The document summarizes customer interactions and learnings from an alumni investment platform called AlumVest. It discusses: 1) Meeting data from entrepreneurs, individual investors, VC funds, and academic resources which showed different needs and willingness to pay. 2) Based on feedback, AlumVest narrowed its target to entrepreneurs seeking funding/services and affiliated alumni investors. 3) The value propositions were refined to focus on exclusive funding and advisory access for entrepreneurs, and vetted startups and expert commentary for investors. 4) Next steps include exploring the business model, pricing, acquisition costs, and incentives to improve the platform.

1. Team: Ling Chen, Hanzi Wang, Jo-Anne Suriel, Donnel Baird
Customer Segment Day 1 Day 2 Day 3 Day 4
Entrepreneurs 10 3 3 2
Individual Investors 9 3 8 8
VC Funds 0 6 0 0
Academic Resources 3 2 0 0
Daily Total Meetings/Calls 22 14 11 10

2. • Website Development
• App(s) Development
• Startup investor pitching and competitions
• Business development
• Marketing (online + event marketing)
• Managers at external
Relationships
• CBS Executives in
Residence
• LinkedIn
• Crunchbase
• Alumni Database
• Media such as Tech
Crunch
• Student startup groups
such as CEO, CORE etc.
• Alumni entrepreneur
groups such as
DukeGen and CVC
• Incubators and
accelerators such as
YC, TechStars and
DreamIt
• University Tech
Transfer Offices
• Partner with
government startup
centers & foundations
that support startups
• Email
• Cold calls /face 2face
interviews
• Survey
• Attend startup and
investor Networking
events
Investors
• Curated selection of
highest-promise
opportunities
• Co-share due diligence
with other alumni &
trustworthiness of
school networks
• Streamlined
investment process to
invest in someone you
can trust & share a
common bond a
promising idea
• Leading angel has
carried interest
• Give back & support
your alma matter by
investing in the next
generation
entrepreneurs
• Mentor/mentee
program
• Board advisor for
startups
• Video interviewing
alumni entrepreneurs
about their success
stories
• Communal review s
• Social recognition
• Elite Status on
AlumVest as gold,
platinum investors etc.
• LinkedIn
startup/alumni
investors groups
• Startups/investors
Meetup groups
• Alumni newsletter
• Investor pitch and
startup Competitions
• Word of mouth
• Fundraising fee
• Ancillary service
• API, Data monetization
• Event and investing/startup education fee
• Ads, corporate sponsorship revenue
Investors
• Young alumni (age 24-
39) who are accredited
investors and
successful alumni (age
65+) who want to give
back
• Successful Alumni
entrepreneurs
• Older
Startups
• Fundraising, free
marketing & validation
Startups
• Top Med & Dental
/Engineer /Business
schools
• Founders (under 35)
from leading schools
with innovative
startups
• From top schools in
remote areas such as
CMU, Michigan & Duke
• Angel Investing groups
such as NY Angels
• Alumni investing
clubs/groups such as
HBS Angel
• Corporate recruiting
team

3. What Happened This Week?
• What We Assumed
• Entrepreneurs would appreciate as much funding as possible
• Investors have a natural affinity for their alma mater
• Investors have more confidence/trust in start-ups founded within same school network
• What We Did
• Spoke to Customers—Entrepreneurs, Individual Investors, VC Funds & Academic
Resources—to find out their needs & pain points
• What We Discovered
• Entrepreneurs
• Need to access accredited investors, mentors, advisory channels
• Are not yet willing pay for access to the platform
• Individual Investors and VC Funds
• Need “quality” deal flow
• Affinity with school is not a necessity, but can give rise to “shared due diligence”
and “collective” vetting processes
• Academic Resources
• Are cautious about sharing their alumni lists; concerned about competition

4. What changed?
• Narrowed our target customer segment
• Entrepreneurs: Focus on those who desire funding and auxiliary services (consulting,
legal, marketing, etc.)
• Investors: Focus on those who share that alumni affiliation (ie. recruiting teams)
• Academia: 20+ investors indicated that donations & investments as 2 distinct activities
• Refined our key value proposition (still in progress)
• Entrepreneurs: Alumvest is an exclusive channel to seek rewards and/or equity based
funding, and receive coaching from an advisory board
• Investors: Alumvest is as an exclusive channel to identify quality start-up’s through peer-
to-peer ratings and domain expert commentaries
• Academia: Alumvest can help to strengthen individuals’ ties and involvement with their
schools, and vice versa

5. What We Are Going to Do Next
US focus or
cross border?
Alternative
Revenue
Model and
Pricing
How to lower
investor
acquisition
and retention
cost?

6. To Be Explored
What would
incentive them to
rate, review
startups on
AlumVest?
With a group of
recognized
investors/advisors, will
they pay a subscription fee
to join after the
completion of fundraising?
Shared revenues,
mandated donation from
fundraising or future
revenue share, how to
make it work from the
operation standpoint?