Fiddle - Presidio MBA team project - M. Chic, E. Irvine, B. Mascioli, J. Wise
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Fiddle - Presidio MBA team project - M. Chic, E. Irvine, B. Mascioli, J. Wise
- 4. Access instead of Ownership
- 5. Market Growth 7000 6/19/12 5250 Value Title 3500 1750 0 1/1/11 1/1/11 3/1/11 5/1/11 7/1/11 9/1/11 11/1/11 1/1/12 3/1/12 5/1/12
- 6. Market Growth 7000 6/19/12 5250 Value Title 3500 6500+ 1750 0 1/1/11 1/1/11 3/1/11 5/1/11 7/1/11 9/1/11 11/1/11 1/1/12 3/1/12 5/1/12 Companies operating in the Share Economy
- 7. Opportunity $250 Average per month
- 8. Opportunity $21k Per year in NY
- 9. Opportunity $5k Per Month
- 10. Market Size $8 billion Collective Funding (Meshing.it - 2012) $110 billion Total Market Value (Fast Company - 2011)
- 12. Landscape offering purpose broad inform use narrow
- 13. Landscape offering purpose broad inform use narrow
- 15. Who? What? Why? Individual Company Find Services Acquire Customers
- 16. Who? What? Why? Individual Company Find Services Acquire Customers Sell Product
- 17. Homepage
- 18. Sign-In
- 19. Create
- 20. Homepage
- 21. Storefront
- 22. Transportation
- 23. Storefront
- 24. Bundles
- 25. Checkout
- 27. Lead Generation #1 $4 Average Lead Generation Fee
- 28. Lead Generation #2 10% of Provider cut $1.45 Average Commission to Fiddle
- 29. Data Subscriptions Analytics Product Pairings | Demographic Preferences | Geography | Usage | Pricing $100 Per Month
- 30. Go To Market
- 31. Go To Market
- 32. Go To Market
- 33. Streams Revenue Mix $8,000,000 $6,000,000 Value Title $4,000,000 $2,000,000 $0 Year 1 Year 2 Year 3 Year 4 Year 5 Lead Gen #1 Lead Gen #2 Subscriptions
- 34. What’s Next? $253k Price Capped Convertible Debt Note | 20% Discount to Series A 5.6.12 7.15.12 8.6.12 hire team build test launch
- 35. Co-Founders Matthew Chic Eric Irvine Bryan Mascioli Jake Wise Product President Business Chief Financial Development Development Officer Advisors Lisa Gansky | Mesh Labs Kevin Zellmer | Hearsay Social Jeremy Barton | Legit Chris Macho | Maximilian & Co.
- 36. gofiddleit.c om
- 37. Appendix
- 38. Sustainability Share Enables Resource Efficiency Fiddle scales sustainable consumption ✓Promotes greater capacity utilization of resource intensive products ✓“We were challenged to come up with a new idea that could positively impact a billion people in 10 years,” she said. “You have a car that sits idle 92 percent of the time; it serves its owner well, but it also is a really expensive asset that could be used more effectively.” – Jessica Scorpio, GetAround Fiddle can drive innovation through disruption ✓Access over ownership -> Share trumps traditional methods ✓By re-imagining products, processes, and models, transformation is possible
- 40. Basis for Revenue Projections I Business Model Assumptions Search/Discovery: •One-time (non-recurring) per user lead generation fee •Avg Annual partner site customer spend of $1600 •Avg provider cut 2.5%, Fiddle cut 10% of provider cut •Units: Year 1: 0.5% of 8mm unique visitors annually (alexa.com), then exponential growth at a rate of 30% per year •Share overall growth 5x in 18mos. Inventory Distribution: •High bundle $250 represents only 20% of bundles sold •Med bundle $125 represents 70% of bundles sold •Low bundle $75 represents only 10% of bundles sold. 10% Fiddle commission •Units: 3 bundles per day, everyday, in 6 locations, doubling every year thereafter Analytics/Subscriptions: •Zipcar $60, Gigaom $25; allowed a conservative 3 yr lag •Units: 25% of Users demonstrate interest in data analytics But only 10% of those interested pay a subscription for data analytics
- 41. Basis for Revenue Projections II
- 42. Income Statement FIDDLE Income Statement Years 1 to 5 ($) Year 1 Year 2 Year 3 Year 4 Year 5 NET REVENUES 413,960 603,920 1,078,880 2,706,538 7,086,629 COST OF REVENUE 44,698 54,196 77,944 159,327 378,331 % of Revenues 10.8% 9.0% 7.2% 5.9% 5.3% GROSS PROFIT 369,262 549,724 1,000,936 2,547,211 6,708,297 % of Revenues 89.2% 91.0% 92.8% 94.1% 94.7% OPERATING EXPENSES Sales & Marketing 174,698 239,446 325,836 509,367 1,032,215 Research & Development 223,098 398,071 528,353 769,554 1,368,924 General and Administration 160,031 282,831 427,712 710,629 1,565,817 Total Operating Expenses 557,827 920,348 1,281,901 1,989,550 3,966,956 % of Revenues 135% 152% 119% 74% 56% EARNINGS FROM OPERATIONS (188,565) (370,624) (280,965) 557,660 2,741,341 EXTRAORDINARY INCOME / (EXPENSE) (25,000) 0 0 0 0 EARNINGS BEFORE INTEREST & TAXES (213,565) (370,624) (280,965) 557,660 2,741,341 INTEREST INCOME / (EXPENSE) 0 0 0 0 0 NET EARNINGS BEFORE TAXES (213,565) (370,624) (280,965) 557,660 2,741,341 TAXES 0 0 0 0 (973,539) NET EARNINGS (213,565) (370,624) (280,965) 557,660 1,767,803 % of Revenues -51.6% -61.4% -26.0% 20.6% 24.9%
- 43. Balance Sheet FIDDLE Balance Sheet Years 1 to 5 ($) Begin Year 1 Year 2 Year 3 Year 4 Year 5 ASSETS CURRENT ASSETS Cash (10,535) (179,700) (577,508) 78,107 2,715,026 Accounts Receivable 77,922 93,785 162,890 408,635 1,069,943 Inventories 0 0 0 0 0 Other Current Assets 0 0 0 0 0 Total Current Assets 0 67,387 (85,914) (414,618) 486,741 3,784,969 PROPERTY & EQUIPMENT 0 28,667 55,000 85,000 145,000 265,000 TOTAL ASSETS 0 96,053 (30,914) (329,618) 631,741 4,049,969 LIABILITIES & SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short Term Debt 0 143,000 375,000 200,000 0 0 Accounts Payable & Accrued Expen 179,489 224,896 400,157 1,003,856 2,628,433 Other Current Liab 0 0 0 0 0 Current portion of long term debt 0 0 0 0 0 0 Total Current Liabilities 0 322,489 599,896 600,157 1,003,856 2,628,433 LONG TERM DEBT (less current portion) 0 0 0 0 0 0 STOCKHOLDERS' EQUITY CommonStock 0 0 0 0 0 0 Preferred Stock 0 0 0 0 0 0 Retained Earnings (226,435) (630,810) (929,775) (372,115) 1,421,536 Total Equity 0 (226,435) (630,810) (929,775) (372,115) 1,421,536 TOTAL LIABILITIES & EQUITY 0 96,053 (30,914) (329,618) 631,741 4,049,969
- 44. Cash Flow Statement FIDDLE Cash Flow Statememt Years 1 to 5 ($) Year 1 Year 2 Year 3 Year 4 Year 5 OPERATING ACTIVITIES Net Earnings (213,565) (370,624) (280,965) 557,660 1,767,803 Depreciation 14,333 34,667 67,000 109,000 193,000 Working Capital Changes (Increase)/Decrease Accounts Receivable (77,922) (15,863) (69,105) (245,745) (661,309) (Increase)/Decrease Inventories 0 0 0 0 0 (Increase)/Decrease Other Current Assets 0 0 0 0 0 Increase/(Decrease) Accts Pay & Accrd Expenses 179,489 45,407 175,261 603,699 1,624,578 Increase/(Decrease) Other Current Liab 0 0 0 0 0 Net Cash Provided/(Used) by Operating Activities (97,665) (306,414) (107,808) 1,024,615 2,924,071 INVESTING ACTIVITIES Property & Equipment (43,000) (61,000) (97,000) (169,000) (313,000) Other Net Cash Used in Investing Activities (43,000) (61,000) (97,000) (169,000) (313,000) FINANCING ACTIVITIES Increase/(Decrease) Short Term Debt 143,000 375,000 200,000 0 0 Increase/(Decrease) Curr. Portion LTD 0 0 0 0 0 Increase/(Decrease) Long Term Debt 0 0 0 0 0 Increase/(Decrease) Common Stock 0 0 0 0 0 Increase/(Decrease) Preferred Stock 0 0 0 0 0 Dividends Declared 0 0 0 0 0 Net Cash Provided / (Used) by Financing 143,000 375,000 200,000 0 0 INCREASE/(DECREASE) IN CASH 2,335 7,586 (4,808) 855,615 2,611,071 CASH AT BEGINNING OF YEAR 0 2,335 9,920 5,112 860,727 CASH AT END OF YEAR 2,335 9,920 5,112 860,727 3,471,798
- 45. Company Culture Values Character & Competence Team, Customers & Community Continuous Learning & Growth
- 46. Meeting Structure for Performance Culture
- 47. Customer Profiles
Hinweis der Redaktion
- Eric: the share economy means different things to different people.  for some it's a way of life, for others it's a new way to do business. \n
- some call it collaborative consumption \n
- while others refer to it as the access economy.  egardless of personal preferences.....\n
- ....the underlying theme is 'Access over Ownership', and its transforming the world as we know it.\n
- Eric: Good Afternoon, my name is Eric Irvine, co-founder of Fiddle. I've spent the last several years working at Mesh Labs, with a sole focus on the Share Economy. Over the last 18 months, our database of Share Economy companies has seen a 5x increase and is now at about...6500 companies spanning across every category imaginable. \n\nThere are new opportunities to engage every direction we look....\n
- People are renting out their personal vehicles to strangers and making an average of $250 each month.\n
- New Yorkers are making upwards of $21k a year renting out their spare rooms and apartments on Airbnb.  \n
- ‘Rabbits’ can earn up to $5k / month running errands for others on TaskRabbit.\n
- there has been tremendous growth and collectively there’s been over $8 billion in funding for sector that as a total market value of $110 billion\n\n\n\n\n
- So what does all this mean? as more companies enter the Share economy and the level of customer participation increases, the management, search and discovery of relevant products and services will become increasingly difficult.    In San Francisco alone there are over 350 companies to choose from that offer services in the share economy, yet there is no one place that offers all the resources that one needs to choose between these services. \n\n\n
- \n\nindependent providers like airbnb and zipcar have solidified themselves in lodging and transportation, respectively.  the mesh directory is the largest directory of companies in the SE, Shareable Magazine promotes the 'Share'  lifestyle, Collaborative Consumption provides several different resources and articles, but Fiddle will be different.\n\n\n\n(LUMP TOGETHER EVERYTHING IN THE AXIS. TALK ABOUT THE AXIS, NOT THE COMPANIES)\n
- Fiddle aggregates share economy information to make it more convenient to find services and make it cheaper for share companies to acquire customers.  \n\nBy aggregating this information, We’re going to help people consume less, earn & save money and deepen relationships to our communities.  \n\nEric: Now I’d like to introduce you to Matt, our head of Product Development, who will talk to you about the core functions and demo the product.\n\nMatt: Thanks, Let me introduce you to the rest of the team. Bryan Mascioli is our Head of Business Development. Jake Wise is handling our Financial Management.  \n\nAs Eric just showed you, there are far too many companies in the Share Economy, and no great way to search, discover, and manage the options out there.... until now.\n
- \n\nIn short, Fiddle...\n- helps people find services they can use where they are\n\n- helps share companies acquire customers \n\n-and helps people sell their goods and services - through intelligent pairing. \n\nThink... Kayak for the Share Economy.\n\nLet me show you.\n
- The customers we want to please first are the existing, active users. Imagine you make some extra money selling things into the share economy through a couple services... \n\nYou land on Fiddle and click ‘put something up for sale’…..\n
- You then import all the services you use … and Fiddle suggests new ones to try.\n
- Now your individual good are searchable on Fiddle....\n\nAnd you can also be creative in how you sell.\n\nYou can build an entire package yourself or ask Fiddle to intelligently pair it others. \n\nFiddle knows if your car will go well with another persons room, or if your Bartender services go well with another persons bartending equipment.\n\nYou start a bundle, or complete a bundle started by another Fiddle user.\n\nYou tell Fiddle what to do - and off it goes to the store.\n\nso, immediately, your car/room/equipment has more visibility than it did and is more likely to be rented\n
- Now flip it around. Say you are coming from LA to San Francisco. You search San Francisco and see...\n
- popular services, \n\ncategories to sort by \n\nand bundles built by San Francisco users. \n\nYou see transportation and want to check out what the options are\n
- you see that there are possibilities w/ zipcar, uber, and relayrides, but then you remember that there are some bundled packages. so you go back to see what that’s about...\n
- then you click on the bundles tab...\n
- You have a look around and see that for $105, you get a place to stay, matched with transportation to a cool art tour in the mission. Great deal - so you check out.\n
- Fiddle runs your check-out process through each service and you’re set. \n\nso, through just a few clicks you’ve managed to to locate a few new services that otherwise would have been buried amongst the masses.\n \n
- Our goal for Fiddle is to become the most trusted and well respected brand of the share economy.\n\nHere’s bryan to tell you about the business model.\n\nBryan: lets talk about how we’re going to make money\n\n
- \nFirst - Search and discovery. We earn a $4 lead generation fee each time a user signs up to a new service.\n\nSecond...\n\n\n
- ...Service Distribution. Fiddle earns 10% commission of the provider cut each time a bundle is sold. On average that’s $1.45 per transaction.\n\nand third...\n
- ...Data Analytics for $100 / year subscription.\n\nBy collecting data on bundled transactions and user behavior, we will know what products and services pair well with others, for specific demographic segments, in specific geographic areas, what business models are working, what’s getting funded, etc...\n\nThat’s how we’ll make money once we’re in the marketplace now …. how do we get there?\n
- Our entrance to the market will be dependent on securing a comprehensive group of pilot partners \n\nWe’ve started outreach via a teaser video that has generated a bit of a buzz for the concept and we have preliminary interest from 6 pilot partners. \n\ncue animation\n\nThis is a good start.. and we’re now targeting our three whale partner prospects in San Francisco...\n\ncue animation\n\nAirbnb, TaskRabbit, and RelayRides\n\n\n
- Our entrance to the market will be dependent on securing a comprehensive group of pilot partners \n\nWe’ve started outreach via a teaser video that has generated a bit of a buzz for the concept and we have preliminary interest from 6 pilot partners. \n\ncue animation\n\nThis is a good start.. and we’re now targeting our three whale partner prospects in San Francisco...\n\ncue animation\n\nAirbnb, TaskRabbit, and RelayRides\n\n\n
- Jake: Our revenue projections are based on a user base of just 0.5% of the annual unique visitors of the top 5 share providers. We consider these projections to be quite conservative and therefore highly achievable. \n\nSearch is the principle line of business while we grow our user base. In year 1 it will contribute $320k. By year 5 we project growth to $4.4M.\n\nThe sales distribution (aka. bundling) revenue stream will become increasingly important as our user base grows. \n\nIn year 1 it will deliver $94k. By year 5 we project growth to $1.5M\n\nIn year 3 (add more detail - to drive home that 10% is achievable. Largely from share economy companies) we conservatively project that just 10% of users will convert to paid subscriptions, yielding $1.1M by year 5\n\nlead gen for the first three years.. as the use base begins to ramp, then we begin to add subscription\n
- Friends & family donations have allowed us to produce the promotional video and make our visual prototype. We’ve achieved preliminary market traction with that effort. Now we need to build a functional prototype for pilot testing.\n\nTo do so,we need $250k. We’re offering this as a price capped convertible debt note for a 20% discount on a future series A round. (EXPLAIN WHY THIS IS GOOD FOR ANGELS)\nThis translates to a return of 25%, which is commensurate with the level of risk. \n\n\n
- \nLAST SLIDE: At this stage, our team is actively looking for a partner to fund the development of a functional prototype. Thank you for listening. we are eager to answer any questions you may have. \n
- Fiddle aggregates share economy information to make it more convenient to find services and make it cheaper for share companies to acquire customers.  \n\nBy aggregating this information, We’re going to help people consume less, earn & save money and deepen relationships to our communities.  \n\nEric: Now I’d like to introduce you to Matt, our head of Product Development, who will talk to you about the core functions and demo the product.\n\nMatt: Thanks, Let me introduce you to the rest of the team. Bryan Mascioli is our Head of Business Development. Jake Wise is handling our Financial Management.  \n\nAs Eric just showed you, there are far too many companies in the Share Economy, and no great way to search, discover, and manage the options out there.... until now.\n
- \nLAST SLIDE: MUG SHOTS & Bios / ADVISORS\n
- \nLAST SLIDE: MUG SHOTS & Bios / ADVISORS\n
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- \nLAST SLIDE: MUG SHOTS & Bios / ADVISORS\n
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