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88Mirrors: Block 4 Update
Spencer Holt, Sara Pollack, Roopesh Nair, Nilesh Savkoor
Business Model CanvasKey Partners• Supplier networks• Social networks• Trade unions and
professional organizations
Key Activities• Ongoing
authenticity of referrals
• Marketing• Develop and
maintain platform• Drive
traffic/customer acquisition
Value Propositions• Search for people
and projects using trusted social network
• Create profile & projects
• Promote your work• Give referrals• Build and leverage
reputation & experience
• Supplier – access to targeted cust base
• Track and aggregate all creative professional activity as a feed
• Consumers, fun gamified experience
• Accounting, Legal, Financial services
• Integrated budget/payment for creative productions
Customer Relationships• Brand
advertisers, direct sales
• Suppliers –self service
• Consumers – self service
• Trade unions, professional orgs.
Customer Segments• Corporate media,
commercials• Motion pictures &
TV producers• Musicians, music
video producers• Short film,
documentary, Independent film producers
• Architectural designers
• Graphic designers• Creative industry
suppliers• Fashion, Home
Interior Designers• Artists, Authors,
Writers, Performing arts, Culinary Arts, etc
• Financial, Accounting,
• Legal, Healthcare &
• Event management professionals
Key Resources• Platform• Customer data• Advertiser and
supplier network
Channels• Mobile• Web• Social widgets
(example Facebook)
• Trade unions and professional organizations
Cost Structure• Customer acquisition costs• Platform development and maintenance
Revenue Streams• Customer data and access• Premium social network service• B2B transactions between customers and suppliers of creative projects• Advertising• Monthly subscriptions• Supplier sponsored listings, Marginal %age of revenue, Brand advertising
New
New
Block 4 Overview• Here’s What We Thought:
– That we would launch a business to match above-the-line and below-the-line talent in the film vertical, despite a small market size, based on passion and a desire to execute on a validated pain point
• Here’s What We Did:– Got introspective and honest about why we were rejecting ideas– Re-assessed other creative verticals and conducted 30 interviews – Put out a new survey to further validate other verticals and to address willingness to pay
(42 responses to date)– Built an MVP with multiple iterations on functionality, copy and video – Invited EarlyVangelists to offer feedback on the MVP (50 sign-ups to date)– Designed a process for cataloging and processing feedback and for updating our MVP
• Here’s What We Learned:– Other creative verticals have a need for a service like 88Mirrors – Addressing other creative verticals will necessarily make the functionality of the site more
complex – Willingness to pay could be an issue; need a fully functioning MVP to truly test (have now)– Design and search functionality are critical to our target
• Here’s What We Are Now:– “Facebook for Creatives”: a social network that helps Creatives connect, create and
collaborate• Here’s What We’re Doing:
– Refining MVP based on initial feedback– Launching Facebook/AdWords campaign to drive more traffic to MVP– Soliciting additional rounds of MVP feedback from customers– Asking for money
A Market for Other Verticals: Survey Responses
Industry %
Film 54%
Music 14%
Advertising 43%
Publishing 11%
Performing Arts 21%
Fashion 4%
Graphic Design 25%
Culinary Arts 11%
Visual Arts 14%
Architecture 7%
Other 21%
Why do you work with same team on different projects?
Best team possible for the job 29%
Ease of existing relationships 71%
How do you typically find the talent you work with?
Introduction through a friend 86%
How would you characterize your access to creative talent?
Limitless 0%
Decent 29%
Could be Better 71%
Not good 0%
Would you be willing to pay?
$14.99 per month 11%
$150 per year 28%
Nothing - please tell us why 33%
Other amount - please tell us 28%
How would you characterize your access to creative projects?
Limitless 0%
Decent 33%
Could be Better 33%
Not good 33%
Minimum Viable Product
beta.88mirrors.com
Initial Feedback on MVP
1. Make site design friendly to appeal to Creative community 1. Minimalistic design, simple to use, rich functionality, enable artists to
promote self, stylized2. Functionality
1. Trusted search value proposition does not come through @ first glance2. Recommendations based on social graph is not clear3. Project and people availability does not show up4. Don’t know what to do after creating profile
3. Concept flow must be clear 1. The search result, in addition to (i) Location (ii) Availability (iii)
Recommendation from a trusted social network… should return (i) current job and last two projects worked on (ii) follow feature
4. Registration and Payments1. “sign in or registration” button does not appear asking for details and
credit card info.
Current Market EstimatesIndustry Who we contacted Estimated # of
professionals
Film Bureau of Labor Statistics, International Film Schools, International Film Commissions, YouTube Partner Program
690,000
Music Bureau of Labor Statistics 240,000
Graphic Design and Artists Bureau of Labor Statistics 508,000
Chefs Bureau of Labor Statistics 942,000
Authors Bureau of Labor Statistics 281,000
Architecture (Lighting) IALD 1,000
Interior & Fashion Design Bureau of Labor Statistics 94,000
Performing Arts Bureau of Labor Statistics 118,000
Total of these targeted segments is 2,874,000 professionals.
Resource Assumptions & Income Statement
Year 1 Year 2 Year 3 Year 4 Year 5
Subscription Revenue (at $11 per month) $1,320,000 $3,056,297 $7,076,480 $16,384,719 $37,936,800Advertising Revenue $410,625 $950,752 $2,201,348 $5,096,951 $11,801,363Total Revenue $1,730,625 $4,007,049 $9,277,829 $21,481,670 $49,738,163
Software Development $600,000 $1,000,000 $2,000,000 $3,000,000 $3,000,000Hosting $3,600 $7,200 $14,400 $32,400 $75,600Operating Expenses $307,400 $505,653 $872,236 $1,453,137 $1,919,838Interest and Tax $327,850 $969,517 $2,515,926 $6,701,370 $17,715,368Net income $491,775 $1,524,679 $3,875,267 $10,294,762 $27,027,357
Revenue flows in 88Mirrors
Content Creator
B2B partner Premium Services
88MirrorsTMSubscription fee
Transaction fee
License fee
Ad payments
Pay Per Use fee
Licensed Development Tools (eg. AWS)
Ad Network (eg. Google AdSense)
Images of logos used for illustration and educational purposes only. Copyright reserved by original logo creators. VAZZU CONFIDENTIAL.
Future Future
MVP Future
What We’re Doing Next
1.Talking to additional customer segments2.Driving traffic to our site; increasing our actual
customers3.Gathering feedback specific to its functionality
around the pain point4.Engaging earlyvangelists at a higher level
(e.g. make them an offer to work with us)5.Adding critical features to MVP in response to
customer feedback6.Collecting fees for access to the beta7.Refining revenue model assumption
Appendix
Who We Compete With
Top 3 Features The Idealists Behance.net Creative Group 88MirrorsSearch crew No Yes No Yes (Trusted search)
Discover/create projects Yes Yes No Yes (Trusted referrals)
Recommend your network No No No Yes
Social NetworksLinkedInFacebook
Creative CommunitiesThe IdealistsBehance.net
Agencies and Trade UnionsPGAThe Creative Group
88Mirrors
Hiring & Production Today
Story Contact Director
Create Project
Hire Producer
Find Funds
Investor Pitch
IndieGoGo, Kickstartr
Seek Crew
LA411/NY411
IMdb
Seek Supplier
LocationBudgets Craft Svc
Yelp
CraigslistMandy
Production Hub
Ask Friends
YelpYellow Pages
Craigslist
Ask Friends
Refer Other
projects
Google It!
Shoot Film
Calendar
Google Docs
Excel
Notify crew
Ask Friends
Wait to be found Accepted
RejectedBid
NoNo
Scope Work
Scope change
Movie Magic
Post Processing
Sound
Title Design
Effects
Color Correction
Ask Friends
Good reputation
Ask More
Friends
Good reputation
Ask Friends