OVERVIEW
Made for Joy is aĀ health technology business dedicated to developing VR solutions in the wellness space, specifically targeting anxiety and depression. They have created a VR application that immerses users in guided breathing exercises, offers self-help resources through education, and facilitates social meditation with others in the metaverse.
Some project results/outcomes and deliverables are omitted to maintain confidentiality. This section covers high level discussion and some examples.
š©āš» Ā Type:Ā Social Enterprise Consulting at Cornell
š”Ā Role:Ā Project Manager
Ā šļø Ā Timeline: June 2023Ā - Dec 2023
CLIENT CONSULTATION
As part of the Social Enterprise Group at Cornell, I sourcedĀ and onboarded the client on a semester-long business project. This process began with an initial series of three meetings, which were crucial for establishing a strong foundation for our collaboration. During these initial consultations, my primary focus was on problem discovery. These discussions were thorough and multi-dimensional, allowing us to explore various aspects of the problems they were facing. We delved into the current state of their company, examining both their operational efficiencies and inefficiencies, market positioning, internal processes, and the broader industry landscape they operated in. This resulted in me producing a project plan, alongside deliverableĀ timeline.
APPROACH
Internal Team Structure
In leading a team of five analysts, I focused on efficiency and collaboration. OurĀ internal meetings, twice a week,Ā were key for task allocation, where I assigned responsibilities based on each member's expertise, ensuring effective handling of different project areas like market analysis and financial modeling. This specialization, coupled with their participation in bi-weekly client meetings, allowed for a dynamic understanding of client needs and direct feedback integration. The approach was agile, prioritizing tasks critical to project success and client objectives, and maintaining a balance between individual strengths and teamwork, all within our strategic 4-month timeline.
Project Execution
Our initial phase of the project was dedicated to market analysis, competitor intelligence, and customer discovery. We started withĀ a thorough analysis of the market. We examined current trends, growth forecasts, and the regulatory landscape that could impact our client's business. Competitor intelligence was a crucial element of this phase. We scrutinized the market positioning, product offerings, and strategic moves of key players in the industry. This included a comparative analysis of similar ventures and their go-to-market strategies, enabling us to identify gaps in the market that our client could capitalize on.
Afterwards, we tackled customer discovery andĀ embarked on a series of interviews with individuals from each identified segment, such as public colleges, employers, practitioners, and STEM colleges. This deep dive into the customer base allowed us to gather a wealth of qualitative data, from which we extracted key themes and insights about the needs and pain points of each segment. Each team member was responsible for interviewing 10 customers in the B2C model. However, for B2B model of colleges and schools, we collectively interviewed 7 school principals in San Diego.
As the project progressed, it became apparent that the team had untapped potential in the form of expansive networks in Mexico, a country with a burgeoning startup ecosystem as indicated by the materials provided. Recognizing this asset, we advised the client to pursue local partnerships, particularly with two universities that showed promise for collaboration and shared value alignment. This strategy was both opportunistic and insightful, given the investment outlook in Mexico and the universities' roles in nurturing early-stage startups.
To support this new direction, we pivoted from our initial plan and focused on crafting a compelling pitch deck. This was a critical tool for the client, enabling them to effectively communicate their vision and secure partnerships with the universities. Our involvement was hands-on, ensuring that the pitch resonated with the values and strategic goals of the potential partners.
Concurrently, the original priority of financial forecasting took a backseat. Although it was a planned deliverable, the immediate need to establish these partnerships and set a foundation for a sustainable revenue model was paramount. However, we did not abandon financial planning altogether. We adapted our strategy to include a robust funding plan that would support the newfound partnerships and growth opportunities. This funding plan was carefully designed to ensure that once the local partnerships were established, the financial resources required for sustained growth and expansion would be available.
ThisĀ approach culminated in the development of a strategic plan that positioned our client uniquely in the market, leveraging untapped opportunities and informed by rich, data-driven insights. We produced multiple reports and deliverables. Our concerted efforts and growth strategy achieved a 200% increase in revenue, demonstrating a direct and impactful contribution to the client's success. The client was exhilarated by our contributions and offered each of us opportunities of paid internship. As the company gained traction in the education domain, as per our recommendations, they expanded to workplace and organizations as customers to help decrease employee burnout. This allowed them to secure a contract with Bank of America as a customer.