Porto v1.1 (Assignment #3)
The Elevator Pitch
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The Venture Pitch
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References
Beare, K. How many people learn English globally?
Retrieved November, 2011, from: http://esl.about.com/od/englishlearningresources/f/f_eslmarket.htm
McNamee, G. (2010). “Tweet,” “Teachable Moment,” “Too Big to Fail”: Latest Words and Phrases to be Banished.
Retrieved November, 2011, from: http://www.britannica.com/blogs/2010/01/tweet-shovel-ready-too-big-to-fail-get-thee-behind-us-banished-word/
Thornton, W. (2011). Beyond Words.
Retrieved November, 2011, from: http://apageofmyown.com/
Jetelina, M. (2011, May). Seniors speak out.
Retrieved from http://canadianimmigrant.ca/family/seniors-speak-out/
Posted in: Week 13: Venture Forum
Kristopher 3:52 pm on November 28, 2011 Permalink | Log in to Reply
Hello,
This looks like an interesting little product. I appreciated in your pitch that you noted the potential market and the niche that you are approaching (e.g., novelty learning devices). Perhaps to enhance this elevator pitch, I might diversify the media (sound, video clips) to compliment the pitch.
Cheers,
Kristopher
schiong 12:36 pm on November 29, 2011 Permalink | Log in to Reply
Thank you for the advice. I was a little hesitant in using sounds and video for the elevator pitch because of the timing and the 1 minute constraint.
Everton Walker 9:44 pm on November 28, 2011 Permalink | Log in to Reply
schiong,
I like porto. You have also touched an important concept as vocabulary and English Language learning is currently very popular as persons seek to learn new languages. I would like to know if it will work with all kinds of vocabularies an if the gifted will benefit from such a venture. I like the text to speech feature and this venture would do well where English is being studied as a second language. I am also you mentioned studying the market and using Amazon to sell products. Had a little problem with the audio but your venture was well thought out and executed.
Everton
schiong 12:48 pm on November 29, 2011 Permalink | Log in to Reply
Yes, I believe even the gifted would benefit. 🙂
Porto would have an internal storage using the same technology as flash drives.
The current capacity would go as high as 64GB … capacity is big enough store several vocabularies. In the venture pitch, I mentioned about a site where they could update their OS and download new vocabularies.
Sorry, I about the sound. I only use what was available (free microphone, earphone, open source software).
The sounds(narration from text to speech) came out of the earphone. I placed the earphone near the microphone so it would record it and then save it as a sound file.
I hope the sound of the airplanes was not evident.
For some reason, my area is sometimes use as a flight path.
cheers,
Stephen
Tamara Wong 7:12 pm on November 29, 2011 Permalink | Log in to Reply
Stephan,
You have a great idea! I am currently an ESL teacher and improving vocabulary is the number one thing my students ask for. It is an important part of their learning. You are filling a currently lacking market for sure. I like your porto guy, he’s cute and would be fun to carry around. I like how you used an electronic sounding voice for your pitch, I first figured it was for an example of what the porto might sound like.
I also like your elevator pitch – your use of the elevator is clever!
I have some questions though, I didn’t get exactly how the porto worked (maybe a combo of my head cold and my husband playing angry birds in the background) but how do you plan on distinguishing yourself from a speaking dictionary on a smart phone? It also sounds like you have already created some portos, is there a place I can send my students to check them out if that is the case?
Tamara
schiong 5:45 pm on November 30, 2011 Permalink | Log in to Reply
Hi
🙂
How does it work?
a) Load it with vocabulary. You can download from a web site
b) Press the play button.
What makes it different?
a) It is a novelty item. If I implemented it in Smartphones, then I will be one of the many apps.
b) Projector – this means 1 or more people can actually learn the word together. They do not need to “squeeze” themselves just to view a video or image from the Smartphone.
If a movie can be played in the Smartphone, why do some people prefer to watch certain movies in the cinema?
c) The next step is to convert the projector to hologram.
d) If it was implemented in iOS, then I would only reach out to the learners with iPhones.
If it was implemented in all platforms, that would require different programming versions.
Take Angry Birds for example. It started with iPhone (if I am not mistaken). It took time before they had Android and PS3 version. To program in Android platform means another set of hardware or at least an Android device to test it on. It takes too much time, effort, and expense.
cheers,
Steve
Doug Smith 2:20 am on November 30, 2011 Permalink | Log in to Reply
Hi Stephen,
The product looks interesting and definitely viable. The pitch touches on the market and I get the feeling that this pitch is made for investors – which is a good thing. I think the pitch could use something to liven it up though, I like the idea that a pitch should bring a smile to someone, either externally or internally (as a sort of a-ha moment).
cheers
Doug
David William Price 10:48 am on November 30, 2011 Permalink | Log in to Reply
Elevator pitch assessment
S.Chiong – Porto
First Impression: no face or voice or audio, only slides,
CEO Credibility: The CEO does not appear at all – no voice, no image or appearance. I have nothing to judge CEO credibility on. I might take a negative inference based on the fact the CEO is unwilling to appear and be heard.
Management Team: No team is mentioned, so I have no way to judge. I might take a negative inference based on the fact the CEO is unwilling to talk about the team.
Venture Concept: Apparently a handheld gadget that teaches English vocab by speaking a word and projecting an image with the word used in a sentence. Apparently based on pedagogy but doesn’t explain what or how. Apparently a prototype exists for demos. Seems unlikely for individual use given requirement for projection. Perhaps for teacher use with students? Unclear who would use this or how.
Opportunity Space: Refers to 1 billion people learning English worldwide but doesn’t specify who this gadget would be targeted at or why they would purchase it or how they would use it during the learning to either replace or add to other forms of learning. No costs or projected revenues provided.
Market Readiness: Doesn’t specify the projected market segment or how to sell into that market segment.
Competitive Edge: Innovation appears to be the combination of portability, audio pronunciation and projection of an image with the word used in context. Not sure who this is aimed at or why someone would acquire a specialized gadget to do this vs. using other methods.
Exit Strategy: No indication of their target market, its size, or how they will capture it.
Overall Investment Status: I don’t see the CEO or the team, I don’t know who the targeted market is or how they are intended to use the product. I’m concerned about the use of a specialized gadget when there are more ubiquitous gadgets available (mobiles, PCs, teachers with magazine clippings). I don’t know the manufacturing or distribution costs or intended pricing. I don’t know how this will be marketed. I consider this high risk however I’ve worked with Stephen and my personal contact with him and my interest in playing with the gadget would lead me to seek more information.
Julie S 10:58 am on November 30, 2011 Permalink | Log in to Reply
Hi Stephan,
I wasn’t sure about the market but after reading Tamara’s post it sounds like it is there.
Your venture pitch starts with the management team on the first slide. Nice the combination of skills across the trio inspires confidence. The automated voice is an interesting approach and important because that is at the essence part of what you are selling.
I like the concept of just in time learning but I think I’m with Tamara on I need to understand more about the market differentiator over the technologies that are currently out there.
Jay 1:21 pm on November 30, 2011 Permalink | Log in to Reply
Hi Stephan,
Like others have pointed out this market (language learners) is vast and expanding. I think showing that you have moved from one a first proto type model to a second prototype is valuable in showing investors the progression of the product and increasing performance moving yet to another, third prototype.
One recommendation for future potential would be to consider expansion into other language learning martkets other than English. Since this is a hardware device would there be possibilities in installing other software to support different languages? This would open the market to ALL language learners instead of limiting it to just English language learners but as a former EFL teacher I like the idea.
schiong 5:52 pm on November 30, 2011 Permalink | Log in to Reply
Hi
That’s the nice thing about software. It can be updated to include different languages.
cheers,
Steve
David William Price 4:48 pm on November 30, 2011 Permalink | Log in to Reply
Schiong Porto
CEO Credibility: Founder describes self as 15-year educator and developer. Founder uses a text-to-speech narration instead of using his own voice. No one wants to talk about this in their own voice?
Management Team: Team includes ESL teacher and electronics engineer.
Venture Concept: Does not describe the product (relies on elevator pitch?). Although prototypes exist there is no data on pilot testing, attitudes or learning outcomes for students or teachers? Mentions downloading words daily from a website which would require planning and use of a computer. Starts talking about holograms and artificial intelligence and conversing with Porto as upgrades but does not describe costs or timelines.
Opportunity Space: Targeting ESL learners, business, professionals, tourists. Describes 1-billion person market but does not segment this according to who of that 1 billion would buy an “educational novelty item” for $75CAN. Does not project target market, growth, revenues or timelines beyond cash-flow positive.
Market Readiness: Prototype exists but no data on reactions of learners and teachers. Describes potential partners of schools, bookstores, tutorial centres and Amazon.com. (Bookstores appear to be going out of business). How do these partnerships work to create market share and increase sales? Describes SRP $75 with production cost $25.
Competitive Edge: Does not describe the competition or a competitive advantage.
Exit Strategy: Prototypes developed for $30,000. Requests “at least $1 million” which implies greater needs. Offers 40% share for $1 million, which values the company at $2.5 million. Projects positive cash flow Q3 2013. Does not project unit sales, recoupment of investment, or return on investment.
Overall Investment Status: The market, revenues, and return on investment are not projected. The novelty aspect raises concerns of short shelf life and not being taken seriously. Asking for a lot of money with no projected sales or returns. Very puzzled that no data given on pilot testing or reactions or learning outcomes. Consider this high risk and would not pursue.
PS: Very confusing for audio reading to be different from text on the screen. Video of the talking dog confusing and distracting. I don’t understand how the listed learning theories connect to the product. Long black screens disorienting.
schiong 5:59 pm on November 30, 2011 Permalink | Log in to Reply
hi
Thank you for your insights.
The $1M is for future innovations/enhancements.
Again, thank you for your insights.
cheers,
Steve
schiong 12:08 pm on December 1, 2011 Permalink | Log in to Reply
Hi David,
just a quick one …
a) In the presentation, I tried to point out that the $30,000 was the initial investment and
it was used to create the prototypes. I also showed the progress of the prototypes.
I was hoping this would show commitment from the group, passionate about the product, resourceful, and has the technical know how.
Personally, I would find it more risky if it was only the CEO and the ideas (because it is very theoretical and unsure if it is implementable/doable in a given time frame).
b) Sorry about the 1 billion. It was referring to the number of English language learners. It does not include businessmen, tourists, etc… I imagine that Facebook initially targeted students and young adults. Now, you have grandparents, schools, etc…
c) No CEO face?
I guess I was uncomfortable with presenting the prototype at this stage and I do not want to show that.
I always fund my small businesses (in real life). I believe that my product should be out in the market and earning before I invited investors.
I know investors take risks. But, I like to minimize it.
d) Yes, bookstore might be going down or out of business. But, the cost of partnering with them is really minimal. We just need another venue to introduce the product.
Thank you again for the insights.
ashleyross 2:57 pm on December 1, 2011 Permalink | Log in to Reply
Steve, I really enjoyed your elevator pitch. I liked the simplicity of just text on a black screen, it made it easy to read as there was no distractions from anything else, also what I think really made it acceptable to just use text was the use of the elevator image and sound at the very beginning and end of the EP. For some reason that simple intro kept me captivated throughout the whole pitch. 🙂
David Berljawsky 8:02 am on December 3, 2011 Permalink | Log in to Reply
Hi Steve,
I though that your pitches were well done. I would be interested in looking at the product before making an investment though. I find it tough to sell tangiable items without being given the oppurtunity to, well, play with them first. Interesting concept though, and I think that you did a great job with the type of media you used to convey the idea. It seemed well researched and though it.
David.