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Dan GoldmanFT MBA ‘15

Robert DongEW MBA ‘15

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Fresh, Chef-Prepared MealsJust Steps From Your Desk

Total Interviews: 111

Audrey LeungI-School ‘16

Megan MokriEW MBA ‘16

120M

6.4M

1.2M

Employees in US

Employees in SF Bay Area

without on-site meal options

Employees in SF Bay Area

mid-size companies without

on-site meal options

$700

M (mid-

size)

$193

B (US)

Sources: BLS, LinkedIn, Workonomix Survey 2013, Seamless Food in the Workplace Survey 2014

$3.8B (Bay Area)

89% of companies do not offer lunch options

2 / 3 employees buy lunch each week

$36.17 spent weekly on lunch per employee

The Market Opportunity

Getting Out of the Building

Delivery Customers

Corporate Customers

Industry Experts

Competitors

60

28

18

5

111 Total Interviews

KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP

CUSTOMER SEGMENTS

COST STRUCTURE REVENUE STREAM

KEY RESOURCES CHANNELS

- Convenient ordering- Healthy yet delicious- Variety through a

daily changing menu- Convenient location- Locally sourced

ingredients- Transparent

nutritional content and ingredient

- Health conscious individuals

- Individuals with special dietary needs (gluten-free, vegan, etc.)

- Suburban commuters

- Suburban families

- Suburban singles

- Delivery- Convenient locations

along commuter corridors

- Inventory planning- Seamless ordering

experience- Low cost of user

acquisition

- Skilled chef(s)- Breadth of local food

options- Real estate- Delivery drivers

- Kitchen rental costs- Packaging- Hourly & salary labor

- Gyms- Nutritionists- Schools- Mother’s groups- Local office buildings- Local farms- Food distributors- Packaging providers

- Food- Marketing- Retail rental costs

- Direct to customer meal sales- Wholesale meal sales- Event catering

- Website - Mobile app- Retail kiosks at transit

hubs- Gyms

- Self-service via web/mobile app

- Phone support- In-person cashiers at

retail

Business Model Canvas – Week 1

Understanding Our Customers

Health conscious individuals

Individuals with special dietary needs

Suburban commuters

Suburban families

Suburban singles

Week 1

People are skeptical about delivery food

• Not hot when delivered

• Uncertain wait time

• Value ( food quality / price) is low

People are willing to pay more for healthier versions of meals they currently order

Insights

Understanding Our Customers

Advanced planners

Last minute purchasers

Week 2

Ready-to-eat, hot food is important for many last minute decisions makers who tend to order when they are already hungry

Pick-up from a physical location on the way home is a more convenient than waiting for delivery for some advanced planners

For many advanced planners, meals delivered cold offers parents the flexibility to heat the food when the entire family is ready

Insights

Understanding Our Customers

Planners- Families - Married no kids - Single

Last Minute- Families - Married no kids - Single

HR / office managers

Week 3

For many, being a planner or last minute purchaser depending on what stage of life you were in (your age, if you had children, etc.)

For others, you could be a planner on some nights and a last minute purchaser on others – it depended more so on the circumstance

Most people who say they eat healthy order unhealthy takeout or delivery food to

• Satisfy a craving, or

• Because there are no healthy, convenient food options

Insights

• Delivery channel has low margins and is becoming increasingly competitive. Winners in this domain will be well-funded logistics powerhouses.

• Corporate channel appears to have clear need for freshly prepared meals – not just dinner, but breakfast and lunch too!

• Establishing exclusivity with corporate partners can create barriers to entry.

Week 7: Pivot from Delivery to Corporate

KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP

CUSTOMER SEGMENTS

COST STRUCTURE REVENUE STREAM

KEY RESOURCES CHANNELS

- Maintain health, energy, and morale of employees

- Save time at work- More convenient

and/or healthier that office cafeteria or local restaurants

- Easy, nutritious to-go option on hectic nights

- Gain quality time at the table with my family

- Increase ridership by providing commuters with food perk

- Healthier than office cafeterias or local restaurants

Wellness directors. Head of HR at office with > 250 employees

Employees in offices with > 250 employees

Owners of large, multi tenant office buildings

VP on-site services at corporate health management solutions

Head of Marketing / Operations at Transit

Commuters passing through hubs

- Inventory planning- Seamless ordering

experience- Sales - Delivery & restocking- Low cost of user

acquisition- Convenient locations

along commuter routes

- Breadth of local food options

- Skilled chef(s)- Health permits- Sales team- Delivery drivers- Real estate

- Kitchen rental costs- Packaging- Hourly & salary labor- RFID tags

- Offices with > 250 employees

- Local farms- Food distributors- Packaging providers- Juice companies- Food companies- Pantry Labs- Delivery Trucks- Mother’s groups- Local office buildings

- Food- Marketing- Self-service fridge rentals- Spoilage

- Direct to customer meal sales- Corporate subsidies- Subscription fee for offices- Slotting fee for food & beverage companies

- Workplace- Mobile app- Workplace- Retail kiosks at transit

hubs- Transit hubs

- Phone support- Self-service fridges- Account managers- In-person cashiers at

retail- Self-service via

web/mobile app

Business Model Canvas – Week 10

How the Business Works

Head of HR / Wellness Director / Facilities

Manager at Companies >250

Employees

Marketing & Selling

Feedback Gathering

Inventory Planning

Purchasing

Operations

Logistics

Merchandising

Data Gathering

Other Food Suppliers

CO

STS • Ingredients

• Prep• Plating

• Delivery • Fridge rent

SALE

S • Meal sales• Corporate

subsidies

Revenue Model

• Spoilage reimbursement

• Monthly subscription

• RFID• Packaging

Sell exclusively 180Eats products and expand product line

Next steps for corporate channel

Source partially or exclusively from other food producers

Expand micro-retail locations and exit home delivery channel

Testing micro-retail locations

Another pivot?

Key Business Decisions

Testing corporate channel with installed smart fridges

Finance & Operations Timeline

Q2 Q3 Q4 Q1 Q2 Q3 Q4

Pilot Analysis

of 10-15

companies

20162015

Test Additional Applications:

Hotels, Multi-Tenant Buildings,

Apartment Buildings

Bay AreaSeattle,

Portland,

Denver

San Diego / LA

Hiring: Finance & Ops

Lead, Account Mgr.

• Product mix

• Pricing

• Ideal client profile

Funding vs.

Bootstrapping?

Hiring: Sales,

Marketing,

LA Kitchen & Team

OnboardingSeattle Kitchen &

Team Onboarding

Seed Series A

What’s Next

Corporate Rollout

Confirmed:

Pipeline:

Redesigned Packaging

More Learning to Come

• What impacts velocity?

• What criteria makes the ideal corporate client?

• What is the CAC and CLV of our new customers?

Keep asking questions…keep learning…