Not Your Typical Startup Pitch Session

Welcome. Welcome everybody. My name is Lucy and I want to say a good morning, good afternoon and good evening to all our guests from all around the world. So I see some amazing places, people joining us from Colombia, from Philippines, Venezuela, Sydney, Australia. Great. I'm so glad we're still able to meet even though I know Sydney is heading into sort of some tight restrictions there. So I feel for you guys. I'm. My name is Lucy and myself based in melbourne and it's 11 o' clock here in the evening so I won't be joining everyone for that long. But I just wanted to get in on the fun and welcome everybody here and be a part of it. Today is very special to our team because it is coaches assessment center pitch session where 10 teams from around the world will be pitching for everyone and where you have an opportunity to vote on it as well. So, so today has been months and months in the making. So I'm very excited to share with you what the team have been doing and get you to see what an evidence based presentation actually looks like. So we here at Strategizer do things a little bit differently. So we'll take you through the process and show you exactly what we mean by that. So welcome everybody to our pitch day. So before we start, little bit of intro, a little bit of background about the team. We started this process over four months ago and over 200 teams submitted the application to go through a rigorous discovery sprint process. 10 were selected and the 10 that you see today will be the ones presenting to you as well. Here are the startups from all around the world. They actually spanned from five different continents, 12 different countries, many, many different time zones, and even some teams collaborating across three different time zones. So you can imagine how hard that has been and challenging as well, and pretty unique for the teams as well. These here are our industries, ranging all the way from finance to fintech to platform and even some that have created a startup in response to Covid as well. So Covid has been a really interesting situation, a trigger almost for the startup world because the constraints also breeds creativity. So I'm really excited to share with you guys what some of the teams have done due to Covid as well, and the fact that they've had to test and experiment and we always tell them to get out of the building and test with their customers. That hasn't been easy to do in the virtual setting. So kudos to the teams for the amazing work they've been able to achieve so far and they'll be able to share their story with you as well. And here I'd like to introduce our Strategizer team as well. Here we have our panelists, David Bland, who's the co author of the best selling novel, bestselling book testing business idea. Shamira Miller, one of our illustrious senior coaches. Alex Osawada, founder of Strategizer and Tendai Vicky as well, author, best selling author and one of our top coaches. And Jonas Moss, who has been the brains and the brawns behind this program, our program director. We will be completely lost without him. So thank you so much Jonas for guiding us and the team through for the last few months as well. And of course I'll be remiss to not thank our amazing coaches. So these 10 coaches have sweated blood and tears and gone on through this roller coaster ride with the teams themselves. Each coach have been dedicated to one particular team, coaching them through for the entire process, 12 week process, as well as helping them pitch and present their idea to everyone here today as well. So big round of applause to all the coaches and the hard work they've put in for the last few months as well. And of course I wanted to share with you guys the Strategizer team, all the people in the backstage that can make today and the entire Sprint process possible. Sarah, who's our customer, success manager and also our Zoom pilot, she'll be there and at times hidden behind our clock countdown, Akshay and Mathieu who is joining us from all around the world, India and Canada and myself here in Australia as well. So when I said to you guys this today, the presentation have been months in the making, I wasn't quite exaggerating because the teams that we had vetted actually gone through a pretty strenuous discovery Sprint overview. So it's a 12 week process to allow them to actually go through a rigorous testing and design process for 12 weeks in order to present their idea, which is all around evidence. So firstly we had our first week of kickoff, then we had two weeks of using strategizers, methodologies and tools to really shape their idea and build their business model from the ground up as well. And then they had around eight or nine weeks of real world testing. So everything they do, everything they show you is based on evidence that they've gone out and tested and verified with real customers as well. They spent a couple of weeks synthesizing and evaluating and really hone in on the work they had done to bring a stellar presentation. And last and why we're here today is they really need to show us and of course investors as well in the future how to make fact based investment decisions and how to present their idea based on evidence. So we always say that a good idea here is not good enough. Anyone can have an idea, but it's really how you prove your idea and how you test and verify it in the real world that really matters to us. And we'll show you what exactly that looks like. So everyone here joining us, you won't just be a passive viewer, we want you to be involved and we want it to be as interactive as possible. So please get out your mobile phone and scan the QR code or go to mentee.com and put in this eight digit code 2 967-8580. Take your phone out, scan it and this will actually allow you guys to vote on the teams as well. A couple of different voting. Every single team you get to vote on one criteria on. And also we'll be doing a quiz as well in between. So we try to make it interactive and keep you engaged and make sure you're paying attention. So please take out your phone and scan this minty QR code. So before we move on and I hand over to Alex, I just wanted to quickly run over sort of what we mean by an evidence based presentation. Typically when you present in front of investors you probably only have at best 8 to 10 minutes for maximum impact. I'm sure everyone has seen those sort of pitching shows, Dragon Den and so forth and we really wanted to grab investors attention. So we actually came up with a structure, a framework of how to present an eight minute pitch for impact and how ours is a little bit different here you see that we really wanted to focus on customer insights and idea prototyping and really focus on the evidence you're going to present. So this is something I myself and a part of the content team have been working on in over the last year. We really wanted to this to differentiate because we don't want the only the idea to speak for itself but really want the evidence to shine. And that's the point of the presentation here today. We've been honing it and working with the team to really make sure that they allow the evidence to really shine through. And so this is what the presentation template will be all based on today. So now I'd like to hand it over to Alex to explain to everyone. Well, what does that actually look like? How do you actually evaluate teams and innovation projects based on evidence?

Thank you Lucy for kicking us off and I'm just quickly going to Explain to you not the pitch per se, which Lucy already gave you the structure for, but what on the other side, when you're an investor or you're a decision maker in a company, what you need to judge, which also means what the team needs to focus on. And the key here is to shine your spotlight not on the idea first, but on the evidence first. So we're going to look at evidence based presentations and what that means. But let me go back first to this whole startup and innovation process. Now, companies that don't follow this and this together with David, this is our favorite victim, David Bland here, co author or lead author of Testing Business Ideas. We like to use this example of Quibi. So some of you might remember Quibi as a startup that was to a certain extent going to disrupt Netflix, right? So they optimized online viewing of little chunks of videos like Netflix, but for the mobile phone. Now, this was a very well funded company with a very smart management team and that was probably why they failed. So the people behind it were here, Meg Whitman and Jeffrey Katzenberg. Meg Whitman used to be CEO of eBay, big company Jeffrey Katzenberg, Hollywood phenomenon with Disney for a very long time. And they raised over $1.7 billion. Now, what's the problem when you raise this much money? Because we always think, oh, startups is about an idea and raising money. The problem is that when you have the money, you actually are at risk of building something nobody wants. So the more money you have, the bigger the risk you'll fail. We'll see how a real startup should do it nowadays. Because when they actually started this, I was wondering, okay, this is lean startup movement. Is that actually over? Because this team seemed to raise a lot of money, but they went bankrupt and they sold off the remaining assets they have. So this thing here actually represents that. This quote from Scott Cook represents what we don't want. Investing in PowerPoints, investing in spreadsheets, investing in charismatic founders that can make you believe, but without evidence behind it. So what we're going to look at very quickly, Startup Journey, what Lucy already talked about a little bit, it's going from idea to business. And traditionally we would write a business plan, but business plans are the best way to maximize the risk of failure. What you want to admit is that this is a chaotic process. And at this process here, we can tame it. We should actually structure it in terms of testing and adapting your idea. Because the hard part in startups in innovation is not the idea, it's adapting the idea until you have a value proposition. That customers care about and a business model that can scale based on the evidence that you find in the market. So this is the search and testing phase, right? What Steve Blank and Eric Ries started to make big this whole idea of the lean startup, customer development, Lean startup. And then only do we go to execution. Now, what's the principle here that we admit we have no clue. If an idea is going to work, risk and uncertainty is at its highest. So as a startup founder and as an innovator, your only goal is not to build something, it's actually to reduce risk and uncertainty. How do you do that? With experiments. Cheap ones first. Fast and cheap. With a little bit of money. And then the more you learn, actually, often the more you fail, the more you learn, the more you can invest. And that's exactly what these teams did. The question, of course, is now, how do we understand if the teams are making progress by looking at these four angles of risks. Desirability, feasibility, viability and adaptability. And testing this with evidence. So what do we mean with experiment? What do we mean with evidence? So I'm going to quickly just give you a teaser because we want to focus on the teams. So this is one example where a team would go out and present a customer profile in an interview to real customers and ask them, are these really the jobs that you have? Are these really the pains that you have? Are these really the gains that you have? And if you want to learn more about this, you can go to testing business ideas and to value proposition design. So evidence then is if a certain number of people said they have exactly this job, pain or gain, that's one type of experiment. A more sophisticated type of interview. And here, real example from Colgate that did this in the strategizer workspaces, they would go talk to customers and look at one real customer profile after the other. Second type of experiment, value scenes. So rather than building something, they would show them a value scene. They would say, hey, here's a moment of need. I have pitch day tomorrow. Which team should I fund? So a real moment of need and then showing, what is the problem today? What's the challenge? Oh, it's hard to name which team is going to make progress. Which team am I going to invest in? I don't really know. So this is a moment of need with a specific problem and then you start to present the solution. What if you had this amazing platform where you could see how the teams are working and if they have evidence? So I'm presenting a solution to you that I haven't even built.

Right.

Incidentally, the Strategizer platform does some of this. Right. We're looking at the Strategizer Coach Assessment center incubator. And then you can ask yourself, what is the real response? Do people face this type of moment of need? Do they need this type of solution? Are they already looking for solutions like this? So without building something, you already started to test the desirability of your solution and you capture all of that evidence in a workspace or in a spreadsheet. And this is what we're going to look at the evidence that the teams present.

Okay.

So all of this is very well described and that's why we have David with us today. So thanks for joining David in the whole experiment library of the book Testing business ideas. So you can see all the different types, 44 experiments for discovery. So early stage and for validation later stage. This is what the teams went through early stage. Right. Rule of thumb, they started out with discovery. They went for very cheap and fast early experiments. We don't expect them actually to build anything. And the more they know, the more we want them to increase confidence with more experiments. And they always pick the cheapest experiment that can go fastest and cheapest, giving the strongest experiment, until in this case, they had a deadline to present to all of you.

Okay.

And the goal is always to reduce uncertainty as much as possible without building something. So now let's get to the scoring. This is what we're going to do in the panel and this is what you're also going to do as viewers. So let's look at this. We have experiments here. Okay. And we have the different type of risks we're going to look at. So how can we measure the evidence? We're going to keep it very simple. We're going to. In the background, the panelists have this scorecard. You can actually Google it. Innovation Project scorecard from Strategizer, where we look at four dimensions of risk. Desirability, do people want it? Do they care about our value proposition? Feasibility, can I build it? Viability, can I make more money from it than I spend? And adaptability is the timing right, the context, legal, etc. So we're going to look at four type of risks. But here's where it gets interesting. We are going to score the evidence that they bring to the table to show if there's desirability, feasibility, viability and adaptability. And this is where you need to pay attention. This is actually a big breakthrough in the whole lean startup movement where we can score the level of evidence, of course, the lowest score is they're pitching an idea. Their idea looks amazing, they have a great spreadsheet, but they have no evidence means no confidence. And today, investors invest increasingly in evidence and the team how it can generate that evidence. They don't care as much about the idea per se, because great teams, they will adapt the idea based on evidence. That's key. So let's get to level one. Okay, what's the first level of evidence? The first level of evidence, very simply, light evidence from what people tell us, what they say. So I showed you this customer profile. I put it in front of people. They tell me, I have this job, pain and gain. Okay, I want to go to the gym, I want to work out. Okay? But that's what they say. And we know notoriously, people don't do what they say. They might not want to lie to you, but, you know, it's not quite sure. Same thing here. I showed a value scene. I made my solution tangible. They're still telling me they're interested, but because they're using an artifact here, a very light one, could actually be a video, could be something that you built. You can't interact with it yet, but it makes the solution more tangible. This means it's level two because it's what people say, but based on a real representation of what your value proposition could be. And it doesn't just need to be for customers. It could also be for the supply chain or for people making technology. When you make this solution tangible, people from the supply chain or developers can more accurately estimate feasibility. So this is not just for customers. Okay, but then we want to move beyond what people say. What's the next level? So called call to action experiments. You get people to do something because doing is stronger than saying, remember I talked to you about the gym? Well, I'm in this program I should be working at every day. And I thought I said, oh, okay, of course I'm going to do that. There's no chance. I have this great pitch event. I want to watch 10 teams. I don't know how. I don't have any time for jump roping and that stuff. So how can we get people to do something to prove to us that they're interested? Here's an example of what we did for our virtual masterclass. So we actually put up a landing page. We first sent out an email, and then we sent them to a landing page and we asked them to click on a button. This is so called call to action. Call to action. And People might tell you they're interested to go to your virtual masterclass, but it's only when they click, or even better, when they pay. But we'll see. That's another level of evidence when they do something that we can start to believe them. So that is light call to action. Signing up with an email, clicking a button, I can easily do that. So it's just light, but it's better than just saying, what's the next level? The next level is when the call to action is stronger. There's more skin in the game. In business to business, that would be a letter of intent. They're signing a document. It's not legally binding, but it's a lot more than just clicking on a button. Okay, so now we're at level four. Or here's what Tesla did, some of you might know for their first car. Another example that David and I like to use in our virtual masterclass, Tesla. For the Roadster, their very first car, they already tested interest. You know how they created this club where hundred people could sign up and make a deposit for the car. First club, you know how big the deposit was? $100,000. So if somebody makes $100,000 deposit, they're pretty interested, even if they're millionaires. Okay, so that's a strong call to action. It'd be the same thing for our virtual masterclass if people make a deposit of maybe $1,000. Same thing.

Right?

But then there's even better. What's Level 5? Level 5 is when people don't even know that this is an experiment. Okay, so here they knew, okay, this is early stage. This is like early adopters. Not everybody's going to make a $100,000 deposit for a car. They don't even know it's going to be delivered. So it's pretty clear this is not yet a real world situation. But level five is a real world situation where customers don't even know that you're experimenting. And Zappos is one of the famous examples, right? Where was acquired later on by Amazon shoe store, where famously, the founders, they put up a website and behind it they were receiving orders, but people didn't know it was all manual. They would take the order, go buy the shoes, go to the post office. So absolutely not scalable. But for customers, it looked real. It looked as if this website had launched. Okay, so this is so called wizard of Oz experiment. That's level five, where you're testing something where it looks and feels real, but you still haven't built it necessarily. So you can get to level 5 evidence without building something and that's super important. But all that was just desirability. Okay? All that was just desirability. We'd need to do the same thing for all of these. For all of these. That's what testing a business idea is about. Now, in this first 12 weeks, the teams couldn't test all of this in 12 weeks. There's no chance you can do this. And if you say you are, you're lying. Right? Because it's a lot of experiments. But what you can do is already start to test viability. Maybe in this first series where you're focusing on customers and value propositions, you could already ask people about their willingness to pay. Have you ever bought a similar solution? How much have you paid? So we're not asking would you pay? We're asking, have you? That's a fact. So we already can get some first evidence and if I show maybe a representation of my value proposition, I already get to level two. Okay. But you can't go much further. That would be very, very ambitious in the first discovery Sprint. So evaluating evidence is scoring the type of evidence that people bring to the table in startups and innovation teams. Now, what we're going to do behind the scenes, just so you see, if we would do this with a real corporate team and we'd have business decision makers, in the first Sprint, we would just look at customer and value proposition, not even viability to a certain extent, because that's already pushing the boundaries a little bit too much. So what the panel is going to do behind the scenes is going to score all of these. We're just going to ask you to score maybe one per team. Okay? So that's what evidence based presentations and evidence based investments are about. You have a panel that scores the evidence, not the idea per se. And this is fundamental. This is a gigantic shift for corporations and for startups. We are investing in the evidence levels, not in the idea per se. And you'll say, well, what about the teams? Well, the teams are the ones to test ideas and adapt the idea until you have a great value proposition in business model. Okay, so evidence and team, that's what we're focusing on here. And we have some phenomenal teams presenting. Now we're going to focus on the startup world here with these five levels of evidence. We do exactly the same in the corporate world.

And with that, are we ready startups to start pitching? Alex. Thank you, Alex, for this brief explanation. Thank you, Lucy, for the sharing. And while team one is getting Ready. That's Kim and Petronella from Cordi fio. Please panelists, do get ready to assess your green hat and yellow feedback to give the teams in a while. I see that Kim's already sharing. We're going to hear our first and a very interesting pitch from the health industry from two passionate co founders. That's Kim and Petronella. So whenever you're ready, Kim and Petro.

How many of you know the pain of losing someone dear to your heart because of an out of the blue heart attack? I do. My mom lost her life because of a misdiagnosis. And did you know that the number one killer of women, more than all cancers combined is heart disease? And 50% of women following a heart attack get misdiagnosed. Why is that? Women present atypical symptoms when it comes to heart disease. Today I'm honored to introduce to you Cordifio our personalized heart risk report that helps women who want to be taken seriously about their health condition by addressing the risk of misdiagnosis and empower them to to have informed conversations with their doctors to accelerate the path to early detection in cardiology. Time is muscle. We obviously care about women and the survivors can act as our advocates. Then women who are curious to know if they have heart risks. This group is our real focus for impact and then the healthcare systems, the doctors who don't have time to explore the patient's problem and insurances who could reach a lot of women in their customer base. To understand this space, we got seriously out of the building via Zoom and started talking with potential customer segments. We held 60 plus interviews, run experiments with more than 400 participants and we've been traveling the world across five crazy time zones and so on. So what does our patient need? Her main jobs to be done are to have peace of mind and to be taken seriously when she has an issue. But she doesn't know that she has any risks or even the right way to describe her complaints. She wants to feel heard by her doctor and if there's a disease, to catch it early. So we tested. We discovered that in general, women do find their relationships with their doctors as rushed and they can feel easily dismissed. 70% did not know about heart risks in women and they're interested. From 200 survey respondents and two focus groups in Switzerland and Norway, we got 75% pre signups. That's a huge conversion. For those who didn't know about heart risk, we confirmed they would pass that information on to their networks as a value proposition. We want to Give the patient a self guided risk assessment tool. The resulting report would help doctors spot the red flags and probe deeper. She reduces her chances of misdiagnosis for cardiac disease. And it gives her the confidence to assert herself. Something she is not used to doing. To test this, we simulated the app with 10 volunteers who had real upcoming doctor appointments. So we interviewed them and manually created their personal reports. And we were stunned. One of them got referred to a cardiologist for a serious checkup. That for us was success. So we have a fit now to make it viable. In our initial business model, cannabis, we'll focus on our front stage. We have a patient who wants to know if they're at risk. They'll get a risk report using our web app through self service. This helps their doctor with early detection. For the patients, we wanted to be free. So where would the money come from? We thought family doctors, good patient experience would help them with expanding their practice. They could pay a subscription to use the app and view a patient's report. Improving productivity. 25 interviews later no. Unless everything was integrated into their systems, they weren't interested. We focused on health insurance. Early detection leads to lower costs. Right. And if they can provide the service to all of their patients, we get instant users. We provide a consulting service through an account manager and a licensing fee. But three interviews in and they said not yet. They want to see a critical mass before using it first. So we're parking them for later. Back to the patients, if not for free. How do we grow the space and generate income? We actually learned through our surveys that patients and survivors were worried about someone else in their circle more than themselves. This revealed a new customer segment. The at risk relative. During our tests, two of the 10 volunteers instantly referred us to a mother and sister in law. Even if they were healthy. If only for peace of mind. So we can use trust based referrals to grow our base and the relatives get peace of mind. We could charge a yearly fee. All these are granular findings, but our vision is global and we are tapping in a huge market. Our TAM is one plus billion active women on social media and half of them users of health apps. We believe we can reach 20 million over the next few years. The opportunity here is great. Just in our base case scenario with a B2C model, we plan to touch on 14 million users at an average fee of 25 Euro. With a projected revenue of 350 million. And the assumptions. We've also included the churn and referred relatives and the acquisition strategy. We are following this by Forging partnerships with women survivors and we've spoken with many of them, doctors associations and with fintech solutions like my sisters as well as influencers. One day would love to get Lady Gaga. Our goal is to acquire a user base of 1 million by 2024 with aggressive user acquisition and with those loyal women, it's time to scale up and shake hands with health insurances to deliver them low cost and greater customer satisfaction. That will be translated into free app usage and low insurance premium for the insured women. We'll capture value from insurances through licensing fee. Our scorecard has improved because we gathered evidence through the various engagements, the feasibility, secure new members and advisors and the viability. Some women and men are ready to pay between 20 and 80 Euro. Over the next few months we will run email and social media campaigns as well as split test and mock sale to verify willingness to pay. Now that we got you excited, we'd like to mention our direction to secure at least one proof of concept by next year with 5,000 paying customers. Also, we're seeking 700k funding. We have three asks from you all. Is anyone here interested in joining us as a CTO and can you support us with advice and contacts? We need your expertise on regulations and compliance and Hapstet's willingness to pay. And lastly, are you curious to find out about your actual risks? Then scan this code or take a screenshot now quickly, because a limited surprise for the first 70 people that sign up together, help us save your loved ones, your mums, wives, sisters, daughters and friends. Thanks to you and our supporters in stopping unnecessary loss of life like my mum's. Together we are determined to make women's hearts bit longer.

Thank you Petronella and Kim, well done. I'm just in time. So while we start sharing the mentee option, please everybody in the audience start assessing this team Corey FIO on understanding their customer through experimentation, through testing with us while we do so. Team Confu Iwi, please get ready to pitch and the panelists please go online into our workspace to share your green hat and black and yellow feedback for Codifio that we will be sharing in a couple of minutes. Kim and Petro, well done. Start breathing.

I'm impressed by the timing. It was like it was on the millisecond.

Are they Swiss? So from the audience we're already learning that they're pointing you at a 3 level of customer understanding that that's very good for a discovery sprint. And I think that most of them agree that you have gathered evidence through experimenting with prototypes and even with call to actions. So well done. Let us give the coaches, the panelists a little more time to we're now going to hear Kon Kiwi's speech. They are part of a fintech and on a finance industry from Latin America. Their team is spread out between Mexico and Europe and they have gathered lots of evidence and I don't want to spoil it. So Alberto and Emanuel, whenever you're ready, just go ahead. Thank you very much Jonas. Okay, Imagine that you have everything to succeed, but no one believes in you. Unfortunately, that is the reality for Jose Luis who sells orange juice on the street, and for another 600 million micro merchants over the world who are struggling to earn enough for today without the certainty of knowing if they will have enough for tomorrow. That is why Kiwi has been helping micro merchants in Mexico since 2015 to grow their businesses with peace of mind by enabling them to accept car payments, access to tailored loans, and to provide extra services like airtime and bill payment to the consumers. And we've been doing all that just by intuition. Yeah, we got 10,000 customers using our intuition driven product. That is freaking awesome, right? We thought our customers would love every single idea we pushed to them. But sadly those glory days came to an end and the reality is far from that. And that is the story we would like to tell you. Over time our capacity to ship great new stuff is fading out. And we realized that by moving from intuition to a test driven customer centric approach was the right thing to do. In order to prove solutions that our customers actually need and they are willing to use, we tried to answer the following question do we need to understand better the merchant needs? But intuition wasn't enough to answer it. We needed proof, a tangible way of making decision from now on. So we run six experiments including interviews, Google search, AB testing, mock sale or referral programs, survey to our current customers and we made close to 30 interviews, got over 12,000 impressions in Google, sent 1500 push notifications and had 8800 surveys sent. We spent eight weeks running the experiments and all of these cost us about $500 so far. So from the feedback of almost 600 current merchants we got that 78% consider promoting their business as the most important job to be done. 64% compare kiwi with competitors before buying. 91% of them are coming from the lowest commission and we got three times better conversion when mentioning the lowest commission. This is a huge opportunity for the channel perspective. We need to make sure that we are easy to find online and promote our Competitive advantage. On the value proposition side, we need to help merchants to promote their businesses to their current and potential customer, spread their message through the channel that we have, which is the app, and another digital channels that we are about to test. So the next experiment for the roadmap, based on the. On the hypothesis, we believe that increasing our online presence and offering our current USP will attract more customers. We're going to run a per se campaign and we're going to launch our own commission competitor. Then from the other hypothesis, we believe that we can attract more customers by offering a complementary service in order to improve our product. We're going to run an ABC test based on the surveys that we got. We got that the three top job to be done is they want digital marketing training, be able to run Google Ads, campaigns and a loyalty program. And we're going to do that through a Wizard of Oz to increase the evidence that we can get and to reduce costs. Kiwi. It's not about someone believing in you. With Kiwi, you actually get access to the financial support you need and will help you to never miss a sale. In this presentation, we are not asking you for money to support our project, but we want to thank you. Through this Sprint, we embrace the tasting methodology which enabled us to move faster. And based on evidence, we believe we are getting more customer centric, driven by test results rather than intuition. It only remains to prove it.

Thank you.

Thank you. Thank you. Alberto and Emmanuel, well done. Muchas gracias. That's Spanish for them. It was a pleasure hearing your pitch, Akshay. Are you ready to perfect? So let's assess Konkiwi on their value proposition fit. Do they have evidence, strong evidence on their value proposition? So that's going from one to five. And while we do. So, what's your take on this, Alex? Have you seen any value proposition evidence during their pitch?

So there was a lot of evidence that the value proposition was not good enough. And that's evident.

Right.

But it's the wrong one. It's not the one you're looking for. So in that sense, there's great evidence to pivot. Right. But of course, since the team had to pivot, the evidence is actually not that strong for the new value proposition. And I don't see that as failure. I just see that as the reality. So a low score doesn't mean this is a bad team. Right, because they actually admitted that they pivoted. So I like to see this, but I think it's. Yeah, it's not a lot of evidence. Because they had to pivot. It's normal.

Excellent. That's what usually happen. Shamira, Tenday or David, do you want to say anything on value proposition evidence to the team?

Yeah.

Nothing more to add to what Alex said. I think that's always the hardest thing about this process, which is if we're constantly judging teams in terms of the evidence they have for their current value proposition, we failed to recognize the actual work they've put in to get to here.

And so this doesn't mean that, you.

Know, this team is a bad team.

Or they haven't done great work.

It's just that for the value proposition that they pivoted to, they don't have strong evidence yet. But still, from an from an innovation.

Team perspective, their performance is excellent.

Right?

Perfect. Tende, thank you very much. And we're getting ready to hear the third pitch for today's session. That's Jean Sebastian for Dartfish. So Jean Sebastian, I see you're there. Whenever you're ready, just share the first slide. And I think we're going to hear a very interesting story from Dartfish concerning the sports industry and some nice gathering of information throughout the sprint. So, Jean Sebastian, whenever you're ready, we're here for you. Thank you. So did you know that today 80% of sports revenue goes to less than 5% of sports organization, mainly soccer. It is in fact to fight this trend to have less and less visible sports that we have created a live content platform that will help the 95% less visible sports who want to increase visibility of their sports competitions by automatically creating live content, video and data and generating revenue from it. To do this, our first priority was to understand the B2B ecosystem of sports and we had to do a 360 degrees with all the B2B environment in sports. It took us more than 40 hours of market survey. We built one dedicated website with videos. We had more than 45 customers interviews in this ecosystem. We did 64 demo games and at the end we had one LOI and one non disclosure agreement. From this ecosystem we decided to focus on two particular segments. The league segments here with national leagues and the betting industry here with stats perform on the national league. We did 10 customers interview and we have one letter of intent. And the main question we wanted to answer it's what needs to be done by less visible sports to regain visibility. At the same time we had six customer interviews. Just six is very small for the betting industry but in fact there is only seven players or eight players in this environment. And here we wanted to know if less visible sports could be attractive for the betting industry and could generate revenue for them from the leagues. What we learned, it's yes, they all believe in the 10 leagues we have a discussion with. They all believe that more live and diversified content, video and data will increase sports visibility. But they Almost all confirmed, 80% confirmed, that the cost of the resources to produce the content is a major pain, a major problem. So the leagues want to have more content but at low cost. From the six interviews that we had in the betting industry, we had 100% of them said in play betting, betting during the game is the next revenue growth. 100% say they are to pay data journalists today to cover those events. And that's why the less visible sports are not interesting today because they don't have return on investment with manual coverage. So second, learning more sports is interesting for betting industry if it's not manual. Our initial value proposition was to sell a product to the league. A product generating content automatically. So the league will pay money to us and they receive a tool. But they were all interested by the tool but not interested to pay. So we had to find a way to finance a solution. And to do this we brought something else, a platform connecting leagues and betting together. The league is doing a live event, is presenting a competition and we generate video and data to them so they can increase their visibility. At the same time, we are generating in play betting opportunity for the betting industry and they are giving us a part of their revenue. Our business model evolved from a simple software sales where we had one customer, the league receiving a tool and paying for this. This was through B2B channel with a long term relationship. But we've seen those two things are not working, so we had to change it. The tool has become a key resource. And now what we are proposing to the leagues is live video and data content during competition. The leagues become a partner because they are not paying for it. And as we are acquiring data rights from the league, we have to do a legal activity to distribute this content. We need a web platform and we need to develop also an automated relationship. But as we've seen, somebody needs to pay, otherwise we don't receive money. So that's why the betting industry and the betting companies arrive in the game. Here we propose to them in play betting opportunity and this is generating revenue. The first thing is we want to test this financial model with a German ISO colleague that is already generating 172 million US dollar per year of revenue. What we believe it's implementing will increase the revenue by 10%. We will get 5% of it. And this is 800k USD opportunity per year and we can test it very fast. This means what we absolutely need to do is to validate that leagues and betting opportunities are ready to pay and that we can validate the percentage of revenue. So we need to have other leagues. Then we need to sign letter of intent and we need to validate the revenue model. The next experiments until September we want to sign letter of intent. Then we want to run next year the prototype with the German Isok League and start the pre sales to do this. This is a recommendation to do this. We need budget to install and we need business development capabilities and that's why we will need €500,000 to progress. We believe in the power of the diversity and especially in sports. That's why we created Punkta to give back visibility to all sports. Thank you. Thank you very much. Jean Sebastian, well done. Catch your breath. Thank you everybody for watching this team speech. And we are assessing them on their customer understanding. Does this team have evidence on their customer understanding on their customer profile? Shamira, if you're there, what are your thoughts concerning their customer understandings evidence?

Hi Yanes. Yeah, so perhaps I didn't completely get that business there but I was wondering, the visibility for those sports also means that somebody's got to watch that somebody's got to be interested in that. And I think that that's one of the things that I didn't see in the presentation as to there being demand from the general public or whoever it is. For me that is a big assumption here that wasn't presented at all. So that was a big question mark for me.

I see Tenda, you're nodding. Do you want to add any comments on that? Yeah, there's an element of this business model that is kind of double sided.

Right.

So there is the sports side and then there's the audience side and the impact of this business model or the.

Scalability of it is if you can also grow audiences.

And so the question is, or at.

Least we didn't see that question or.

Any data around that or any experiments.

Being run to test that. So I think Shimura that she spot on with that comment.

Thank you both very much. And we see as we see the rest results from this poll on the customer understanding. Great level of evidence finding throughout the sprint. We're going to get ready to hear our fourth pitch for today. That's Tech Vitam. So I see Thibault, Cedric, Juliet, everyone's getting ready Whenever you are, we're just going to hear a very interesting team. We actually pivoted some parts of the idea so far that they even pivoted their name so they were written under a different name at the beginning. Thibault, whenever you're ready, we're here for you. Thank you. The starting point is actually a crash. There is nothing quite like a near death experience to make you think about what matters the most to you. Living your life to the fullest is amazing, is even awesome. As long as you can surely transmit and share with your relatives. 28 stitches on my head to figure out two key points. I will never ride my bicycle again. Forced wisdom and There must be a digital tool to reflect and safeguard the best of ourselves. The most important for us, who we truly are. Every individual, every family deserves their own private space to serve their essentials for future generations.

Not as business makers, but as the first clients of our own product. The big idea was to gather around this project a large community of associates, legal IT distribution partners to assess the feasibility and obviously more than 21st early adopters, even at the very beginning, to pool their needs, their need. Our need is really straightforward transmission. It is definitely the main aspirational and social job. Not a tremendous amount of information like old pictures or videos, but saving time to the one that matters the most. Not only pictures, but gathering real life stories with your essential media timeline contextualized with text, video, audio recordings and so on. Dozens of experiments later, including almost 200 interviews and a pre sales campaign with not so bad response figures. We stick to this need to build enrich our product. Early adopters have us realize that causing CO2 afterlife footprints is definitely not the biggest pain for digital lovers. They have a deep reluctance to share their ultra personal data to GAFAM, Google, Amazon, Facebook, Apple, Microsoft, etc. And parents are more and more concerned.

With data privacy risks.

Tackling our finitude Speaking only about digital inheritance securely stored within Swiss data centers is a bit stressful and definitely too much depth relative for a product design, especially for alive people.

Beginning our first customer segment was people thinking about the afterlife transmission and notably about professionals taking high risks such as.

Militaries, free riders and base jumpers. However, we discovered that militaries could not.

Be a good starting base as they.

Must have approval from the hierarchy to use external applications. While testing our business id, we got.

Evidence different from what we expected and.

It gave us new energy to pivot toward live transmission. Thus we moved from Postvitam to techvitam, providing not only posthumous services but also ongoing services during your lifetime. Better targeting our client base allowed us.

To focus on families and especially young parents who spend so much time and energy just to make of sharing two minute video without overloading their smartphone.

This need of transmission more than photo.

And video to our kids has been revealed along our interviews with a lot of homemade degraded solutions from the paper book to the USB key and even one respondent with the famous treasure box buried in the garden. Families are small communities connected to bigger communities that can easily benefit from our privacy's respectful application such as schools, families abroad, theaters, companies, associations and so on.

Families are indeed much broader and safer.

Starting base as they are more receptive and part of our early adopters which help us to co design our platform.

Talking about our Project TechVitime app, we are pleased to give you two big news. First, after 30 months of research and development and a final huge boost effect thanks to Strategizer, our platform is up and running since last week and the official launch was a total success for users then better words. This short video is an exclusive gift for you. Have you ever wondered what pushes us forward to new goals and projects? Why are we always dreaming of a better future? What if at the heart of all these dreams is the desire to leave a trace of our true selves? What if we already sensed somehow that a successful life is a life lived to the fullest? We would probably be right because in all these experiences, all these memories we forge ourselves, this memory, a joyful and timeless light, must be cherished so that we can grow better together to remind us through each of these memories and moments of who we truly are. Young, daring, happy, carefree, romantic. These moments lived to the fullest, the best of ourselves to build the life we've always dreamed of. Like so many gifts to those who love us, so that in them these memories live on into a beautiful tomorrow. TechVitam share the essence of your life Tech for good register on www.techvitam.com.

From.

Introspective practitioners to outgoing influencers, we discovered in each person interviewed, each partner, lawyer, IT dev, strategizer coach that our fight for true confidentiality and safe transmission was resonating and generating good vibes energy to move forward, even amazing unexpected discounts on our first builds. Actually, to our knowledge, we are the first digital patrium uni cloud services combined with leveraging other services such as medical directives and posthumous termination of your digital accounts. Why are we different? We fight for true online confidentiality with full secured data hosting in Switzerland and we fight to facilitate Life save time. Stick to the essential. What is our evidence for future success? We already have six partnerships signed with distributors, notary photographers, influencers, ethical entrepreneurs. We have five dedicated coaches with two proven ultra growth makers. And especially we have our first paying clients joining our platform. We are client oriented, delivery oriented and now the next step is to be more business oriented. Especially to test each possible channel to know whether or not the client acquisition is easier, faster, smoother. Our client adequacy strategy is key to ensure likability and build our growing user community while we improve the digital world with more ethics.

Apart from the ongoing client acquisition campaigns, the public collation work including press releases and shows, we are also in discussion for big partnership to boost the techvitam takeoff. Our main next steps are the dedicated.

Mobile app Live in September, the full.

Translation before the end of the year and the growth of our support team and Salesforce team in the end. Thanks to Strategizer Discovery Sprint, we got a few more stitches with the coaching session, but fortunately we will avoid a new crash.

Information technology and main technological breakthroughs over the past two decades have created distance between us and the roots where we find our strengths, who we truly are sharing is exhilarating, peaceful, cheerful and guide us toward gratefulness and altruism. Ladies and gentlemen, reconnect with us to the essence of your life. Take for good, take for life, take the time. Well done. Thibault and Tim, thank you very much for sharing. And please, while the audience is ready to assess the feedback session, live with the panelists. So we are going to assess them on their value proposition, fit, fitting, what their customer needs. And while we see there are some different assessments. David, if you're there, do you have any comments to make to the team on this?

Yeah.

Thank you for the presentation and all your hard work. I think it was very insightful to see you pivot based on evidence. You know that's a hard thing to do. The first startup I joined, we pivoted from B2C to B2B and it was very difficult. So I just appreciate the awareness of seeing, you know, through experimentation where your strategy could be and being able to follow that. So I just commend you for that.

Thank you David, very much. And we are going to move forward to assess these four teams on a funding question. So the funding question would be, will you fund this team? If you had money to invest in this startup, would you fund Cordyfio, Konkiwi, Dartfish or techvita? That's a very simple yes or no question based on the evidence they gathered based on the de risking their idea. We're already seeing some results and I'm actually wondering about the panelists, but let's don't show the panelists on investment until they share their feedback.

But a quick feedback anyways. Because one of the things that's important, I mean we do this in the corporate context. It doesn't mean because a team, if you pivot late, it's obvious that you don't have the evidence so you can be given more time. It's a point in time. And I think what's important just to emphasize in innovation there is a backwards track and that's okay as long as the team is transparent. Right. So you can earn time in that sense. So sometimes you're not ready for funding but you're ready to actually do the next series of tests to get towards the funding. So it can still happen in some cases.

Excellent. And we're going to talk about a validation sprint after the discovery. Sprint. But I'm already seeing some evidence for Codifio so maybe we can share after a commission fee or something the attendance that are here saying that they will found Coryphio. Right. Thank you very much to the audience assessing the teams on funding them. We're going to do a small session for giving feedback to these four teams. So let's start with Codifio first. We've been giving us as the team's.

Work.

And we use the yellow, black and green card feedback from the bonus structure on this. So yellow is the.

I think we lost Jonas in the process.

I'm here. I think don't lose me. Don't lose me just yet. So I was saying that we use the bonus hat feedback for this. We use yellow hat feedback for something positive, black hat feedback for something that we didn't like or we want to improve. And then the green hat feedback for something creative, something that could also be done and wasn't spoken about or discussed about. So for Codifio first, David, I saw you, you wrote something concerning that they invalidated their channels early on, like family doctors. Can you elaborate a little more on that To Petronella's team?

Yeah. As soon as you put the doctor image on the canvas, I was just shaking my head out of still my camera. It's really, really hard to get them to pay for anything. Insurance companies, I would say don't give up on them yet. Look for insurance companies that are partnering with startups. Not everyone is very. Insurance companies are very conservative in nature. So look for the ones that are already partnering with startups. That'll give you a better edge there. I also noticed that you're asking for 700k. I would love to see how that breaks down like a big pie chart of how you're spending that 700k and then you are asking for a CTO in the presentation. You know, out here in Silicon Valley, there are people asking for CTOs in every coffee shop I go into, and usually no one wants to be your cto. So what I'd recommend is going the no code, low code route to have something that works. And then when you ask for a cto, they have something to respond to. That's been a new trend that I see that works pretty well. So we call those mashups MVPs in the book. But I think that would definitely help you attract a CTO if you have something they can respond to. So that would be my feedback.

Thank you, David and I saw an interesting idea from Tenday that maybe. Tenday, could you elaborate a little more for Petronella and Kim on partnering with pharma companies?

Yeah, no, it was just a greenhead idea. I don't even know whether it's a.

Good idea or not.

I was just proposing that, you know, in terms of maybe, you know, getting.

Access to a partner that might be.

Willing to actually pay for the technology.

Partnering with the pharma company may be.

Great because again, the cool thing for pharma companies is that anything that increases the diagnosis of anything is great for their revenue model. And so they would love to sort of maybe perhaps pay for that. So something to think about for sure.

Perfect.

And as you said, we don't know if they're good ideas. They need to be tested. Right. So that's what we give teams. Let's move into Konkiwi first. Shamira, I think you especially liked making themselves vulnerable through testing. Can you give them a tip on that? Why is this important?

So like Alex already said earlier, that's a really, really difficult thing to do in a pitch to kind of say, actually, yeah, it didn't work out for us so well. And the good thing about that is we can relate to it. Most people can relate to that. And so it's a great thing to make yourselves vulnerable and pick yourselves up and kind of people start rooting for that underdog kind of thing. So well done that you did that, that you were not worried about it. And yeah, keep that there.

Thank you. Sameera. David, you also gave the team an idea on the green hat feedback by using paid research. To a landing page and then a wizard of Oz. Can you tell them a little more about this?

Yeah. I loved at the end where we're mentioning different startups or different experiments you were going to run as a startup. And what I would recommend is maybe a combination. So if you do paid search, people are actively seeking a solution. So you can drop them on a digital page with a call to action when they sign up for the email. Right. Or they pay for this, you can do it behind the scenes and deliver it kind of manually, either by something automated like the digital curtain of the landing page or a bot or something like that. But basically my comment here was to use it in combination. So search plus the page plus a wizard was behind the search. I think that would work very well for your scenario.

Perfect. And this team is huge. So they have different capabilities and skills. I'm sure they will do it. Let's move forward into Dartfish. So I see, Shamira, you shared something on the audience side, on the platform side. Would you like to ask the team directly a question on this?

Yeah. Just because it wasn't the presentation doesn't mean that you didn't do that. So I'd like to hear how you were thinking about that business model. And if you did, what did you hear from those consumers?

Perfect. Thank you very much. And on Alex and David, the two of them are speaking about the letter of intent. What's your experience, Alex, on this? On the loi.

So look, I think that the challenge here is, you know, we're scoring. If you look at customer understanding and value proposition, we're scoring one out of maybe four customer segments. Right. Because there's the leagues, there are the betting companies. Shamira pointed out, there the consumers on the league side, then there's the consumers on the betting side. So it's actually a pretty complex thing. But I do believe it's great that the one, they went to level four evidence. At the end of the day, without level four evidence from the payer, the whole business model crumbles. So it's almost like you'd only need to spend. You almost need to spend 90% of your time on that.

Right.

So that's my experience. The letter of intent is great, but it needs to be about the most important pillar of your business model.

Right.

And you need to get there by first having cheap, fast experiments. You cannot go for Alloy without having a quick understanding of the customer segment. Let's move into our last team that's post Vitam or actually Tech Vitam. And I think that Some coaches like the idea on the pivoted based on evidence. Maybe Tenda, you can elaborate a little bit more on this yellow hat feedback. Yeah, I mean, so I have other things I want to say about this, but I'll.

Since you have. Go ahead.

Okay. So the first thing that I want.

To say to take the time was it took me forever to figure out.

What they were working on, like what the idea was, what the.

That took me forever. Like, and. But forever and forever and forever.

And up to now I'm still trying to school myself on what the idea is and I think that matters. Like, people shouldn't work that hard to figure out what the idea is. There's loads of aspirational content in there. Very inspiring.

But still, like, what's the idea? But again, in terms of like evidence.

Gathering and making decisions based on evidence.

Which is really what the, you know, the process would teach. I think it's great that given what.

They learned, they move from post to time to time.

Right.

I think that's a fantastic thing.

But even if you look at the.

Comments from the people that are watching from the audience, you can really see that the idea was not clear. What is the idea? It's still something that's bugging me right now. Thank you, Tenday. Yeah, I was going to point out the same. So even in the chat there were some questions on that. And before we do a wrap up on the first group, David, you said you were not sure why they launched the product before having the evidence. Is that what you were saying here in this Blackheart feedback?

Oh, I was just surprised at how far along this team was. And also I always pick up when people say successful. Right. So you said it was a successful launch and like you succeeded at launching it. This is true. But I'm wondering what else makes it a successful launch. Granted, it's only been a week or so if I remember correctly from your pitch. So I would love to hear like activation numbers, retention, like eventually you'd want to have metrics around how are people using it so that you could say that it was really successful. And I think it is. You are to be celebrated for launching it. Agreed. However, I'd like to see more about or hear more about how people are interacting with it and maybe that happens over time. So that's what I was pointing out.

Thank you very much, David. Alex, do you want to say any final wrap up words concerning customer understanding and value proposition evidence for these four teams in general?

So I'd like to just quickly build on what tendai said, right. So, you know, I'm seeing this with corporate teams. We're under the impression we need to make everything look, oh, it's successful, it's great. But as David just pointed out, these are actually the words that tick investors and people like us off because we know it's to hide something, right, To a certain extent. So when we hear successful, we'll ask, well, what's the evidence? So the thing you want to avoid and this to all the audience out there is show the evidence and be honest because at the end of the day it's gonna come out right? So to every single team, we do this with corporate teams and we like to call it throwing, you know, diplomatic hand grenades. The evidence is the only thing that matters. So you don't need to make the idea shine because this is an evidence based process. So have confidence in your evidence. Let your evidence speak. That will be enough. Your idea is almost secondary to cern again, of course you need a great idea, but you know, if the evidence is not shining, we don't care about the idea. So just want to give everybody the courage in the audience to put the spotlight on the evidence, less on the idea. That's what's going to give you investment. That's what's going to give corporate teams, you know, the next level. Just wanted to point that out because we forget that sometimes.

Welcome to the panelists too, and thank you for that energy and that feedback from before. We're waiting for Team 6 pilot to be ready to pitch. So that's John, if you're there, just make sure you're ready to share your screen. And we're going to start for the second batch for today. We're going to hear now three startups in a row. The first one is Palette. It is a. They're working on a very specific app. They're assessing a very specific pain. And I remember that they're pivoting from evidence and not only about they finding evidence from the sprint, but also turning that evidence into an insight and making some interesting changes. So, John, whenever you're ready, we're here for you. All right, all good. So just a second. So we're sure you have the timer on, if that's okay. And as Alex is saying, after this batch of three startups, we're going to run a quiz and the winner is going to get a book from us. I think it's which one is it Alex?

After all two, It's Testing Business ideas and the Invincible Company ebook.

Perfect. That's a very impressive Price. So let's wait until we see the team spotlighted and then we're ready to pitch. John.

The mental health crisis is on the rise. It's only been exacerbated by the pandemic. We've seen 55% of millennials experience anxiety, depression and burnout. Just to repeat that, that's more than half of all millennials. The same time, we've seen arts and crafts stock increase nearly 2000%. How are these two things related? Let's get into it. These millennials that we're talking about, they're more honest and raw than any other generation we've seen. They're on TikTok and Instagram speaking about mental health in ways I just find inspiring. Also, 73% of them want change. They're looking for options for treatment. We thought, what if mental health didn't look like this? How would you describe your mood? I just don't know. Or this meditation doesn't work for everyone. It can be frustrating for some. But more like this, I'm not sure how to put into words, but I feel like this. Introducing an app to reduce stress and anxiety for creative millennials by bringing art therapy to the digital space. Relax and clear your mind using creative hobbies. In the past three months, we've done nine total experiments. I'm smuggling with 50 plus customers and we spent around $300. So among these experiments, we also had thousands of impressions, comments and we'll just talk through a few of them today. So, going with the project, let's look.

At the top hypotheses.

We were thinking about creative demand.

We believe these millennials are seeking new outlets well being. We believe they think of these hobbies as well being hobbies and tools. We think they want better tools. So looking at that first hypothesis, millennials are actively seeking out creative outlets. We first just went to Google Keywords, looked to see how people are searching and interestingly we saw drawing ideas come up quite high in that stack over things like journaling. And we drilled into that further. We saw drawing ideas has been on the rise since the early 2000s and specifically during the pandemic, we saw it surge almost 25%. So when we look at this hypothesis of millennials are seeking creative outlet, we can really only say people because of the nature of Google search. But I think the interesting thing here is ideas and inspiration seem to be a pain. Moving forward around do creative millennials use.

Their hobbies to improve their well being?

Or simply put, how do they relate these two creative hobbies and well being? To look into this, we scraped 20 of the most popular YouTube videos in our space, giving us over 100,000 comments. What we did was using those comments, we would look for keywords such as anxious, stressed, relaxed, and our script would give us back how these comments rank. And in a nutshell, we saw 18%.

Of them related to our job scans gains.

That was double what our expectation was. And then because, you know, data lacks context, we would start to read in some of these comments and you see interesting things like this. When I'm uninspired, I get out my watercolors and it makes my mood feel better. Again, just to double down on that context we're talking about, we spoke to 13 customers and we heard from them different themes, one of which is, you know, I draw to relax from eight of them. I use it to de stress and process my day. And the number one pain out of this was it's really hard to find time. So around this hypothesis, do they use creative hobbies to improve their well being?

Yes, we find it true.

They actually view their creative hobbies as well being hobbies. They're one in the same. And creative millennials are our customers really narrowing into that segment of creatives. And the last one, they want better tools. Using the same interviews really quickly we heard things like, drawing with pencil is much better. There's something very therapeutic about pen and paper. I'm drawing apps, I feel overwhelmed. So we believe they wanted better tools, but from nine out of 13 of them we heard, I don't like drawing on apps, I prefer paper. So interestingly, this is honestly our most mind blowing insight that we're not building a drawing app. By not building that drawing app, we're saving thousands of dollars months, year building that. Just an amazing pivot. So taking all these learnings, we went into building an MVP to try and address them. The way that worked is we ran an Instagram ad to get 25 real world testers complete strangers and we interviewed them.

After.

We would text them for six.

Days a drawing prompt like this.

Draw five things you can't live without. They would do the drawing, send it back to us and we asked them reflection questions like, is the order significant? What values do these speak to? So really tying that concept of drawing and well being together. What we heard was afterwards we asked, we're continuing this trial next week, would you like to continue in terms of retention? We saw 71% of them said yes. Sadly, we can only get eight people to do the survey out of the 25. So in the future you know would.

Like to be a bit more robust.

With how many people.

So hearing all that, let's step back.

And evaluate our progress.

In the beginning, our business model was very messy, unfocused.

I blurted out to save your eyes.

But essentially we started with three segments. Creative Millennials, Wellness and Therapists. We thought we were building apps for them, building this drawing app for the.

Creatives, tools for therapists.

But now we're hyper focused on these creative millennials and what we thought was a drawing app. We're now content driven, looking at drawing.

Lessons to expertly guide you to relax.

So what's next? Yeah, how we're going to look into how do we make these content lesson.

Plans and what people will pay for them.

A roadmap just for a bit of a teaser for you all. We'll be focusing in this problem solution fit like I just talked about. Hopefully by September, November, we're launching toward.

Early adopters and we've already met a.

Few today and then in November, hopefully moving to growth before Christmas, at which point, you know, we'll be running a pre seed probably around November. Please reach out. So the ask for today is purely context. If this is interesting to you all, be it artists and influencers, developers, even art therapists, if you're out there, please reach out.

Just to give you an idea as.

We close around market opportunities, the way we're seeing this is we know there are 31 million millennials suffering from anxiety and depression. Around 35% of them do creative hobbies. So we can call that 11 million millennials. And then what do we see? Our share of the market. We're so early. This is kind of napkin math. But bear with me. We're kind of assuming 999 feels right at the moment. If we can get 0.05% of that 11 million, I would be happy with this. 5,000 users in the first year looking at something like $600,000. And of course, if we can increase.

That at all, I'm really happy with those returns.

So how did our desirability look?

Sorry?

Our scorecard. Through these eight experiments, I feel like we've learned a lot about who the customers are for mvp. We've learned some and we'll continue. And then in closing, Millennials need help and they're ready for change. We're here to provide it. So help us build Palette, a mental health solution for creative millennials. Another one on the second. I'm just impressed. So many Swiss presenting today.

Thank you John, for sharing this. Thank you Alex, for your Words. Yeah. They've been practicing so much to be Swiss sharp on the timing. So we're going to assess a pilot team in a different way. We're going to assess them on the clarity of their hypothesis. Were they clear enough on what they wanted to assess at the beginning? They made some assumptions. They went ready to the market to test those assumptions into hypothesis. How well were they? How clear were them throughout the Discovery Sprint? Alex, do you have any comments on this from what you've seen so far?

Yeah. I'm curious what David is going to say.

Okay, David, what are your thoughts here? I think there's a discrepancy here. Like, do you see the mountain? This is just an average, but it's spread out.

Yeah. I think the causation versus correlation thing is coming to mind for me with clarity a hypothesis, it felt like we were already focused on millennials with this specific problem. So that was the biggest thing, I think. I love how you went wide in the customer or in the keyword trend analysis because it doesn't give you type. But then you went narrow again back. And so I like that part. It just. I keep thinking of causation versus correlation because a lot of it was because we're. Because they're drawing for this. It felt like we were always maybe some bias there, always bringing it back to the combination thereof. So maybe a little bit of black happy back there, but that was my only big takeaway other than I love the visual presenting. I love the style and I love how, how you shared your story.

Yeah, they were amazing. And David, I saw you were laughing a little bit when they showed the business model canvas, the blurry version. Do you have any comments on that?

Yeah, don't blur it out. I mean, I like to see how things change. Right. And so that's one of the things we do. We do snapshots over time to see how you've take that learning and used it to adjust your strategy. So I know you've learned it out to save time, but I think in the future I'd like to see maybe abbreviated what really happened there. So disappointing.

Perfect, David. Yeah. Thank you very much. So we'll give the coaches and the panelists time to assess you through the Mentee app. And we're getting ready to hear Etienne from Fengs. This is second team from second batch. Etienne belongs to the construction industry. That's a B2B model with a very certain product that they were developing prior to the Discovery Sprint. Etienne, whenever you're ready, we're here for you.

Hi everyone, I'm Etienne Geoffroy. I'm CEO and co founder of Finex, based in Zurich, Switzerland. And today I want to start with two numbers. 99%, this is the amount of buildings that needs to be better insulated by 2030 to comply with the Paris Agreement. And 1.5%, this is the amount of insulation materials recycled today in Switzerland. These numbers are shocking for us. And this is why with Fenix, we bring a solution which is insulation foams based on mineral waste. So typically ashes coming at the origin of the name Phoenix, but also excavated materials or construction waste. And with these particles we will make mineral foams with market comparable performance, fire safety and a very high degree of sustainability. We tackle the building industry with these materials. So the building industry, you can imagine this is a complex value chain. This has a conservative mindset. It is very challenging. Also with the renovation of buildings, scaling up this business there is very challenging. And also with the Pandemia, we also experience a lot of issues with the sourcing of raw material. What we also imagine is that there is a certain willingness to pay for ecological materials after all the regulations that are coming over and over. So during the accelerator and also before the accelerator, we tested with different set of experiments to validate and to confirm hypothesis through interviews, through also trying to get letters of intent, but also trying to be close to the customer, spending time in workshops and also trying to understand their work. Eventually we started to focus on the construction builders. So typically the customers that will purchase the material, like the installers, but also in some cases the construction companies, what they care is to install durable insulation materials. And they need to plan projects with time and money. Eventually there is a lot of need to customize the materials you put in. For example, for refurbishment, sometimes you need to have specific shapes. And here this is a pain that installer experience. There are also issues with changing habits. But eventually, as gained, they care, they want to have high margins, they want to have warranty on the mature, and they want to work easily and fast. Another approach that we could also confirm with customers is the interest in having more and more sustainable products. We also figured and several sources that customers are willing to pay in some cases 5 to 10% more to have more sustainable materials in their building. This had a lot of impact to our value proposition. So we actually move from making insulation panels with a very described shape to sprayable foams. We had so many competitors coming to us, but also customers with the idea of having a sprayable foam that is applied on site using local waste. And this Open actually a lot of opportunities which we develop during the accelerator. In particular, these bring some pain relievers associated to customizable shapes to ease of application. And it also brings no scrap at the end. Also, there is a strong interest from certain customers that have access to the local waste. For example, huge construction companies, they spend a lot of money in depolluting the waste coming from construction. And this is a raw material for us. So we have here possible customers that are actually suppliers. And this brings opportunities such as having less transport of materials, but also the use of the local waste. At the end, it's a product that is fully recyclable and also it's a fully certified product eventually. So to make the fit between the value proposition and the customer profile, we have focused on this value proposition, which actually answer to the main pains and gaze that we identified through the experiments. This has a lot of impact on our business model. We started with having an idea of insulation panels so addressed to the construction builders and where the revenue was generated through the sales of these panels. The way we wanted to do this is actually to work with manufacturers that have access to large production capacity. And as Fenex, we are bringing the chemicals, so let's say the powder that is necessary to make the product at the end. And this has some impact on the cost structure and on the resources. But the big change we have tested during this accelerator is actually to go in the direction of sprayable mineral foams. And so this has impact in particular on the value proposition. Of course. So here we want to bring an all in one solution with the raw materials, but also the equipment necessary. And here the revenue stream is identified with the rental of the equipment and also with the amount of materials that is used for insulation on the backstage. This has a strong impact, especially on the key partnership. So here we are talking about having access to the local waste, which in some cases can be for free, and which is actually in some cases also arising from customers. And so here this can also decide on the potential for the cost structure and the revenue stream of the business model. So this is relatively new for us, even though we saw a strong direction. This is also a business model we have to test significantly in the coming weeks. And in particular we have to look on the validation of the cost and the revenue associated with the offer. As a starting point, we target the Swiss insulation market, representing today 600 million euros. And if we take into account our entry to market timeline, we expect to perceive 25 million by 2025. Applying this business model. So on the Overall scorecard, we actually address here desirability, feasibility and viability. What we see is that we managed to make major effort on the desirability side, in particular with letters of intent also asking the customers to prioritize the pains, the gains. And this also allowed us to have a lighter and stronger call for action on the feasibility. During the accelerator we made many efforts on the prototype which allowed us to get also feedback from customers. And this also give us a certain validation in our scorecard. Next step is the value proposition. In this case we will continue our workshops with installers. We also want to continue working with experts, especially in the binding of waste material. And the very important part for us is on the revenue model and also on the commitment of the customer. In this case we target also to go in the direction of pre sales deposit, which actually important call to action before we are entering the market. So at the end with this, we are expecting to address our market. So the risk for us is to over promise before we are ready to deliver. You may imagine in a building you need to certify a long time in advance. That's why we want to engage more and validate more with customers with this idea of deposit and presales. Eventually we are now looking for companies for pilot projects and also for supplying the mineral waste. So at the end with Fenix, we are determined to make buildings with less CO2 and more recyclable. But we are more even determined to show the evidence that circular economy is actually going to impact our society. Thank you.

Thank you very much Etienne and congratulations to all the Fennex team. Well done. I saw you previously that you are moving while the other team was presenting. So you were getting ready to this presentation. Very, very well done Etienne. Thank you for sharing. And we are assessing this team on the clarity of their evidence. What was their evidence that they garnered throughout the discovery Sprint? How clear was it presented to you during the presentation? And I see that already they are assessing you on a very clear side. While we do this, I saw some of the panelists like nodding a lot during the deck. Alex, would you like to share any thoughts with the team? You're muted.

I think it was brilliant how explicit the evidence was presented even on the customer profile, like six out of eight for different jobs, pains and gains. So that's just spectacular to make those things explicit. So as a panelist, as a investor or just as a leader, you really now understand and you can judge and challenge the evidence, not just the idea. So well done.

Thank you very much. Alex, Tenday do you have anything else to add to Alex comments? No, actually I do like talking but.

I agree with Alex.

Perfect. And the joke was great. Thank you very much Etienne. So now we are getting prepared to Team 8. That's Team Tendamos. Let's get ready to hear their B2C business model around a very strong purpose on helping out the basic side of the social pyramid. This is Alexandra and Alexander. All their names are the same actually so it's going to be pretty, pretty and clear. Whenever you're ready, we are here for you. Ale.

Imagine the population of Italy which is around 60 million people without a formal.

Job and relying on the informal economy as these ladies on the right side of the picture as their main source of income. Sadly that is a reality in Mexico and the reason why less than 30% of the population has access to formal credit. It's also why so many people like Andrea have only two options in order.

To afford big purchases.

Either rely on predatory lenders or engage in informal credit circles called tandas. Tandas are partially cash collateralized loans in which a group steps together. They fix a contribution they're going to put forward every week and they engage for as many weeks as people are in the group. The tanda starts and one participant will receive the contribution from the group each week and that benefit will rotate across the group. Montanas are risky and inconvenient. First, they're informal so the risk of.

Getting scam is huge and there's no.

Way to build credit history. Second, they're group. Also it's hard to find a group that you can join.

Define an amount and a number and a start date that really meets your needs.

In the last two months we have gone from a lot of say type of evidence to do. We have done service in which we have engaged with more than 2,800 users. We've had one on one interactions from value scene, speedboat analysis, card sorting exercise with more than 85 users and we have run product mockups with more than 30 users. Now we went to product sign up clicks and we got 194 users and we actually have our Lo Fi product line which is our wizard bus with 14 active paying users using our product. Let me tell you a little about our segment. So we are addressing the middle to.

Low income millennial Mexicans without a formal.

Job and we have initially mapped their main needs as increasing purchasing power, being able to afford aspirational items and feeling empowered. Through our experiments we realized that the most prevalent one was actually the persons in power as 53% out of more than 600 saw tandas as the only.

Mechanism they had to put money together.

On the pain side of things, we.

Had initially mapped their inability to prove.

Their capacity and willingness to pay and having to pay too much for money for finance. But we also learned that on top of this actually having unstable income was.

A huge pain as they would often.

Mention that what if I don't make enough money next week to make a payment, for example. And then on the gain side of things, we had map building credit history, starting when and how they need it and having their money safe and peace of mind as their main value added aspects. And we actually confirmed that the ones that really added value to them were the flexibility of starting when and how they need it.

With a lot of comments along the.

Lines of having the control to set up my own terms was really was something that we found often.

And the peace of mind aspect is really key as 56% out of those.

2.8 thousand users have been scammed in Tandas before.

So this is how we came up.

With our value proposition. Our one on one tanda no group Tanda. It's a perfect means for people to put money together to buy these aspirational items that they need through a formal credit without the need of providing credit history nor formal income, only their id. At the same time we're giving them the flexibility of deferred payment options to address the unstability of their income and giving them the peace of mind that their money that they put in their tandas is 100% guaranteed, giving the flexibility as well to start a Tanda whenever they want. So we went there and we did a lot of mock ups and interviews and our users assess our idea 8 points out of 10. We also then launched an ad campaign in order to acquire customer for our wizard of Oz. And we got almost 200 people interested and actually engaged with our bot. To learn more about Tandamos, 40 actually set up their own Tanda with us that allow us to confirm that our model can be 100% digital. Only one out of those 200 actually required phone assistant to explain what Tandamos was all about. And more than 90% did their payments and contribution 100% electronically. We also managed to confirm their willingness to pay. They agreed on a commission based payment and actually more than 75% deemed our pricing as affordable. On the other hand, we started exploring on the possibility of addressing Facebook as a main acquisition channel. Our customer segment prefer Facebook above every other social network. And actually we started uncovering the potential of referrals. 17 of our users actually said to us that they were willing to Recommend More than 10 people to joint analysis. So our focus moving forward is to deepen our referral scheme, get the full potential of referrals, start creating engaging content as additional acquisition tool and at the same time start building a brand equity to have credibility and trustworthiness among users so they are not scared to join Tandamos and at the same time trying to understand what is the actual cost of money and default rates and the cost of financing our loan book. The possibilities are huge. We're talking about 60 million people and more than $40 billion in financing every single year. We're very confident in our current positioning. We were very, very confident on the financial potential of our idea and at the same time I think we're in the right direction with our wizard of Oz with more than 40 users actually setting up their own Tanda. So we are expecting to raise a little bit the size of our wizard of Oz to get a stronger, stronger evidence what is ahead of us. Keep on refining our value proposition, basically having service to understand why people are churning our product. On the other side, try to come up with mock ups of our webpage to see which one raises more trustworthiness among our users and understanding what is the least friction onboarding flow for a product. And at the same time we'll be launching a referral prototype to understand what are the best referral mechanics to bring customers over and start launching social media content to acquire customers. Our idea is to launch an MVP by September this year. So why us? Marlejandra and I have more than nine years in fintech experience. We both held a senior leadership position in startups and as well as the corporate world. But above all, we're very, very mission driven. In Tandamos is not only about providing personal loan to the underserved, but more than that, it's actually about improving the financial health of million people in Latin America. Thank you, thank you very much. Alex and Ale. Well done. Catch your breath, Alex, while we get ready to assess them in Menti for the audience, we're going to assess them on the clarity of what was tested. That's the testing phase for the Discovery Sprint. On the hypothesis they tested, the experiments they ran, what did they actually understand from that phase? David, from what you've been hearing from Alex and Alejandra, what are your thoughts on their testing phase?

Yeah, I thought it was really, really interesting. I learned something. I wasn't aware of these funding vehicles in Mexico. So thank you for educating me. I really like the creativity of the wizard of Oz. I would like to hear maybe a little more about how you did it. I think you maybe addressed some of that on your last slide with, oh, you actually have fintech experience, so maybe that's how you're navigating the feasibility or legal concerns. I know mostly we're focused on desirability and viability or most even desirability early on. So it was unclear to me. You had a really telling stat there of 193 for signups. You had 14 that agreed to be in the wizard of Oz. That seemed like a really high number. So it leads me to believe that maybe the value proposition wasn't completely clear to the people that signed up or there's probably some learning to do there, some. Some detective work to figure out why such a high churn. And you did mention that earlier, later on in your presentation about trying to figure out why churn was so high. And then I love that you started using Facebook. One of the things that I've mentored teams out here in San Francisco, they use Facebook private Facebook groups for the ambassador program. So I think when you're looking forward to doing some referral experiments for the people that are already using the wizard of Oz, create a private Facebook group for them. Give them incentives. It doesn't have to be paid. It could be like even special perks or badges or stickers or just something that helps them help evangelize you to other groups. And I think that might work out really, really well for you if Facebook is going to be an acquisition channel. So that would be my feedback.

Thank you.

David, thank you for your impressive feedback. Shamira, can you also share with us your thoughts on this team?

David was so good with his feedback. I really have very little to add to that. That's what happens when you have such good people on the panel. But I wanted to just simply say it really touched me that you are working on something that takes care of the really needy and that it's not only about money. So thank you very much for working on something like that.

Thank you, Shamira. Thank you for your feedback. I've already seen what you wrote on our workspace, so we're going next to assess the funding question. Would you fund these teams? This is a no or yes question. Would you fund these teams based on the evidence they presented, based on what the risk on their dias is looking like now?

Kind of tough when you're going to see 10 great teams and you have to kind of put your money into a few of them. Right.

And maybe you have already spent it in the first batch.

Right.

So we need to get back into that batch and recover some money. Okay, perfect. And while we see these answers from the audience, we are already seeing some light evidence on people funding the teams. The three of them are getting at least a little funded. Let's go for some feedback from the panelists now, if that's okay. So we are here on batch two, round two for three startups. We're going to start discussing around these first teams. So on palette, Alex, you said that you love the prototype to test without code. That was, I think, like. Well, they showed it in the screen. Do you have anything to comment to the team on this?

So I think it was David about the code. I, you know.

David, was it yours?

I mean, I didn't. I was more about the story and then I guess my feedback was more around you. They pivoted into kind of a different area. Right. So it's, it's content. And I was just really curious, like, if you look at the jobs to be done, who hires what other solutions to hire for creating that kind of content, it just wasn't clear to me. And I think probably you'd want to unpack that space really clearly because when you pivot, you end up competing with other solutions. Was my big takeaway from this one.

Yeah, sorry. I was getting back to my own comments. I did talk about no code, Right. Because David was mentioning it before. I think this team went really far testing just by putting something up there. They needed to build an app, which is really cool. And I think that's the biggest mistake we see all the time. People think they need to build to test. No, you don't. You can go like very light or no code. And that's exactly what they did. And they made it an interaction. It's really brilliant. Excellent.

Thank you both. Shamir, I saw an interesting remark here on the Greenhudt feedback of being careful not to equate numbers of experiments as an early sign. Can you please comment further on this?

Yeah. So towards the end where they presented and they mentioned that they'd done eight experiments. Experiments and that they had really strong evidence for the idea. And given the pivot and given that early on it was about the mental health and then it actually went into something different. It felt like the number of experiments was not necessarily the indication of how strong the evidence that they had that they needed to do some more work there to feel that kind of high rating. That they gave themselves. So be careful not to take that number of experiments, but really what evidence was saying to you and whether the evidence is strong.

Perfect.

Thank you very much, Shamira. And let's move a little into Phenex. David and other coaches were speaking a lot about Lois. Maybe David, you can share some thoughts on your previous experience and your feedback to this team concerning Lois as a strong experiment.

Yeah, I mean, I've worked with some B2B startups in the past and I was just more curious about the nature of the Lois. You know, sometimes they tell you, yes, of course, I'll buy whatever it is, volume of your stuff. And then when they write it down, they write like half the number they told you in person. And I also, I was just shaking my head when you were doing the prefab. I was like, that's never going to work. I literally judge startups that tried something similar with additive recycling, with concrete for building materials. They won $50,000 at a startup pitch competition. I judged that recently. And sure enough, when they went to construction workers, they said, we don't want you to make these. We just want the material, like to add it in. Right. And so I was loving that you pivoted there. So I think overall it was just the LOI was a little fuzzy. I love that you all are doing otherwise. I would just love to hear more about the nature of them. What did you learn from them? Right now, the level isn't the point, it's the. It's what you've learned from it. And usually it's stuff like what they tell me in person isn't exactly what they put in writing or they can still get out of it too. It's non legally binding. So I think that was really where I was left kind of questioning. But overall I was just super impressed.

Lots of value there. Yeah. Thank you, David. Shamira, you said you love the passion for Circular economy. Is this important to a panelist or even to investors?

Look, it is something that adds to it. One of the things that in my personal case, I really could connect to what they were working on and I felt for that I care about these matters. So it got my attention and got me to listen to their story a lot more. More keenly in a way, subconsciously. So I think that that is there. Of course, at the end of the day, they are supposed to be looking at the evidence, but still these kind of things is what gives that emotional connection that you want from your investors or from your panelists.

Perfect.

Couldn't agree more. Thank you. Shamira Tendai. I like this question you post here. How did the choice of who to focus on happen? Can you share something else with us concerning this? I was just listening to the presentation when they started giving it and then all of a sudden they were just like.

And then we decided to focus on.

This group and the link between, like, how did that happen, why that, why that group, etc. It was lost in that. It was. You had to take a mental leap with them and that was the only thing that was difficult about. Thank you, Tanda. And I see you love the idea of being non digital. I think we always find as panelists, like everybody's building an app. Do you want to share anything else on that? Yeah, because one of the things that we're always fighting against and maybe David.

Can help me with this. Well, it's like, yeah, yeah, yeah.

All this, like testing stuff that works if you're like working on digital stuff.

But it doesn't work for non digital.

And I always love every time we.

See examples of folks doing it with non digital products because it shows methodology.

Expands across all types of ideas. And I think Etienne was kind enough to show us the product on camera. Right. Rather than the app. Thank you. Don't spray the camera though.

Right.

And we're moving forward to the last team of this batch. This is Sandamos. Alex, can you share some thoughts on the willingness to pay? This is something like not all teams got here during the Discovery Sprint, so maybe you can share your thoughts.

Yeah, so look, willingness to pay, often we put it pretty late and I think it's actually very good to try to at least have a conversation. In this case, they even went, you know, towards some call to action. So I think we sometimes overestimate how quickly we can get to a willingness to pay, at least conversation. So I really like that, you know, going early on, you don't need a solution that works to get to willingness to pay conversations. Right. And again, you don't have to build something. Right. So I do think that's, that's very, very good. Even in Discovery Sprints, challenge is always, you know, how much time do you have? 24 hours in a day. But the faster you get to willingness to pay, the better.

Right.

You shouldn't start with that. I think if you don't know enough about the customer, it's actually bad. But once you have some customer insights, some value proposition insights go to willingness to pay. That was very good.

Thank you, Alex.

Perfect.

David, would you like to comment on your idea or Your green hat idea on using private flexible groups.

Yeah, I mean, I mentioned a little bit before. So some of the work I've done with Adobe out here in San Francisco, I mentioned their head of growth who's now at Dropbox. He's leading head of growth at Dropbox. And one of the things they did on the app we were testing was they created these private Facebook groups so that they noticed a sub segment that was really evangelizing the app. Very excited about it. And when you notice that, you really need to take advantage of that and use them as ambassadors to help evangelize and bring in other customers, because it will save you on cost per acquisition. There's no. No need to do paid acquisition if you have people that go off and refer on your behalf. That's like the best case scenario, right? Because you. You have this loop of people going off and evangelizing your solution to the market and bringing in customers. And so I think you need to treat that class of customer with, you know, special gloves. And so private Facebook groups give you the ability to make it exclusive, and then you can give them perks, even if you have to physically mail them perks. Right. But just make them feel like they're taken care of and that you appreciate their enthusiasm. So there's a YouTube talk somewhere. If you guys hit me up after. After the presentation today, I can try to find the YouTube talk where they talk about it, if I can.

Perfect. Thank you for your kind offering, David. And I see all the panelists are eager to see more about this team. So prior to closing and going into the quiz section, Alex, do you have anything to share on their general assessment?

No, I think there's one thing that there's not enough time here to go into Q and A because we have 10 pitches. But one thing you want to keep in mind is to put all the experiments in your annex. You actually want to show David pointed out what was in the letter of intent. You'll get huge credibility if you have the detailed experiments in the annex. So if you give that deck to investors afterwards, they're going to be blown away. So the more you explain the experiment in the annex, the better you prove, the more you prove how strong you are. So don't forget that that's an important part that's not in the presentation, but it's in the annex.

Thank you very much, Alex. And we're going live for the quiz. Two books are going to be awarded to the winner. So get ready, get your phones ready, and you are logged in into The Menti. The same Mentilink as before. But now you're going to be asked a few questions from Alex himself. And in a few minutes, we'll see who the winner is.

So I actually not sure if I can present here. Let's see. Can you see my screen? Is that the Mentee?

Yes.

Okay. Okay, so join. I have five questions for you to. Okay, so whoever else is in Menti, maybe just close it so I can do it.

Try again.

Try again, Alex.

Okay, so there you go, technology. We're testing live. So five questions if we can get it to work. Otherwise we're just gonna have to read the books ourselves. At Strategizer, am I allowed to take. There we go. Good. So log on. I can see 100 people already there. Great, great, great. And here's what's important. The speed of your answer actually matters. So if you answer faster, you'll get more points. But I'll warn you, I put trick questions, so you got to think a little bit.

Okay, let's see.

And we should probably separately show if the panel answered the right questions.

Right.

So we should expose our little panel. Okay, so let's get started. The first question is, which one of these options is most likely to help you make progress? When you test an idea early, 100% of your time for 3 months, focus on testing 100k budget to hire an agency to interview or engineers. The answer is obvious here.

Very, very obvious.

Yeah. And the panel, please comment. Right, because I'll tell you one thing, I did this just recently with a company which will remain unnamed. And the majority was clicking on two engineers to help you build a prototype, plus 20% of your time to test. Because there's this myth you need to build something to test. Right? Anybody ever heard of that? I'm sure. David, that doesn't happen in Silicon Valley, right?

Unfortunately, yes, it does. And then you have to figure out why it didn't work, which is a lot of reverse engineering, which you could have learned before you built it. But yes.

Shamir, have you seen this? Have you seen this in your corporate.

Teams that you coach all the time?

So you can hear our sad voices when it comes to building rather than testing. Okay, so that was an easy start. Next question.

So.

Again, speed matters. What should make a leader most confident about an idea? Large scale customer interviews, an outstanding product demo, strong evidence from a landing page experiment, a strong Excel spreadsheet sheet you left out.

That is their own idea.

Okay, so this one again was obvious, but we have, you know, very good audience here. Quite a few said, you know, large scale customer interviews. So there's actually, you know, a little bit of a myth that if you do a lot of interviews, you'll get, you'll get, you know, better evidence. But better evidence is getting people to do something, not just increasing. So if you make, you know, do interviews with a million people, they're still just telling you what they want. Right. So I think. So some of you, I don't know, David Shamir Attendi. I think you have a little bit of an indicator what the number of interviews are. Right. So we had this question in the pan in the chat to get to the next level.

Oh yeah. I mean, I usually go around 15 to 20. You're going to hear patterns by the fifth interview. If you've really narrowed in your customer profile. If you interview everybody, it's going to be a mess. But if you are very focused on interviews, then you should hear patterns about the fifth one. So you don't need to do hundreds or thousands, usually early on.

And I see Shamira and Tenday nodding as well. Okay, let's go to the next clarification.

There, because that can sometimes be misunderstanding for people that interviews happen only at the discovery beginning phase. But actually interviews happen throughout the process, even Once you have MVPs and once you have users and everything. And so it could very well be that some of the people misunderstood the question when they said interviews would give you benefits on the using side. If people are giving you feedback on what's working for them and all of that, then yes, that could be very valuable.

Excellent and right. You can advance and then you can all go all the way back. So interviews, you should do it throughout the process. So that's a great, great point, Shamira. Okay, next question. Three out of five. We've got three more to go. Which statement is wrong? Wrong, not correct, Wrong. There's only one that's wrong. Which one? Good and bad ideas look similar at the beginning. A lot of experiments demonstrate progress. A landing page produces strong evidence in interviews. Ha. That was a bit fast. Okay, there was only one that was wrong. A lot of experiments demonstrate team progress. Any of the panelists want to tell me what's wrong there? Trick question. That's a good question.

I love that question. Because one of the big myths of.

Lean Startup has been that running experiments.

Is the thing to do. Right?

But actually what matters is progress is.

How close are you to finding an idea that works. Works.

That's what progress is.

So regardless of the number of experiments.

You'Re making, like experiments could get you.

Further away from finding a business model that works. And so it's really important that people.

Understand that if they do this work.

And it's not wrong. Right. If you do five experiments and you have no evidence, you actually, there is where we could say you made progress, that you need to kill the idea, but it doesn't give you progress from idea to business. That's why the number of experiment is just activity. If you just count the experiment, you're counting activity. What we need to judge is evidence. That's why I put this trick question here. Okay, next one. We got two more to go. I hope we're on time. Probably I'm the only one violating time rules here. Which statement should leaders believe of these statements? Which one should they believe? We need to build something to start testing hypothesis, make the risk of an idea explicit. Big project funding means big impact. Strong business plan, high success chances. Tendai was raising his eyebrows. He wasn't quite sure. Shamira, David, do you see hypothesis done well in the work? Because that's a big one that we push. Right. But I'm not sure if that. Teams always do that.

No, that's the most difficult, you know, starting point. Right. You need to be defining things. Right. In order to go and explore them. Right. So, yeah, that's one of the most difficult steps.

Yeah, I think the. The statement here is what they should believe versus what they believe. So. But yeah, I think a hypothesis is a working assumption. Right. It's testable, precise, and discreet. And it takes a little bit of rigor to make it that way. So you can design an experiment that helps prove or disprove. And I think that level of discipline we're still working on, but I think we're getting there.

Okay, last question. Question five. And this is the one to win a book. Two books, actually. Two ebooks. The more experiments you run, the more evidence you collect, the more progress you make. True, false. And we have a leftover from. From the question before. True, false. Oh, a couple of you did not listen before. We just explained it. So this was actually to check if you listened well. The more experiments you run, the more evidence you collect. So far, that's true. The more progress you make is where it falls apart because you can collect evidence that there's nothing there that you need to kill the idea. So you don't technically make progress, progress towards a business that you should fund. You make progress in the sense that you're learning more and more that there's nothing there. Right. So the first Two are correct, but the last one, progress, is evidence that supports your idea. That's why we emphasize during this whole day, you know, the three hours, put the spotlight on the evidence, not the number of experiments. You need to show the evidence that supports the idea. Anything to add from the panel before I show the winner? Complete agreement, Tenday.

Yeah, complete agreement.

Now that one is. That one is the one that stumps.

People because I think we started putting.

So much emphasis on experiment, we forgot what the experiments are for.

And what the experiments are for is really the point of running all, doing.

All of this work.

Okay, so with that, before we get to our third batch of great presentations, the winner is there's a speed thing there as well, I think. Trevor K. So Trevor, Trevor, who does Jonas, who does Trevor reach out to? To you and just give the contact details to Akshay. Okay, Go chat with Akshay. And I hope we don't have like 20 people reaching out now. So Trevor K, you're going to also have to provide some proof now.

Proof of identity, Trevor. Get it right. Now. All I know, Ionas, is my second.

Name is Trevor, just in case you didn't know.

Okay. Yeah, maybe your books were getting like older, so you needed to change them. Thank you, Tene. Thank you, Alex, for that quiz. It was impressive. And that last question is so tricky. So let's get ready for our third and final batch. We're going to hear Stack AI speech from Susan and Ryan. And you know what, Alex and the audience, I think there's an interesting story from Stack AI concerning these last two questions because they were actually understanding from their, their experiments how to embrace the evidence, to turn it into insights and learn from there and pivot from there. So a very interesting story and the construction B2B business model. Susan and Ryan, whenever you're ready, we're here for you. All right, what stands out most to you as most important for getting this job done?

Is it the red cranes?

Is it the cement mixer? No, it's actually the people. So what we found is people are the most important, important component of getting construction jobs done. So let me give you some statistics.

About the construction sector.

So McKinsey says that we lose about $12 an hour in productivity compared to other sectors. Then let's look at the people. So just in the US and EU alone, there's 17 million people that work.

In the construction industry.

So when you do the math, what.

That shows is an enormous cost and.

Loss of productivity, more than $200 billion. So we're a cloud based SaaS platform.

Designed to create and sustain effective construction teams.

So why are we doing this? Well, first of all, our sector is the largest in the world. Secondly, there's just a lot of pain. More than 50% of capital projects are over budget, over schedule or missing their enterprise goals. And compared to other sectors that are really using technology to address productivity issues, we're really behind the times. So we started with a really big idea, lots of possibilities, better predictions, better processes, better teams. And we focused on the desirability component, defining our value proposition. So we had three hypotheses. One around struggling with data, one around integration, and one around that diverse teams will improve project performance. So what we did was conducted many.

Interviews and also did a bunch of desktop versions research.

And we did all that in 10 weeks. A lot of work in 10 weeks. So we had three cycles in our experiments. Cycle one was 20 customer interviews and lots of desktop research. And here's what we found in our cycle one. So by far there was one that 15 out of the 20 customers customers.

Said was their top pain point.

And it was ineffective teams. And this was corroborated by our desktop research where the majority of the references highlighted ineffective teams as well. So we went back and looked at our customer profile. There's only one that survived. So we pivoted and next we looked at what does this really mean, this optimizing teams, how do we further refine it? So we went to cycle two, did a card sort experiment with 12 customers and additional desktop research as well, and really worked to redefine our value proposition. So we took the six top jobs, six top pains and five top games from those 20 interviews we did originally. And we did a card sorting experiment to rank highest to lowest priority. What we saw was very clear evidence. Again, 100% of the people that we interviewed said setting clear direction and strategy is the most important. The vast majority of people said getting right teams and getting critical information. And then again, 100% of them said.

That effective teams, what the true goal.

Was was to have successful project completion. So what we learned, it's about people on teams. So in our industry we have tons of data on our people and maybe not surprisingly, we don't really use it all that much. There's lots of tools out there already. There's time management tools, project management tools. What those tools look at though is kind of activity management and process management. What we're going to look at is using that team data for in digital and AI tools to build teams correctly and predict their performance across the project Life cycle. So having thought that, we ran our third cycle, which was we created a concept product and put it into a brochure. And what we found was of the 10 people that we showed the brochure to, we picked seven of them as new people to get fresh eyes. And every single person saw value in our proposed solution. And as a result, all 10 of.

The interviews agreed to be part of a detailed design workshop.

A big commitment of their time. And also excitingly, we found really cool quotes. So game changer. One person said, where do I sign up?

Another person said, and a third person.

Said, sure, I'll do your design workshop.

But more importantly, I'm kicking off a.

Project next week and I want you to help me figure out the team. So talking about desirability and feasibility and the evidence. So we started with very little evidence.

And that's probably being kind either none.

Or very, very light. And through our experiments we really developed some strong evidence that we were on.

The right track with this focus on teams.

We also found a little bit on feasibility as well. So I'm going to turn it over.

To Ryan to talk about our financial opportunity.

Thanks, Susan. Now let's focus on the opportunity. When we look at existing products, the nearest competitor we find is Salesforce. Using Salesforce's business model and numbers as our baseline, it's not inconceivable that we land 33,600 seats and $67 million in total revenue by year three. This amounts to a conservative 3% of the US market. Further, we estimate that as we expand into EU and globally, that we gain 100,000 seats and $200 million in annual revenue by year five. So what's next for us? We will be identifying our key resources as we build our team. And that includes a world class tech lead. We already have 10 SMEs willing to be part of our design workshops. We will continue testing to de risk our assumptions about the required data, the desirable features from our customers, and confirming the feasibility of our predictive analysis capability using machine learning and AI as we build our MVP to complete these objectives. Our request, $525,000 for our partners. We want to work with you to integrate and curate existing solutions into our platform and with our customers and SMEs. We want you to be part of our testing as we progress product development. If you are as passionate about the future of the construction industry as we are, please contact us. In conclusion, why do we care so much about construction projects? It's because our society is dependent upon constructed Facilities and this industry can be the key to solving some of the global challenges we face. Our goal is to help the cornerstone of this industry, its people and its teams to be more productive and more effective. Thank you, ladies and gentlemen, for your time and your attention. Thank you very much. Ryan and Susan, well done. I love the final touch. Ryan. I didn't see that in the rehearsal. That was good. So, David, they're testing on doing workshops, co creation workshops in the future and we are assessing them on the clarity on what the teams are going to test in the future. Do you have anything to comment on those type of experiments to the team?

Yeah, I mean, it's very promising that they were willing to agree to that. So a call to action on the brochure with a co creation. Not bad. I also loved how you. I thought I was a little nervous at the beginning when you had all those different hypotheses and then you narrowed and so I loved watching that in real time and you showing how you updated the customer profile. So that really helped tell your story. I would say. Overall, this is so prime for wizard of Oz. I mean, every AI startup I see, it's spreadsheets behind the scenes early on, that's the AI. So I think keep it small and try to see a real value exchange because I'm not sure how much they really care about the AI. I think they probably care about the outcome of it. And so I would just try to keep it small and take the learning from your co creation workshop to inform your wizard of Oz for the AI. So that's my feedback.

Thank you, David. I see the founders nodding. And Tenday, would you like to add anything on David's comments? No, nothing to add.

Just. Yeah, that's one of the questions I had just sort of spinning through my mind.

Can this be done using lo fi methodologies?

Because ultimately what they care about is that they find the right teams and.

The projects are on time and on budget, whatever. So could you do that without even using AI and just using a spreadsheet? And ultimately can you demonstrate that value? Can it be done? Thank you very much. Tenday, Susan, Ryan, I hope you got that. Thank you very much. And we're going to see another team. This is Ryan and Paul from Billion Minds. Please get ready and let's bring the timer to screen. And they are going to share with us a business model around a B2C platform to help us around productivity. So Paul, whenever you're ready, we are here for you. This year in the US alone, 120,000 deaths will be attributed to workplace stress. And according to Harvard Business Review study conducted last year across 46 countries, 89% of people say that their work life has got worse and their well being has declined. We interviewed hundreds of people across all walks of life to find out why. What emerged was a common theme. The new way of work, built for flexibility, has eliminated structure and the protections that it afforded. Scheduled breaks Gone. Separation of work and the rest of our lives gone. Even clear indicators of success for many of us gone. In its place is confusion and ambiguity. If you're struggling to get through the day, if you're constantly interrupted, you always feel like you're dropping the ball or you can't switch off at the end of the day, you are now the normal one. For many of us, the structure of our days has all but disappeared and with it our ability to cope. Billion Minds is the personal effectiveness company and our mission is to give a billion people the right soft skills to excel in an always on unstructured and ambiguous work life environment. In our early research we found patterns among people that thrive in the digital era. These people have a consistent way of organizing their work across their whole lives, a repeatable method for navigating each day and are able to prioritize well being which is essential to making personal effectiveness sustainable. We want to bring these best practices to everyone and to create a new normal when even the busiest people can start each day excited and end it feeling a sense of accomplishment. Now we thought we could do this with software alone, fine tuned to help people be more effective just by using it. The goal was to provide a tool to knowledge work, monetize the subscription SaaS and paid for data insights to executives on how human effort is translating to business impact. Our underlying data model would allow us to provide what we thought were valuable insights. So it seemed like a pretty smart move. But we needed to test it. So for nearly three months, testing the business model became our full time job. We had over 2000 customer interactions and conducted dozens of detailed interviews. We built paper prototypes and did lots of selling, landing some revenue in the process. From sales and pre sales, we learned a lot and what we learned fundamentally changed our approach. Our first set of experiments was centered on the data insights. We wanted to validate that executives in enterprises would pay for insights on how effort translates to impact. Here we did detailed interviews with C level executives and HR leaders and we also presented a paper prototype to executives and middle managers. What we found really surprised us. The value of the insights notwithstanding, there was resistance to pay for these types of insights, largely because the business leaders didn't even know what to do with them. This part of our business model didn't work. So then we turned to our end users. Here we wanted to understand whether users wanted a tool that's laser focused on personal effectiveness as opposed to, say, general purpose productivity tools. We looked to validate this through a combination of four different experiments. We used Facebook ads, tracking impressions, engagement and cost per click. These led us to 1700 signups at a click through rate of 49%. Our email campaigns were opened at a rate of 70% and 74 people took the extra step of emailing us back and asking to be more closely involved in our mission, which was one of our CTAs. Although the tool did not have a formal launch date, four people purchased it via a pre order offer that we created. So taken in aggregate, the numbers were enough to convince us that there was a market out there for people looking to use the tool. The responses also showed us that while our market certainly did include knowledge workers, our original customer segment, in reality our value proposition resonates really with anybody that's got unusually busy lives. But the feedback we were getting also gave us additional and unexpected insights. Email and word of mouth responses told us that while people liked our software, they also wanted education, support and accountability to help them not just reach but sustain higher levels of personal effectiveness every day. As one of our billion miners put it, and I quote, this is a human problem. I need human interaction as part of the solution. So that led us to our third hypothesis that users desire a more programmatic experience. We began to create personal effectiveness content. Our video and podcast content was consumed over 5,000 times. We also sold a prototype version of our program delivered over three weeks as a group workshop, plus one on one coaching and basic tooling built on Google sheets. We were thrilled to see how excited the attendees were to receive their Building Mind certification and they shared it with their colleagues, friends and family via LinkedIn and other social media posts. Our detailed exit interviews revealed a universal desire for a continuation of what they experienced in the workshop. That is a more programmatic approach and all attendees are now on a waiting list for when we go live with the full program. This helped to convince us that the users did indeed desire a richer experience than just software alone. So taken together, we now had enough evidence to perform a pivot. Our solution has shifted from a tool in data insights to an integrated platform consisting of software, curated content and group and individual interaction. This can be thought of as analogous to noom if you're familiar, which offers tooling, curated content and coaching for people looking to lose weight and keep it off. So you can think of us, our post Pivot solution that is as NOOM for everyday Personal effectiveness. This program is offered to individuals, but two of our attendees were actually managers and wanted it sold to their companies as well. So we began discussions with those companies and learned that they see it as resolving the pain of reduced employee engagement and increased attrition, combating what's commonly referred to now as the Great Great Resignation. We have now built an MVP for teams and are currently in sales negotiations for the Programmatic offering in those companies. As you can see, in our new business model, we're now serving the mass market of busy people and rather than selling data insights to executives, we're now selling the program to businesses with over 10 employees. The key change on the back end is a need for us to provide skills enhancement coaching. There's over 50,000 such coaches in the US alone and many of them are looking for additional recurring sources of revenue. We have an opportunity for them to supplement their income through Billion Minds and ultimately use it as a platform to deliver their own content, providing us with an additional revenue stream. Eleven coaches have already proactively reached out to us asking for this very same platform capability. Our business model, Pivot, actually led us into a new market. Previously, we were seeking to carve out a small sum out of a giant productivity software tam. After the Pivot, we're still going after a big market. It's the still huge skills enhancement market. In fact, our competition can now be thought of as organizations like Franklin Covey and Dale Carnegie rather than software tools such as Trello. Our differentiation is the integrated nature of our solution along with the ability to measure and provide feedback to organizations on the results that we drive. The signups, sales and referrals that Ryan mentioned earlier have all given us good evidence of desirability. So in terms of our next steps, we're looking to complete the sales negotiations to run a six month paid pilot in our target companies and run test groups through the full program initially with prototypes about tooling and curated content. We've got a test group of 10 people ready to go as individuals and we'll also be building out a landing page to recruit coaches in order to validate this part of our business model. We believe it's going to take 800,000 to get the Programmatic Offering successfully in market. So far we've raised 305,000 towards that goal. Our round is currently open so if you'd like to learn more, please email us@co foundersilliamminds.com thank you.

Wow.

I thought you were going to do overtime. It was just on the second as well. This is impressive.

Impressive. Paul and Ryan. Yeah, well done. So another great team sharing their experiences during this discovery sprint. And we're going to assess this team very specifically on the clarity on their ask. What do they need? What are they asking from us? Was it clear? I think it was pretty clear. Even a call to action at the end and I saw many panelists nodding while this team shared. And there's a very interesting story on how this team embraced failure or embraced the evidence from their early experiments to pivot. Alex, do you have anything to comment on that story?

No, I think the challenge is always when you have so much, you present it clearly, but it goes very fast. Right. So this was a brilliant presentation, but there was a lot. Right. And sometimes it might help to take some things out and then highlight some other things and then make sure you just refer to the annex, which wouldn't work here because nobody's going to see the annex, but there's a lot there. Super clear. But a lot of information will take away the spotlight from maybe the key things. Really well done on clarity. Love it. Clarity of the ask was right on the spot on the second.

Totally. Indeed. Shamira, do you also have anything to share on the teams, how they evolve, etc.

So like Alex said, you know, really, really impressive. They did a lot of different things and maybe one thing I'd say to them is also keep in mind where in the presentation you are and the attention span of people to keep in, keep up with everything that you're sharing. And so you had great stuff to share and maybe if you can look at. Okay, we are going to be late now. In terms of in the presentations, people's attention span is low. What could I skip or what could I take away? How do I keep it on? As Alex said, on the really, really important messages, it's a really difficult thing to do last minute, but if you could do that, hats off to you.

Thank you very much, Shamira, for sharing that. And we're getting ready to hear our last speech for the day. That's Tim Moya directly from South Africa, from two very interesting co founders, Sabika and Thulani. Are you ready, Savika and Thulani, to share your very interesting story? They also pivoted on the customer segment at the beginning through the evidence they gathered from the early experiments of the Discovery space. So Moya, let's go. Are you ready? Let's wait for the timer. 30 seconds. You got the timer there? Sabika, whenever you're ready, we're here for you. Okay? Hi, I'm Tilani Masabenza, one of the co founders of Moya and currently in South Africa.

And I'm Sabika Pardesi from Oxford and together we're building Moya, a smart money manager for the self employed in South Africa. Meet Ali. He's one of our customers. He's a self employed photographer in South Africa. He does wedding shoots, Instagram shoots events. I mean he travels far and wide for his photography. But then at the end of the day he has to come home to his invoice and download his bank statements, update his spreadsheets. He doesn't even know what to do with his taxes. And Ali is not alone. There are 4.8 million self employed businesses in South Africa. According to a Finfine survey, 70% don't keep financial records. And this is a big problem when they want to access finance for their businesses to grow. This is why we're building Moya, a very smart money manager for the self import. This includes freelancers, sole traders and gig workers. We want to streamline their financial processes so that it's easy, they save time and money. And this is especially important after Covid because everyone wants to start their own business. So let's see what what we did with our experiments.

We conducted several experiments to discover our customer profile and the solution. And we initially conducted customer interviews with 16 small business owners online and in person. As you can see in the example below, this was very important because it helped us understand our customer profiles. Not all small business owners, but actually the self employed ones. With this knowledge in mind, we went and did some value seen experiments where we took four solutions and showed them with two 10 individual self employed people, we were able to understand when they faced a problem, how they're currently solving it today and what they want to do tomorrow about it. As we gain deeper insights, we decided to run an online ad to test our value proposition and see if it resonates with customers. And we got 153 clicks from this. We're now currently testing a landing page to see if customers will invest time, effort and their money in a call to action to actually have this problem solved. Our customer segment is self employed people such as the people we interviewed. Like Ayanda who told us last year was the first time I was responsible for my tax. I feel uncomfortable submitting on my own. Her core job to be done is tax submissions and if she has to pay to have this problem solved, she'll pay $25 to $250 to an accountant to have it solved. Her gain she's looking for is automated tax. Next we have Npiko, a videographer who told us I use Excel spreadsheets to manage my video business and forget to update it after each shoot. His core job to be done is consolidating his finances. He spends five hours manually doing this a month and he's looking to automate this all in one place. Lastly, we have Andile, who told us clients will pay me in cash, which makes it hard for me to know how much income I have. She's also looking to consolidate her finances, but her pain is cash payments and she's looking to gain digital billing.

Keeping our customers in mind, we actually looked at our value proposition through the experiments before. We were building a prototype to test and this was a financial planner. We literally built the clickable prototype before actually speaking to our customers and we were solving for budgeting to gamification. But this didn't work with our customers. They didn't want this. They wanted a money manager because on average they spent five to ten hours a month looking at the bank statements, downloading sheets, looking at their spreadsheets and keeping paper receipts. They actually wanted to categorize transactions, they wanted automated tax and they wanted it available anywhere. This led us to actually pivot our business model. Before it was a financial planner and we were targeting small business owners. They come in every shape and size and color and we were going to charge them a monthly subscription fee. After speaking to our customers, we are now building a money manager for the self employed such as micro businesses, freelance and sole traders. And we have decided to make this platform free because through our experiments we found that these one man businesses are often cash tight and they don't have funds to pay a monthly subscription fee. On top of this we're going to add features such as a tax calculator and invoicing and this will be one of our revenue streams. Through the experiments, we also validated one of our channels such as an enterprise support organization. This is where entrepreneurs actually go seek help and we've partnered with three of these and have access to over 1,600 sole traders that we can sell this, we can take this product to. Our key activities include software development and marketing and our cost structure will also comprise of the same software development and marketing. We found that the South African market is quite Skeptical. So we have to really market our product and the key resources is that we have to build up platform users. If we can build a big base, big user base, then we can identify multiple revenue streams. Next we want to test our tax commissions from tax as a revenue stream. Going forward, let's look at our financial opportunity.

There's plenty of opportunity for this business model to make revenue from. And currently the financial opportunity lies in our serviceable obtainable market of 4.8 million self employed workers. We're looking to obtain 50,000 of these onto our platform in the next three years. And we're going to monetize initially by charging a once off tax submission fee which creates a financial opportunity for this model of roughly $1 million in revenue.

And to test this revenue stream for the next 16 weeks we've outlined a few more experiments. First we're going to do we're going to continue with our online ads, our website to acquire users and signups. After that we're going to do six weeks of manual testing. Manual testing our prototype from the people we interviewed, from the 28 people we interviewed. We've already got 15 people to test our manual product. And after that we're going to do a live simulation where we not just test the product but we ask users whether they will be willing to pay for it in the next four months. Then we'd be able to validate a lot of our revenue streams in the business model. Let's look at Moya's desirability from the 28 people we've spoken to. We have confidence that we moved on from zero to three evidence for our value proposition. We've moved on from zero to three because of our online ad clicks. We believe the opportunity is huge in South Africa because of the 4.8 million people that we can target and we are excited to invest in this opportunity.

So over the next nine to 12 months we're seeking to raise pre seed funding for the next 12 to eight months. And initially funds will be used for product development for further experiments and to build an mvp. We'll also then use funds for operations and marketing, scaling up our team and building a client base towards a hard launch. Lastly, because we're managing people's money, we also have to comply with legal and regulation legal regulations within South Africa.

Our ambition is to become the best money manager for the next generation of self employed Africans. I'm sure Ali is busy downloading his app and I think you can be in the next few months as well. Thank you.

Thank you.

Savika And Thulani, well done. And this has been our 10th startup. Thank you for watching so far. And we're going to assess this team specifically on the financial opportunity. Was it clear enough? So, Alex, maybe you can share with us some words concerning what would you actually expect from a discovery sprint on a financial opportunity?

So look, there's always two aspects. One is the opportunity size and I think they did, they mentioned that very clearly. And then the second one is the evidence. And some teams confuse this. You know, they show the opportunity, but they don't say if they have evidence or not. I think here we were pretty fine. Some aspects were a little bit too fast, right? Because I blinked for a second and there was, oops, it's already gone. So it was pretty fast. But again, you know, showing the opportunity is important, but it's not the key when you don't yet have evidence. So there's always this like, you know, trade off between the two. But well done, well done.

Perfect. Thank you, Alex. And I know you're running out of money because you have already funded so many startups during these past two hours, but we're going to ask you yet another time, would you fund these three startups? Those are Stack AI in the construction model, Billion Minds in the stressful job atmosphere and productivity, and Moya.

It's impressive that so many people stayed on. Right? The presentations were world class. A lot of people stayed on to see to the very end.

Totally agree. And indeed you're getting funded. So let's see if those call to actions that you shared actually bring you investors from the audience and let us share some feedback from the panelists before we end the session. Alex, you shared some black hat feedback on a red flag of no viability testing shown in the next steps.

So, you know, I might have just. We had a lot of batches already. Right. But I'm not quite sure I heard stronger viability testing, you know, in the next steps. So for me, you know, personally, I would have loved to see more of that. So that's the, the thing I was missing. But I might have, it might have been too fast for me.

I think Juana says frozen there.

Okay, I was hesitating if it was me who was frozen. But Shamira, since you picked up any comments you would make on the first.

Presentation, Stack AI, maybe I just add that your presentation time is really, really valuable and so it would be great. One of my feedbacks here was that the ineffective teams problem that you shared is a very, very common thing across so many different industries. And Workplaces, if you'd bring that down even more specifically to customers construction and your expertise in that construction space, that would have helped me understand your presentation better and also the work that you've done better.

David, you're on a mission for no code, right? So I'd love to hear wizard of Oz. What did you envision? But you already mentioned it. But maybe give an example of where you've seen that done in AI, because you already elaborate a little bit on that.

Yeah, I mean, so much of AI is. So you have your construction expertise, right? I don't know how much AI expertise you have, so maybe you do. I keep mentoring batches of AI startups to come through Silicon Valley and they can't hire data scientists. Right. So it's a big feasibility risk back in key resources. So I think using spreadsheets and just trying to reason through it and using no code, when you want to bring on somebody as a data scientist, you want to bring on somebody to help you as maybe something in technical side, then you have something for them to respond to. And I can't stress that enough. And I gave this feedback on another team today. It's really hard to get people to join your cause if you don't give them something to respond to that you've already tried to reason through the work. So there's not a specific platform I'd recommend. I listed some in chat earlier, but I would certainly try to do as much as you can in spreadsheets, especially if you don't have data scientists skill set.

On the backstage, let's jump to Billion Minds since we're slowly running out of time, but we don't want to cut short on feedback. So Billion Minds got most excitement from the remaining users who were voting Right. In terms of investment. Tenday, what would you point out in the Billion Minds presentation?

Yeah, so two things that were striking about the Billion Minds presentation. One was actual sales, like they were one of the two that actually had like real money in their pocket. So that was pretty cool.

And then my greenhead feedback was watch.

Out for those rabbit holes which was, I think connected to David's, you know, black hat. Feedback was careful of the product debt cycle.

It looks as it seems to me.

That they were pulling at so many.

Threads that sometimes it can become.

Yeah, as you follow each one of.

Those threads, you can get caught up in all those multi channel, multi layer.

Multiple things that you're doing that you.

Might end up creating something that doesn't.

Have a shock value proposition. So that was just the Comment that.

I would give there, I would add, what I was surprised is that obviously the willingness to pay evidence that you had was kind of very isolated, but still, nevertheless, that's really strong for me, that was almost underrepresented. Now, of course, we asked you to present a lot of things, but when you have such a strong piece of evidence, you want to make it shine. Right. Because willingness to pay is kind of the crown jewel now. Even if it's an early adopter model, not exactly what you want to be, you know, for later on for your real business. I think that that can shine. And I think Jonas is back. So I'm going to hand it right back to you, Jonas. Or was that.

Sorry, yeah, no, no, it's still me here. I had an Internet flash crash. So let's go back into our last team. Moya, you have some feedback to share. Shamira, I think you like what Sabika shared at the beginning, and I think having an interesting hook is very important for a pitch session. Would you like to comment on that?

Yeah. You know, this is something that I also felt with some of the other teams. Each individual is different in terms of, like, the panelists and what we connect with. And so when there's somebody that comes in there and kind of is really enthusiastic and shows the enthusiasm that pulled me in, especially at this very late presentation. So make sure that when you start your presentations, you are indeed getting people's attention and are able to hold them in there.

Thank you, Shamira. David, you added a comment. Positive feedback on their pivoting. They pivoted on their value prop, customer and revenue. Would you like to add anything concerning your team's experiences on pivoting from evidence?

Yeah, I was kind of surprised. Usually pivot on one of those. And I noticed when you showed your business model, you pivoted on all three. It wasn't super clear to me how you went from one to the other, but I just, I thought that was pretty impressive that you were able to look through all different, all three. So. And my other feedback was more around instead of just I heard you were going to, like, ask if they're willing to pay, and that always raised, like, kind of red flags for me. So I think basically just do pre sales and keep it small and then try to do it behind the scenes and deliver the value to them. You'll learn so much from doing that that it can inform what you end up building. So that was my feedback.

Thank you, David, so much. Thank you to all the panelists. And before we close Alex, do you have anything to share to these three last teams on the customer understanding on their value proposition through testing?

No, I just, I think in general, I was asking behind the scenes questions to the panel. You know, for all presentations, the last three, the seven before is really, really well done in terms of showing the evidence and focusing on evidence based presentations. Right. Because, you know, ideas, they're easy. What's hard is actually to turn them into value propositions and business models. I can't repeat myself enough. And the evidence is going to give you funding, the evidence is going to give you credibility, not the idea per se. So all the teams put the spotlight on that. I really, really loved it.

Thank you very much. And before we close, I would like to say a very special thank you to all the teams for embracing testing as part of their journey. Some of you have actually understood from the evidence that the value prop you are pursuing, even the customer profile you were choosing was not the right one. And through testing you now got closer to a real value prop and a real understanding of not only a problem solution fit, but a product market fit in the future and eventually a business model fit. So I would also like to congratulate all the coaches for their terrific work done during these 12amazing weeks. So thank you very much to all the coaches and their very hard work and to the Strategizer team and the panelists being here with us today for three hours hearing these amazing 10 pitches. Alex, thank you for the opportunity and for creating this CAC Discovery Sprint program. We are grateful to you and the whole company. So that's all and we'll stay in touch and I Hope all these 10 startups are to be seen in the real world in the near future. Thank you very much for joining this webinar today.