Entrepreneurship Presentation “DINE WITH THE LOCAL” Monday, February 4, 2013
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Entrepreneurship Presentation
“DINE WITH THE LOCAL”
Monday, February 4, 2013
The Problem
• For Guests/Tourists who are after an authentic personal dining experience.
• For Hosts/Locals who are ready to cook and want to supplement their incomes by preparing, selling meals, and sharing a unique experience with the Guests.
(1) The need to improve gastronomic offer and (2) the need for a tool to design new experiences and
connect the Tourist and Locals in a more sensational technique.
Company Mission
Comprehensive Web Platform Where a Local can HOST a dinner at their home
and Tourists can be their GUESTS
The Solution: Cribistro
• The team composed of 4 International students: – Gio White. Business student from U.S.A., who has 3 years
working experience in online marketing, and had also, co-founded a start-up business.
– Verna Venida. Business student from Philippines, who has 2 years working experience in Hospitality industry, both operational and project management department.
– Dzmitry Kahtarou. Business student from Belarus, who has 3 years working experience as a Supply Chain Manager in a Textile company.
– Stephanie Thal. Engineering student from Germany, who has a working experience in the Development and After Sales Department in Automotive Industry.
Team Members
• Initially the project will have a staff of 7 people and subcontract the legal and financial services. • President. This person is responsible to lead the way, to draw the map, to create strategies and find
the most appropriate way to achieve the objectives of the company. Charting the business plan and ensure compliance.
• Director General. He is responsible for executing the business plan, and the maximum operational control of the company. He is responsible for directing and coordinating the personnel structure. Decide who, when and how. Directs the daily operations and sets the tone for the rest of the team.
• Commercial Director. He is responsible for directing the sales department and therefore the agents coordinates. From the signing of contracts, cancellations and renewals, from local audit and ensure compliance with the standards of image and brand awareness in the establishments.
• Cribistro Agents. They are responsible for visiting and local audit, report directly to the Chief Commercial. Explain the project and stick together adhesives, sign contracts and will follow up.
• Coordinator. Is the person responsible for managing the contracts, receipts and direct debits. Prepare meetings and visits from agents. Collect and organize bills and bring the day-to-day administration
• Community Manager. He is responsible for the communication of the brand, from marketing activities, both off-line and on-line. Manage twitter accounts, Facebook and to develop and Foresee the blog as well as any other social network or tool used for the communication strategy.
• System Developer The System Developer will be in-charge of creating and maintaining the Web platform.
Team Position
• Cribistro aims to become a disruptive innovation in terms of enhancing food tourism industry.
• There do exist online channels that embodied the same concept of acting as an intermediary channel, and targeting not-yet-address needs in the market
Positioning against the competition. There is no existing channel address directly for the host and the guests when it comes to food/culinary activities; hence we evaluate our idea for having the first-mover advantage of creating an avenue where both of their, Tourist and Locals, needs can be connected.
Analysis Of Competitive Companies
• Threat of Substitutes. Existing restaurants that offer home-cook meals and introduction of a web platform that shares that same concept as ours pose a huge threat. – There is incredibly a high threat of substitution if our
service offered would not satisfy the Guests and Hosts. Hence, it is important that Cribistro concentrate on giving a real authentic dining experience that we promised and creating not just a transaction but a long-lasting relationship between the Tourists and the Locals.
Analysis Of Competitive Companies
Food & Tourism Industry
World Food Travel Organiza1on
Food travel matters because everyone eats. Food and drink are common denominators shared by
everyone. And most people prefer to eat something tasty.
Like tourism, food is branded by “place” as a marker of Origin and Authenticity. Tourism authorities around the
Globe are recognizing the Potential of Gastronomic Tourism as a powerful tool to brand places, regions
& entire countries.
Target Market “Gastronomy is the new Rock and Roll.” Ferrán Adriá
The Travel sector in Spain has been closely bound to Gastronomy.
In Spain, the food and agriculture industry contributes 7.6% of GDP
and employs 400,000 people. Holiday makers visiting Spain, Stated that Gastronomy and Spanish wines were the main reasons for their choice of destination,
In
- IET (2011) Revenue
Tourism in Spain Accounts for
15% of its GDP
which generated
SUSPECTED
Target Customer Segment: BARCELONA
Interest in Gastronomy Interest in Meeting New People Travels for Vacation Purposes Ages 25 – 55 years
GUESTS
HOST
Interest in Meeting New People
A Local, who has Passion for Cooking Has a Dining Space at Home
Ages 25 – 44 years
• Reach cash flow positive state • Acquisition by major media or tourism organization • Expansion to tourist recreation markets
Exit Strategy and Long-term Growth Opportunities
Sustainable Competitive Advantage • Competitive Landscape: There are existing
substitutes but no direct competitors that is focused on food tourism industry. This gives Cribistro a first-mover advantage of becoming an intermediary channel for the Host and Guests.
Prototype of Website Landing Page: GUEST
Landing page: HOST
Sample Booking Page for the GUEST
Proposal Form for the Host
Prototype of Website
http://www.youtube.com/watch?v=505PILbAb-8
CRIBISTRO PROTOTYPE FOR THE HOST
http://www.youtube.com/watch?v=OE53WjdkT3c
CRIBISTRO PROTOTYPE FOR THE GUEST
x http://cribistro.com/guest_site
þþþþ
Dine with the Local! BOOK A DINNER YOUR BOOKING CRIBISTRO SERVICE WHO WE ARE ê ê
Type the city name
Location
Date
No. of Guests
PASSWORD
REGISTER
Forgot Password?
Remember Me þ
LOG-IN
Search for Dinner
REGISTER AS A HOST
Latest Photos/Reviews
Square Ad. 250x250
NEW GUEST
EXISTING GUEST
Dine with the Local! E X P E R I E N C E
From conducting the secondary research (interviews and questionnaires) separately with the guests and hosts, we found the following needs and desires of our potential customers and suppliers.
Summary of Secondary research: - Desires and needs for the host a. Web based platform to assert their services and to reach the tourists. b. Willing to share their culture c. Need to earn extra money in such difficult and competitive economical environment. d. Will to meet and get to know new people (tourists).
- Desires and needs for the guest a. Getting to know the culture from locals b. Try local food c. Have an unique experience in the new culture d. Getting to know new people (locals) e. Make strong bonds with locals for future travelings in this region f. Need for a web based platform to find such experiences.
BUSINESS MODEL CANVASS
Key Partners Key Activities Value Propositions
Customer Relationships
Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Pla3orm development and maintenance
Community management – create &
expand network
MarkeGng/Sales PromoGon
Office Space
Community of Guests and Hosts
Platform/Mobile App
Brand
Marketing
Staff/Team
Maintenance, Legal Fees
Online and International
Payment
Platform Development
Human Resources
Site hosting
Payment Processing
Online & Internaioanl Payment (Paypal & Western Union)
Barcelona Turisme Ayuntamiento de
Barcelona
Main Investors, Sponsors
Eat home-‐made meals prepared by the locals
at great value
Earn profits by catering meals for a group
audience
Self-‐service on site with support team, SMS, App
Self-‐service on site with support team, SMS, App
WOM, Website, App, Blog, Facebook, TwiTer
Tourism Kiosks, Rickshaws, Travel Agency
Hostels/Hotels RecepGon, WOM
AdverGsing through Share-‐A-‐Meal
Cookbook/Website
Guests Adventurous Tourist, Foodie, People who are looking for a great meal experience at great value in a parGcular city
Host, individual or group who can prepare quality home-‐made cuisine, interested in meeGng new people and have a kitchen/dining space at home.
Meet and experience cultural exposure with a
local person
8-‐12% commission for each successful event
REMOVED ADDED CHANGED
BMC V.1
Key Partners Key Activities Value Propositions
Customer Relationships
Customer Segments
Key Resources Channels
Cost Structure Revenue Streams
Pla3orm development and maintenance
Community management – create &
expand network
MarkeGng/Sales PromoGon
Office Space
Community of Guests and Hosts
Platform/Mobile App
Brand
Marketing
Staff/Team
Maintenance, Legal Fees
Online and International
Payment
Platform Development
Human Resources
Site hosting
Payment Processing
Online & Internaioanl Payment (Paypal & Western Union)
Barcelona Turisme Ayuntamiento de
Barcelona
Main Investors, Sponsors
Eat home-‐made meals prepared by the locals
at great value
Earn profits by catering meals for a group
audience
Self-‐service on site with support team, SMS, App
Self-‐service on site with support team, SMS, App
WOM, Website, App, Blog, Facebook, TwiTer
Tourism Kiosks, Rickshaws, Travel Agency
Hostels/Hotels RecepGon, WOM
Guests Adventurous Tourist, Foodie, People who are looking for a great meal experience at great value in a parGcular city
Host, individual or group who can prepare quality home-‐made cuisine, interested in meeGng new people and have a kitchen/dining space at home.
Meet and experience cultural exposure with a
local person
Funding – Business Angels, Seedcamp
REMOVED ADDED CHANGED
AdverGsing through Share-‐A-‐Meal
Cookbook/Website
15% commission for each successful event
Travel Agencies, Tourism Kiosks
BMC V.2
COMMUNITY MANAGEMENT
E-MAIL MARKETING + CRM
SEO – PPC – FACEBOOK
ATL – MEDIA – ONLINE REPUTATION PARTNERS
Sales and Marketing Strategy
User Growth Projections
0
20
40 HOST
In 2 Years, We Will Have 522 Hosts, and 9137 Served Guests, excluding repeating Hosts.
0 50 100 150 200 250 300
GUESTS
Revenue, EBITDA, and Net Income
0 1000 2000 3000
Year 1 Year 2
Year 1 & 2, Expected REVENUE from 18% Commission (inclusive of repeating 70% Hosts): 69,896
Projected calculations from: Average 20 Guests per Host at a price of 25€ per Guest
-50,000
0
50,000
100,000
Year 1 Year 2 Year 3 Year 4
Revenue EBITDA Income
Financial Slide
Year 1 Year 2 Year 3 Year 4 Income 30,389 39,596 55,309 82,964 Expenses
Website Creation/Update
14,000 9,000 7,000 6,000
Maintenance 7,000 6,000 5,000 5,000 Advertising/
Promotion 12,000 10,000 8,500 7,000
Salary 19,000 24,000 30,000 52,000 EBITDA -36,573 -2,646 4,809 12,964
Financial Needs -6,184 20,000
46 62 68 80 82 81 87 81 85 82 69
0
50
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
ROOM OCCUPANCY RATE BARCELONA 2011
%
SOURCE: HVS MADRID V BARCELONA (MAY 2012)
Basis of Projection
Host & Guest Projection
15
25
35
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
HOST 4-YEARS PROJECTION
Y1 Y2 Y3 Y4
• COMPARISON WITH ROOM OCCUPANCY RATE IN BARCELONA 2011 • MINIMUM IS SET TO 15, with an increase of (Y2) 30% of Y1, (Y3) 40% of Y2 and (Y4) 50% of Y3 • IN 4 YEARS, TOTAL NO. OF HOSTS IS 1555.
• CALCULATION OF GUEST SERVED: AVERAGE GUESTS PER HOST IS 18 WITH 25(MAX.) AND 10(MIN.) • IN 4 YEARS, TOTAL NO. OF GUESTS SERVED IS 27,212
200 250 300 350 400 450 500 550 600 650 700
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GUEST 4-YEAR PROJECTION
Y1
Y2
Y3
Y4
• PRICE PER GUEST: AVERAGE PRICE PER GUEST IS 25€ WITH 30€ (MAX.) AND 20€ (MIN.) • 18% COMMISSION FROM THE HOST
Revenue Projection From Commission
YEAR % REPEAT
HOST TOTAL AVE. GUEST*PRICE
18% COMMISSION
1 70% 227 111,825 30,340€ 2 70% 295 145,374 39,507€ 3 70% 413 203,523 55,309€ 4 70% 620 305,285 82,964€
1,555 766,007 178,120
REVENUE WITH REPEATING HOST
TOTAL REVENUE (4 YEARS) = 178,120
Website Development • We have complete market research for our first target
city and willing to start building a base of Guest and Hosts. Hence, the Cribistro Group seeks capital to start the creation of the web platform. A. Total of 120 hours = 8,000 €
Interface Design: 30 hours Programming: 60 hours – HTML, PHP and CSS Project Management: 30 hours
B. Landing Page: 900 € (Both Guests and Host) C. Email Marketing Campaign: 600 € D. Branding/Identity Development: 1,500 € E. Custom Content Management System: 3,000 €
TOTAL (estimation for Website Creation): 14,000 €
– How you would scale the business (which market would you go to first and why, which next and why, etc.)
• Ci1es with a stable and high occupancy rate equivalent or higher than 70% such as Paris.
– What did you learn – Whether you think this a viable business – Whether you want to pursue it acer the class, etc.
Conclusion