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#LsmNYC Team - Tripo
Team	




 Ainsley O'Connell	

Emmanuel A. Simon	

  Hemanth Setty	

 Wyeth Mendoza	

   Robert Deng 
Original Pitch	



A freemium travel concierge service that provides real-time
 recommendations and advice for travelers during the trip.
Hypothesis 1	

                              Assumption to test	

•  Travelerswould use a
  service that provides       •  Greater comfort speaking to a
  real-time advice             human being than using an
  from local experts           app or tool when looking for
  over apps, random locals,    advice	

  etc.
Experiment	


•  Saturday   morning	


•  Distribute
            flyers to
 tourists downtown	


•  Provide
 recommendations to
 tourists who convert
Results and Lessons Learned	


•  One   customer used      •  Customers  weren t sure
 the service for lunch in    what to ask—“plans for
 Soho	

                     tonight” too broad,
                             ambiguous	

•  Others(17) confirmed
 human preference           •  To
                                simplify customer
 hypothesis in               education, focus on
 interviews	

               restaurants and nightlife
Pivot: Hypothesis 2, Part 1	

                              Assumptions	

•  Travelers would text/
  tweet restaurant            •  Travelers
                                       needed help finding
  and nightlife                 restaurants and nightlife
  requests to an expert         on the fly	

  advisor able to respond
  in 5 min or less with       •  Matching
                                        competitors in terms of
  recommendations on            time will enable switching	

  how to eat and drink like
  a local
Experiment	

•  Saturday    afternoon	


•  Differentmessage,
 different locations,
 same tactic
#LsmNYC Team - Tripo
Results and Lessons Learned	

•  Of ~100 flyers distributed, 25    •  Focusmarketing efforts on
  travelers said they would be        word of mouth, targeting
  interested in the service, with     international travelers 	

  particular interest expressed
  by international                  •  Relyon SMS to ensure
  travelers	

                        compatibility with intern l
                                      traveler needs	

•  In
    interviews, travelers said
  word of mouth marketing
  would be crucial to winning
  their trust
Hypothesis 2, Part 2	

                              Assumptions to test	

•  Travelers would text
  restaurant and              •  Travelers don t plan where
  nightlife requests to         they ll eat and drink in advance	

  an expert advisor able to
  respond in 5 min or less               look for local
                              •  Travelers
  with recommendations          expertise when it comes to
  on how to eat and drink       restaurants and nightlife	

  like a local
Experiment	


•  Onlinesurvey of traveler
 behavior sent to team s
 social networks
Results and Lessons Learned	

•  Only  21% of respondents
 plan restaurant destinations in
 detail in advance of their trip;
 0% plan nightlife destinations
 in detail in advance	

                                    Assumptions confirmed	

•  68%  research restaurants &
 nightlife during their trip by
 talking with local professionals
 (concierges, etc.) and 53%
 talk with locals they
 encounter on the street
Hypothesis 2, Part 3	

                              Assumptions to test	

•  Travelers would text
  restaurant and              •  Tripo!local experts can offer
  nightlife requests to         higher quality
  an expert advisor able to     recommendations than
  respond in 5 min or less      competitors such as Yelp, random
  with recommendations          local experts, etc., in a
  on how to eat and drink       competitive time frame	

  like a local
Experiment	

10:42 PM                                                             10:36 PM
                                       Which part of Brooklyn?
                                       River Deli on Joralemon
                romantic italian
                                       in Bklyn Heights has
            restaurant in brooklyn
                                       great homemade pasta.
            my wife's a vegetarian     Or Locanda Vini e Olii in
                                       Clinton Hill is also great.


 10:37 PM                            10:41 PM                                   10:42 PM

                             Tommaso Restaurant at
                             1464 86th St (old school)
                             or Villabate-Alba (less
bensonhurst                                                                     Thanks
                             expensive) at 7001
                             Eighteenth Ave, both have
                             veg options
Experiment	

                 Best Burger place near
                    Grand Central




                                             Patroon
Burger King   Black Shack Burger          Burger Heaven
 (69 sec)          (115 sec)              (110 sec for 2)
Experiment	

                                                        OMG! My
          10:00 PM                                    favorite place!
          Im at 84th and
          Amsterdam. Im looking
          for a Italian restaurant
          that isnt too expensive
          for a romantic date.


10:02 PM
You'd love Celeste on Amsterdam
near 84th -- pizza in a wood-fired
oven. Or a few blocks away -
Salumeria Rosi Parmacotto, 73rd and
Amsterdam
Results and Lessons Learned	



•  In
    shootouts, Tripo! matched
  competitors time and              •    Assumption confirmed	

  exceeded competitors quality
Hypothesis 3	

                               Assumptions to test	

•  Travelerswould pay
  for an app that              •  Travelers would pay $1.99 for
  provides them with             a weekend of unlimited access
  access (via SMS) to a          to Tripo! or $4.99 for a
  local expert advisor able      month of access	

  to respond to restaurant
  and nightlife requests in    •  A free weekend would entice
  less than 5 min	

             travelers to try the service
Experiment
Results and Lessons Learned	

•  Conversion rate of 11%          •  Travelersare willing to pay for
 (5 sign-ups out of 44 visitors,     expert, real-time advice	

 ran test for 2 hours)	

                                   •  Need  to further explore price
•  One customer interview            points, business models 	

 yielded price point of $10/
 question for high-quality
 service
Learning Summary	


Interested in real-   Value proposition   Travelers do not      Real-time advice     Travelers are
time advice from a    better understood   plan for restaurant   from experts         willing to pay for
local expert	

       when limited to     and nightlife	

      provide better       service	

                      restaurants and                           quality results	

                      nightlife
Looking ahead	


Customer validation = customer acquisition	


Customer validation = scalable business model	


Customer validation = product-market fit

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#LsmNYC Team - Tripo

  • 2. Team Ainsley O'Connell Emmanuel A. Simon Hemanth Setty Wyeth Mendoza Robert Deng 
  • 3. Original Pitch A freemium travel concierge service that provides real-time recommendations and advice for travelers during the trip.
  • 4. Hypothesis 1 Assumption to test •  Travelerswould use a service that provides •  Greater comfort speaking to a real-time advice human being than using an from local experts app or tool when looking for over apps, random locals, advice etc.
  • 5. Experiment •  Saturday morning •  Distribute flyers to tourists downtown •  Provide recommendations to tourists who convert
  • 6. Results and Lessons Learned •  One customer used •  Customers weren t sure the service for lunch in what to ask—“plans for Soho tonight” too broad, ambiguous •  Others(17) confirmed human preference •  To simplify customer hypothesis in education, focus on interviews restaurants and nightlife
  • 7. Pivot: Hypothesis 2, Part 1 Assumptions •  Travelers would text/ tweet restaurant •  Travelers needed help finding and nightlife restaurants and nightlife requests to an expert on the fly advisor able to respond in 5 min or less with •  Matching competitors in terms of recommendations on time will enable switching how to eat and drink like a local
  • 8. Experiment •  Saturday afternoon •  Differentmessage, different locations, same tactic
  • 10. Results and Lessons Learned •  Of ~100 flyers distributed, 25 •  Focusmarketing efforts on travelers said they would be word of mouth, targeting interested in the service, with international travelers particular interest expressed by international •  Relyon SMS to ensure travelers compatibility with intern l traveler needs •  In interviews, travelers said word of mouth marketing would be crucial to winning their trust
  • 11. Hypothesis 2, Part 2 Assumptions to test •  Travelers would text restaurant and •  Travelers don t plan where nightlife requests to they ll eat and drink in advance an expert advisor able to respond in 5 min or less look for local •  Travelers with recommendations expertise when it comes to on how to eat and drink restaurants and nightlife like a local
  • 12. Experiment •  Onlinesurvey of traveler behavior sent to team s social networks
  • 13. Results and Lessons Learned •  Only 21% of respondents plan restaurant destinations in detail in advance of their trip; 0% plan nightlife destinations in detail in advance Assumptions confirmed •  68% research restaurants & nightlife during their trip by talking with local professionals (concierges, etc.) and 53% talk with locals they encounter on the street
  • 14. Hypothesis 2, Part 3 Assumptions to test •  Travelers would text restaurant and •  Tripo!local experts can offer nightlife requests to higher quality an expert advisor able to recommendations than respond in 5 min or less competitors such as Yelp, random with recommendations local experts, etc., in a on how to eat and drink competitive time frame like a local
  • 15. Experiment 10:42 PM 10:36 PM Which part of Brooklyn? River Deli on Joralemon romantic italian in Bklyn Heights has restaurant in brooklyn great homemade pasta. my wife's a vegetarian Or Locanda Vini e Olii in Clinton Hill is also great. 10:37 PM 10:41 PM 10:42 PM Tommaso Restaurant at 1464 86th St (old school) or Villabate-Alba (less bensonhurst Thanks expensive) at 7001 Eighteenth Ave, both have veg options
  • 16. Experiment Best Burger place near Grand Central Patroon Burger King Black Shack Burger Burger Heaven (69 sec) (115 sec) (110 sec for 2)
  • 17. Experiment OMG! My 10:00 PM favorite place! Im at 84th and Amsterdam. Im looking for a Italian restaurant that isnt too expensive for a romantic date. 10:02 PM You'd love Celeste on Amsterdam near 84th -- pizza in a wood-fired oven. Or a few blocks away - Salumeria Rosi Parmacotto, 73rd and Amsterdam
  • 18. Results and Lessons Learned •  In shootouts, Tripo! matched competitors time and •  Assumption confirmed exceeded competitors quality
  • 19. Hypothesis 3 Assumptions to test •  Travelerswould pay for an app that •  Travelers would pay $1.99 for provides them with a weekend of unlimited access access (via SMS) to a to Tripo! or $4.99 for a local expert advisor able month of access to respond to restaurant and nightlife requests in •  A free weekend would entice less than 5 min travelers to try the service
  • 21. Results and Lessons Learned •  Conversion rate of 11% •  Travelersare willing to pay for (5 sign-ups out of 44 visitors, expert, real-time advice ran test for 2 hours) •  Need to further explore price •  One customer interview points, business models yielded price point of $10/ question for high-quality service
  • 22. Learning Summary Interested in real- Value proposition Travelers do not Real-time advice Travelers are time advice from a better understood plan for restaurant from experts willing to pay for local expert when limited to and nightlife provide better service restaurants and quality results nightlife
  • 23. Looking ahead Customer validation = customer acquisition Customer validation = scalable business model Customer validation = product-market fit