Fastrack Stress-test 2
Friday 30th April 2021
A quick word before we crack on
The structure of these blogs is consistent so that they’re easier to digest. Each week from each team you’ll get an update on 1) progress made in the last week between classes 2) what teams need help with 3) plan of attack before the next class and 4) comments + feedback from the delivery team. Feedback is always appreciated so we can make this easier and more interesting for you (do that here). Enjoy!
1. Team Cyrcle
Fastrack team page: fastrackatmonash.com/team-cyrcle
How might we redesign product consumption & waste management systems for consumers & households so that it is more convenient and help them produce net-zero waste?
[Progress between Workshop 2.2 + the Stress-test]
- The team has created their solution blueprint and shared it with the panel of experts at the industry stress-test. The experts highlighted complex challenges around logistics; asked the team to identify the carbon footprint throughout their solution supply chain and how it is better than current linear systems. They also talked about avoiding IoT to reduce complexities in the solution.
- The industry experts advised the team to think big but start small with only one product locally produced in Australia that people need and test the solution with a few customers by delivering, collecting and refilling orders in their own cars.
- The panel also suggested that the team should look into partnering with services such as Hello Fresh, Dinnerly etc. or look at areas such a school lunches where parents produce a lot of packaging waste to identify how their solution can align with them and achieve the overall goal of less packaging waste.
[What the team needs help with]
- The team is seeking advice on calculating their carbon footprint accurately and looking at ways to avoid/offset it as much as possible.
- They are also looking for connections with local producers of sustainably certified food products that they can partner with to package and start testing with customers.
- From the wider community reading this blog, the team is calling for people who are interested in this space, to schedule a chat with the team and input their ideas or any help. (Contact: teamcyrcle@gmail.com)
[Actions between the Stress-test and Bootcamp 3]
- Moving forward, the team is gathering information on the costs of maintaining landfills and justify the need for their solution that can help reduce such costs for landfill operators.
- The team is also now planning to test their solution manually with a few potential customers to validate the demand and identify any more challenges that need to be addressed.
- The team is meeting the packaging supplier VISY to gain sample packaging that they can start testing with and also plan to visit local farms around Melbourne to identify products that they can sell.
_________________________________________________________________
2. Team Men in Slack
Fastrack team page: https://www.fastrackatmonash.com/team-men-in-slack
How might we create opportunities for artists so that they can diversify their skills to achieve common goals?
[Progress between Workshop 2.2 + the Stress-test]
- Men in Slack validated the hypotheses with artists around the high commissions and high rent cost of galleries and exhibitions.
- The team did the initial testing of the proposed solution with the artists (Josephine, Donna, James). The feedback was positive with some suggestions on what needs to be improved.
- The team also talked with potentials buyers (Helen, Nizar, Kevin) to conduct a quick test on the proposed solution.
[What the team needs help with]
- Since the service offered is quite tech-heavy, the team needs some assistance to discuss ways to test the MVP; any guidance from the experts when contacted will help them greatly.
- It would be great if the industry experts could connect the team to potential buyers. The buyers can be:-
i) Home collectors (interested in decorating their house)
ii)Investors and art collectors
iii)Interior designers
iv)Even businesses who wants a specific type of artwork that matches their office setting
- Apart from all the buyers mentioned above, the team would also like to talk with digital art enthusiasts, buyers, and even creators to gain insights into NFTs.
[Actions between the Stress-test and Bootcamp 3]
- The team will interview potential buyers to gain insights into the proposed solution in the coming days.
- The team will also get in touch with newer artists to increase the scope of opinions.
- The team will do a deep dive into the NFT space to look for opportunities to work on since it aligns well with the proposed solution.
_________________________________________________________________
3. Team Vikings
Fastrack team page: https://www.fastrackatmonash.com/team-vikings
How might we redesign the social experience For OTT/subscription media users so that it is more interactive and engaging for them?
[What the team needs help with]
- As this is going to be a tech heavy solution, we would love to hear your thoughts on any other technical roadblocks we might not have considered.
We would also love to get more perspectives and have a chat with everyone in this group on the proposed solution (get our base stronger before moving forward). We would be reaching out to you guys to chat in detail.
[Feedback and insights gained at the stress-test]
Expert panellists: Marc Teichtahl (Amazon Web Services), Shivaun Ryan (XY Sense) & Hugh Stephens (Sked Social/Galileo Ventures)
Marc:
- Liked the pivot while keeping the vision intact
- Look at how you are going to solve the content rights problem
- Look at how you are going to address the video latency problem
Hugh:
- Liked the pivot as well
- Talk to more people
- Think “outside the box/boundaries” on how you can get the content/workaround the content rights problem
- The value prop needs to be very good to change existing behaviours (whatsapp group)
Andre Marquis, Hypershift:
- What's the niche market for the MVP? Think of the immediate adopters
Adam Ryan, Monash:
- If you are dealing with the content, think about the acquisition and more importantly, the distribution problem of the content
- Think about a B2B model where you can sell the technology to streaming platforms like Optus and Foxtel
Jeremy Crow , Industry Teaching Fellow & Isobar:
- Do not restrict yourself to a D2C model and think more along the lines of B2B model which can drive faster growth
_________________________________________________________________
4. Team orIDgin
Fastrack team page: https://www.fastrackatmonash.com/team-oridgin
How might we overcome students cheating on exams and assignments so that the integrity of the university can lead to a better student learning experience?
[Progress between Workshop 2.2 + the Stress-test]
- Constructed their service blueprint and displayed customer journey from the student perspective
- Made three different vision statements for the company
- Gaining feedback from the stress-test on different points that they need to focus
- Reached out to industry experts to gain deeper insights on their service blueprint
- Conducted further customer interviews with students
[What the team needs help with]
- Technology tools that they can use to build their prototypes such as APIs or any open tools that can be used to construct their prototype
- Identifying loop holes and roadblocks that the team may face in the future with their solution
[Actions between the Stress-test and Bootcamp 3]
- Refining their service blueprint
- Reaching out to Monash University
- Understanding competitors to get a point of differentiation for their solution
- Start building their Business Model Canvas
_________________________________________________________________
5. Team 52Hz
Fastrack team page: fastrackatmonash.com/team-52hz
[Progress between Workshop 2.2 + the Stress-test]
- The team has completed the blueprint
- The team has interviewed more potential customers to test value propositions
[What the team needs help with]
- The team would like to gain more feedback about their preliminary prototype
- The team need to figure out which technologies are relevant to their solution
- The team need to know how to define a good pricing strategy to their customer rather than random prices, it might be accounting knowledge that they require?
- The team need help with how to make a different value proposition and identify a USP compared to their competitors
[Actions between the Stress-test and Bootcamp 3]
- The team will get more feedback from interviews and figure out the appropriate price
- The team will regularly improve the prototype
- The team will reach out to Jeremy, and discuss the prototype & technologies
[Feedback from the delivery team]
💥 💥 💥 Well, folks, that’s a wrap of Stress-test #2. A BIG thank you to those of you who came along to the stress-test, your feedback, time and wisdom are always greatly appreciated in the Fastrack classroom. We kick off Bootcamp #3 this Friday and a week later will visit the Amazon Web Services offices and hear from their internal venture teams which should provide some wonderful inspiration for our teams as they begin to build prototypes for the upcoming Prototype Showcase on May 28th. (RSVP here if you haven’t already done so.)
If you can see anything above that sparks an interest or that you would like to discuss further please reach out to anna.rysenbry@monash.edu or comment in the#fastrackexpertadvisors Slack channel if you are an expert advisor and want to get in touch with the teams directly.
________________________________________________________________
To find out more about Fastrack, visit our website.
Join us at the E’Ship @ Monash Community for interesting reads, memorable memes and all that jazz.
If you’re a Fastrack graduate and would like to share your story, we want to hear from you! Get in touch with us.
