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180 Eats Berkeley 2015

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180 Eats Berkeley 2015

  1. Photo Dan Goldman FT MBA ‘15 Robert Dong EW MBA ‘15 Photo Fresh, Chef-Prepared Meals Just Steps From Your Desk Total Interviews: 111 Audrey Leung I-School ‘16 Megan Mokri EW MBA ‘16
  2. 120M 6.4M 1.2M Employees in US Employees in SF Bay Area without on-site meal options Employees in SF Bay Area mid-size companies without on-site meal options $700 M (mid- size) $193 B (US) Sources: BLS, LinkedIn, Workonomix Survey 2013, Seamless Food in the Workplace Survey 2014 $3.8B (Bay Area) 89% of companies do not offer lunch options 2 / 3 employees buy lunch each week $36.17 spent weekly on lunch per employee The Market Opportunity
  3. Getting Out of the Building Delivery Customers Corporate Customers Industry Experts Competitors 60 28 18 5 111 Total Interviews
  4. KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP CUSTOMER SEGMENTS COST STRUCTURE REVENUE STREAM KEY RESOURCES CHANNELS - Convenient ordering - Healthy yet delicious - Variety through a daily changing menu - Convenient location - Locally sourced ingredients - Transparent nutritional content and ingredient - Health conscious individuals - Individuals with special dietary needs (gluten- free, vegan, etc.) - Suburban commuters - Suburban families - Suburban singles - Delivery - Convenient locations along commuter corridors - Inventory planning - Seamless ordering experience - Low cost of user acquisition - Skilled chef(s) - Breadth of local food options - Real estate - Delivery drivers - Kitchen rental costs - Packaging - Hourly & salary labor - Gyms - Nutritionists - Schools - Mother’s groups - Local office buildings - Local farms - Food distributors - Packaging providers - Food - Marketing - Retail rental costs - Direct to customer meal sales - Wholesale meal sales - Event catering - Website - Mobile app - Retail kiosks at transit hubs - Gyms - Self-service via web/mobile app - Phone support - In-person cashiers at retail Business Model Canvas – Week 1
  5. Understanding Our Customers Health conscious individuals Individuals with special dietary needs Suburban commuters Suburban families Suburban singles Week 1 People are skeptical about delivery food • Not hot when delivered • Uncertain wait time • Value ( food quality / price) is low People are willing to pay more for healthier versions of meals they currently order Insights
  6. Understanding Our Customers Advanced planners Last minute purchasers Week 2 Ready-to-eat, hot food is important for many last minute decisions makers who tend to order when they are already hungry Pick-up from a physical location on the way home is a more convenient than waiting for delivery for some advanced planners For many advanced planners, meals delivered cold offers parents the flexibility to heat the food when the entire family is ready Insights
  7. Understanding Our Customers Planners - Families - Married no kids - Single Last Minute - Families - Married no kids - Single HR / office managers Week 3 For many, being a planner or last minute purchaser depending on what stage of life you were in (your age, if you had children, etc.) For others, you could be a planner on some nights and a last minute purchaser on others – it depended more so on the circumstance Most people who say they eat healthy order unhealthy takeout or delivery food to • Satisfy a craving, or • Because there are no healthy, convenient food options Insights
  8. • Delivery channel has low margins and is becoming increasingly competitive. Winners in this domain will be well-funded logistics powerhouses. • Corporate channel appears to have clear need for freshly prepared meals – not just dinner, but breakfast and lunch too! • Establishing exclusivity with corporate partners can create barriers to entry. Week 7: Pivot from Delivery to Corporate
  9. KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP CUSTOMER SEGMENTS COST STRUCTURE REVENUE STREAM KEY RESOURCES CHANNELS - Maintain health, energy, and morale of employees - Save time at work - More convenient and/or healthier that office cafeteria or local restaurants - Easy, nutritious to-go option on hectic nights - Gain quality time at the table with my family - Increase ridership by providing commuters with food perk - Healthier than office cafeterias or local restaurants Wellness directors. Head of HR at office with > 250 employees Employees in offices with > 250 employees Owners of large, multi tenant office buildings VP on-site services at corporate health management solutions Head of Marketing / Operations at Transit Commuters passing through hubs - Inventory planning - Seamless ordering experience - Sales - Delivery & restocking - Low cost of user acquisition - Convenient locations along commuter routes - Breadth of local food options - Skilled chef(s) - Health permits - Sales team - Delivery drivers - Real estate - Kitchen rental costs - Packaging - Hourly & salary labor - RFID tags - Offices with > 250 employees - Local farms - Food distributors - Packaging providers - Juice companies - Food companies - Pantry Labs - Delivery Trucks - Mother’s groups - Local office buildings - Food - Marketing - Self-service fridge rentals - Spoilage - Direct to customer meal sales - Corporate subsidies - Subscription fee for offices - Slotting fee for food & beverage companies - Workplace - Mobile app - Workplace - Retail kiosks at transit hubs - Transit hubs - Phone support - Self-service fridges - Account managers - In-person cashiers at retail - Self-service via web/mobile app Business Model Canvas – Week 10
  10. How the Business Works Head of HR / Wellness Director / Facilities Manager at Companies >250 Employees Marketing & Selling Feedback Gathering Inventory Planning Purchasing Operations Logistics Merchandising Data Gathering Other Food Suppliers
  11. COSTS • Ingredients • Prep • Plating • Delivery • Fridge rent SALES • Meal sales • Corporate subsidies Revenue Model • Spoilage reimbursement • Monthly subscription • RFID • Packaging
  12. Sell exclusively 180Eats products and expand product line Next steps for corporate channel Source partially or exclusively from other food producers Expand micro-retail locations and exit home delivery channel Testing micro-retail locations Another pivot? Key Business Decisions Testing corporate channel with installed smart fridges
  13. Finance & Operations Timeline Q2 Q3 Q4 Q1 Q2 Q3 Q4 Pilot Analysis of 10-15 companies 20162015 Test Additional Applications: Hotels, Multi-Tenant Buildings, Apartment Buildings Bay Area Seattle, Portland, Denver San Diego / LA Hiring: Finance & Ops Lead, Account Mgr. • Product mix • Pricing • Ideal client profile Funding vs. Bootstrapping? Hiring: Sales, Marketing, LA Kitchen & Team Onboarding Seattle Kitchen & Team Onboarding Seed Series A
  14. What’s Next
  15. Corporate Rollout Confirmed: Pipeline:
  16. Redesigned Packaging
  17. More Learning to Come • What impacts velocity? • What criteria makes the ideal corporate client? • What is the CAC and CLV of our new customers? Keep asking questions…keep learning…

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