The document provides information on the RoboPorter team working on an automated consolidated reporting solution. It lists the team members and their roles. It then describes the problem of manual consolidated reporting currently used by single and multi-family offices. The proposed solution is to use machine learning and natural language processing to automate reporting and make it more accurate. It provides details on the business model, target customers, competitors, and revenue model which involves subscription fees for the automated reporting software.
Energy Resources. ( B. Pharmacy, 1st Year, Sem-II) Natural Resources
roboporter columbia
1. ROBOPORTERR A N J E E T D AYA M A , J O H N M C Q U A D E , N A S S A R N I Z A M I
Interviews before restart: 43
Interviews since restart: 13
Total interviews: 56
2. COLUMBIA B8521:
LEAN LAUNCHPAD
RoboPorter
TEAM MEMBERS Ranjeet Dayama John McQuade Nassar Nizami
Degree program and
Department/Major
Executive MBA
Executive MBA Executive MBA
Provide your LinkedIn
public profile URL
https://www.linkedin.co
/in/ranjeetdayama
https://www.linkedin.co
/in/john-mcquade-
84096625
https://www.linkedin.co
/in/nassar-nizami-
7940b23
Are you the subject
matter expert (SME) for
this team?
Yes Yes No
Pick a role you think you
most likely will play on
this team (Hustler,
Hacker, Designer or
Product Picker)
Hacker Picker Designer
Anything interesting we
should know about you
(be brief)
Technologist with 18
years of experience in
tech
Works at Multi-Family
office; experience with
consolidated reporting
and vendors
15+ years of Information
Technology experience
3. MyAD – Relevant Hyper-Local Coupons
• Mobile app and
portal
development
• Consumer &
retailer
acquisition
Consumers:
• Relevant, useful &
customized coupons
• Hyper-local
• No coupon clipping and
carrying
• No coupon searching
• One app for all coupons
• Social – support local
businesses, share with
friends & family
Local Retailers
near Columbia
(Macy’s, JCP, Kohls,
local restaurants,
local coffee stores,
franchise, car wash,
etc.)
• Give content for
platform
• Get foot traffic to
store
• Personnel
• Mobile app and portal development and
maintenance
• IT infrastructure
• Consumer & retailer acquisition
• Marketing
Consumers:
• Mobile app
• Website
• Retailers
Physical:
• IT infrastructure
Humans:
• Software developers
• Sales force
Finance:
Get:
• Social media, PR,
sales force, retailer
partnership
Keep:
• Relevance, content,
ease of use, loyalty
prog
Retailers:
• Proximity targeting
• Location, time & radius
based campaigns to
drive sales
• Drive traffic during off-
peak hours
• Save money wasted on
paper coupons
• Access to data analytics
Consumers:
• All adult consumers with
smart phone
• University students
• People that use coupons
frequently
• Don’t want to search for
coupons & deals
• Get relevant & useful
coupons & deals
• Save time & $$$
Retailers:
• Mobile app
• Website
• In-house sales force
Charge
• CPM , CPC, CPV,
CPR
• Revenue share
• Buy data
• Subsidize the retailer
Consumers:
• Subscription
4. KEY TAKEAWAYS: DAY 1 & 2
• Customer discovery confirmed that coupon market is fragmented and consumers are
frustrated
• Small business owners are extremely skeptical of current digital advertising platforms (i.e.,
Groupon, Yelp, Google)
• Who you choose for customer discovery impacts how your hypotheses are verified
• Value proposition for customers holds true but we will have challenges scaling
5. RESTARTED PROBLEM & SOLUTION
Single Family Offices & Multi-Family Offices receive investment
information in a fragmented and inconsistent format. They have
to dedicate resources to organize and store the data into their
systems, and present a consolidated report to their clients.
Our solution will take “dumb” file formats and add intelligence
to them, allowing clients to manipulate the data in meaningful
ways, saving time and money while increasing accuracy.
6. RESTARTED BUSINESS MODEL CANVAS: ROBOPORTER
Fixed costs:
• Product development
• Hardware & infrastructure
Variable Costs
• Sales staff
• Maintenance of On-Site Processing
Physical:
• IT infrastructure
• Hardware
Humans:
• Software developers
• Sales force w/
knowledge of HNW,
SFO and MFO needs
• High Net Worth
(HNW)
Individuals
• Single & Multi-
Family Offices
(SFO/MFO)
• Institutional
Wealth Managers
• Consolidated
Reporters (i.e.,
PCR)
• Tax preparers?
• Endowments &
Foundations
• PROBLEM:
Current
consolidated
reporting is
manual,
expensive, time
consuming and
inaccurate.
• SOLUTION:
Automated,
accurate
consolidated
reporting for
complex family
investments using
machine learning
& NLP
• Direct Sales
• Web sales
• Conventions
• Advertising
through trade
groups (i.e.,
Family Office
Exchange)
• GET: Accuracy of
consolidation of
financial statements
must be proved using
proprietary algorithm
• GET: Information
security and privacy
• KEEP: Constant
product improvement
& support
• GROW: Referrals
• Installation fee to cover setup for
on-site processing
• Subscription for cloud-based
• Create software
and reporting
that addresses
SFO and MFO
needs
Partners
• Data feed &
pricing
providers (i.e.,
S&P) providers
• Consolidated
reporting firms
For whom we save
time & labor
Suppliers
• Cloud
computing
power
• Programmers
• NLP Partner
9. REVENUE MODEL – CURRENT PRACTICE
K1, Capital account
statement etc.
SFO/MFO
HNW Family &
Advisors
3rd
party
service
In-
house
staff
DataSources
Data Entry
FinalReport
Report
checked for
errors
In house cost:
SFO – 1 FTE
MFO – 2-6 FTEs
~$60-80k per FTE
Typical 3rd party pricing
based on 1.5- 0.8 bps of
revenue
10. REVENUE MODEL - ROBOPORTER
K1, Capital account
statement etc.
SFO/MFO HNW, Advisors
Data
Sources
Final
Report
Lower cost, improved
accuracy & faster
turnaround through
automation
RoboPorter
Value:
$40k - SFO
$100k – MFO
Initial Target: 30 MFO, 100
SFO
11. 11
OUR MARKET: THE REPORTING INDUSTRY
Total
Available
Market
$8 billion
Target
Market
$7 mil
Served
Available
Market
$500
million
• US financial reporting software market
is approximately $8 billion
• Financial services reporting software
market for US family offices is
approximately $500 million
• Approximately $7 million in revenue
based on clients most likely to adopt
our product
12. DEMAND GENERATION
Word of mouth generation
• Sales staff capable of 4 - 6 demos/week
• Travel costs (~$20k)
• 2 individuals at an assumed $100k salary
• Total: $240k
Ad campaign
• Advertise with Family Office Exchange (FOX)
• Speak at semiannual conference ($20k/event)
• Total: $40k
Website development & maintenance: $10k
GRAND TOTAL: $290k
13. CONCLUSION: DAY 5
• Initial customer discovery demonstrated demand for the
service
• The reason that outsourced reporting exists for family offices
is that it is time intensive and costly; if so, why are they not
implementing our idea?
– Not a priority, but a long-term goal for existing providers
– Family offices and UHNW advisors surveyed have not seen anything
in development
14. NEXT STEPS
1. Find out if “smart” consolidated family office reporting is already
being done. If not, why not?
2. Talk with more alternative asset managers to determine if
electronic feeds are already being done
3. Develop algorithm, pull reporting data (via FOIA) and back-test
reporting for accuracy and time savings
4. Refine pricing strategy (cost per account, per seat license, fee for
assets reported on)
5. Develop a KEEP and GROW plan (features, partnerships) to
differentiate from future competition
16. HYPOTHESIS TESTING
Hypothesis Test Result
Labor is a large cost of consolidated
reporting
Interviews with CTOs Confirmed
Financial firms are willing to send
information to the cloud
Interviews with CTOs Confirmed
Demand is sufficient to support
development costs
Interviews with Family
Offices
Confirmed: reporting firms
currently exist and there is MFO
demand
Alternative asset managers are not moving
towards electronic feeds
Interviews with asset
managers and third
party reporters
Confirmed
Data formats are not proprietary or can be
licensed for a nominal fee
Interviews w/ third
party reporters
Interviews scheduled
NLP & machine learning is sufficiently
advanced to be usable for this purpose
Interviews w/ Data
Scientists
Confirmed with subject matter
experts
Editor's Notes
Other observations
Merchants will pay to increase profits
Many small businesses are under threat from online competition
Turnover in small businesses ownership is high around Columbia University
Merchant acquisition is expensive and difficult at scale
Small businesses found mixed results with advertising
We broadened our focus too wide, and our customer discovery too narrow
We did not make our differentiating factors clear enough to the audience
Some small businesses pool social media advertising with individuals to share cost, which warrants further exploration
Restarting is painful
How you define the problem and solution matters for investors
Candid feedback that our restarted presentation was terrible, but that there was an idea
“You’re marketing sushi as cold, dead fish wrapped in seaweed” – Steve Blank
People are willing to help, you just need to ask
Petal diagram was helpful in understanding and visualizing competition
Confirmed that there are pain points in the industry; what we see as an obvious solution does not seem to be implemented
Pain could be solved by automated feeds, which investors have not asked for, and hedge fund managers are reluctant to provide
”Nobody asked us for an automated feed” – Hedge Fund Manager
“Transparency is not our friend”– Hedge Fund Manager
$30 trillion is the assets of the baby boomer generation
$3.8 trillion from Barclayshedge
$42. trillion from Prequin in PE
Publicly available data on asset reporting available through FOIA for state pension funds