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Friends of Friends (Froffr)
                         Team Connectors

   Stanford Venture Lab Technology Entrepreneurship
                                           Fall 2012
The Team
   Audrey Leung
         Audrey’s professional background is in public accounting and financial
          consulting. She double majored in Business and Psychology at UC
          Berkeley and also dabbled in her own startup with other classmates during
          college.
   Will Jang
         Will Jang has over eight years of experience with programming and is
          currently a software engineering technical lead for NBCUniversal with
          experience in open source technologies: Java / MongoDB / Scala / Spring.
   Alan Tan
         Alan is Trained in accounting and finance and has been delivering
          enterprise software solutions for over 10 years. He has been eading teams
          in implementing high volume CRM, Billing and Payment systems for
          companies such as Apple’s iTunes and App stores.
   Ubi Ukoh
         Ubi is a UI/Javascript developer at Instructables. Motivated by a desire to
          build both a team and a product from the ground, learning about the startup
          process, and creating a unique social product to help connect people.
Our Story
   More and more of Audrey’s single friends were requesting her to
    introduce them to her other single friends, but she encountered some
    challenges:
       These friends were living and working in different cities
       They did not have common circles of friends
       Some of her friends who were dating online were also not having much
        luck finding quality dating partners.
   Upon further research, Audrey found that in 2010, approximately 30-
    35% of all couples met through friends.
   After pitching the idea and creating a team for the Venture Lab
    Technology Entrepreneurship class three other students also
    expressed their interest in the startup idea: Alan, Ubi, and Will.

    Our surveys conducted when we were testing our value proposition
     showed that the majority of customers wanted to safely meet new
    people for a certain purpose or activity. Therefore, not only could this
     website be used for dating, it could used for introducing friends for
                             any casual activity.
The Opportunity
                         Meeting                                                                       Introducing

• Lack of means for people in their twenties                                  • Awkward introductions via e-mail or in
  to turn connections online into long-term                                     person
  relationships in person                                                     • Unable to introduce friends personally
• Lack of safety meeting others online                                          due to time or distance
• Too much time spent searching online for                                    • Finding the right context for introductions
  new people to meet in the same location                                     • Forgetting names
• Difficulty finding common interests                                         • Not knowing the right fit
• Lack of privacy in online meet up
  websites
• Difficulty scheduling meeting times
                                                                  Total internet
                                                                    users in
                                                                  2010: 240M

                                                                   Users ages
                                                                     20-29:
                                                                     42.7M



                                                                    Potential
                                                                   customers
                                                                   based on a
                                                                  7.4% market
                                                                  share: 2.4M



 Sources: Market data based on www.census.gov and www.internetworldstats.com. Market share based on average market share of
 online dating and meetup sites such as match.com and meetup.com
The Product
   Prototype here: http://froffr.com
   Convenience and usability
       Introducing friends online is easier and faster than setting up a
        live, in-person meeting.
       Customers can link their Facebook, E-mail, Twitter, Google+,
        and LinkedIn accounts to populate all their friends and easily
        introduce them all in once location
       The product will streamline this process while providing
        features such as: matcher reviews and an incentive system to
        set up positive matches.
   Meaningful, quality matches
       Due to the smaller degree of separation, there would be a
        greater likelihood of a long-term relationship forming that using
        sites that match you up with strangers.
       After being introduced, users will have a more focused platform
        to start new conversations with follow-ups and suggested
        activities.
The Product Features
    Purpose or objective of       • Specify common interests or goals as part of the
         introduction               introduction template

   Commitment / Follow-up
                                  • We will provide e-mail follow-up on all introductions or
                                    introduction requests

Real-time feedback and a sense • Future mobile website and communication through
 of urgency to the interactions  mobile messages

      Less Awkwardness
                                  • Common interests, activities, and friends reduces
                                    awkwardness

   Scheduled meeting time
                                  • If calendar is imported, we can schedule meetings
                                    during common available times

Confirmation that parties agree   • Users will click on an “agree” or “like” button to confirm
         on meeting                 interest in an activity or person

 Most comfortable introduction
  through friends or activities   • Show common friends and suggest common activities
Sales & Marketing
   Facebook
       Launched two day marketing campaign at $15 per day
       Based on keywords: friendship, friends, dating, matchmaking, introduction, finding new friends, find friends
       We didn't see results at the $1 and $1.50 bid amount. I upped it to $2 on day 2 and that's where we got 17 clicks (from
        83K views) and paid 0.88 per click. We would have had more clicks if we allocated a bigger budget or or if FB had the
        budget rollover feature.




   StumbleUpon
       Launched two day marketing campaign at $12 per day
       Directed toward people ages 18-35 with interests of: Business, Dating Tips, Education, Married
        Life, Matchmaking, Relationships, Internet Tools, Self Improvement, University/College, Facebook


   Applied Google Analytics tracking to the website

   Other (Craigslist, Facebook Groups, and Reddit)
       Craigslist: Advertised in the platonic relationships section
       Facebook: Posted in dating and meetup related fb groups
       Reddit: Asked questions and posted links in 10 subreddits
Partnerships and Distributions
   Key partnerships with companies that will sponsor or provide discounts to casual
    activities such as movies, restaurants, concerts, etc.
   Customers can link their Facebook, E-mail, Twitter, Google+, and LinkedIn accounts
    to populate all their friends that they can introduce to each other
              Website

              • The need to invite friends in order to create introductions on our website will add users to the site

              Partners & Affiliates

              • Promote through activities that we partner with

              Social Media

              • Avenues such as Facebook and Twitter will help us get the word out

              Pilot Groups and Interviews

              • Gain a strong early evangelist following

              Create searchable content and buzz

              • Through a blog and articles on other blogs/websites, create excitement and PR around Froffr

              Mobile application

              • Eventually, this will also have a mobile version for using on-the-go
Revenues & Costs
   Revenues
       Freemium model: premium accounts which will provide
        additional features such as introducing or meeting 2nd or 3rd
        degree contacts
       Online advertising: Companies that would like to advertise
        activities or events through our website. Pricing model similar
        to Facebook or GoogleAdwords once we have obtained a large
        enough audience
       Mobile ad revenue once mobile app is launched
   Cost Structure
       Focuses on creating the best value for its customers while
        maintaining a free, user-friendly website.
       Fixed costs: utilities, rent, website domain name, SG&A
       Variable costs: server costs, employee salaries (depending on
        how many are hired), marketing/advertising
Funding

          • Bootstrap product using our own team
            to develop and bring to market
     1

          • Obtain funding from angel investors
     2

          • Obtain funding from Venture Capital
            firms once user traction has increased
     3
Risks & Mitigations

             Risks                        Mitigations

 • Lack of adoption due to:     • Increase adoption rate by:
   • Complications setting up     • Simple, user friendly
      profile                       interface
   • Complications setting up     • Familiar messaging
      introductions                 system like e-mail
   • Awkwardness in online        • Provide ice breaker such
      introductions                 as mutual “like” button
 • Competitor sites more        • Build incentives such as
   aggressively promoting         status recognition, news
   introducing friends of         feed, and activity discounts
   friends                        to differentiate product
 • Technical difficulties in    • Be flexible to pivot the idea
   implementation                 as necessary

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Friends of Friends - Technology Entrepreneurship Opportunity Execution Project

  • 1. Friends of Friends (Froffr) Team Connectors Stanford Venture Lab Technology Entrepreneurship Fall 2012
  • 2. The Team  Audrey Leung  Audrey’s professional background is in public accounting and financial consulting. She double majored in Business and Psychology at UC Berkeley and also dabbled in her own startup with other classmates during college.  Will Jang  Will Jang has over eight years of experience with programming and is currently a software engineering technical lead for NBCUniversal with experience in open source technologies: Java / MongoDB / Scala / Spring.  Alan Tan  Alan is Trained in accounting and finance and has been delivering enterprise software solutions for over 10 years. He has been eading teams in implementing high volume CRM, Billing and Payment systems for companies such as Apple’s iTunes and App stores.  Ubi Ukoh  Ubi is a UI/Javascript developer at Instructables. Motivated by a desire to build both a team and a product from the ground, learning about the startup process, and creating a unique social product to help connect people.
  • 3. Our Story  More and more of Audrey’s single friends were requesting her to introduce them to her other single friends, but she encountered some challenges:  These friends were living and working in different cities  They did not have common circles of friends  Some of her friends who were dating online were also not having much luck finding quality dating partners.  Upon further research, Audrey found that in 2010, approximately 30- 35% of all couples met through friends.  After pitching the idea and creating a team for the Venture Lab Technology Entrepreneurship class three other students also expressed their interest in the startup idea: Alan, Ubi, and Will. Our surveys conducted when we were testing our value proposition showed that the majority of customers wanted to safely meet new people for a certain purpose or activity. Therefore, not only could this website be used for dating, it could used for introducing friends for any casual activity.
  • 4. The Opportunity Meeting Introducing • Lack of means for people in their twenties • Awkward introductions via e-mail or in to turn connections online into long-term person relationships in person • Unable to introduce friends personally • Lack of safety meeting others online due to time or distance • Too much time spent searching online for • Finding the right context for introductions new people to meet in the same location • Forgetting names • Difficulty finding common interests • Not knowing the right fit • Lack of privacy in online meet up websites • Difficulty scheduling meeting times Total internet users in 2010: 240M Users ages 20-29: 42.7M Potential customers based on a 7.4% market share: 2.4M Sources: Market data based on www.census.gov and www.internetworldstats.com. Market share based on average market share of online dating and meetup sites such as match.com and meetup.com
  • 5. The Product  Prototype here: http://froffr.com  Convenience and usability  Introducing friends online is easier and faster than setting up a live, in-person meeting.  Customers can link their Facebook, E-mail, Twitter, Google+, and LinkedIn accounts to populate all their friends and easily introduce them all in once location  The product will streamline this process while providing features such as: matcher reviews and an incentive system to set up positive matches.  Meaningful, quality matches  Due to the smaller degree of separation, there would be a greater likelihood of a long-term relationship forming that using sites that match you up with strangers.  After being introduced, users will have a more focused platform to start new conversations with follow-ups and suggested activities.
  • 6. The Product Features Purpose or objective of • Specify common interests or goals as part of the introduction introduction template Commitment / Follow-up • We will provide e-mail follow-up on all introductions or introduction requests Real-time feedback and a sense • Future mobile website and communication through of urgency to the interactions mobile messages Less Awkwardness • Common interests, activities, and friends reduces awkwardness Scheduled meeting time • If calendar is imported, we can schedule meetings during common available times Confirmation that parties agree • Users will click on an “agree” or “like” button to confirm on meeting interest in an activity or person Most comfortable introduction through friends or activities • Show common friends and suggest common activities
  • 7. Sales & Marketing  Facebook  Launched two day marketing campaign at $15 per day  Based on keywords: friendship, friends, dating, matchmaking, introduction, finding new friends, find friends  We didn't see results at the $1 and $1.50 bid amount. I upped it to $2 on day 2 and that's where we got 17 clicks (from 83K views) and paid 0.88 per click. We would have had more clicks if we allocated a bigger budget or or if FB had the budget rollover feature.  StumbleUpon  Launched two day marketing campaign at $12 per day  Directed toward people ages 18-35 with interests of: Business, Dating Tips, Education, Married Life, Matchmaking, Relationships, Internet Tools, Self Improvement, University/College, Facebook  Applied Google Analytics tracking to the website  Other (Craigslist, Facebook Groups, and Reddit)  Craigslist: Advertised in the platonic relationships section  Facebook: Posted in dating and meetup related fb groups  Reddit: Asked questions and posted links in 10 subreddits
  • 8. Partnerships and Distributions  Key partnerships with companies that will sponsor or provide discounts to casual activities such as movies, restaurants, concerts, etc.  Customers can link their Facebook, E-mail, Twitter, Google+, and LinkedIn accounts to populate all their friends that they can introduce to each other Website • The need to invite friends in order to create introductions on our website will add users to the site Partners & Affiliates • Promote through activities that we partner with Social Media • Avenues such as Facebook and Twitter will help us get the word out Pilot Groups and Interviews • Gain a strong early evangelist following Create searchable content and buzz • Through a blog and articles on other blogs/websites, create excitement and PR around Froffr Mobile application • Eventually, this will also have a mobile version for using on-the-go
  • 9. Revenues & Costs  Revenues  Freemium model: premium accounts which will provide additional features such as introducing or meeting 2nd or 3rd degree contacts  Online advertising: Companies that would like to advertise activities or events through our website. Pricing model similar to Facebook or GoogleAdwords once we have obtained a large enough audience  Mobile ad revenue once mobile app is launched  Cost Structure  Focuses on creating the best value for its customers while maintaining a free, user-friendly website.  Fixed costs: utilities, rent, website domain name, SG&A  Variable costs: server costs, employee salaries (depending on how many are hired), marketing/advertising
  • 10. Funding • Bootstrap product using our own team to develop and bring to market 1 • Obtain funding from angel investors 2 • Obtain funding from Venture Capital firms once user traction has increased 3
  • 11. Risks & Mitigations Risks Mitigations • Lack of adoption due to: • Increase adoption rate by: • Complications setting up • Simple, user friendly profile interface • Complications setting up • Familiar messaging introductions system like e-mail • Awkwardness in online • Provide ice breaker such introductions as mutual “like” button • Competitor sites more • Build incentives such as aggressively promoting status recognition, news introducing friends of feed, and activity discounts friends to differentiate product • Technical difficulties in • Be flexible to pivot the idea implementation as necessary