Create investment summary for week 3

Feedback from week 2.

thank you for you report. Let's start backwards. I'm happy to see clear goals for next week.

As you know I'm an advocate of agile principles and especially the 1st and 7th are my all times favorites:

I hope that in your next report you can perhaps point me to the actual issues you've finished. Hoping to find some more details there about your work process and worklog, so I can Explore.

We also discussed LOFA (https://github.com/kea-dpd/Group-Car-Recommendation/issues/5) and Value and Growth hypothesises. Can you share what are you building, what are you measuring, and exactly what it the threshold for pivot or persevere. Maybe this is exactly what you are doing in https://github.com/kea-dpd/Group-Car-Recommendation/issues/29 - by the way, love that you created a new issue rather than reopened https://github.com/kea-dpd/Group-Car-Recommendation/issues/5 - good thinking! 👏

I've been looking around in your project setup - but haven't found any issue concerning this I actually found that all the issues that are marked "done" in the project aren't closed in the issues - have a look at this workflow in your project it can help you. I threw in some kanban basics - see if they can inspire you.

Keep up the good work I look forward to hear from you next week.

Investment Summary

Dear Investor,

We are delighted to provide you with a recap of the benefits you've accrued from your recent investment in our project. This week, our primary objectives revolved around achieving the Minimum Viable Product (MVP) milestone, demonstrating the feasibility of our concept. Additionally, we crafted a comprehensive business and financial plan, outlined testing strategy for the upcoming week, and conducted a thorough analysis of our target audience.

The strategy options for revenue streams include a pay-per-click model for car dealerships, a partnership arrangement with dealerships for featuring on the platform and offering paid promotion of cars on search results. A well-rounded approach might encompass all three, combining pay-per-click revenue with partnership opportunities and paid car promotions to optimize our strategy. We are currently gathering data to determine the precise pricing. Our initial target audience includes first-time car buyers aged 35+ in specific regions with minimal car knowledge and a minimum household income of 450,000 DKK annually. We plan to expand to individuals aged 35-60+ with similar characteristics. #22 #57 #55 #54

The MVP is set for testing starting on Monday, October 30th. While we're still in the process of refining the website and adding specific details, we've introduced essential features, including a catalog, recommendation tool, and a comparison tool. Additionally, users will have the ability to log in or sign up. #58 #48

Next week's test plan includes Introduction and greeting to the NyVogn car-recommendation tool user-test, along with gathering basic participant information. Collecting information about the participant's car-buying experience, research habits, brand preferences, and budget. Presenting the concept of NyVogn and how it creates personalized car recommendations based on user preferences Participants engage with the prototype by browsing cars, finding the best match, locating nearby dealers, and visiting dealer websites. Participants provide feedback on what worked well and what could be improved in the user-testing experience. #11

Plan for next week: • Test the MVP, against the target audience following the plan. • Create a Marketing plan. • Figure out which Features and LOFA, pivots or perseveres #29. • Continue prototyping.

Best regards,

Team Ny Vogn

Hi team @kea-dpd/group-car-recommendation

Thanks for you report.

Happy to see that you're making progress. A pay-per-click prising model in a website or web app is relatively rare - and I suspect for a good reason; users tend to churn.

Is this an important assumption? Like "You know that users want your product, you just don't know how they want to pay for it?"

I'm worried that your pricing model may eclipse the hunt for a market fit. Maybe you had som thought on that?

I like the way the new report is referring to actual issues you are working on. When I go to the issue I find that most of them doesn't have any descriptions, comments worklog ...just a dump of a result that's true for #22 #57 #55 #54...

When I go to your project I see that a lot of issues are worked and closed without having a priority

Did you read my post on Kanban Basics?

Progress in The Startup Way is typically done in a validated learning loop: Build, Measure, Learn - the outcome is either a pivot - or a persevere.

So the outcomes I'm interested in - as an investor are:

What did you build to run a test?
What measurable outcome did you elicit from that?
How did the actual numbers related to the threshold numbers you set up before the test?
Did you then pivot? or did you persevere?

I'm anxious to see some Genchi Genbutsu; "Go see for yourself", "Get Out Of The Building". My main goal in this early stage of a product exploration is: "Can we find a market fit?"

I look forward to see how you tested and Genchi Genbutsu'ed your MVP.

Keep it up! 👍

N.B. These feedback to your reports are not as elaborate as if we sit down together and discuss - If you need more feed back, feel free to either engage in and maintain the dialog here - or book me for a sit-down session.

kea-dpd / Group-Car-Recommendation

Create investment summary for week 3 #25