Freewill Eng245 2017
-
Upload
steve-blank -
Category
Education
-
view
232 -
download
0
Transcript of Freewill Eng245 2017
Jenny XiaHacker, Designer
Patrick SchmittHustler, Product Picker
Mohana MoorthyHacker
James RathmellHustler
Maggie XuDesigner
121 interviews150 survey responses
We provide free & intuitive online tools to create legal wills. These tools have behavioral nudges to prompt charitable giving.
Nonprofits pay us for donations (bequests) generated.
New market for non-profits. Low price strategy for will-makers.
• Deep relationships with and knowledge of nonprofits
• User-centered design expertise
• Legal expertise
• Large nonprofit organizations (e.g. GreenPeace, AARP, Stanford University)
• Online end-of-life service providers (e.g. Cake, Care.com, Grace)
• Online financial advisory firms (e.g. Mint.com, LearnVest)
• Key suppliers: Google AdWords, Facebook Ads
• Sales and client management of nonprofit organizations• Creation and optimization of an intuitive will generation product• Customer acquisition through paid marketing and channel partnerships
• Nonprofit: ongoing, cooperative, trusted partnership
• Consumers: One-time, trusted relationship
• Major nonprofits, including universities and hospitals.
• Consumers: All US adults who do not have wills or need to update their wills, all US adults who have wills but did not know how to write bequests into them, loyal donors to non-profits.
• Nonprofits are struggling to increase donations, and “Planned Giving” offices have no clear path to increasing commitments. We offer a low-cost, low-risk, highly efficient way to increase pledges and donations. • Aging Americans need legal wills, but view them as “scary, complicated, and expensive.” We provide free, intuitive and comforting tools.
• Nonprofits will pay us a finder’s fee for new commitments generated. (Based on early customer interviews, we estimate they are currently spending $5-10K per new commitment.)
Note: Potential to use platform to upsell other end-of-life services
• Customer acquisition costs: search engine marketing, potential additional online ads using demographic targeting.
• People costs: developers & designers for online product, sales team to sell to nonprofit organizations.
• Inside & outside sales, fundraising conferences.
• SEO/SEM (1M+ searches monthly), Mailing lists of large nonprofits.
OUR STORY
1.Started here, ended up in the same place.
Our Journey
FreeWill MVP 1.0
wills made
13in bequests
$72,000
Can we get users?
1 2 3 4 5 6 7 80 9
“70% So are you a will creation company or a
donation engine?
Steve Weinstein
wills made
0drop in click through rate
90%Can we get paying users?
1 2 3 4 5 6 7 80 9
purchase commitment
1
1 2 3 4 5 6 7 80 9
Can we get paying nonprofits?
“70%We’d pay more than
you’re asking.
Ilya Sheyman, MoveOn.org
Can we get it faster if we lend you one of
our engineers?
Mia Cambronero, Avaaz
increase in annual giving
75%
1 2 3 4 5 6 7 80 9
We expected FreeWill to bring bequests,But now, it’s even bigger than that.
“FreeWill = Donation Engine
Avaaz donors
200k
payment to FreeWill every bequest
generated
$400
1 2 3 4 5 6 7 80 9
FreeWill MVP 2.0
“70% Your will is definitely valid. Of course wills
should be automated. This is 100% the future. The lawyers will be opposed, but
screw ‘em.Ian Samuel, Harvard Law School Professor
1 2 3 4 5 6 7 80 9
Week 5, Week 6, Week 7, Week 8, Week 9...?
So Which Nonprofits?
“We don’t have the logistics in place for planned giving.”
“We move slowly. But once we get there, we’re an army and we go big.”
Building a Bigger Nonprofits Pipeline
1 2 3 4 5 6 7 80 9
minutes on average for testers to create a
will
12.5
1 2 3 4 5 6 7 80 9
That’s it?!
“70% A will is a big deal. You read it, think about
it, and make changes. Sometimes you make mistakes, sometimes you change
your mind.Tom Xia, Tester
• Nonprofit expertise and relationships
• SEO/SEM expertise
• UX expertise
• Legal expertise
• Engineering expertise
• Large nonprofit organizations (e.g. GreenPeace, AARP)
• Nonprofit consultants
• Online end-of-life service providers (e.g. Care.com, Cake, Grace, Everplans)
• Financial advisors and online financial advisory firms (e.g. Wealthfront, Betterment, Mint, LearnVest)
• Trusts & Estates attorneys
• Advisors
• Nonprofit Sales
• Donor acquisition
• Free, intuitive will generation product
• Nonprofit: ongoing, cooperative, trusted partnership• Planned giving advice• Trusted branding• Print/mass media• Expand to provide end of life services, insurance, etc.
• Medium-sized nonprofits ($1.5M) with proven appetite for innovation.
• Older U.S. adults whose children are out of the house and self-sufficient, or who never had children. Predominantly women ages 50 - 75.
• Nonprofit organizations are struggling to increase donations, and planned giving offices have no clear path to increasing commitments. We offer a low-cost, low-risk, highly efficient way to increase pledges and donations
• Aging Americans need legal wills, but creating wills is not at the forefront of their minds. We provide free, intuitive and comforting tools to help them take this necessary step.
• Nonprofits will pay us a $400-500 finder’s fee for commitments from users outside their existing donor base.
• Nonprofits may be willing to pay a licensing or consulting fee for turnkey charitable bequest solutions.
• Customer acquisition costs: search engine marketing, potential additional online ads using demographic targeting
• People costs: developers & designers for online product, sales team to sell to nonprofit organizations
• Inside & outside sales, fundraising conferences, nonprofit consultants• “Active”: SEO/SEM• “Passive”: nonprofits, financial advisors/firms, end-of-life service providers, T&E lawyers (solo practitioners)
AFTER LEAN LAUNCHPAD
2.Let’s do this.
Build FreeWill with the goal of generating $1 trillion in donations over the next twenty years.
$1 trillon
Financial & Operational Timeline
2017 2018 2019
Cash reserve Seed: $100k Series A: $3m
Operational milestones
Nonprofits acquired 3 10 85
Total employees ~5 (unpaid) 7 17
α
first revenues
inc.
iterate + sales
β
capital raise
relocate
hire lawyers + sales
integration tools & analytics for
NPs3x eng team
scale sales
product / geography expansion →
The Future1 2 3 4 5 6 7 80 9
Growth
Revenue Bequests
2019 $5.5m $500m
2020 $14.8m $1.5b
2021 $40.4m $4b
TAM: $100 billion
SAM: $25 billion
Target: $2.5 billion
The Future1 2 3 4 5 6 7 80 9
“70% FreeWill could be the next revolution in
philanthropy.
Premal ShahPresident & Founder, Kiva.org
Thank you!