Fantom Confidential — 1. Fantom Pay Product & Business Development Road Map
by Ashton Hettiarachi
As part of Fantom’s ongoing efforts to transparency we have decided to release as much internal documentation as possible to help give insight into our business processes.
The innovation lab will help Fantom Pay define the product, develop a viable business model for commercialization and revenue generation.
The team for R&D, business development.
- Product Dev Lead (business) — David, Andre, Ashton (Thomas Arend: external)
- Business dev/Innovation Lead — David, Ashton
- Tech Lead — Andre
- BA (Data/risk/regulatory) — David
- Legal/regulatory: Fred/Jeeyoung
- Systems analyst/SI — Andre/Michael/Benjamin/Ahn
- UX/CX — Denis
- Research — Suyash
Main goals from innovation team
- Fast insights Discovery
- Build things customers/market need (Test before build)
- Have the right business model to sustain and grow. Product-market-fit
- Use networks to speed up acquiring customers and revenue generation
- Innovation and user experience embedded the entire time
Experts/FPAY Focus group as of 20th Jan
- Samir/Alex Alexandrov (CEO at CoinPayments Inc)
- Michael Naert (Chief Operating Officer Asia at LBBW)
- Michael Donoghue (CEO of IP solutions) E-commerce engagements
- Adam/Caleb (Travelbybit)
- Chris O’Dell (Payment industry verticals & compliance)
- Rhonda Bull (Tech Manager)
- Larry Diamond — CEO of ZipPay
- Sharabeni Domingo -SME payment solutions advisor.
- Grant Johnstone — Heads the commercial payment solutions for MasterCard in Australia.
- Robert Allen/Dilan Rajasingham — Payment solution trends/innovation researchers.
- Daye Lee — South Korean market research
Evaluation, developing a business model
Fantom Pay business evaluation: validating current assumptions, business model, market segments, customer profiles, customer acquisitions, and validated that with customers.
o Total addressable market
o Consumer behavior
o What does 1% market share look like
Industry Opportunity Evaluation & Analysis
· Evaluate Industries
o Customer profiling
o Market penetration needed to meet $10m rev target
o Market scalability/replicability to other market segments or geographies
· Establishing evaluation criteria
o Assist in like-for-like comparison across industries & geographies
Understand the market, figure out what are future trends, it’s industry, key performers, why they exist and what are emerging markets, is it in Asia, in the US and other regions, inclusive of their present growth rates. Understanding where the markets are heading to align Fantom Pay business to the future. Look for a growing market not a stagnant or dying market.
Business Opportunities within Industry Evaluation & Analysis
· Evaluate businesses within agreed Market Opportunities
o Do they have existing investment (time +/or $) in blockchain
o Business problem that can be solved
o How equipped are they to solve this problem
o Is solving this opportunity beneficial to Fantom’s long term growth
· Establishing evaluation criteria
o Assist in like-for-like comparison across businesses
o Identify scalable/replicable opportunities
Gather expert views on the data, insights, continuing the gathering of information for the product build: faster insights discovery and expert feedback.
- C-level people running successful payment solution businesses.
- People who build technology or large, enterprise level infrastructure for payment solutions
- People who are in the regulatory space and working as regulatory or compliance officer to a payment solution/product
- Senior researchers and publishers
- Sales & marketing
Defining a product
Targeting between 10 million to 200 million current successful revenue generating businesses in the payment solution industry to investigate why they exist by modeling and understand their unique selling points. Certain companies have their USP’s as they exist in certain regulations, certain countries, they have a certain network effect.
As part of this exercise, interviewing real customers and the businesses to understand why customers are paying, why they are using the solution, why the solution exists and what features exist to understand the exact need of the customer. Trying to understand through validation that one business may offer 5 different services but which one generates the most revenue, fulfilling the exact need of the customer.
Short list companies for further research
Identify viable companies from initial research and digging deeper
- Competitor/opportunity review — Lean canvas methodology
- Competitor/opportunity review — revenue models, market share, growth, brand
- Are they partners, clients, suppliers or competitors
- Competitive opportunities — Identify Fantom Pay USP for this business
Engage with shortlisted companies
Engage/Meet (in person or via telephone) with businesses that meet the business opportunities criteria
- Identify core problem/opportunity and their level of commitment to blockchain’s solution
- Customers and businesses interviews
- Evaluate commercial benefit to both business and Fantom
- Scope out range of opportunities that meet DAG capabilities and business needs
Review Business Opportunity for FantomPay
- Refined business modelling
- Refined financial modelling
- Refined FantomPay integration/provider/USP opportunity
Identify any legal, regulatory requirements / considerations
- Country and city specific
- Non-legal but association/network considerations
- Is FantomPay responsible or client/partner?
Product development — Stage 01: Innovation, MVP & development.
- Improve an existing solution
- Moonshot 10x improvement
- New innovation (competitor USP Y + competitor USP Y = FPAY USP)
MVP, software development & validation
- Identifying USPs
- Map out a feasible solution(s)
- Development feasibility
- Design, development & implementation of MVP: The actual task of developing the software
- Testing the product with customers
Product development — Stage 02: product-market-fit
Use a UX and service design process to see if the solution is really fitting the need of the customer. Leverage networks to reduce customer acquisition and fast insights discovery. If the pilot program works with some level of retention scale software development into a commercial product and a business.
- Further reviews and iteration of the Fantom Pay product model and strategy
- Stakeholders — partner/client feedback
- Brand messaging development to align the Fantom Pay product and Fantom (the “organisation”)
- Product UX design strategy development
- Design and build MVP pilot prototype
- Validate the user experience of the MVP prototype for key scenarios with end users via user/usability testing
- Validate MVP prototype for key scenarios with end users via interviews and surveys.
Business & Product development — Stage 03 — Improving customer experience — a love product & growth.
Optimizing all of the user experience from bottom up, from front-end to back-end of the entire process, making sure the customers are properly satisfied with their needs met, creates sustainability. Making sure the product is really lovable and has a simple way to be shared. That is where the network effect/the growth will come, where the word of mouth build creates good traction.
Business & Financial Planning
- Detailed Business Plan — 3yr outlook
- Detailed Financial Plan 3yr outlook
- Board Sign-off & allocate funds
Improving customer experience — a love product
- Ongoing product design sprints to improve the user experience of the various touch-points inc. the mobile app and website
- Data/Metrics analysis of usage statistics to help flag areas of product improvement
- Persona development to continually validate and update our key user profiles. This impacts the focus of all product design & development
- Service design blueprint to visualize organizational processes in order to optimize how we deliver the user experience
- User Journey mapping to ensure the path is visualized for our key user(s) as they navigate through our app/website
- A/B Testing to validate the best way to implement features before releasing them to our customers
More will come!
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