EnduraBites Columbia 2015

Team:Eugene HoDushyant MullurAndres NavasSarah RibnerYvonne Wang

Bite-sized convenient healthy snacks keeping endurance athletes energized throughout long workouts

Total Interviews: 96

Athletes wanting to buy: 28 out of 34 (82%)

Interested retailers: 4

Customer Discovery JourneyDay 1: Paleo Enthusiasts

Interviews: 20Takeaways: Paleo is too small of a market

Customer Discovery JourneyDay 1: Paleo Enthusiasts Day 2: Boutique Fitness

Studio Enthusiasts

Interviews: 20Takeaways: The market is saturated with healthy snacks for workout enthusiasts


Studio Enthusiasts

Day 3: Professionals & Moms

Interviews: 22Takeaways: Too difficult to market to different markets


Studio Enthusiasts

Day 3: Professionals & Moms Day 4: Endurance Athletes

Interviews: 25Takeaways: There is an unfulfilled need for nutritious workout snacks

Key Partners

• Ingredient Suppliers

• Packaging Suppliers

• Commercial Kitchens

• Contract Manufacturers

• Distribution Warehouses

• Health and wellness bloggers

Key Activities

• Production of finished product

• Sales to customers• Marketing to

consumers

Value Propositions

• High protein, on-the-go snack made with all-natural ingredients

• Gluten free• Paleo-friendly• Vegan-friendly• Base Ingredients:

almond butter, dates, chia seeds

• Variation ingredients include: dried fruit, nuts, bacon bits, coconut flakes, dark chocolate

• Shelf stable

Customer Relationships

• Provide samples for food co-ops and mom-pop health food stores

• Partner with local gyms and workout studios (Crossfit, Barry’s Bootcamp)

Customer Segments

• Fitness enthusiasts who look for on-the-go snacks to provide high energy nutrition

• Moms looking for healthy snack options for kids

Key Resources

• Trademark name and logo

• Capital investment

Channels

• Food co-ops• Mom-pop health

food stores• Food service

(cafeterias, vending machines)

• Internet (website, Amazon)

Cost Structure

• Ingredients and packaging materials• Commercial kitchen rental fees• Co-packing fees• Marketing budget (samples, ad words, Facebook)

Revenue Streams

• Make money off the margin of consumer buying physical product

Business Model Canvas – Day 1


Key Partners







• Athletes

Key Activities



consumers• Marketing to

workout communities (i.e. Crossfit)

Value Propositions

• High protein, on-the-go snack made with natural ingredients

• Gluten free• Paleo-friendly• Vegan-friendly• Base Ingredients:

almond butter, dates, chia seeds

• Variation ingredients include: dried fruit, nuts, baconbits, coconut flakes, dark chocolate

• Shelf stable • Resealable bag




• Promotion through athletes

Customer Segments

• Fitness enthusiasts who look for on-the-go snacks to provide high energy nutrition

• Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel)

• Moms looking for healthy snack options for kids

Key Resources



Channels




• Internet

Cost Structure

• Ingredients and packaging materials• Commercial kitchen rental fees• Co-packing fees• Marketing budget (samples, ad words, Facebook)• Brand development (logo and naming consultant)

Revenue Streams



Key Partners







• Health magazines• Athletes

Key Activities




workout communities (i.e. Crossfit)

Value Propositions

• On-the-go snack made with natural ingredients

• High protein, low sugar, high in antioxidants & fiber

• Sustains energy throughout the day and before/after workouts

• Base Ingredients: almond butter, dates, chia seeds

• Other ingredients: dried fruit, nuts, coconut flakes, dark chocolate

• Shelf stable • Resealable bag or

blister pack





Customer Segments

• Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel)•Moms looking for

healthy snack options for kids•Working

professionals who need a snack that provides some degree of functionality and is healthy

Key Resources



Channels




• Internet

Cost Structure

• Ingredients and packaging materials• Commercial kitchen rental fees• Co-packing fees• Marketing budget (samples, ad words, Facebook)• Brand development (logo and naming consultant)

Revenue Streams



Key Partners

• IngredientSuppliers






• Health magazines• Athletes (cyclists,

marathon runners, Ironman athletes)

Key Activities




workout communities (i.e. Crossfit)endurance athlete community

Value Propositions

• Bite-sized snacks made with natural ingredients

• Sustains energy during, before and after workouts

• High protein, low sugar, high in antioxidants & fiber




blister pack• Specially designed

packaging to fit in cycling apparel can open with one hand



• Partner with local running / cycling stores gyms and workout studios (Crossfit, Barry’s Bootcamp)


• Cycling studios

Customer Segments

• Fitness enthusiasts who exercise at high end boutique gyms (Crossfit, Soul Cycle, Fly Wheel)•Moms looking for

healthy snack options for kids•Working

professionals who need a snack that provides some degree of functionality and is healthy• Endurance athletes

looking for convenient, healthy and tasty snacks to help sustain energy through long workouts

Key Resources



Channels




• Internet• Running / cycling

stores

Cost Structure

• Ingredients and packaging materials• Commercial kitchen rental fees• Co-packing fees• Marketing budget (samples, ad words,

Facebook)• Brand development (logo and naming

consultant)

Revenue Streams

• Sell to local running / cycling stores & cycling studios• Sell direct to consumer online


Key Partners

• Ingredient & Packaging Suppliers





• Health magazines• Athletes (cyclists,

marathon runners, Ironman athletes)

Key Activities




endurance athlete community

• Sponsor endurance events such as Ironman and marathons

Value Propositions

• Sustains energy during, before and after long workouts

• Bite-sized snacks made with natural ingredients

• High in protein, antioxidants, fiber, and complex carbs



• Specially designed packaging to fit in cycling apparel & can open with one hand


blister pack


• Local running / cycling stores)


• Cycling studios

Customer Segments

• Endurance athletes looking for convenient, healthy and tasty snacks to help sustain energy through long workouts

Key Resources



Channels

• Internet• Running / cycling

stores• Boutique workout

studios such as SoulCycle, Flywheel, and Barry’s Bootcampwhere athletes train

Cost Structure

• Ingredients and packaging materials• Commercial kitchen rental fees• Co-packing fees• Marketing budget (samples, ad words,

Facebook)• Brand development (logo and naming

consultant)

Revenue Streams

• Sell to local running / cycling stores & cycling studios• Sell direct to consumer online

Testing our MVP

Athletes wanting to buy: 28 out of 34 (82%)

Interested retailers: 4

Fun fact: One retailer even told us he wanted to hire Columbia students!!

Biggest Learning Moments

What we thought… Results? What we found…

There is significant demand for a paleo-friendly snack from the fitness community

Fitness enthusiasts are not interested in a paleo snack. Many interviewees do not know what paleo means

We should market our snack to three customer segments; athletes, working professionals and mothers

Targeting three distinct customer segments in a competitive market makes branding very difficult

Endurance athletes’ needs are not met by current snack offerings

Endurance athletes want a snack that can be consumed during athletic activity and is all-natural and actually tastes good

Archetypes

Fitness Regimen- FlyWheel, Barre

Method, Yoga- 6-mi bike ride every

morning outdoorsDietary Preferences- 60/20/20 diet: 60%

daily calories from carbs, 20% from fat & protein each

Fitness Regimen- Gym strength

training- Running Central Park

Loop weeklyDietary Preferences- 6 small meals per day

with 40-50g protein per meal

- High sodium/protein snacks after a long run to help muscle recovery

Fitness Regimen- FlyWheel, Soul Cycle,

CrossFit- Outdoor running- Strength training &

swimming at gym Dietary Preferences- Prefers to snack on

gel during a race- Consumes 350

calories/hour while training for race

Jim, 41Pro CyclistGrand Tour

Lana, 26Marathon Runner

NYC Marathon

Eddie, 30TriathleteIronman

Revenue Strategy

Online Sales

Endura-Bites

Customer

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Endura-Bites are sold directly from the company to the

customer via company website

Endura-Bites

Retailer

Customer

Retailers

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Endura-Bites are sold to retailers at a discount to final

price. Retailers sell snack directly to customers

Online Sales:

Retail Price: $2.99Production Cost: $1.00Margins:200%

Retail Sales:

Retail Price:$2.99Price to Retailer: $1.50Production Cost: $1.00 Margins: 50%

Market Size

Total Available Market$68B

Served Available Market$8.3B

Target Market$83M

Total Available Market• Sports nutrition market

Served Available Market• Energy bar market

Target Market• Endurance athletes

Source: Euromonitor


Get

Keep

Grow

• Online marketing (Google Adwords, Facebook)

• Physical tasting/sampling at endurance events and sports stores

• Health blogs and magazines

• Discount codes for repeat online customers

• Special discounts for long-term partners and retailers

• Introduce new flavors

• Introduce bundles and different pack sizes

• Expand available distribution channels

• Further brand development

Top 3 Transferable Course Takeaways

1. Strong value proposition is best achieved by zooming into customers’ immediate unfulfilled needs

2. Start-ups should establish themselves by first focusing on nailing one unsaturated segment before gunning for multiple segments

3. Interviewing customers with a physical MVP elicits much better quality of insights and much stronger purchase interest

Next Steps

• Validate differentiating factors • More MVP testing• Logos + Brand• Packaging options

• Solidify recipes and SKUs

• Identify packaging suppliers

• Plan out sourcing strategy

• Refine channel strategy

• Define marketing and branding strategy

Education

EnduraBites Columbia 2015