Week 3 was trying, but very productive in gathering information from our potential customers, as we get closer and closer to value propositions that will match the challenges they encounter.
In addition to our customer discovery interviews (we knocked out 16 this week!), we also spent time on developing a market size analysis and a marketing plan on how to reach our customers. We went incredibly narrow for our initial market, focusing on coffee importers that work with small roasters, have some portion of their imports fall under 3rd party certifications, and are looking for technology solutions to track their documentation. That puts our initial market around 6 companies.
We're getting closer and closer to the culling of teams, and our numbers have been reduced to about 18 companies. Our weekly Monday presentations are getting more and more granular with the hypotheses that we're testing, with several teams discovering that the problems they're pivoting to test don't have the potential to support a sustainable business.
This week we're getting into the bones of our financial models by listing out the potential expenses our businesses will incur. Our expense list will get fleshed out next week by attaching specific values to those expenses, which will inform our financial model and projected 3 year income statement.
Next week we'll examine how we generated our expense list, and how we'll go about building a financial model around it!