to life.
drivers What is our goal? To make the connection among creatives, manufacturers, suppliers, advisors and investors.
34 - pursuit | creative brief
creatives, manufacturers, and investors that allows for the exchange of information, expertise, and financing through the use of a unique bidding process.
What are we trying to achieve? To support innovative ideas and help them become actualized.
What is the purpose? To Integrate information, financing options, and expertise exchange that creates new business opportunities and ventures for entrepreneurs
4
audience Our audience is a combination of creatives, suppliers, manufacturers and investors. These segments use our service to connect with one another to create a system that
5
competitors Our service has three main competitors that offer creatives a way to connect with manufacturers, suppliers, and investors as well as network.
6
supports an idea from conception to realization and takes the stress and guesswork out of the equation.
The 3 competitors are as followed: Makers Row Quirky Founder Dating
tone How should we be communicating? Our “voice� as a company portrays all of the following adjectives. Overall, it is sincere, positive, honest and knowledgeable, yet a bit witty and trendy with lightly humorous language (think Vitamin Water, or Etsy)
What adjectives describe the feeling of approach? ambitious, optimistic, enthusiastic, trustworthy, knowledgeable,friendly, approachable, transparent, professional
7
8
message What do we want audiences to take away? We want our users to feel that we are an essential part of their team, an ally, a friend and a supporter of their personal and entrepreneurial goals.
Are the words already developed or do we need to develop them?
We want our users to grow more confident about their ideas, skills and goals as they interact with our service.
Need to name the service
36 - pursuit | creative brief
the Adobe suite, and stock imagery when necessary.
deliverables List of deliverables: Project Plan, Network Design Concepts, Network User Definition, Competitor Research Analysis, Business Model Canvas,
10
Need to name each step of the “checklist”
visuals We will create original artwork to represent our ideas with the use of CAD rendering,
9
Need to name the two user groups (“Thinkers” & “Makers”)
User Documentation, Prototypes, Prototype Testing, Brand Development, Network Sales Pitch, Process Book
people Who are we reporting to? Kwela Sabine Hermanns
Who needs to be informed? Kwela Sabine Hermanns, The Class, Investors
the plan
38 - pursuit | the plan
research plan
applied from LeCompte & Schensul, “Designing & Conducting Ethnographic Research� To organize our thoughts and better understand the guiding questions that needed to be answered, our group created a research plan, considering all areas that would need to be explored and analyzed. Broad questions were initially formulated to later generate more descriptive, specific questions to guide our research.
Who are the players? What is a sharing economy? What do we need to know? Where is this service located? When will it be used? Why is this relevant/necessary? How do we grow the social network?
who are the players? focused questions 1. What tools do they use? 2. What are their motivations for becoming an entrepreneur? 3. Who would use or be influenced by our product?
pinpoint questions 1. What other platforms do you use? 2. What are their motivations? 3. Who would use or be influenced by our product?
why do we need to know this? To identify users motivations, needs, wants, fears, etc... To understand the current process entrepreneurs go through 40 - pursuit | the plan
To find out how to reach our demographic
what type of data? Qualitative - Primary Quantitative - Secondary
where can we find the data?
methods
who do we contact?
User Groups Internet - Case Studies
Primary Research - Interviews Secondary Research Possible Observation - Thinc Savannah
Entrepreneurs Makers Advisors Investors Existing Platforms
what is a sharing economy? focused questions 1. What is the definition? 2. What are people’s assumptions? 3. Where did it come form and where is it going?
pinpoint questions 1. How did they form their opinion? 2. Are they willing to participate? Why or why not?
why do we need to know this? To gain a better understanding of the users definition of a sharing economy 42 - pursuit | the plan
To understand what users are willing to share
what type of data? Qualitative - Primary and Secondary
where can we find the data?
methods
who do we contact?
User Groups Internet
Primary Research - Interviews Secondary Research
Entrepreneurs Makers Advisors Investors Exsisting Platforms
what do we need to know? focused questions 1. Where are the users located? 2. What are the customers’ pain points? What are the customers’ successes? 3. What is our investment to make it a reality? 4. What are users willing to pay? 5. What is the scale of the users’ ideas?
pinpoint questions 1. Which platforms do they currently use? 2. How did they hear about the platform?
why do we need to know this? To identify flaws in the current landscape To identify areas of opportunity 44 - pursuit | the plan
To find the “white spaces”
what type of data? Qualitative - Primary and Secondary
where can we find the data?
methods
who do we contact?
User Groups Internet - Case Studies
Primary Research - Interviews Secondary Research
Entrepreneurs Makers Advisors Investors Exsisting Platforms
where is the service located? focused questions 1. Where are the users located? 2. What is the best form of communication for the user? 3. What if we had a physical aspect to the platform?
pinpoint questions 1. Where do they go when they need advice? 2. Why do they use those locations?
why do we need to know this? To identify how the users find the information they need to be successful? Is it the best way/most effective way? 46 - pursuit | the plan
To see if this system is flawed
what type of data? Qualitative - Primary and Secondary Quantitative - Primary
where can we find the data?
methods
who do we contact?
User Groups Internet - blogs and forums
Primary Research - Interviews and Surveys Secondary Research - Popular media scan
Entrepreneurs Makers Advisors Investors Existing Platforms
when will this be used? focused questions 1. How often will the creative use our site? 2. When do entrepreneurs decide to seek help in their process? 3. What are the user demographics?
pinpoint questions 1. Why do creatives seek advice? 2. Do users have a current job?
why do we need to know this? To better understand our target market and develop thoughtful personas To help us build our business model 48 - pursuit | the plan
To identify service needed
what type of data? Qualitative - Primary and Secondary Quantitative - Primary and Secondary
where can we find the data?
methods
who do we contact?
User Groups
Primary Research - Interviews
Entrepreneurs Makers Advisors Investors Existing Platforms
why is this relevant/necessary? focused questions 1. What are the user motivations? 2. How do we get creatives to become entrepreneurs? 3. How do we save our user time and money?
pinpoint questions 1. Why did the user to be an entrepreneur? 2. What is holding the creatives back from making the jump? Why? 3. Why is time of the essence?
why do we need to know this? To understand user motivations and deep needs To identify areas of opportunity to encourage users to reach their goals 50 - pursuit | the plan
To make the process as seamless and user friendly as possible
what type of data? Qualitative - Primary and Secondary Quantitative - Primary and Secondary
where can we find the data?
methods
who do we contact?
User Groups
Primary Research - Interviews
Entrepreneurs Makers Advisors Investors Existing Platforms
how do we grow our social network? focused questions 1. How do we encourage users to participate in our service? 2. How do our users have success? 3. How do we remediate the bad ideas?
pinpoint questions 1. How do we get users to return if successful? Unsuccessful?
why do we need to know this? To create a successful business To grow our business 52 - pursuit | the plan
To create a platform that is user-centered
what type of data? Qualitative - Primary and Secondary Quantitative - Primary and Secondary
where can we find the data?
methods
who do we contact?
User Groups
Primary Research - Interviews
Entrepreneurs Makers Advisors Investors Existing Platforms
54 - pursuit | the plan
the users
56 - pursuit | personas
personas The College Kid I’m still in school, but I have great ideas and I am ready to change the world.
The Established Entrepreneur I’ve followed my dreams and put in the work to get to where I am today...
The Right-Outta School I decided to take the plunge right out of school and hit the ground running.
The Advisor I’ve seen it all and have the experience to guide today’s entrepreneurs to success.
The Side-Action I’m balancing my entrepreneurial passions with my full-time job.
The Investor I have a keen eye for good business ideas and know how to spot ambitous entrepreneurs.
The Dreamer I would love to take the plunge to be a full-time entrepreneur someday... The Successfully Crowdfunded I hopped on the new-media bandwagon and it worked! The Accidental Entrepreneur I’m not really sure how I got here, but being your own boss has its perks....
The Experienced Maker I’ve been making goods by hand, but I’ve grown my businesses and can no longer meet the demands on my own.
Sam Carter The College Kid
20 | Chicago, IL | Student Sam is a student at the Art Institute in Chicago, Il. He is focused on a career in design and he uses platforms like Behance to desplay his work and attract possible employers.
58 - pursuit | personas
“I am very interested in 3D modeling and a lot of my work is on my website and a lot of people appreciate my work, they asked me questions about the modeling process. I am very happy to answer their questions. I think my works are valuable for them. My work can inspire them. I have never thought about how I might be able to use my work for a business purpose.�
a strong protfolio means a better career “A good portfolio means a promising career, and it also shows my best performance during my undergraduate study. It can show my skills and knowledge. It also shows a lot of my good memories while at SCAD. After I finish all the classes, making a portfolio is good way to make a conclusion and review all my knowledge and skills.”
I’d like to learn more even after I graduate “I will continue to pursue my M.A in Industrial design at SCAD because I think I need a better understanding for my career. Maybe, I will find an industrial design job or become a professor of industrial design in the United States.”
to be successful my work needs to be improved “I need to learn graphic design, and rending skills to improve my website. Also, I see others work on Behance and try to learn from them about how to use color and how to arrange different pictures and elements. My projects lack thinking process and I need to come up with some in order to polish my portfolio.”
I need real world feedback on my work “I got a lot of feedback couple weeks ago. Some of images should not be that dominant. They don’t look very nice. The school doesn’t give me a lot of feedback. My feedback comes from prospective employers.”
I’d like to share my work with others
“I used Behance, printed copy, and digital through iPad to show to my professors, friends and interviewers.”
I would like to design first, then go into business I want to focus on learning because I am a student, and I want to learn new skills through a SCAD incubator. I have never thought my ideas can be used for business purposes because I am only a student. I have never had a business class. I am very happy to try it because I really need helpful advise for my portfolio. For making profits, maybe after I get high quality concept, I will try it.”
I have a limited business knowledge “I know everything is hard. I have no idea about how to run a business. For my previous, I only focus on design itself. I prefer to sell my ideas and let someone make it for me instead do it by myself. I am good at design not business.”
the college kid insights Think & Feel Sam Carter feels that he needs a strong portfolio in order to get a great job. He feels that his work has the opportunity to
60 - pursuit | personas
inspire people but doesn’t know how to turn this opportunity into a business.
Hear Sam is constantly seeking out advice and input on his work, and values feedback from prospective employers. He seeks out
assurance that his work is right. He has been told what he needs to work on, it’s a matter of putting the feedback into practice.
See Sam is a visual learner. He is always viewing other students and professionals work to gain knowledge and understanding of design
principles and trends. Online platforms like Behance have made this extremely accessible for Sam.
Say & Do Sam is intent on on learning more in his subject of study as well as other subjects that are interrelated. He uses his design
knowledge of user-centered design in his work and believes it is extremely important.
I feel that a strong portfolio is essential to getting a great job
I think my works are valuable for them. My work can inspire them. I have never thought about how I might be able to use my work for a business purpose.
I have no idea how to run a business, I am good at design not business
think & feel
The school doesn’t give me a lot of feedback. My feedback comes from prospective employers My projects lack thinking process and I need to come up with some in order to polish my portfolio
hear
see
say & do I need to learn multidisciplinary skills and show more process in my final work. Thoughtful, user-centered design is extremely important
I see others work on Behance and try to learn from them about how to use color and how to arrange different pictures and elements.
Kim Nguyen
The Right-Outta School 22 | Hanoi, Vietnam | Designer Kim Nguyen graduated with a BFA in Jewelry Design from SCAD in 2013. She has since pursued entrepreneurship full-time, selling her jewelry online and at art fairs.
62 - pursuit | personas
I noticed some drawbacks of kickstarter “I would have preferred another platform other than Kickstarter. Kickstarter wasn’t my first choice, It’s all or nothing. I would have preferred partial funding to no funding, I could have really used what was raised and wished there was a way to collect that. I was told to used Kickstarter by a friend, but looking back it, it didn’t really fit my specific set of needs”
I had conflicts with our partners “I wanted to use the money to re-inverst in our business, by my partner did not.”
I lacked the information I needed “I still know very little about starting a business”
I had issues taking advantage of resources “If you don’t have the support of the local community, you don’t have a shot.”
I wanted the perks of being self-employed “I think a lot of entrepreneurs start for the freedom” “I don’t like someone asking me to do things”
I learned networking is a valuable form of support
“My roommate aquired a lot of business knowledge from her personal network. I’m learning a lot from her.”
we had issues with funding at first “I didn’t want to send my friends and family dontation requests” “I didn’t use all of the social media platforms available to fundraise and promote.”
we have common worries with other entrepreneurs “We worry about the high risk of failure”
the right-outta school insights Think & Feel Kim Nguyen feels she made the right decision in becoming an entrepreneur. She loves the freedom entrepreneurship
64 - pursuit | personas
Say & Do Kim is hestitant to ask her friends and family for money, or ask for donations. She tries to find other means of gaining
provides, and can’t wait to make her dreams a reality. She is happy with any help or funding she can get. investment for her entrepreneurial ventures.
I feel like I made a wise decision to become an entrepreneur because of all the freedom I have now
I still prefer partial funding v.s. no funding at all
I worry about failing as an entrepreneur, but having freedom is worth the risk
think & feel
My friends and colleagues recommended I try Kickstarter I get business advice from friends and family who are also entrepreneurs themselves
hear
see
say & do I don’t want to spam my friends and family with donation requests
I’ve seen other people become really successful from using Kickstarter, but it didn’ t fit my specific needs
Brett Robinson The Side-Action
26 | Richmond, VA | Designer Brett Robinson has been an automotive designer for six years. He decided to create a side business selling his handmade leather goods while also balancing a full-time job. He enjoys the security of haaving a consistent paycheck, but also pursuing his passion. 66 - pursuit | personas
I like catching the fish
“Designers love to cast out and hook the fish, but have no goal of reeling it in. Because that’s where the actual hard work comes in, not that we’re not hard workers but we don’t like that part, we love to go catch the next one to see what we can hook, it’s the business person, the marketing people that love to reel in and see how much they can actually pull in, how much weight they can actually get out of it, or how much money can they get from that project.” “At the last minute we realized what happens if it happens? Then you’ve got 3 years of… I don’t really want to work with you for another 3 years, maybe it was just a short lived thing then now what? I’ve got to deal with all of this.”
I value a strong sense of community “What I like about Kickstarter is that it builds a community and that community comes back for product after product after product, you know.”
I need to be practical “I am alone at design school and I’ve got 4 classes that I am trying to take, Quirky is easy, I can put on headphones, I’m working on my project, I flip a tab, I see something that’s come up, I do a couple of sketches, I send it up, I go back to my work.”
being an entrepreneur has been a learning process “Did we go through all the methodologies, all of those amazing books out about creating a startup and how to be an entrepreneur? No. We did it our own way.”
I am aware of my weaknesses “I think more what you learn from school is confidence. Once you leave school you should have confidence enough in yourself, or your skills, or your knowledge that you’re willing to risk more because you know you can rebound faster.”
I need to be all in
“What I find, especially in this environment (academic) we just cant do the other side. If we have to make a company, its like all or nothing. We cant do it and teach, here. The money would then pay for all of our salaries. That would be the only way to do it, cut ties, move on and then start the company. In this environment its impossible to do both, that’s why I say venture capitalist”
the side action insights
68 - pursuit | personas
Think & Feel Brett Robinson feels he has sacrificed and dedicated a lot of his time and energy toward acheiving his goals. Brett
recognizes character traits in himself and other entrepreners that contribute to success.
Hear Brett relies heavily on word-of-mouth testimony and personal recommendations. He values the advice of his friends and
prefers to work with them whenever possible. He also enjoys having a community of other entrepreneurs.
See Brett has seen how much time, money and effort it takes to be a full-time entrepreneur and is hestitant about to
taking the risk. He prefers to ease into entrepreneurship, rather than jumping in all at once.
Say & Do Brett prefers to work a full-time job and experiment with entrepreneurial ventures on the side. This allows him to
maintain a steady paycheck and have financial security while also testing the waters of entrepreneurship.
I think I learn new things all the time, and improve my entrepreneurial skills as I go
I think the idea of being an entrepreneur and owning a business is very exciting and inspiring
I think I still have a lot to learn and I want to make sure I’m ready before I do anything too risky
think & feel
I value a sense of community and having the support of other artists and entrepreneurs
hear
see
say & do I still work full-time and pursue my entrpreneurial passions on the side. This allows me to have financial security while I experiment
I’ve seen how demanding it is to be an entrepreneur, and I’m not sure I’m ready to dedicate that much of my time at this point. I hope to in the future though. I’ve seen how risky it is to become an entrepreneur, and I’m not sure I’m ready to make such a huge gamble with my money and livelihood
Drew Richards The Dreamer
32 | San Fransico, CA | Designer A graduate of Art Center College, Drew is a graphic designer who developed a clothing line while in school. After working as a graphic designer for Razorfish in San Fransico for 6 years, Drew decided to quit his job and pursue making his clothing line into a full time gig.
70 - pursuit | personas
it’s important to follow your passions
“Passion and a fear of complacency. I didn’t want to be stuck at my day job for the rest of my life. It’s simply not for me. I saw my skills become stale and passions take the backroad - it terrified me. Being completely comfortable scares me. I like the slightly uneasy feeling of not knowing what’s ahead, because you’re forced to figure things out and grow.”
I’ve realized the path to success is very long “I would definitely describe the career journey of a designer as a very long one. Until you find your stride. That’s something that probably takes 10 years on the short side.”
nothing beats real-world experience “The real education begins in the real world, once you start working. “
It’s important to explore you curiousities “I believe the route we’ve chosen has been good to us so far. If we were to do anything different, it would be to focus on just one product and making it the absolute best that we could. Not that we didn’t strive to create great products, but simplifying the process on one product makes it easier to introduce an idea. We put too much pressure on ourselves to launch a full collection.”
I learned from others before starting my own business
“I grew there a lot, both personally and professioanally. And then I started my own studio. Yet again, it’s a completely new beginning, a new level; you learn a lot of things about yourself and about design and the business of design as well”
the dreamer insights
72 - pursuit | personas
Think & Feel Drew Richards values freedom and creativity. He believes it is important to explore his passions and interests so he can
have an enjoyable careers. He is often adventurous and enjoys the ever-changing world he lives in.
Hear Drew often talks to other entrepreneurs and learns from their successes and failures. He has seen other friends work jobs they
didn’t enjoy, and decided he would pursue his own dreams in order a attain happy, enjoyable career.
See Drew realizes the journey of entrepreneurship is very long and requires a lot of persistance and perserverance. He
has also noticed how hard work pays off for entrepreneurs and are eager to start upon the path to success.
Say & Do Drew actively seeks out new experiences because he realizes the value of new knowledge. They are usually fairly accepting
of new technologies and try to stay on top of trends and potential opportunities for their business.
I feel like I have learned valuable skills at my other jobs and training
I feel it’s important to explore your passions and interests
think & feel I’ve heard what worked and didn’t work for other people. This helped me learn some things before starting my own business venture I’ve heard how unhappy my friends are at their desk jobs and realized I never want that for myself
hear
see
say & do I seek out new experiences to expand my business knowledge and grow as an entrepreneur
I’ve seen how long it takes to be successful as an entrepreneur. The journey is usually very long I’ve seen other designers take years to fully develop as artists with quality work
Tony Ellis
The Successfully Crowdfunded
I wasn’t prepared “We didn’t know the first thing about CHINA!”
“Our crowdfunded backers became the unfortunate guinea pigs”
28 | Oakland, CA | Inventor Tony Ellis is an avid inventor who designs innovative products in his free-time. His dreams came true when his latest project was funded on Kickstarter. He now looks forward to beginning his journey as an entrepreneur.
74 - pursuit | personas
“The complexities of testing were magnified by the fact the product was expected to work in partnership with whatever lock customers already had on their door.”
a rare case of
The Accidental Entrepreneur
I had some unexpected results “I know some Kickstarters that are too successful. They raise too much, take too many orders and then can’t keep up!”
I couldn’t have done it on my own “I really want to avoid distributors for now, but they have customers I need” “The company started changing course. It found a new manufacturing partner, one that specialized in locks”
“I wasn’t thinking about being an entrepreneur; I just wanted to make handbags.” “Growing my business is more about going with the flow. Whatever is in front of me, I do.”
I have learned from my mistakes
“I would prefer that someone else manage the business side and free me to just design.”
I am learning how to grow a business
“Handmade is easier for me right now. I don’t need to look for factories to make my product.”
“I didn’t get funded on IndieGogo. The audience is smaller and my video probably wasn’t done right. The second video I submitted (on Kickstarter) was more on product, less on the company’s back story, and I got funded!”
“I kept getting direct messages from manufacturers and marketing companies that want me to hire them” “My next line is coming out in March. That money came from my Kickstarter”
I strive for “accessible authenticity” “I felt that the prices of other luxury handbags was too much, and out of range for most people”
“The business part for me is really blurry. I’m not really interested.”
the successfully crowdfunded insights Think & Feel Tony Ellis feels he lacks skills in certain areas and need a team to be as successful as possible. They wish they could focus on Hear Tony heard about crowdfunding as a source of making his ideas real, and decided to try it. He also realized there was a bit of a learning curve with using a crowdfunding
76 - pursuit | personas
the aspects of entrepreneurship they enjoy, and leave the other parts to employees.
site, and wished for more help and advising at certain points of the process.
See Tony has seen how crowdfunding can sometimes go wrong if the user underestimates how much funding they
need, receive too many pre-orders than they can produce, or have a other issues.
Say & Do Tony isn’t afraid to ask the world for help when it comes to funding. He appreciates
the publicity crowdfunding provides.
I feel unsure of my business skills and wish I could just be a designer instead
I think I need help with most of the business management processes
think & feel I hear about crowdfunding and decided to try it. It wasn’t always an easy route, but it made my dreams come true
hear
see
I’ve heard of other crowdfunding sites, but they all seem to have their pro’s and con’s
say & do I am not afraid to share my ideas with the world and ask for help making them a reality
I have seen some entrepreneurs become “too successful” on Kickstarter. They earned enough money for multiple product collections I have also seen entrepreneurs fail because they got too many pre-orders and then couldn’t actually make them
I believe in myself Daniel Smith
The Established Entrepreneur 53 | Nashville, TN | Advertising Daniel Smith, graduated from University of Kentucky with a BS in Communications. Prior to graduation, Smith formed a small ad agency with a fellow classmate. After receiving his degree, Smith decided to pursue his business as a full-time profession.
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“The characteristics of entrepreneurs are going to sound a bit cliché but they’re true. They need to be self-confident, willing to take chances, smart, willing to deal with adversity and ups and downs. They need to be resilient, able to deal with stress, and independent. The entrepreneurial path—even if it is successful—is rarely a nice steady path.” “Every entrepreneur puts their ass on the line. Sweat equity, opportunity costs from what they could be earning at their job, their own money, borrowed money from friends and family…” “A strong ego and a somewhat self-focused personality are characteristics I think you will find in must successful entrepreneurs. We don’t follow our given paths to make other people happy. We do it for our own gain.”
it’s important to build a strong team “I’ve met people who are idea-driven and have no idea how to actually create something out of nothing but they have an idea—they just need to partner up with someone who knows more of the latter.”
I’m constantly monitoring the growth of my business “The business will – or must - to remain viable. Personally, I am now of retirement age. I will continue to work, but am in the process of turning the operation over to a team that will take over and continue the culture.”
you learn as you go “One other big pain point that I see all the time is that if [the entrepreneur] is lucky or talented enough to start generating success, it’s learning how to create a company instead of doing everything themselves. That’s another huge pain point.”
sometimes I have trouble adapting to new technology “Flexibility is a key to entrepreneurship. Being able to adjust to changes in the market quickly and effectively…quicker than the competition.”
I want to control my own future
“I enjoyed the freedom, control to make the decisions, and control where the business went. It’s about controlling your own future.”
I want to run my business ethically “What lead me to [entrepreneurship] was seeing the inequities, failings and corruptions of corporate America, and believing the only way to truly control your own professional growth was on your own.”
I believe in doing your research to get the best deal “You should always get three bids. Have them come [to your business] and see what you’re trying to do and get their three estimates. Then you choose based on their price and what they have to say. I also always think ‘two heads are better than one’, so I’ll present my three bids to other people I trust to get their opinions and advice.”
the established entrepreneur insights Think & Feel Daniel Smith feels that he has dedicated his life to entrepreneurship. He believes entrepreneurs share certain characteristics
80 - pursuit | personas
and are interested in constantly learning along the way.
Hear Daniel relies heavily on word of mouth testimony and personal recommendations. He value this form of communication and
advice over others. He often hears about new technology, but usually doesn’t adopt it until his friends and colleagues have.
See Daniel has have seen the sucesses and failures of others and has learned from them. He also views entrepreneurship as a
means of freedom and personal autonomy. He believes it is important to control his own outcomes and successes in life.
Say & Do Daniel is cautious with his decision making and realizes the importance of receiving
several bids before making a purchase.
I feel like I’ve sacrificed a lot to get where I am today
I think I learn new things all the time, and improve my business with what I’ve learned along the way
I think the most important traits of entrepreneurs are confidence, patience and perserverance
think & feel I’ve heard about crowdfunding, but I’m not sure it’s for me I hear about new technology all the time, but I usually don’t adopt it until others have tested it first
hear
see
I hear stories and advice from my frends and colleagues and highly value it
say & do I am careful about making decisions and tend to ask other entrepreneurs for their input and advice
I’ve seen other businesses fail because they didn’t manage their assets well I see entrepreneurship as a way to control my future outcomes and personal successes
Gloria Paulsen The Advisor
33 | Belfast, Ireland | Professor Gloria Paulsen received her MBA from London Business School where she was also a professor for four years following graduation. Paulsen now enjoys serving as an advisor to start-ups when she is not teaching at NYU.
82 - pursuit | personas
cash is king!
“If you look at [entrepreneurs’] stories, the number of them that do [borrow money from friends and family] is high because where are you going to get the money? If you have it, great, you’re done. But if you don’t have it…you’re not going public, you’re not going to a VC (Venture Capitalist), you’re not going for private equity—none of those people are ready for you yet.” “In the very beginning, you don’t have any metrics. I guess if you’re a proven entrepreneur with a track record, you might be able to get big, real money at the beginning. But most people don’t get real money.”
do your research “[If I were starting a business] I’d figure out what resources I need for the first year, both money, capital and human capital, property and equipment and put together a game plan. For the start-up phase you need to know everything you’re going to need, have a time table, project plan, an action plan…Then go get whatever you need.”
I believe entrepreneurs can make something out of nothing “An entrepreneur is a person who can start with a blank piece of paper or a card table in their basement. An entrepreneur is someone who can essentially start with nothing and turn it into something.”
don’t be afraid to ask for advise! “I think not having a really good business plan is a pain point. For people who never had to write a really good business plan, that’s a pain point.”
know your weaknesses “A lot of smart entrepreneurs that I work with are smart enough to know what they don’t know. The worst is entrepreneurs that think they know everything. They’re doomed to failure, because no one knows everything.”
Look for money in the right places
“There’s tons of angel investors and early stage investors. There’s angel networks in every city. There’s tons of stuff out there. The money is there for start-ups especially right now.”
the advisor insights Think & Feel Gloria Paulsen realizes the high importance of research and making informed business Hear Gloria hears about the struggles and triumphs of entrepreneurs on a daily basis. She learns what is working and not
84 - pursuit | personas
decisions. A lot of times she has to walk entrepreneurs through this process. working for other entrepreneurs, so she can pass on the knowledge to others.
See Gloria recognizes the passion and love entrepreneuers have for their ideas. She
works hard to utilize this energy for the benefit of the entrepreneurs.
Say & Do Gloria must be patient and frequently encourage entrepreneurs to be aware of
their weaknesses and not be afraid to ask for help.
I think doing your research is absolutely critical no matter what
I think one of the main issues entrepreneurs have is creating a professional business plan
I think most entrepreneurs are risk-takers who have confidence in their abilities and ideas
think & feel
I’ve heard crowdfunding is an easy way to raise seed capital I hear from entrepreneurs that raising money is one of the biggest pain points
hear
see
say & do I tell young entrepreneurs to not be afraid to ask for help and advice
I see the passion and energy entrepreneurs have, and it’s so exciting how much they love their ideas I have seen a lot of creative business ideas that have potential, but the entrepreneur is naive
Jacob Johnson The Investor
58 | New York, NY | Investor Jacob has extensive experience with international business affairs and trade policy. Jacob now serves as a board member of the World Trade Organization.
86 - pursuit | personas
I consider the size of the market
“Demonstrating that the business will target a large, addressable market opportunity is important for grabbing venture capitalists’ attention. For venture capitalists, “large” typically means a market that can generate $1 billion or more in revenues. In order to receive the large returns that they expect from investments, venture capitalists generally want to ensure that their portfolio companies have a chance of growing sales worth hundreds of millions of dollars. The bigger the market size the greater the likelihood of a trade sale, making the business even more exciting for venture capitalists looking for potential ways to exit their investment. Ideally, the business will grow fast enough for them to take first or second place in the market.”
I know how to recognize promising entrepreneurs “At the end of the day - investors want to invest in a person. They want to get to know you before they are going to write you a big check. Investing is a lot about relationships.”
crowdfunding is crowded “Crowdfunding platforms are so crowded, the only time I go there is when someone in my network asks me to check out their new thing.”
resources are key “Funding your idea... if you don’t come from money and need to work and eat... Funding can be a really big challenge. You might depend on friends and family or try crowdfunding. Some entreprenuers have certain connections or networks. If they went to Stanford, they already have those relationsips - it seems to be easier for them.”
I look for great products with a competitive edge “Investors want to invest in great products and services with a competitive edge that is long lasting.”
I seek out exciting opportunities “An adventure capitalist would be a wealthy individual who seeks out exciting experiences.”
I tend to specialize in a certain area “An ‘adventure capitalist’ is a specific type of venture capitalist who is more accessible, but who may be harder to find and whose pockets are not as deep as a traditional venture capitalist. Or, a specific type of venture capitalist who is willing to invest in endeavors that would be considered too risky for traditional venture capitalists.”
I also consider an entrepreneur’s management team
“Quite simply, management is, by far and away, the most important factor that smart investors take into consideration.”
the investor insights Think & Feel Jacob Johnson tries his best to make well-informed decisions that are carefully thought out and backed by research
88 - pursuit | personas
and wisdom. Investors consider their options before making an offer.
Hear Jacob is familiar with crowdfunding, but tends to avoid it. Venture capitalists and angel investors are typically more
interested in personal communication and making business deals one-on-one with entrepreneurs and start-ups.
See Jacob has the ability to see potential. He sees entrepreneurs as opportunities to make money long-term. He also realizes
this is a gamble and is therefore very cautious and selective about who he gives his money to.
Say & Do Jacob realizes his strengths and tends to focus his investments in areas he is most familiar with. He also frequently tells
entrepreneurs to focus on polishing their business plan before pitching their idea.
I think about my investments thoroughly before making offers to entrepreneurs
I think choosing products and services with a strong competitive edge is absolutely critical
I think the most important traits of entrepreneurs are confidence, patience and perserverance
think & feel
I’ve heard about crowdfunding but it’s so crowded! I only go there when someone asks me to check out their project.
hear
see
say & do I also consider ther entrepreneur’s management team before I make an investment offer
I tend to specialize in areas I have the most experience in. This helps me make informed decisions and investments.
I’ve seen other businesses fail because they didn’t manage their assets well I see entrepreneurs as a way to make money over the course of many years
I need to be able to swim in the deep end Kai Solomon
The Experienced Maker 58 | Portland, OR | Maker Kai is a self-starter who wanted to pursue his dreams of owning his own small manufactureing company. Kia specializes in creating prototypes for new ideas and creating solutions that can be easily transfered to a larger manufacturing scale
90 - pursuit | personas
“One of the big problems with Kickstarter is, they get you money, show people your idea and then they kind of take you to this ocean and tell you that you have to swim, they’re out of there - bye - and you have to make everything else happen. A lot of people don’t have a design background and they don’t have a clue.” “Who is going to manufacture it? What is that going to cost?” “A designer might think about how it works and what it looks like, but what it costs is harder to figure out. The client may like your design but discover that it is too expensive to manufacture.” “Materials, sometimes a manufacturer will help you with that, and it may have to do with their capabilities. You need to be aware of whether they are offering the best process or just trying to sell you on what they have.” “And if you’re not sure which process you are going to use,the manufacturer could come back and tell you that you are looking at the wrong process, they are an injection molder and you need blow molding. They might suggest changes. If there are too many variable, you can’t get accurate quotes, you can’t compare apples to apples. The more specific your information is the easier it is to get and compare quotes.”
capabilities equal business “I started with just 4-5 people, but if you want to do business with a Dell or an IBM, they need to know that you are staffed - if you have the manpower and expertise to handle the job. I had to bring on additional staff. I also had 6 full-time employees in my model shop, which is over 10,000 square feet. We can make anything in that shop. Fully functional prototypes. That’s what it takes to get attention from a John Deere or IBM.”
making ideas happen is expensive
“It’s not just designing a product. It’s engineering, prototyping, user testing and consumer feedback - that all costs money and you haven’t even gotten it manufactured yet.”
making units doesn’t equal making money “Now that you have 5000 parts, you have to sell them. Do you have a distributor set up? Is Walmart or ACE Hardware going to sell your part”
I need to know their track record
“If I were considering a manufacturer that I haven’t worked with yet, I would look at their capabilities and their track record. I would talk to people who have worked with them in the past. One big thing is scheduling - how long it takes them to do something... I would find that out by talking to people who have worked with them.”
accuracy is in the details
“When you ask for quotes, they’re going to ask for CAD files, technical drawings to give you the most accurate quote. But its typical to have a design that’s not quite there yet and you’re just looking for a ballpark estimate. It’s difficult for them to estimate from just a drawing. They want detailed specs.”
good ideas are important “As a manufacturer, I want good ideas. I don’t want to talk to 500 people with bad ideas. If you had a contest some way to filter that - and Kickstarter kind of does that, the bad ideas fall out and don’t make it through the filter.”
I need an understandable design language
“The most difficult part of being a designer is communicating with non-designers, people without a design background.”
how do idea holders find me? “There used to be a big registry, Thomas. It was a set of volumes listing mainly US companies and it costs $3-4000. Now it’s online and you can search by category or location. International companies are listed now, too.”
the experienced maker insights Think & Feel Kai Solomon believes the devil is in the details. Accuracy in the planning stage is crucial, and all details should be equally considered. He has also realized the
importance of being able to adapt to new technologies, new materials and changing user needs.
Hear Kai has heard other designers and creatives struggle to find a common language. Bridging the gap in communication and
creating universal vocabulary is a true area of oppurtunity.
See Kai has seen how each step of the process affects the final outcome. He also appreciates seeing a proven track record of
92 - pursuit | personas
Say & Do Kai believes the idea itself is possibly the most important part of creating a great new product. He values a strong process of ideation and design planning before
success before he is comfortable partering with a manufacturer or other type of business. beginning the manufacturing process. Without a great idea, products are pointless.
I think you should always strive for perfection. The accuracy is in the details
I feel it’s very important to plan well and consider all the potential expenses and potential profit
I think it’s so important to think on your feet and learn to adapt
think & feel I hear others struggle to find a common design language between them in order to communicate properly with each other I hear about other processes and technology all the time. Usually I’m very interested to find out how it could benefit me and my process of making goods
hear
see
say & do I try my very best to first create great ideas. Without a great idea first, a product itself is pretty pointless
I see how the process of making goods works, and I’ve refined my process over time I need to see a tradition of success before I will partner with a manufacturer
pursuit | personas
I need to be in charge I learn by doing I couldn’t have done it on my own
cash is king! I can’t win without the right team my network is one of the most valuable assets
business model canvases
100 - pursuit | competitors
competitor business model canvases
applied from Osterwalder & Pigneur, “Business Model Generation,” 2010 “A business model describes the rationale of how an organization creates, delivers, and captures value.”
The business model is a tool to organize an idea through organizational structures, processes, and systems.
The business model canvas that we have applied covers nine basic building blocks and four main areas of business that include; customers, offer, infrastructure, and financial viability.
In this chapter we have mapped our competitors’ business model canvases and pulled insights from them.
102 - pursuit | competitors
good same
good different
quirky YEI 1871 Updated & Informed Good & Different Matrix
founder dating founder labs
Marty Neumeier, “Zag,” 2007
After creating an initial “Good and Different” matrix, we used our research to refine and curate our competitors. Our “Updated and Informed” matrix shows these competitors and where they fall on the good and different spectrum. Ultimately, the goal would be to have Pursuit within the good and different square and to have competitors fall into the good and same square due to Pursuit’s uniquness and originality.
makers row
bad same
bad different
Criteria: These companies were evaluated and assigned locations within the “Good and Different” matrix based on their originality, uniqueness, versatility and ability to operate in many different industries. Being Good and Different is the best way to achieve radical innovation.
Competitors: Quirky: Users propose ideas, quirky makes them real. YEI: Yale’s academic startup incubator for students and alumni. Makers Row: a digital database of local manufacturers. 1871: a Chicago based entrepreneurial incubator. Founder Dating: Matches entreprenuers with one another. Engineering based. Advisor network. Founder Labs: a 5 week workshop focused on helping mobile startups
104 - pursuit | competitors
maker’s row A digital platform that connects creatives with local, US based manufacturers and provides a means of communication for
the two parties involved. Creatives have to search for manufacturing companies.
key partners
key activities
value prop
customer relations
customer segments
manufacturers (over 5,000)
discover (research and factories)
“Loved by thousands of makers”
first time designers to large corporations
makers
connect with factories create a design plan
invetors
create a brand profile
showcases their users-testimonials and success stories on home page
right outta school
suppliers designers
exclusive events
“Our mission is to make the manufactuing process simple to understand and easy to access. From large corporations to first time designers, we are providing unparalleled access to industry specific factories and suppliers across the United States.”
inbox/mail for users
key resources
the established entrepreneur channels online website
connections with manufacturers and suppliers
on ground events
servers staffing - graphic/web, admins, event planners, design manager, marketing, recruitment
social media revenue structure starters - $25 professionals - $105 enterprise - $ask advertising ticket sales
the dreamer the accidental entrepreneur
digital platforms
cost structrue web hosting
side action
106 - pursuit | competitors
maker’s row insights Key Partners: Maker’s Row has a large network of manufacturers, over 5,000. Once our business has been scaled, we too will need a large network of manufacturers. Because of this, Maker’s Row could become a direct
competitor. Pursuit has the opportunity to provide more revenue producing work for manufacturers by bringing more ideas to realization through the use of the platform.
Revenue Structure: In order for creatives to use Maker’s Row they have to pay a fee. The road for a startup to success is long and requires a great deal of time and money. Pursuit’s goal is to help the creative reach his or her potential, and we don’t believe that our
service should put anymore financial stress on a startup. $25 might not seem like a lot of money, but every penny counts. Pursuit has the opportunity to provide a free service for creatives.
Customer Segments: Maker’s Row targets an extremely wide array of users. Almost every Pursuit persona is represented within their customer segment. We believe this is too broad and could discourage our customer segment from using Maker’s Row.
As a startup company, competing against large corporations for manufacturers is intimdating. Pursuit has the opportunity to target a more specific user group such as entrepreneurs.
Value Proposition: Maker’s Row is soley focused on connecting creatives (entreprenuers - large corps) with manufacturers. But entreprenuers need more than just access to manufacturers.
What about financial advisors and design managers? Pursuit has the opportunity to provide access to necessities including, but not solely, manufacturing.
key partners
key activities
value prop
customer relations
customer segments
manufacturers (over 5,000)
discover (research and factories)
“Loved by thousands of makers”
first time designers to large corporations
makers
connect with factories
“Our mission is to make the manufactuing process simple to understand and easy to access. From large corporations to first time designers, we are providing unparalleled access to industry has the Pursuit specific factories and opportunity to suppliers across the provide access to United than just moreStates.”
showcases their users-testimonials and success stories on home page
right outtahas school the Pursuit
k A large networ s. er suppliers of manufactu te pe We might com invetors ow with Makers R ness for their busi designers
create a design plan create a brand profile exclusive events inbox/mail for users
Pursuit has the opportunity to provide more revenue producing work for manufacturers
key resources
manufacturing.
the established entrepreneur channels online website
suppliers
social media
cost structrue web hosting servers
online staffing - graphic/web, admins,Sevent design trictly planners, s w lo al e ic rv manager, marketing,se recruitment ost for a lower C of Goods
on ground events
revenue structure starters - $25 professionals - $105 service costs enterprise - $ask The holders money. advertising
ticket sales
user group. thespecific dreamer
the accidental entrepreneur
digital platforms connect Only help ith connections creatives wwith rs re u manufacturers manufact and
opportunity to
side action a more target
idea from This differes e nu ve Puruit’s re structure
All of our l entreprenueria e ar personas /in represented w ow Makers R
Pursuit has th e opportunity to provide a free service for creatives.
108 - pursuit | competitors
quirky Quirky is an online community and marketplace where creatives can suggest areas of opportunities, add design input, and get products produced. It a a great, quick
way for designers to gain experience and make a small amount of money without the burden of being an entreprenuer.
key partners
key activities
value prop
customer relations
customer segments
designers
collect ideas
designers
amateur designer
inventors
evlauate & categorize
inventors
engineers
public voting & comment
“We make invention accessible. We believe the best ideas in the world aren’t actually in the world... they’re locked inside people’s heads. We exist to solve that problem.”
experience-seeking designers
industry experts manufacturers community
manufacturing sale of goods
advisors advertisers buyers
key resources
channels
human capital
online
members - community
social media
online platform
distribution
cost structrue website infrastructure
revenue structure product sales
admins and experts
advertising
shipping and delivery manufacturing office operations, product design
right outta school side action the accidental entrepreneur
members
web deisgn and security
buyers
110 - pursuit | competitors
quirky insights Key Partners: Quirky sources a community of outside idea holders to create and share designs that are then capitalized by Quirky. Outside idea holders are essential to the Revenue Structure: Quirky produces the products designed on their platform and brands them as Quirky. Their revenue is based on product sales and designers get a small comission on sales. Value Proposition: In there value propsition, Quirky states “We believe the best ideas in the world aren’t actually in the world... they’re locked inside people’s heads. We exist to solve that problem.” Quirky forgets to mention that
Quirky business model. Pursuit will have to find a way to attract some of the same idea holders by creating a completely different experience than Quirky. Pursuit’s revenue structure is dependent upon a percentage taken from investments made by investors on idea holders.
their business model is dependent upon using idea holders ideas to generate capital. Pursuit has the opportunity to empower the idea holders and provide a service that isn’t built on stealing their ideas.
key partners
key activities
value prop
customer relations
customer segments
designers
collect ideas
“We make invention ets to accessible. believe Quirky forgWe eir at th tion ideasth menbest the in the ss model busine world aren’t actually n dependent upo inisthe world... they’re s using your idea tal pi locked inside people’s ca te ra to gene heads. We exist to has the solvePursuit that problem.” opportunity
desingers
amateur designer
inventors
experience-seeking designers sa
ers Outside design inventors e create and shar e engineers designs that ar by then capitalized industry experts rs Quirky. Designe are essential
manufacturers community
Pursuit will need members to find a way to attract some of the same creatives from Quirky
evlauate & categorize public voting & comment manufacturing sale of goods
key resources
Quirky is
humandecapital pendent upon th pect of their platform online platform
e community members - community as
to empower the idea holders and provide a service that isn’t built on stealing their ideas
advertisers buyers
the accidental entrepreneur
online Quirky has a ia med strong social ch hi w social media presence hes their custom
reac distribution er segments
revenue structure product sales
admins and experts
advertising Quirky produces the
manufacturing
office operations, product design
Pursuit will need to find a way to attract some of the same custormer segments from Quirky
channels
cost structrue website infrastructure
th an Quirky has bo and ce en online pres on ti ca lo web deisgn and security a physical uct od pr l where fina shipping and delivery designs are created
Quirky target e buyers lot of the sam ts en gm se customer . right outta school es do it u that Purs te ea cr ld This cou side action tion. direct competi
advisors
products designed on their platform. There revenue is based on their product sales.
Pursuit revenue structure is dependant upon a percentage taken from investments made by investors on creatives
112 - pursuit | competitors
yale entrepreneurial institute The Yale Entrepreneurial Institute is a university department that helps entrepreneurs and innovators at Yale start scalable new ventures with programs, workshops, events and funding. YEI is leading the effort to expand
entrepreneurship opportunities across Yale and to build an entrepreneurial ecosystem in New Haven, Connecticut, through partnerships with Yale’s schools, campus innovation centers and with local groups and business partners.
key partners
key activities
value prop
customer relations
customer segments
kickstarter - curated page
mentor
“Help Yale students and faculty start scalable new business ventures. We mentor innovators through ideation, proof-ofconcept and the business creation process.�
advisor
yale students
accelerator
faculty
investor
investors
SBIR - small business inovator research STTR - small business technology transfer
funding event workshop/training award - career advice
key resources
corporate partners right outta school side action channels
alumni
events
social expert
website
volunteers
on-ground
school fund donation cost structrue staffing - graphic/web, admins, event planners, advisors, designer manager, marketing, recruitment organizing events office operations rent & equipment charges - handled by school
revenue structure donation school budget
the accidental entrepreneur
114 - pursuit | competitors
yale entrepreneurial institute insights Key Partners: YEI has a partnership with Kickstarter and a currated page that assists creatives with getting initial funding. Partnering with an
established entrepreneurial platform could be an area of oppurtunity for Pursuit.
Revenue Structure: YEI is a not-for-profit and gets its funding from sponsors and school budget allotments, a luxury of a constant cash flow from the university. Pursuit does not have the luxury
of a constant cash flow from a larger institution. Pursuit will need to make a profit in order to stay in business.
Value Proposition: YEI mentors creatives through ideation, proof-of-concept and the business creation process. Pursuit has the opportunity to use
aspects of Yale’s service as a framework for mentoring its creatives.
key partners
key activities
value prop
customer relations
customer segments
kickstarter - curated page
mentor
“Help Yale students and faculty start scalable new rs entobusiness Yale m ugh ventures. thromentor creativesWe oof-ofinnovators ideation, prthrough t and the concepproof-ofideation, eation business concept andcrthe busiprocess ness creation process.”
advisor
yale students
Yale has a
SBIRpar - tne small rshbusiness ip with Kickst arter and a inovator research curated page
STTR - small business technology transfer
funding event workshop/training award - career advice
key resources alumni social expert volunteers
Pursuit has the opportunity to use ascepts of Yale’s service as a framework for mentoring its idea holders
investor
side action
events are YEI channels
office operations rent & equipment charges - handled by school
cted by
greatly impa website -campus having an on
on. on-ground physical locati
donation
organizing events
the accidental entrepreneur
channels
school fund
cost structrue staffing - graphic/web, admins, event planners, advisors, designer manager, marketing, recruitment
and nitially, Yale’s Pu similar, segments are investors ga with Yale havin en r segm t corporate smallepartners defined by the right outtascschool hool I er faculty rsuit’s custom
accelerator
revenue structure donation
at As a student ow kn Yale, you about YEI
rYEI is not-fo the school budget profit and has a luxury of flow constant cash ity rs from the unive
Pursuit does not have the luxury of a constant cash flow from a larger instituition. Pursuit will need to make a profit
116 - pursuit | competitors
1871 1871 ia a not-for-profit entrepreneurial incubator located in Chicago, IL. 1871 has a physical presence within the Merchandise Mart in the Loop that promotes and grows the startup community in Chicago.
1871 develops programs, establishes patnerships and runs projects that provide entrepreneurs with the tools they need to build successful, sustainable business.
key partners
key activities
value prop
customer relations
customer segments
mentors
education & inspiration session
“A community of designers, coders, & entreprenuers who learn from each other, encourage each other, and share a journey up the steep startup learning curve.”
“Come to a place where you can share ideas, make mistakes, work hard, build your business and, with a little luck, change the world.”
reserved member
partners investors
co-working space
developers customers friends
shared member night/weekend member designer & developer membership associate membership
key resources
channels
individual associate membership
physical space
website
right outta school
technology
tour
side action
sponsors
shared/collab workspace
the dreamer
members college startups cost structrue rent & equipment charges
revenue structure not-for-profit
staffing - graphic/web, admins, event planners, design manager, marketing, recruitment
sponsors reserved member $450 monthly shared $300 monthly designer & developer $300 monthly associate membership $300-$1500 individual associate membership $200
118 - pursuit | competitors
1871 insights Key Activities: 1871 is a unique incubator because it also serves as a co-lab workspace for users. This allows users to benefit from meeting each other in person and receive feedback and Revenue Structure: 1871 generates a lot of their revenue from users’ membership fees and co-lab workspace rent. Although co-lab spaces could potentially be a beneficial space for collaboration, with so many different membership options, it’s unclear how
advice from other users. Implementing physical co-lab spaces is a concept for Pursuit to keep in mind and consider for the future. much users truly interact with each other. 1871 offers a “nights and weekends” membership, but they are unlikely to encounter very many users during off-hours.
key partners
key activities
value prop
customer relations
customer segments
mentors
education & inspiration e session Pursuit has th
“A community of designers, coders, & entreprenuers who learn from each other, encourage each other, & share a journey up the steep startup learning curve.”
“Come to a place where you can share ideas, make mistakes, work hard, build your business and, with a little luck, change the world.”
reserved member
partners investors developers customers
opportunity to co-working co-lab develop aspace users r fo e spac d to interact an work together
friends
shared member night/weekend member designer & developer membership associate membership
key resources
channels
individual associate membership
physical space
website
right outta school
technology
tour
side action
sponsors
shared/collab workspace
the dreamer
members college startups cost structrue rent & equipment charges
revenue structure not-for-profit
staffing - graphic/web, admins, event planners, design manager, marketing, recruitment
sponsors
es Shared spac e th it lim ay m tion of reserved member $450 monthly collaboraif they users shared $300 monthly erent work at diff designer & developer $300 monthly times
associate membership $300-$1500 individual associate membership $200
120 - pursuit | competitors
founder dating Founder dating links users with expertise and desire to launch entrepreneurial ventures with like-minded individuals to create a partnering network. It is a digital
platform with the option for in person meetings after two parties have shown interest in working together.
key partners
key activities
value prop
customer relations
customer segments
members
screening applicants introductions
advisors
advice
showcases their users-testimonials and success stories on home page
engineers
entrepreneurs
“think of us as linkedin for entreprenerus�
designers investors
cowork
right outta school
meetups
side action
hackathons
the dreamer
accelerator
the experienced entrepreneur the investor
key resources
channels
online platform
online and onground
vetted members
testimonials
cost structrue
revenue structure
website infrastructure
$50 one time joining fee
admins and experts web deisgn and security office operations
the advisor
122 - pursuit | competitors
founder dating insights Key Activities: Founder Dating implements a system of screening applicants before they are allowed to participate in the service. Although this may limit their customer segment, it also ensures quality. Pursuit aims to be an open door for any creative to make their Value Proposition: Founder Dating simply describes themselves as “LinkedIn for entrepreneurs”. We believe comparing your brand to an existing brand is a recipe for distaster.
dreams a reality. We intend to implement a screening process of the ideas, instead of users. Pursuit also offers expert advising and remediation of ideas that aren’t up to our standards.
Pursuit differentiates their business model from any existing competitors and has developed a strong brand idenity from the beginning
Customer Relations: Founder Dating cleverly uses the success and testimonials of their previous users to inspire and attract new users. This allows users to connect and empathize with each
other’s stories. Pursuit has realized testimonials could be an excellent form of advertising in the future.
Customer Segments: Founder Dating is successful because it isn’t limited by industry or a certain type of user. In theory, all of the Pursuit personas would be interested in the services of Founder Dating. We realize this is a potential threat.
However, users will choose Pursuit over Founder Dating because of our free enrollment, expert advisors, and unrivaled community of idea holders and makers.
key partners
key activities
value prop
customer relations
customer segments
members
screening applicants
“think of us as linkedin for entreprenerus�
showcases their users-testimonials has the and success Pursuit stories on home rtunity to oppopage
engineers
entrepreneurs advisors
e Pursuit has th introductions to ty ni u opport adviceensure quality e by screening th cowork ideas that are submitted
meetups
hackathons accelerator
We believe ur comparing yo an to e servic is a existing one e ic o h c poor
by gain new users g sharing inspirin ies success stor
designers investors right outta school
Many of our
side action personas could benefit from the dreamer of the services
Founder Dating the experienced entrepreneur
the investor key resources
channels
vetted platform online members
online and onground
vetted members
testimonials
cost structrue
revenue structure
website infrastructure
$50 one time joining fee
admins and experts web deisgn and security office operations
the advisor
124 - pursuit | competitors
founder labs Founder Labs is a 5 week opportunity focused on the first phase of launching a mobile startup. Founder Labs markets itself as “something unique,� an experience and opportunity, not as an incubator.
Founder Labs is a select group of people with one common mission, to launch a new mobile venture. Not everyone succeeds but everyone gets an equal shot to try.
key partners
key activities
value prop
customer relations
customer segments
engineers
week 0 desing thinking & idea generation
“Founder Labs is a 5 week experience foucused on the first phase of launching startups in the mobile space�
encouragement
founders seeking cofounders
designers business/marketing mavens investors
week 1 lean startup lessons week 2 customer dev
guidence mentors
founders without an idea who want to join others
week 3 learn marketing week 4 raising your first round
right outta school side action
week 5 final demo night key resources
channels
mentors
online website
investor network
on ground events
online interface
social media
cost structrue web hosting space for 5 week program and associated costs (equipment, utilities, etc...) staffing - graphic/web, admins, event planners, design manager, marketing, recruitment
founders with ideas to validate
revenue structure $775 cost per person
the dreamer
126 - pursuit | competitors
founder labs insights Key Activities: Founder Labs is a physical workspace that holds workshops for entrepreneurs to meet each other and refine their skills They divide each learning outcome
into separate weeks to ensure the holistic development of their users. Pursuit may benefit from using a similar approach of “user stages” and checklists.
Cost Structure: Founder Labs benefits from having a physical location to use as a workspace, office, and multi-use space for events. Physical spaces may be an idea for Pusuit
to consider in the future. This would allow greater community outreach and offer more resources to our users.
Revenue Structure: Founder Labs’ five week program costs $775, which may be a barrier to entry for some users who don’t have enough money in the beginning. We have realized this barrier can be eliminated if Pursuit offers
free enrollment for creatives. This would allow to attract more users since people are generally more willing to try services that are free.
key partners
key activities
value prop
customer relations
customer segments
engineers
week 0 desing thinking & idea generation
“Founder Labs is a 5 week experience foucused on the first phase of launching startups in the mobile space�
encouragement
founders seeking cofounders
designers business/marketing mavens investors
l-organized weekW1 el lean startup system of lessons eir developing th s sers’ skilldev week 2ucustomer
guidence
founders with ideas to validate
mentors
founders without an idea who want to join others
week 3 learn marketing week 4 raising your first round
right outta school side action
week 5 final demo night
cost structrue web hosting
the dreamer
key resources
channels
mentors
online website
investor network
on ground events
online interface
social media
rsuit has the
Pu space for 5 week program and associated costs opportunity to (equipement, utilities, etc...) develop physical
r users
fo spacesplanners, staffing - graphic/web, admins, event design lla to co borate manager, marketing, recruitment
revenue structure $775 cost per person
e Very expensiv e. enrollment fe it This may lim n participatio
Pursuit has the opportunity to reduce barriers to entry by offering free enrollment
128 - pursuit | competitors
2x2 matrix This matrix shows our competitors and their relationships on continuums of networking - realization and commercial entreprenuerial. Quirky is a bit of an outlier in this matix as it is the only competitor
that is more commercial based. There is an opportunity to create a platform that is ralization (outcome based) and entreprenuer centric.
entrepreneurial networking social based
commercial
realization outcome based
Pursuit is a digital plaform that prepares creatives to launch successful start-ups through expert guidance and offers unique opportunities for investors and makers to bid on business concepts.
business model
134 - pursuit | business model
pursuit business model
applied from Osterwalder & Pigneur, “Business Model Generation,� 2010 Our business model incorporates a limited rollout to students of design and engineering schools first, in order to generate interest and populate our portfolio with concepts from trained - but inexperienced- designers and engineers.
Once a critical mass of users/members has been reached and operations require all advisory positions be staffed by full-time employees, we will open our service to the rest of the world.
stage one - share ideas Creatives upload all of their portfolio pieces on Pursuit. The user will then choose to pursue the start-up development process on his or her strongest work.
136 - pursuit | business model
stage two - zero in If an idea is pursued by the creative, advisors are paired with the user to make the idea “pitch ready.� This includes making a business plan, a budget, and performing user and competitor research.
stage three - “pitch ready” Once an idea is “pitch ready” investors are able to review the idea through the platform and place bids on ideas.
stage four - pursuit Once a bid has been accepted and a dollar amount has been agreed upon makers (manufacturers, suppliers, etc...) will have the oppurtunity to bid on producing product offerings.
stage-one
share ideas know us
for who
the college kid
what
show their portfolios
by
Pursuit online platform
unlike
unlike behance, Pursuit is focused on gaining university students. Each university will have their own currated page
why we do it
to strenghten Pursuit’s creatives user group to attract investors and manufacturers
138 - pursuit | business model
universtiy students
upload their portfolios
no pursuit see other work
stage-one detailed journey map
pursue next step
key partners
key activities
value prop
customer relations
customer segments
university
portfolio sharing
encourage
the college kid
career advisors
community for feedback & collaboration
“A collaboration space for college kids to show their portfolios by using the Pursuit online platform. Unlike Behance, Pursuit is focused on gaining university students. Each university will have their own curated page. This is done to strenghten Pursuit’s idea holder user group to attract investors and manufacturers.�
key resources online platform
collaborate showcase
channels college career advisors college lectures social media
cost structrue web design web hosting office space - including utilities travel staffing - graphic/web, admins, design manager, marketing, recruitment
revenue structure as Pursuit is free for creatives, there would be no money generated from the core offering until it is scaled some revenue will be generated from colleges for providing services for students
stage-one cost breakdown - insights
140 - pursuit | business model
We plan to perform as many functions as possible ourselves in order to reduce costs, but we will have to hire appropriate staff to maintain daily operations and provide customer services. The stage one figures include the neccessary equipment, facilities and staff to begin operations. In order to obtain this capital we will need to raise money through one or more rounds of investing.
Before moving onto stage two of the Pursuit business plan, we will need to reach critical mass. Critical mass has been set at 100,000 users. This number will tell us when our platform has been diffused and has the numbers to warrant additional services provided in stage two. We decided that selling advertising space would not provide a large enough return to justify the dilution of our brand.
stage-one cost breakdown
critical mass 100,000 users
equipment computers phones desks chairs color copier/printer office necessities
10 12 12 18 1
$25,000 $720 $6,000 $3,600 $3,500 $4,900
1 1 1 1 5
$27,000 $40,000 $40,000 $70,000 $250,000
employees administrative assistant website administration accountant attorney, IP founders facilities lease utilities cleaning web hosting
$20,000 $6,000 $12,000 $6,000
insurance general liability insurance IP infringement liability insurance
$3,646 $50,000
total stage-one costs estimated $556,366
stage-two zero in join us
for who
the college kid the right outta-school
what
become “pitch ready”
by
Pursuit online platform, and Pursuit advisors
unlike
unlike other platforms, Pursuit has certified professional advisors to assist creatives
why we do it
to strenghten Pursuit’s creatives user group by creating great portfolio pieces in order to attract investors & manufacturers
142 - pursuit | business model
pursue one idea
work with advisors
develop key materials
idea is pitch ready
stage-two detailed journey map
post final design concept
key partners
key activities
value prop
customer relations
customer segments
colleges
portfolio sharing
encourage
college kid
career advisors
community for feedback & collaboration
“A portfolio space for college kids and right outta-schoolers to show their portfolios by using the Pursuit online platform. Unlike other platforms, Pursuit has certified professional advisors to assist creatives This is done to strenghten Pursuit’s idea holder user groupby creating great portfolio pieces in order to attract investors and manufacturers.�
collaborate
right-outta school
showcase
advisors
Pursuit advisors
mentorship from Pursuit certified business professionals
key resources online platform professional advisors
cost structrue web design web hosting office space - including utilities travel staffing - advisors, graphic/web, admins, design manager, marketing, recruitment
mentor
channels college career advisors college lectures social media
revenue structure as Pursuit is free for creatives, there would be no money generated from the core offering until it is scaled
stage-two cost breakdown - insights As the number of future entrepreneurs and investors grows, we will need to create additional positions and hire more staff. In this stage, we introduce entrepreneurial advisors. These advisors will serve to assist creatives through their journey to developing “pitch ready” ideas. We will have five full-time advisors at $70,000 per year. Equipment for the new staff members is included in the budget for this phase.
144 - pursuit | business model
We feel that this level of staffing is appropriate for the number of members we will be servicing, however we will monitor customer service, satisfaction and success rates in order to determine effective staffing levels.
“Pitch Ready” addresses the following: -The Problem -How are you solving the problem? -Who’s on your executive team? -What is the size of the addressable market? -The management team & their backgrounds -Competitive advantage? -Who are the competitors? -What is your business model? -What is your financial model? -How are you going to make money? -What are your projections? -What is your exit strategy? -How are going to get your investors their money back?
stage-two cost breakdown
critical mass 500,000 users
equipment computers phones desks chairs office necessities
5 5 5 5
$12,500 $300 $2,500 $1,000 $7,622
1 1 1 1 5 5
$27,000 $40,000 $40,000 $70,000 $250,000 $350,000
employees administrative assistant website administration accountant attorney, IP founders entrepreneurial advisors facilities lease utilities cleaning web hosting
$20,000 $7,200 $12,000 $6,000
insurance employee health insurance general liability insurance IP infringement liability insurance
$44,000 $3,646 $50,000
total stage-one costs estimated $943,768 running total estimated cost $1,500,134
stage-three pitch ready create value for who
the college kid the right outta-school the side action the dreamer
what
work is reviewed by investors and bids are placed
by
Pursuit online platform, Pursuit advisors, Pursuit investors
unlike
unlike other platforms, Pursuit has certified professional advisors and investors
why we do it
to bring our creative’s pitch ready ideas to investors and have ideas get funded
146 - pursuit | business model
work is reviewed
investors review work
investors bid on idea
creatives review offers
stage-three detailed journey map
try crowdfunding accept funding bid
key partners
key activities
value prop
customer relations
customer segments
colleges
portfolio sharing
encourage
college kid
career advisors
community for feedback & collaboration
“A portfolio space for young entrepreneurs to show their original ideas by using the Pursuit online platform. Unlike others, Pursuit has certified professional advisors to assist creatives and certified advisors to bid on ideas. This is done to strenghten Pursuit’s creatives user group by creating great portfolio pieces that are pitch ready and need to be funded�
collaborate
right-outta school
showcase
side action
mentor
the dreamer
invest
advisors
Pursuit advisors Pursuit investors
mentorship from Pursuit certified business professionals bidding from investors
key resources online platform Pursuit advisors Pursuit investors cost structrue web design web hosting office space - including utilities travel
staffing - advisors, graphic/web, admins, design manager, marketing, recruitment
channels
investors
college lectures social media direct marketing to investors design conferences host pitches
revenue structure Pursuit will charge investors a subscription fee ($250) and take 3% of any investments made
stage-three cost breakdown - insights In stage three, we add five more entreprenuerial advisors and five part-time designer advisors (a job that we were performing up until this point in time). This change influenced the equipment, and most importantly our office space. In order to accomodate the new hires we will need to expand our office to double the size of stage one and two. These changes are reflected in our cost break down. During stage three, Pursuit starts to recognize an operations revenue stream for the first time. Based on our research, accredited investors (qualified) have $1 million in net worth and $200,000 individual income. The number of potential angel investors in the US is 4 million.
148 - pursuit | business model
In 2008, approximately 225,000 people invested about $19 billion in 55,000 deals, for an average of $345,000 per deal. 35,000 of those were small businesses.
In the first year, we plan to sign up 4.5% of current angel investors, or 10,000 investors, at $250 each for a total of $2.5 million per year for access to our designers and founders. When a investment is made, Pursuit will retain 3% of the investment. Being conservative, if the average investment using Pursuit is $250,000 we will retain $7,500 per deal. If we assume 250 deals will be made within a calender year (0.5% of total deals made in 2008) using Pursuit, we will recognize $1,875,000 in revenue from investments. This number, coupled with 2.5 million from subscription fees, brings our total gross revenue to $4,375,000.
FAQs About Angel Groups. (2014, January 1). Retrieved February 28, 2015, from http://www.
stage-three cost breakdown
critical mass 250 investments
equipment computers phones desks chairs office necessities
7 7 7 7
$17,500 $420 $3,500 $1,400 $9,400
1 1 1 1 5 5 10
$27,000 $40,000 $40,000 $70,000 $250,000 $182,000 $700,000
employees administrative assistant website administration accountant attorney, IP founders design advisors - part-time entrepreneurial advisors facilities lease utilities cleaning web hosting
$40,000 $12,000 $12,000 $6,000
insurance employee health insurance general liability insurance IP infringement liability insurance
$76,000 $5,000 $50,000
total stage-one costs estimated $1,542,220 running total estimated $3,042,354
stage-four
pursuit
create profits for who
the college kid the right outta-school the side action the dreamer
what
bring their ideas into fruition
by
Pursuit online platform, Pursuit advisors, Pursuit investors, realization
unlike
unlike other platforms, Pursuit has certified professional advisors that help make ideas pitch ready for investors and connect successfully funded ideas with manufacturers
why we do it
to strenghten Pursuit’s creatives user group by creating great portfolio pieces that are pitch ready and need to be funded, and in turn make a profit
150 - pursuit | business model
accept funding bid
receive maker bids
accept maker bids
start producing offering
stage-four detailed journey map
bring offering to market
key partners
key activities
value prop
customer relations
customer segments
colleges
portfolio sharing
encourage
college kid
career advisors
community for feedback & collaboration
“A portfolio space for young entrepreneurs to show their original ideas by using the Pursuit online platform. Unlike others, Pursuit has certified professional advisors to assist creatives and certified advisors to bid on ideas. This is done to strenghten Pursuit’s creatives user group by creating great portfolio pieces that are pitch ready and need to be funded”
collaborate
right-outta school
showcase
side action
mentor
the dreamer
invest
advisors
Pursuit advisors Pursuit investors manufacturers
mentorship from Pursuit certified business professionals bidding from investors bidding form manufacturers key resources online platform Pursuit advisors Pursuit investors
cost structrue web design web hosting office space - including utilities travel staffing - advisors, graphic/web, admins, design manager, marketing, recruitment
channels college lectures
investors manufacturers
social media direct marketing to investors design conferences host pitches
revenue structure Pursuit will charge investors a subscription fee and take 3% of any investments made Pursuit will charge manufacturers a subscription fee
stage-four cost breakdown - insights
152 - pursuit | business model
At this stage, we dont plan on adding any more staff, as our employees should be able to service the customers we have aquired. However, if volume requires changes in staffing levels, we will respond accordingly.
We also hope to sign up 3,000 manufacturers at the same rate, creating total revenues from subscriptions of $5.1 million per year during this phase.
stage-four cost breakdown equipment office necessities
$9,400
employees administrative assistant website administration accountant attorney, IP founders design advisors - part-time entrepreneurial advisors
1 1 1 1 5 5 10
$27,000 $40,000 $40,000 $70,000 $250,000 $182,000 $700,000
facilities lease utilities cleaning web hosting
$40,000 $12,000 $12,000 $6,000
insurance employee health insurance general liability insurance IP infringement liability insurance
$76,000 $5,000 $50,000
total stage-one costs estimated $1,519,400 running total estimated $4,561,754
intellectual property
154 - pursuit | intellectual property
intellectual property
applied from ProperCounsel, “Intellectual Property Fundamentals Quick Reference,” 2015 We understand the need to protect the IP of our members and will employ attorneys with expertise in IP to guide members through the process of attaining whatever trademarks, copyrights and patents nec-
essary to ensure the successful defense of any challenge to their rights as creators. Additionally, we will assist with legal activities required to protect our members’ work and the companies we help launch.
Trademark To protect the Pusuit name brand and logo a trademark will be used. “A trademark is used in commerce to identify and dis-
tinguish the goods of one manufacturer or seller from those of another and to indicate the source of the goods.”
Copyright To protect the process used to help idea holders launch successful startups, Pusuit will copyright said process. “A copyright is protection granted to authors of original
works of authorship that includes the right to reproduce, distribute, prepare derivative works, perform, and display the aforementioned copyrighted work.”
Non-Disclosure Agreement To portect the intelectual property of our users/members and Pursuit, we require all vistitors to our website to read and sign a non-disclosure agreement before viewing
any designs. “A NDA is a contract by which a person agrees to not disclose any information shared by or discovered from the use of confidential information.
Non-Solicitation Agreement To protect Pursuit from investors and manufacturers poaching idea holders and work found through the use of Pursuit, and sidestepping the platform a non-solicitation agreement will be enforced. “A non-solic-
itation agreement is a contract by which a person agrees to refrain for a specified time, from enticing employees or customers away from a company or employer.
marketing channels
156 - pursuit | marketing channels
marketing channels Our marketing channels are specifically related to the individuals we need to reach. The primary groups aim to communicate with are the creatives who have ideas and the investors who can help take those college advisors/university talks In order to reach the college kid and the right outta school personas, university lectures will be given on our product, informing them of the Pursuit platforms social media In order to reach all of our creative personas, Pursuit will employ social media, such as Twitter and LinkedIn, as
ideas to market. In order to reach these different user groups, multiple channels will be employed to communicate our message.
and why they should be using it. Also, we will use college advisors as change agents to encourage students to use the platform for opportunities outside of school. a communication tool to inform the user groups.
conferences/trade shows In order to reach all personas, Pursuit will attend and speak at design conferences, Tedx talks, and trade shows. Conferences do a great job of bringing like minded people
together all at once. Attending conferences that attract our user groups will allow us to diffuse the platform to opinion leaders in the field.
direct maketing In order to reach investors, Pursuit will directly contact angel and venture
capitalist investment groups through email and presentaions on location.
hosting pitch events In order to convince investors of the quality of Pursuit, pitches will be hosted that bring investors and creatives together and allow
for in-person presentation of ideas. The pitches would be open to public, bringing in more potential users.
The Experienced Maker trad
e sh ows sor/ emp loye e ne tw
advi
ork
The Investor
The Successfully Crowdfunded
158 - pursuit | marketing channels
direct marketing advisor/employee network
edia m l a ces soci n e r fe con n g desi
The Side Action
dia
e ial m
soc
n esig
d
es
enc r e f
con
college
ia social med pus visits m a c / s r o is v ad
The Right-Outta School
social med
ia
college ad
visors/cam
des
soc
ign
pus visits
The College Kid
ial m
edi
a fer enc es
con
The Dreamer
exit strategy
160 - pursuit | exit strategy
exit strategy After Pursuit achieves an annual revenue stream of $10+ million, we will look to sell Pursuit to a crowdfunding platform such as Kickstarter or a venture capitalist firm for a minimum of $500 million.
revenue without having to build the Pursuit platform from the ground up. Pursuit already has an established user base and process for achieving success, Kickstarter could easily implement this after purchase.
A company like Kickstarter or a VC firm would be interested in purchasing Pursuit based on the opportunity to expand the secondary offerings of their business and in turn increase their market share and
Pursuit’s primary investor, who invested $4.6 million will expect a return of 10:1, equaling a $46 million return. The founders would then split the rest of the money, finishing out to around $91 million per.
prototyping
162 - pursuit | prototyping
prototyping In order to visualize what the Pursuit platform might look like and how it might function, four different homepage mockups were created and feedback was gathered.
creatives, advisors, investors, and manufacturers. Also, a combination of high design was a plus, especially for attracting creative users.
One thing that became evident was that the website needed to communicate to four different user groups very quickly;
Along with website prototypes, office space renderings were created as well as business cards and letterheads.
164 - pursuit | prototyping
166 - pursuit | prototyping
168 - pursuit | prototyping
170 - pursuit | prototyping
172 - pursuit | prototyping
174 - pursuit | prototyping
176 - pursuit | prototyping