"Wanderlust" Entrepreneurship Project by Business of Art + Design

ELLIE WINSLOW

YOUSAF EJAZ

BENJAMIN BARNETT

Meet the Team

Ellie Winslow Virginia, Massachusetts, Florida Business of Art + Design Major Sophomore

Yousaf Ejaz Pakistan, Canada, Florida Business of Art +Design Major Sophomore

Benjamin Barnett California Visual Studies Major Business of Art +Design Minor Fine Arts Minor Junior

The Beginning Our group originally was called Future View and planned on making â&#x20AC;&#x153;Smart Windowsâ&#x20AC;? for art based universities and schools. Smart Windows combine liquid crystal display (what computer and phone screens are made of) as well as opacity changing technology, integrated into a window that can be used like television, whiteboard, and computer screen. Our value proposition was to help art and design universities who want to be a leader in technology and creativity, by providing them with a product that eliminates the need for separate wall space and multiple technologies, and reducing the struggle for adequate lighting, all while reducing costs and waste.

What Happened This concept was invalidated based on our environmental research. It would cost billions of dollars to produce, host many production and legal issues, and currently, there is no existing market for a product like this. We came up with a totally new concept.

Our New Vision To reinvent the travel planning process for individuals who are thrill seekers and adventure takers.

Where We Ended We are a travel based website that sends our patrons on a vacation to a mystery destination.

Final Value Proposition Wanderlust breaks people out of their routines and brings variety and adventure back into their lives by sending them to a mystery destination they may never have chosen for themselves. Unlike companies like Pack Up + Go, Wanderlust helps people with adventurous attitudes who want to be enabled to be more spontaneous and gain more life experiences. Sending them to a mystery location at a price they want, all while having their travel planning process be customizable to them is the foundation of our business. Our goal is to bring fun and enjoyment back into their lives through vacations, and giving serial vacationers a destination they may never picked or thought of.

01 Questionnaire 02 Travel

How It Works 1) 2) 3) 4) 5) 6)

03 Experience

8) 9)

Our customers select when they want to fly. How long they want their vacation to last, up to 2 weeks. Whether they want to go local or international. How many people are going. How much they want to spend, with a price minimum for both local and international flights. Whether they want us to book them a hotel and how much they want to spend on it, with a price minimum. They fill out a personality assessment which tells us about their lifestyle and vacation preferences. They select how close to their flight they want to find out the location. We send them an email with their tickets and hotel reservations and their mystery location is revealed.

The Process How we went from Future View to a travel company, and how we worked to validate our assumptions and build our business model canvas.

1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 17) 18) 19) 20) 21) 22) 23) 24)

Prototyped Future View. (5 members, 5 versions BMC 1.1 - 1.5) Chose and updated a Future View BMC to move forward. (BMC 2) Performed an environment scan that invalidated Future View. Came up with a new idea. Prototyped new idea “Wanderlust.” (3 members, 3 versions) (BMC 3.1 - 3.3) Chose a Wanderlust BMC to move forward with. (BMC 4) Surfaced top 5 environmental assumptions. Performed an environment scan. Completed a business model environment map. Wrote an industry overview. Wrote a competitor analysis. Updated our canvas based on insights from environment scan. (BMC 5) Surfaced top 5 assumptions about customers. Performed customer interviews. Updated our canvas. (BMC 6) Collected more data via survey and finished customer interviews. Created customer personas. Surfaced top 5 assumptions about customer actions. Performed 2 MVPs and measured results. Updated our canvas based on the insights from our MVPs. (BMC 7) Finalized the business model canvas. (BMC 8) Surfaced final assumptions. Proposed 3 MVP’s with pass/fail criteria and costs. Identified what we learned through this process.

Prototyping Future View/ Smart Windows 5 Members 5 BMCs: 1.1 - 1.5

Business Model Canvas 1.1 Samsung- can help with research and development and manufacturing Hospitals like Tufts Medial and other teaching hospitals Medical Tech Conventions -MPO Summit -American Medical Device Summit -MEDICA -Device Talks West

Designed For: Future View Prototype

Technology research Technology development Product manufacturing Product maintenance Product shipping Customer service Selling the product Promoting the product

Shipping Warehouse Website Manufacturing facility Salesmen Installers Maintenance workers Service team Cooperation with hospitals

Research and development Material costs Production costs Shipping cost Maintenance costs Employees salaries Convention costs Travel expenses Website costs.

Convenience because you are able to control multiple devices with one

Personal, 24/7 customer care and technicians are available by phone or website

Reliability because of around the clock support

Check-ins after installation and then per request

Saving time because you do not need to switch devices

Email Ratings after 6 months

Embracing change since medical professionals try to constantly invent new solutions to problems. Being trendsetters because it looks better for hospitals and is a status symbol

Date: 10.6.18

We are targeting research and teaching hospitals. Important to them: -Innovation -Research -Accuracy -Reliability -Helpfulness -Timeliness

-Website -Going to medical conferences -Going to technology conferences -Salesmen -Shipping

Asset Sales- purchasing equipment Installation fee- putting the equipment in Teaching fee- teaching the staff to use it Upkeep subscription fee- pay a fee to get 24 hour maintenance

Business Model Canvas 1.2

Hotels -Ritz Carlton -Luxor

Designed For: Future View Prototype

-Tech research -Software development -Hardware developers -Sales team -Marketing team

Status symbol for Hotels

Personal relationship

Lets people to check in and book hotel luxuries from one screen.

Date: 10.6.18

We are targeting luxury hotels

Can display advertisements and promotions and the amenities the hotel has

Shipping Warehouse Website Manufacturing facility Salesmen Installers Maintenance Upkeep workers Service team Research and development Material costs Production costs Shipping cost Maintenance costs Employees salaries Convention costs Travel expenses Website costs.

-Showroom -Web Sales -Shipping -Website- Chatroom -Service Team

Asset Sales- purchasing equipment Installation fee- putting the equipment in Teaching fee- teaching the staff to use it Upkeep subscription fee- pay a fee to get 24 hour maintenance

Business Model Canvas 1.3

Colleges -Arizona State University -Northeastern University -Ringling College of Art and Design

Designed For: Future View Prototype

-Tech research -Software development -Hardware developers -Sales team -Marketing team

Manufacturers

Shipping Warehouse Manufacturing facility Salesmen Installers Maintenance Upkeep workers Service team

Research and development Material costs Production costs Shipping cost Maintenance costs Employees salaries Convention costs Travel expenses Website costs.

Can be a teaching tool that integrates all existing technologies and helps with lighting Is a status symbol among universities to be the most technologically advanced college. Saves space in the classroom and time and helps bring light into the room

24/7 Customer support Personal worker who the company interacts with always.

We are targeting colleges and universities

-Showroom -Web Sales -Shipping -Website- Chatroom -Service Team

Asset Sales- purchasing equipment Installation fee- putting the equipment in Teaching fee- teaching the staff to use it Upkeep subscription fee- pay a fee to get 24 hour maintenance

Business Model Canvas 1.4

Amazon- Alexa Best Buy Samsung

Designed For: Future View Prototype

-Tech research -Software development -Hardware developers -Sales team

South by Southwest

Shipping Warehouse Manufacturing facility Salesmen Installers Maintenance Upkeep workers Service team

Research and development Material costs Production costs Shipping cost Maintenance costs Employees salaries Convention costs Travel expenses Website costs.

Convenience Status symbol Simple to use Embracing chance Envisioning the future Innovation

Personal assistance

The 1% of wealthy individuals

-Showroom -Web Sales -Shipping -Website- Chatroom -Service Team

Asset Sales- purchasing equipment Installation fee- putting the equipment in Teaching fee- teaching the staff to use it Upkeep subscription fee- pay a fee to get 24 hour maintenance

Business Model Canvas 1.5

Amazon- Alexa Qualcom Microsoft

Designed For: Future View Prototype

-Tech research -Software development -Hardware developers -Sales team -Networking

Google

-Improving employee morale -Innovative thinking for innovative businesses -Simplifying daily tasks -Time efficiency -Space efficiency -Centralizes devices

24-7 support through live chat 24/7 phone support -Interaction with customers in show rooms

Date: 10.6.18

Businesses -Wall Street -Tech Companies -R&D labs -Think Tanks -Forward Thinking companies.

-Showrooms -Websales -Shipping -Website- Chatroom -Service team -Business conventions -Tech conventions

Asset Sales- purchasing equipment Installation fee- putting the equipment in Teaching fee- teaching the staff to use it Upkeep subscription fee- pay a fee to get 24 hour maintenance

Future View BMC To Move Forward BMC 2

Business Model Canvas 2

Designed For: Future View

Date: 10.6.18

Performed Environment Scan 1) 2) 3)

Hypothesis Experiment Results

01 Hypothesis

We Assumed 1. 2. 3. 4. 5.

We would be able to integrate an LCD screen into electrochromic glass. Our windows would meet weight requirements. The screens will be able to access the internet. Universities would want them. There is a way to manufacture these windows according to labor laws.

We Scanned the Environment

Experiment

We Found 03 Learn

Our idea was undesirable because many of our assumptions were invalidated. The technology is available but extremely new and faulty. Our designs would end up being too heavy and not meet construction laws. It would cost billions of dollars to manufacture, and there is no established market and no indication of a present need for this technology.

We Came Up With A New Idea We decided to start from scratch instead of pivoting since all prototypes we had were deemed unfavorable because it was the environment that was the issue.

We prototyped our new Idea Wanderlust 3 Members 3 BMCs: 3.1 - 3.5

Business Model Canvas 3.1 KAYAK Cheap-O-Air Southwest Expedia JetBlue AirAsia

Designed For: Wanderlust Prototype

-Finding deals on international flights -Finding deals on local flights -Finding deals on hotels international and local -Sending envelopes

-People to run and update the website -Hotel tickets -Plane tickets -Sending envelopes

Plane ticket purchasing Hotel reservation purchasing Shipping/mailing Advertising Website and App cost Salary

Helps adventurous people be enabled to take spontaneous flights and allow them to gain more life experiences by giving them plane tickets to a location they are interested in, and customizing their travel plans to them.

Get: Website and social media presence. Keep: Website with a chat box for 24 hour customer support. Coming Back: reward programs are available

Awareness: Ads on Youtube, Hulu Evaluation: Website and App Purchase: Website and App Delivery: Email and over the App the tickets After Sales: Customer forum on website and blog

Subscription Advertising on website

Date: 10.11.18

Millennials 24-34 Mostly Males in US cities Adventurous attitude with disposable income Jobs: They live a mundane lifestyle and they are willing to take exciting opportunities involving culture. Functional: Would rather have someone else plan their vacations for them Social: All about experiences and stories and being able to brag to their friends. Emotional: Their scopes are limited to where they have been. Gains: Hope to have trips planned for them. Pains: Planning takes time and effort.

Business Model Canvas 3.2 -Logan International Airport -Other international airports -Fuel company

Designed For: Wanderlust Prototype

-Running an airline -Running the website -Working with different countryâ&#x20AC;&#x2122;s airports

-Fuel -Airplane -Air traffic schedule -space at an airport

Fuel Maintenance Renting space at airport Workers Website Advertising

Helps adventurous people be enabled to take spontaneous flights and allow them to gain more life experiences by having a subscription based airline that brings travelers to a new destination with flights twice daily.

Get: Website and social media presence. Keep: Website with a chat box for 24 hour customer support. Coming Back: reward programs are available

Awareness: Ads on Youtube, Hulu Evaluation: Website Purchase: Website and App Delivery: Email and over the App the tickets After Sales: Customer forum on website and blog

Subscription Advertising on website

Date: 10.11.18

Millennials 24-34 Logan International Airport Adventurous attitude with disposable income Jobs: They live a mundane lifestyle and they are willing to take exciting opportunities involving culture. Functional: Donâ&#x20AC;&#x2122;t want to book, they just want to fly. Social: All about experiences and stories and being able to brag to their friends. Emotional: Their scopes are limited to where they have been. Gains: Be more spontaneous Pains: Planning takes time and effort.

Business Model Canvas 3.3 -Drop shipping -Packagers -Travel influencers

Designed For: Wanderlust Prototype

-Drop shipping -Finding materials -Assembly

-Drop shipping capability -Booklet maker -Designers -Information seekers -Items from different locations

Drop shipping Item cost Assembly cost Design cost Salary website

Helps people who want to learn more about different cultures and countries by sending them a subscription box of items and facts from different countries each month including a booklet about food, ceremonies, tourist attractions, history, and fun facts.

Get: Website and social media presence. Keep: Website with a chat box for 24 hour customer support. Coming Back: Discounts after extended use.

Awareness: Ads on Facebook Evaluation: Website Purchase: Website Delivery: Drop shipping After Sales: Blog

Subscription Advertising on website

Date: 10.11.18

Baby Boomers 54-65 In rural areas in the US Stay-at-home culture seekers Jobs: They donâ&#x20AC;&#x2122;t travel anymore but want to learn. Functional: They want to learn. Social: All about being aware and having knowledge of interesting locations. Emotional: They want to broaden their minds Gains: Lean more without leaving home. Pains: Cultural information is not as interesting when you seek it. They donâ&#x20AC;&#x2122;t have a clear set of information.

Wanderlust BMC To Move Forward BMC 4

Business Model Canvas 4

Designed For: Wanderlust

Date: 10.14.18

Surfaced Assumptions About Environment 1. 2. 3.

Hypothesis Experiment Results

10.15.18 1. 2. 3. 4. 5.

The travel market is desirable to enter. There are no laws against buying and distributing plane tickets. There are ways to get cheap airline tickets. Airlines partner with travel agents to provide cheap tickets. A travel based subscription model has been shown to be desirable and feasible in the travel industry.

Environment Scan 1. 2. 3.

Hypothesis Experiment Results

Business Model Environment Map 1. 2. 3.

Hypothesis Experiment Results

“The middle-class emerging adults voraciously consume exploratory experiences in the present with their imagined future selves in mind,” The older Millennials and Generation Z gets, the more money they make, and they rather spend on experiences than things.

Segments for most growth include middle-upper class millenials working in big cities such as New York or Boston. They have the money and since these cities are on the east coast and get their fair share of cold weather, they want to vacation. Customers can always find a better deal, that’s just the truth. However, the algorithm we are developing ensures the best deals. Our company revolves around saving the consumer time. Because sometimes planning the actual vacation is so much of a chore that it deters people from actually going on vacation. Customers are willing to pay for things that save time, look at Uber, Postmates, and airbnb. Millenials are more likely to stay loyal to brands who have honest and genuine company culture, that combined with great service will keep customers coming back. Loyalty was an incredibly important factor when we were working on a subscription model, but now we think the novelty of the idea could potentially be a one time thing for some customers.

Customers want experiences, not things. Especially our target market. Heineken’s Ad campaign illustrates this extremely well, especially with the feedback they received after the fact. Unsatisfied customer needs have to do with comfort on airlines. They want legroom and space and due to the price, it may discourage them from flying all together.

2.7% of the GDP is attributed to tourism. The economy in this industry is in a boom phase with a revenue of $39.8 billion. The unemployment rate for travel is 4.9% in the US, the unemployment rate has decreased to 4% indicating that the consumers themselves are for the most part employed. The level of capital intensity is low, and for every dollar of wages, .03 is spend on the use and replacement for capital, and industry is exposed to little capital costs. There are an abundance of leading investors for venture & seed capital. Public funding is little to none. Credit is available but harder to get. If you appeal to the investors correctly, it is easy to get funding. The way online booking companies make money is they buy tickets and reservations in bulk and get discounts for them. It is extremely important to use the best flight search engines and befriend budget airlines and buy in bulk. It will be difficult at first to make these relationships, but, tickets in general are easy to attain, it is the cheap tickets that is a little different. Tickets domestically have an average of $379 while international tickets range from $300-$1000 Prices are projected to remain steady for the next few years. The income for our target segment, Millennials in the North East age 24-34 per year on average is $54,492. We are looking at people who do not necessarily need to look extremely closely at prices, these people can afford to not necessarily be glued to the lowest price. They spend a lot on housing because they live in more urban areas and because they are working so much, spend on necessities more than they spend on entertainment. They will splurge and buy big ticket entertainment items however this is not a routine purchase due to the busy lives they live. They like to travel and will travel and spend on these types of things. They do this routinely, or at least would like to and will be willing to save up for those trips.

Agencies have been forced to adapt to new technology and internet in order to remain relevant and profitable. This includes online booking and communication. Yelp and Google have basically eliminated the need for actual travel agents, so we need to be aware and not have travel agents as a base. We instead need to start with technology. Also, travel apps are becoming more important, not just a website. People adapt better to apps. The American Society of Travel Agents produced a compliance handbook and members need to answer to the US Department of Transportation. Restrictions are mostly on advertising and pricing. There is predicted to be more regulations for online companies and data selling in the coming years, but as of this moment, there are no regulatory taxes that will directly affect the demand of the customers. Different generations have different ways of viewing travel and culture. It is important to adapt to the values of the target audience and be sure that all of the booking methods is appropriate for them. People are beginning to value cultural experiences over products in terms of vacations people are not beginning to more likely be going on tours than museums. Also, social media has influenced people to take trips and people often are inspired to go places where other people have been. The income for our target segment, Millennials in the North East age 24-34 per year on average is $54,492. We are looking at people who do not necessarily need to look extremely closely at prices, these people can afford to not necessarily be glued to the lowest price. They spend a lot on housing because they live in more urban areas and because they are working so much, spend on necessities more than they spend on entertainment. They will splurge and buy big ticket entertainment items however this is not a routine purchase due to the busy lives they live. They like to travel and will travel and spend on these types of things. They do this routinely, or at least would like to and will be willing to save up for those trips.

Our direct competitor is “Pack up and Go”; they offer clients a fully planned 3 day weekend with a surprise destination. Our Indirect competitor is a company called “Journy”. They plan vacation itinerary. The advantages of Pack Up and Go is that they are catering toward people who are only traveling within the US and only 3 days. Journy’s clients get to have more input in the planning process which provides the company with more information. Journy has a daily fee cost structure with a 25 dollars a day plan and a 50 dollars a day plan. Pack up and go focuses on a more bohemian millennial customer segment. Journey focuses on a demographic more similar to ours. They focus on millennial with disposable income, they primarily cater to newly weds. One new entrant is a company called Trveler. Trveler does something very similar to what we do but does so by means of a subscription plan. They are not off the ground and have been attempting to launch for 4 years now. It is unknown what planning stage the company is in or weather it still exists at all. If it does turn out to be a failed venture we can learn from their mistakes.

One thing we need to be cautious about is that many people enjoy planning trips themselves. This makes companies like expedia.com and booking.com indirect competitors. Using websites like these is more affordable for the consumer because they don't have any additional costs for booking the trip. These services don't offer what we offer to our clients, the spontaneity of going somewhere and not knowing where. These websites put the consumer in complete control of where they go, where they stay, and what airline they are taking. Our business definitely stems from services like these that opened up the idea of being able to book travel online without having to go to a physical travel agency. Online travel agencies (OTA) are on the rise, the 2 biggest being Booking Holding Inc. and Expedia group. Our business model is not reliant on these other players because they cater towards a demographic that likes to plan things themselves. Newer companies like these should definitely be considered as potential competitors if any decide to pivot into travel planning. The larger companies as of now are much more profitable as their has been a substantial rise in online travel booking in recent years. The airline industry will definitely influence our business in regard to how they price their tickets. Our customers will directly be impact by how the airlines price their tickets. The lower the airlines charge, the lower we can charge our customers. Hotel companies will also be stakeholders because we will be increasing the number of potential guests visiting various locations.

Industry Overview 1. 2. 3.

Hypothesis Experiment Results

5% Growth 2013-2018

$42 Billion

53,589 Businesses

Travel Agencies in US According to Ibis World, Travel Agencies in the US is â&#x20AC;&#x153;The industry that sells, books, and arranges travel accommodations for general public and commercial clients.â&#x20AC;? Includes online booking and travel reservation sites

Success Factors 1) 2) 3) 4) 5)

Becoming a buyer/marketer group. Having a clear market position. Having appropriate pricing. Provide services for a variety of locations. Adapt to current to technology.

Trends 1) 2) 3) 4) 5)

The industry will be purely online by 2023. Major market are leisure and corporate travelers. This industry has close ties to the airline industry and is semi- dependent. Demand for niche travel is increasing. Expedia is the heavy hitter of this industry.

PESTEL Social is the most important environmental factor because as peopleâ&#x20AC;&#x2122;s attitudes towards culture and travel increase or decrease, so does the demand for a travel agency. Technology, Legal, Political, Environmental, and Economic growth follow in that order of importance .

Competitor Analysis 1. 2. 3.

Hypothesis Experiment Results

Direct Competitor

Indirect Competitor

Pack Up + GO Sends customers to a mystery location for 3 days in the US. CSF 1) Strong relationships with it’s “Boho” niche target market. CSF 2) Controls it’s reach to only be US. CSF 3) Strong customer engagement due to the utilization of vlog videos.

Journy Customizes activities for vacationers for a specific location. CSF 1) Strong personal relationship with every client due to trip designers. CSF 2) Niche market of honeymooners. CSF 3) Flat cost structure for services so every client gets same treatment.

Trvler Future Competitor

Has not launched; subscription based plane tickets CSF 1) Subscription model means repeat customers. CSF 2) Niche market of serial travelers CSF 3) Different plans for different tiers of subscribers.

Insights & BMC Updates 1. 2. 3.

Hypothesis Experiment Results

Insights from Environment Scan 1) 2) 3) 4)

5) 6) 7)

The travel industry is favorable to enter due to growth. We are able to buy and sell tickets legally. Airlines partner with travel companies and provide them with discounted tickets. Algorithms that are cookie free can find the cheapest plane tickets, which is what the industry heavy hitters like Expedia use.. For the Millennial generation, price is one of the most important aspects of trip planning. Due to a pattern of companies that have shut down, a subscription model is undesirable. There are many levels of spontaneity and the Millennial generation likes things customizable to them.

Business Model Canvas 5

Designed For: Wanderlust

Date: 10.20.18

Surfaced Assumptions About Customer Problem 1. 2. 3.

Hypothesis Experiment Results

10.15.18 1. 2. 3. 4. 5.

Our target market has disposable income that they will use to take leisure trips. Our target market has time to take trips. Our target market wants to take a vacation to a location they donâ&#x20AC;&#x2122;t know ahead of time. They do not want to plan their own trips. They would pay for a service that chose their leisure trip destination.

Performed Customer Interviews 1. 2. 3.

Hypothesis Experiment Results

Millennial Customer Interviews Customer Interviews Experiment

6 as of 10.22.18 1) 2) 3) 4) 5) 6)

Katie Bigda Jim DeZutter Rey Mahmood Riley McLean Kloud Dial Erin Kelly

Insights from Interviews 1.

Insights Results

2. 3. 4. 5.

They take both leisure trips and many work trips, and want a break from planning their own fun. They are interested in going to a new location. They are dedicated to specific airlines and do not use cheap flight databases. Planning is not the hard part for customers. Deciding where to go and actually going is the biggest pain point.

Business Model Canvas 6

Designed For: Wanderlust

Date: 10.29.18

Gathered More Data 1. 2.

Survey Finished customer interviews

Survey 18 questions, 170 responses asking about travel habits, preferences, and background.

Insights 1. 2.

3. 4.

College students (ages 17-23) look like a prime candidate. There is a correlation between people who take 6-10 vacations a year and their interest in an unknown location destination. It has been confirmed by surveys that we need to be able to book hotel tickets. It has been indicated that a flat $50 charge is reasonable and we should give them a list of activities, but we do not need to plan their activities.

30 Customer Interviews

10 Ellie

10 Yousaf

10 Ben

Millennials

College Students

1. 2. 3. 4. 5.

Katie Bigda Jim DeZutter Angela Alfano Justin Corsillo Dequota Wilson

1. 2. 3. 4. 5.

Scott Schoenike Allyssa Ellie Matthew Corsillo Loren Almazan Alex Tullo

1. 2. 3. 4. 5.

Rey Mahmood Riley McLean Alexsys Bernal Brandon Traina Hunter Snyder

1. 2. 3. 4. 5.

Hassan Zeidan Paul Meyers Noah Demanjo Bryan Bennett Ryan Ramos

1. 2. 3. 4. 5.

Kloud Dial Erin Kelly Steve Folts Paolo Occhino Kelsey Rae Vines

1. 2. 3. 4. 5.

Ada, Meff Jessica Lopez Lilly Braman Erika Lipari Vincent Llorent

Created Customer Persona 1. 2.

Millennials College students

Millennial Justin Dial

Profile Age: 25 Occupation: Marketing for Adidas Relationship Status: Single Family Wealth: Wealthy Location: Boston, MA Tier: Frequent Traveler Archetype: Adventurous Attitude with Disposable income Justin works as a marketer for Adidas in Boston, MA. He often travels for work and enjoys traveling for pleasure. He tends to take 6-10 leisure vacations a year and he has run out of interesting locations to go to. He really wants to go someplace new that he will enjoy, yet is still new, exciting and spontaneous. While the booking process is easy, it is not something he looks forward to. He would rather get cheap flights so he can spend more money on activities at the destination. He finds locations from recommendations on Instagram. Since he has to plan his work trips, he would like to catch a break and have someone else plan his leisure trips so he can just sit back and enjoy them.

Millennial Justin Dial

Personality Extrovert Sensing Thinking Judging

Introvert Intuition Feeling Perceiving

Goals 1. 2. 3.

Take trips to locations he would not normally think of Take a break from planning their own fun. Be able to experience more cultures

Frustrations 1. 2. 3.

Having to plan their own enjoyment Having to figure out schedules and times Budgeting

Millennial Justin Dial

Motives for Travel 1. 2. 3. 4. 5.

Sense of adventure Escape daily routine Cultural experiences Bragging rights Visit friends and family

Travel Priorities 1. 2. 3. 4. 5.

Safety Works with schedule Price Length of flight Comfort of flight

Travel Steps 1. 2. 3. 4. 5. 6. 7. 8.

Identifies location Identifies dates Gets recommendations Researches Finds flight Finds hotel Finds transportation Finds activities

Gen Z Loren Corsillo

Profile Age: 21 Occupation: Student at Columbia Relationship Status: In a relationship Family Wealth: Wealthy Location: New York, City, NY Tier: School Break Traveler Archetype: Spontaneous with nothing to lose Loren is a student who works all year round. She travels every time she has a vacation for school because it is the only time off she has in her schedule. She loves taking trips with friends and will hardly ever travel for leisure alone. The destination does not matter as much as who she is with and the experiences she gains. In terms of planning, she is more like to take cheap travel options so she can splurge while at the location. Coordinating with friends is very hard for her as well as budgeting. Price is high priority and naming what she wants to spend is beneficial. She wants a way to visit places she would never think of and yet would still like and find completely fascinating.

Gen Z Loren Corsillo

Personality Extrovert Sensing Thinking Judging

Introvert Intuition Feeling Perceiving

Goals 1. 2. 3.

Take trips to locations he would not normally think of Gain more life and cultural experiences Connect with friends while taking a break from work

Frustrations 1. 2. 3.

Budgeting Coordinating with friends Planning every aspect of the trip

Gen Z Loren Corsillo

Motives for Travel 1. 2. 3. 4. 5.

Sense of adventure Escape daily routine Cultural experiences Bragging rights Visit friends and family

Travel Priorities 1. 2. 3. 4. 5.

Price Works with schedule Safety Length of flight Comfort of flight

Travel Steps 1. 2. 3. 4. 5. 6. 7. 8.

Identifies location Identifies dates Gets recommendations Researches Finds flight Finds hotel Finds transportation Finds activities

Surfaced Assumptions About Solution 1. 2. 3.

Hypothesis Experiment Results

11.05.18 1. 2. 3.

4. 5.

People would be willing to be spontaneous and take a trip to an unknown location. People have time to take a trip. People will go to the location our company tells them, not wanting to change or cancel based on the location we give them. That people will be willing to go through the entire personality quiz. That people will be willing to take an input their data into our survey.

Performed 2 MVPs 1. 2. 3.

Hypothesis Experiment Results

MVP 1: Pop Up Event on Campus Tests: 1. Willingness to go to a mystery location. 2. Have the time to take a â&#x20AC;&#x153;tripâ&#x20AC;?. 3. Will go to their location and not change. Method: Students get assigned a mystery location on campus to go to. and we track if they get there. Results: 1. 15 people participated- less than we anticipated because of external factors of: a. Freshman registration b. Raining 2. 14/15 went to the location they were assigned. 3. 2 people stopped but did not have time.

MVP 2: Wizard of Oz Test Tests: 1. Willingness to go to a mystery location. 2. Would go to their location and not change. 3. Go through whole personality quiz. 4. Willingness to input personal data. Method: Participants fill out personality quiz and we assign them a location and ask if they are happy with the location. Results: 1. 32 people participated- more than anticipated. 2. 32/33 were happy with destination. 3. Average level of spontaneity among participants was 6.8 out of 10.

Business Model Canvas 7

Designed For: Wanderlust

Date: 11.19.18

Finalized BMC Our BMC to date

Business Model Canvas 8

Designed For: Wanderlust

Date: 12.06.18

Surfaced Final Assumptions Whatâ&#x20AC;&#x2122;s left to test

12.9.18 1. 2. 3.

4. 5.

Customers will trust enough to insert their credit card information and pay. Influencers will want to partner with us and vlog about our services and their experiences. That the channels we chose (Instagram, Hulu, Spotify, YouTube, Snapchat and Twitter) will be the most effective in reaching our customer segment. That airlines would be interested in partnering with us specifically and give us discounts. That people will use our preview location option and pay the $30.

3 Proposed MVPâ&#x20AC;&#x2122;s To test our final assumptions

Proposed MVP: Influencers Tests: 1. Influencers will be willing to actively promote us. 2. Consumers will respond to YouTube marketing. Date: February 2020 Type: Influencer marketing experiment with landing page MVP. Location: The location will not be predetermined. It will be the ideal location for each influencer to go based on their questionnaire answers.

Proposed MVP: Influencers Needs: 1. 3 influencers for the college student customer segment. 2. 3 influencers for the millennial customer segment. 3. A box ($1 each) to send to the influencers with: a. Promotional items ($10) per influencer. b. Tickets ($260-$650) per influencer. c. Information about their surprise destination Recommended packing list. d. Hotel lodging ($150-$250 per night) per influencer. Projected Price: Cost will be relative to the locations the influencers are sent as flight costs vary. The average cost of a U.S. domestic flight ranges from $260-$350 but can be as high as $650. Each influencers trip could be budgeted to approximately $3,000 dollars per influencer and trip duration could be adjusted to keep cost per influencer consistent. This would leave the total cost of the MVP at approximately $18,000.

Proposed MVP: Influencers Pre Execution Phase We will contact 6 travel lifestyle influencers, 3 for each customer segment. They will be offered an all expenses paid trip to a mystery destination determined by their questionnaire responses. This will be provided in exchange for regularly posted daily vlogs throughout the trip as well as a minimum of one Instagram post per day. Promotional packages will be sent to each influencer who participates that will include their tickets, hotel reservations, information about their mystery destination, a suggested packing list, and some promotional items. They will be expected to open the box on camera and post it to their YouTube channel.

Proposed MVP: Influencers Execution Phase The participating influencers will open their promotional packages on camera to start the campaign. In the following videos they will document their travel process and make promotional statements about Wanderlust in their content. They will then document the duration of their vacation and make daily vlog posts to YouTube. Each upload is expected to be a minimum of five minutes each, with links to the Wanderlust website in the description. They will also make a minimum of one daily Instagram post related to their wanderlust trip. Post Execution Phase We will assess the website traffic generated by consumers clicking the link in the influencers descriptions. Engagement on Instagram posts related to the trips will be evaluated. It will be then determined if there is a spike in potential consumer interest in Wanderlust as a result of the multi influencer campaign.

Proposed MVP: Influencers 1.

Success Measure: Website traffic to have a 50% increase during the duration of the campaign to determine whether or not YouTube influencer marketing is a successful means of increasing website traffic. 25% increase in sales as a result of the influencer campaign. This will validate that not only do customers seek further information as a result of influencer marketing, but a substantial percentage decide to pay for Wanderlustâ&#x20AC;&#x2122;s services.

Proposed MVP: Startup Video Tests: 1. Customers will engagement with a startup video posted on social media. 2. Facebook is a channel that will be effective for gaining a customer base. Date: April 2019 Type: Startup Video Location: Online Needs: 1. Wanderlust business Facebook account. 2. Facebook ads ($50 per day) for 2 weeks. 3. Video.

Proposed MVP: Startup Video Projected Price: $50 per day, $700 total. Pre Execution Phase: Wanderlust would create a startup video in house. We would then create a business Facebook account and a page to represent the company. Execution Phase: We would upload our startup video to the Wanderlust Facebook page and begin paying for Facebook advertising. The cost of advertising on Facebook varies depending on how many people you are hoping to reach and what filters you have in place to better target your customer segment. (CPV) Cost Per View for Facebook video ads is approximately 30 cents. We will run our video through Facebook advertising for two weeks spending $50 per day. Viewer engagement will be monitored throughout the two week duration of the experiment.

Proposed MVP: Startup Video Post Execution Phase: We will review the Facebook user engagement over the two weeks. Success Measure: 1. We get a post reach of 5,000 and a post engagement of 2,000 people. 2. At least 500 people share the video.

Proposed MVP: Preview Option Tests: 1. If customers will use and engage with the preview option. 2. If Facebook will generate customer engagement. Date: January 2022 Type: Feature testing mixed with Wizard of Oz Location: Online Needs: 1. Same quiz as previously Wizard of Oz Test. 2. Someone to come up with locations and send them to the customer.

Proposed MVP: Startup Video Projected Price: $14, the price of the survey company software Pre Execution Phase: Wanderlust would post a link to the information collection on Facebook. We will edit the original Wizard of Oz test to include at the bottom a button saying thereâ&#x20AC;&#x2122;s an option to see and change potential locations. Execution Phase: Customers will fill out their information and take the personality assessment. We will add a button at the bottom saying to pay for the option to view 3 locations we could potentially send them, and they have the option to change the location to ensure their happiness telling them it would cost money if it was real. If they select the button, our employees will send them 3 locations with the option of changing them an unlimited number of times. Once they lock in, they will be send the final destination.

Proposed MVP: Startup Video Post Execution Phase: We will review the data will how many people chose the option to view the locations. Success Measure: 1. Of the 250 people we measure, 100 people will select the option to view. 2. Of the 100 people who view, 75 actually change the location options we give them, indicating that it is useful to have for the people who use it.

Closing What we learned, if we think it is a viable business, and our final thoughts

Final Thoughts We learned the startup process, from brainstorming, surfacing hypothesis, testing assumptions, and learning and adapting based on those findings. We learned about business canvas models as well as environment maps and how to use them. We learned that it takes patience and true dedication to see a business through and to not be afraid to pivot because it sometimes is necessary. We learned that having a very strong idea and being close to the problem helps in creating a startup because the passion drives you forward to keep going. We believe this could be a viable business. With Uber and Air B+B, the travel industry is changing and growing, and generation z, a group who values culture and travel gains more purchasing power, they will need to spice up their travel lives. The startup process is very challenging yet more easily attainable than what we once thought. By breaking each week down in steps, we understood that there really is a process which helps make it easier.

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