Sample Feasibility Summary: Maestro

© 2015 The University of Chicago Booth School of Business Last Revised 2/8/15 www.chicagobooth.edu/entrepreneurship

19th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC) and 5th Annual John Edwardson, ’72, Social New Venture Challenge (SNVC) 2015 FEASIBILITY SUMMARY COVER SHEET

COMPANY/TEAM NAME: Please consider our application for (check all that apply): __✓ Traditional New Venture Challenge (NVC) ___ Social New Venture Challenge (SNVC) Team Members (Please list main contact for your team first): Name Email Address Booth Class Year or

Evening/Weekend Expected Date

Affiliation (if non-‐Booth)

David Rabie [email protected] 2015 Aubrey Donnellan aubreydonnellan@chicago

booth.edu 2015

Trina Assur [email protected] 2015 Katarina Karottki [email protected] 2016 Emily Theis [email protected] 2015 Anqi Wang [email protected] IIT Institute of Design Please list all the participants who contributed significantly to the Business Idea. Attach additional sheets if necessary. Business Description The Maestro is a smart countertop appliance that cooks a fresh, complete meal. We mail our customers fresh grains, vegetables and proteins in our custom pods, specially designed for the Maestro. Using induction heating, the machine then coordinates timing and temperature to boil, steam and roast meals to perfection. Problem This Business is Addressing: For young professionals and dual-‐working households, making fresh, healthy and tasty food on a daily basis is complicated and time consuming. Supplying fresh meat and veggies, preparing recipes and seasonings, juggling the cooking of multiple dishes, and doing the cleaning can be impossible with only 30 minutes to spare in a hectic day. Social Impact of Business: (For Social NVC applicants only)

Initial Target Customer Segment: 1. Primary Target Market: Young Achieversi

o US Households: 12,418,238


o Median Household Income: $52,931, Ages: 26-‐45 o Description: This middle-‐to-‐upper income group lives in metro neighborhoods or near

suburbs and shares the same life stage. They are focused on progressing in their careers, so efficiency in all areas of their lives is important. They have a progressive sensibility in their tastes and are increasingly health conscious.

2. Initial Target Market/Brand Figurehead: Young Digeratiii (subset of Young Achievers)

o US Households: 1,542,616 o Median Household Income: $91,183, Ages: 26-‐45 o Description: This customer shares the life stage of the Young Achiever and is the most tech

savvy and highly educated of that group. They can be found scouting the latest juice bars, coffee shops, and clothing boutiques thanks to their eye for trends and additional disposable income.

Potential Market Size: (if available) Maestro is positioned to be at the intersection of three important trends affecting our target customer: the growth of smart appliances, increasing demand for convenient meals, and a heightened focus on health. We believe that we will be competing for overall share of our target customer’s monthly food budget, which they allocate into two buckets: at-‐home and out-‐of-‐home. Looking specifically at our Young Achiever target market (12.4 million), an estimate for their monthly food spending is $543/monthiii, which is a $6.5 billion market. Competing or substitutable products: (if available) There are no direct competitors that offer an end-‐to-‐end solution to cook fresh meals at home automatically. Based on the market opportunity (above), below is a breakdown of what primary parts of the food budget we plan to capture:

• At-‐Home iv o Grocery o Frozen Food (i.e. Lean Cuisine, Amy’s, etc.) o Prepared Foods (i.e. “Heat and Eat”)

• Away-‐From-‐Homev o Quick Service Restaurants -‐ QSRs (i.e. Subway, Chipotle, etc.) o Grocery Delivery (i.e. Blue Apron, Plated, Instacart) o Delivery/Takeout

Key milestones or estimated time to market: (if available) We have completed engineering requirements for our Maestro prototype and preliminary design for our beta app and website. The first Maestro prototype has a planned delivery in March by our partner engineering firm, Kyosay. Our chef, Helen Geddes, will have finalized the recipe for the prototype by March as well. The beta app and website should be finalized by end of March. From there, we will test the product & recipe with our target customers, finalize design, then launch our website and Kickstarter campaign in late May. We are actively seeking a partnership with a co-‐packing company and/or a professional food service company to help source, prep, pack and ship our ingredient pods to our customers. After completion of the Kickstarter campaign, we hope to spend our summer in an accelerator program as we prepare to go to market at the end of Q4.


Why is this the right team to launch this business? Maestro has a very well-‐balanced team with diverse backgrounds and experiences ideally suited to launching our business:

• David: Food operations with experience launching a business • Aubrey: Mechanical engineering and consulting • Trina: Finance • Kati: Business Development & Marketing • Emily: Merchandising & Marketing • Anqi: Industrial Design • Helen: Chef

They are driven by the potential to help solve a big problem, plaguing a lot of people. It’s not easy to eat healthy. Maestro aims to fix that -‐ and has a dedicated, smart and diverse team working to make that happen.


CERTIFICATIONS AND AGREEMENTS

19th Annual Edward L. Kaplan, ’71, New Venture Challenge (NVC) and 5th Annual John Edwardson, ’72, Social New Venture Challenge (SNVC) The University of Chicago Booth School of Business Polsky Center for Entrepreneurship and Innovation and Social Enterprise Initiative 5807 South Woodlawn Avenue, Chicago, IL 60637

By submitting a Business Idea (“the Idea”) to the University of Chicago Booth School of Business - New Venture Challenge or Social New Venture Challenge (“the Competition”), each Contestant listed below agrees to the following conditions: Originality of Plan. The ideas and concepts set forth in the Idea are the original work of the Contestants and that the Contestant is not under any agreement or restrictions which prohibit or restrict his or her ability to disclose or submit such ideas or concepts to the Competition. Compliance with Guidelines of the Competition. Each Contestant has reviewed the Entry Guidelines ("the Competition Guidelines") and by his or her signature below certifies that this entry and the team or individual it represents complies with the Guidelines and agrees to abide by the Guidelines. Recognition of Prize Money (New Venture Challenge only). As a condition to receive the Prize Money, each winning team must agree to provide Chicago Booth with equity in the Company (that was the subject of its business plan) in an amount equal to its respective award if the company receives funding or otherwise enters into a business combination transaction wherein the surviving entity receives financing or equity in another entity, within three years of the agreement date. Waivers and Releases. Each Contestant understands that the University of Chicago Booth School of Business, each of the co-sponsors, judges, mentors, co-organizers (the “Competition Officials”) and its directors, officers, partners, employees, consultants and agents (collectively “Organizer Representatives”) are volunteers and are under no obligation to render any advice or service to any Contestant. The views expressed by the judges, co-sponsors, co-organizers, and the Organizer Representatives are their own and not those of the University of Chicago Booth School of Business or any person or entity. Each Contestant also understands and agrees that although the Competition Officials have taken and will take the steps described in the Guidelines regarding confidentiality of the ideas and plans submitted by the Contestants, the legal protection of the ideas and plans submitted by the Contestants to the Competition is otherwise the sole responsibility of the Contestant. In consideration of the time, expertise and other resources provided by the Competition Officials and Organizer Representatives to the Competition, each Contestant hereby voluntarily releases each Competition Official and each Organizing Team Member from any further liabilities, responsibilities, and accountabilities relating to or arising out of such Competition Officials or Organizer Representative's participation in the Competition. Business Plan Name: Maestro Contestants (Team Members): List principal contestant (point-of-contact) first Name(s): Signature(s) (Check Box to sign electronically): Date(s):

David Rabie ✓ 2-8-15 Aubrey Donnellan ✓ 2-8-15 Trina Assur ✓ 2-8-15 Katarina Karottki ✓ 2-8-15 Emily Theis ✓ 2-8-15 Anqi Wang ✓ 2-8-15

DAVID RABIE 151 N. Michigan Ave, Unit #3013 | Chicago, IL 60601

310.592.1777 | [email protected] EDUCATION THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master of Business Administration Jun 2015 Concentrations: Marketing, Entrepreneurship, Strategy / GMAT: 730 • Co-Chair of Entrepreneurship and Venture Capital Group and Jewish Booth Students Association

THE UNIVERSITY OF CALIFORNIA Santa Barbara, CA Bachelor of Arts (High Honors) Jun 2009 • GPA: 3.66 • Studied at Universidad Antonio de Nebrija (Madrid, Spain) and London School of Economics (London, UK) • President, Alpha Epsilon Pi – extricated group from $25,000 debt by raising funds and negotiating with creditors

WORK EXPERIENCE FOUNDATION CAPITAL Chicago, IL Young Entrepreneur Program Start Date: Sep 2014 • Hired to source and evaluate potential investment opportunities in the Chicago entrepreneurial community

GOOGLE INC. New York, NY YouTube Sports MBA Intern Jun 2014 – Aug 2014 • Crafted strategy for athletes to develop their own YouTube channels; pitched sports agencies & athletes • Worked closely with technical team to create strategy and mock designs for MLB “watch cards” on YouTube

DRAFTPEDIA LLC (Sports Encyclopedia App) Los Angeles, CA Co-Founder Apr 2012 – Feb 2014 • Founded the first equivalent to IMDB for sports; gathered historical sports data into independent database • Coordinated interactions between teams in three functions - development, design and marketing • Implemented marketing & PR campaign with $1500 budget to gain 25,000+ users • Pitched Draftpedia to Apple, resulting in prominent placement in App Store on two separate occasions

GROOVY SPOON FROZEN YOGURT Los Angeles, CA & Columbus, OH Chief Operating and Marketing Officer Sep 2011 – Dec 2012 • Spearheaded opening of new location at largest mall in Ohio; introduced innovative product lines • Boosted month-over-month 2012 store sales by 10% through new marketing plan focused on schools

VEGGIE GRILL Los Angeles, CA Intern | Team Leader Feb 2010 – Sep 2011 • Developed employee training program with co-founder; worked as server to experience in-store business • Managed front of house employees after promotion to team leader post-internship

ABERNATHY MACGREGOR GROUP (Corporate Communications Firm) Los Angeles, CA Associate Feb 2010 – Apr 2011 • Crafted crisis strategies for high-profile tech CEOs facing intense media scrutiny

JOYY ENGLISH SCHOOL Shanghai, China Head of Marketing & Teaching Sep 2009 – Dec 2009

ADDITIONAL • Founder, Students at Work – Organization that teaches young students how to get jobs • Languages: Spanish, French, Farsi • Milked goats and made cheese on a farm in a small French village; then sold products at local markets

AUBREY CAITLIN DONNELLAN

151 N. Michigan Ave. Unit 1617; Chicago, IL 60601

561-400-2121

[email protected]

EDUCATION

THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL

Master of Business Administration Sep, 2013 - June, 2015

Concentrations: Entrepreneurship, Econometrics & Statistics, Strategic Management

Engagement Manager for Booth Business Solutions Group- managed scope/ consultants/ client relationship on

digital marketing/ sales strategy engagement for Chicago SaaS startup client; mentored first-year students

Co-chair of Booth Ski and Snowboard Club- organized/ executed 300+ person ski week to Vail, CO resort

CARNEGIE MELLON UNIVERSITY Pittsburgh, PA

Bachelor of Science in Mechanical Engineering: Product Design and Development Aug, 2003 - May, 2007

Undergraduate researcher in the school of Mechanical Engineering within the areas of Robotics and effects of

product packaging on consumer behavior

EXPERIENCE

ACCENTURE, LLC Washington, DC

Systems Integration/ Management Consultant Sep, 2010 - Present

Software Product/ Project Management

Working cross-functionally with business analysts, application developers, deployment, and sustainment IT

teams, successfully delivered two SAP integrated ERP software solutions and full product lifecycles

Lead team of 5 consultants and analysts responsible for developing and delivering all change management

work products and ERP software training to over 4000 end users supporting a global petroleum supply chain

Operations Strategy & Analytics

Performed predictive data analyses using SAS and SQL for supply network optimization and supply/ demand

planning strategy development; analysis identified 70+ high-risk procurement SKUs to eliminate

Developed strategy to in-source client’s refurbished technology Sales and Supply Chain operations into

parent Sales and Supply Chain functional structure; projected to grow product sales and revenue over 200%

Business Development

Conducted Federal industry analysis based on trends in IT expenditures to forecast client needs in the areas of

enterprise software, cyber security, and IT workforce talent acquisition

Authored white paper addressing current challenges with Federal IT workforce enablement; research and

insights used in official marketing content sent to Federal clients and CTOs

THE BOEING COMPANY El Segundo, CA

Space & Intelligence Systems/ R&D Engineer Oct, 2007 – May, 2010

ADDITIONAL

Entrepreneur / co-founder of food tech startup: business model generation, customer interaction design, embedded

system/ hardware design, software/ user interface design and rapid prototyping

Inventor of ergonomic semi-truck ingress/egress mechanical system; US Patent issued 2010

Experience with ERP system/ enterprise data architecture, business/ technical requirements definition (including

RICEFW design), process mapping/ optimization, human technology adoption (change management, organization

alignment, training)

Proficient using R and SQL for multi-dimensional data analysis, customer/ operational insights, predictive

analytics, treatment effects, regression model building/ selection, and clustering; familiarity with VB/ MATLAB

Salesforce.com, SAP ECC/ MM/ SRM/ BI, SAP IS-Oil and Gas, and SAP Portal

TRINA N. ASSUR 225 N. Columbus Dr., Apt. 2502 | Chicago, IL 60601

(203) 273-7196 | [email protected]

EDUCATION

The University of Chicago Booth School of Business Chicago, IL

Master of Business Administration, Concentrations in Finance, Accounting and Entrepreneurship September 2013 – June 2015

Awarded merit-based J.E. Ratner Memorial Scholarship

Active member of the Investment Banking Group, CReDIT Group, Risk & Gaming Club and Giving Something Back

Participated in the 2013 LBO Challenge (3rd

place)

The University of Pennsylvania, College of Arts & Sciences Philadelphia, PA

Bachelor of Arts, Major in Economics, Minor in Mathematics September 2006 – May 2010

Awarded merit-based Thomas J. Watson Memorial Scholarship

Study Abroad: Universidad de Alicante, Alicante, Spain, Summer 2007

Member of the West Philadelphia Tutoring Project (Board Member, On-Campus Coordinator); Dzine2Show (Board Member,

Backstage Manager); Student Federal Credit Union (Credit Committee); Club Soccer

EXPERIENCE

J.P. Morgan New York, NY

Investment Banking Summer Associate – Syndicated Leveraged Finance (TMT) June 2014 – August 2014

Focused on the origination and execution of a variety of leveraged finance transactions for various Technology, Media and

Telecommunications clients

Oppenheimer & Co. Inc. New York, NY

Investment Banking Analyst – Technology, Media, and Telecommunications July 2010 – August 2013

Ranked top of analyst class for three successive years, which led to an offer for promotion to associate

Advised clients on a broad range of transactions including mergers, acquisitions, divestitures, restructurings and recapitalizations,

debt financings, equity private placements, and IPOs

Developed valuation analysis, financial and cash flow projections, performing market research and intensive company due

diligence, and drafted marketing materials and offering memoranda

Recruited and trained intern and first-year analysts and associates ; mentored incoming analysts

Select Transaction Experience:

o $200 Million Sale of Publishing and Licensing Company

Coordinated analyst team on M&A process including on-site company due diligence, management of data room, creation

and administration of buyers list (including both strategic and financial buyers), and transaction structuring

Acted as financial advisor to the Company preparing a dynamic model and leveraged buyout analysis of the Company’s

operations incorporating cross-divisional interaction, multiple scenarios , and pro forma merger impact

o $156 Million Debt Refinancing for Cultural Radio Broadcaster

Managed placement of credit facility including drafting marketing materials, due-diligence and compiling a database of

potential investors

Performed industry and market analysis to find comparable transactions to benchmark pricing

Built a multiple scenario cash flow model to analyze different capital structure options

o $155 Million Restructuring of Debt for Radio Broadcasting Company

Performed research and supported the effort to negotiate a deal with the company’s second lien lenders to avoid a

bankruptcy filing

Advised the company during its sale to private equity investors

Oppenheimer & Co. Inc. New York, NY

Asset Management Intern – Alternative Investments June 2009 – August 2009

Analyst for The Whistler Fund (Oppenheimer’s proprietary fund of funds), and PNC Bank’s fund of funds

Represented group at investor conferences to help in vetting fund strategies to ultimately include in analysis presented to the

Portfolio Manager

Performed risk analysis of exposure levels for each individual hedge fund by asset type, including developing a database to

perform trend analysis

ADDITIONAL INFORMATION

Mentor Coach for New York Needs You (New York), a professional mentor program for first generation college students ;

Volunteer for Dawood Fazal Education Trust (New York & Chicago), an India-based trust that provides scholarships for

underprivileged youth to come to the U.S. for college level education

Helped start the first Montessori school in Morocco

Black Belt in Karate (Tang Soo Do)

Enjoy fashion, jungle zip-lining, steep mountain hiking, drawing and indoor soccer

KATARINA (“KATI”) KAROTTKI 900 S. Clark St, #1810 Chicago, IL 60605 | 630.253.3135 | [email protected]

EDUCATION THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL Master in Business Administration Jun 2016 • Concentrations: Entrepreneurship, Marketing, Operations and General Management • Member: Marketing Group; Chicago Innovation Exchange (CIE); Media, Entertainment & Sports Group; Booth Tech Group • Reaching Out MBA (ROMBA) Leadership Team member tasked to deliver the 2015 National ROMBA Conference in Chicago • Designated Advisor to team CIMITYM Capital: Participant in the 2015 Venture Capital Investment Competition (VCIC) • 2015 Student Liaison appointed by University of Chicago LGBT Alumni Board (Booth, Law, SSA, Harris, Pritzker)

UNIVERSITY OF MASSACHUSETTS – AMHERST, ISENBERG SCHOOL OF MANAGMENT Amherst, MA Bachelor of Science in Sport Management, Minor in Spanish May 2009 • GPA: 3.8/4, summa cum laude, Commonwealth College Honors Scholar • D-I Women’s Rowing: ’06, ’07 Atlantic-10 Conference Champion; NCAA–Student Athlete Advisory Committee Representative • UMass ResLife Resident Assistant (RA): Directly responsible for 30 students and member of RA team for 500+ student dorm • Honors Thesis: Sponsorship Research and Consumer Perceptions of Sponsor Brands - Case Study: Chicago 2016 • Class of 2008, Harvard Business School – Summer Venture in Management Program (SVMP) • Semester Study Abroad: University of Cape Town, South Africa - School of Commerce

EXPERIENCE OCTAGON (an Interpublic Group company) NYC, NY + short term in UK, RSA, BRA, ARG Manager, Global Consulting – AB InBev Mar 2012 – Aug 2014 • Advised on strategic development of global brands such as Budweiser, Stella Artois and Corona to achieve YoY topline growth • Co-authored Global Experiential & Partnership Guidelines for sports, entertainment, culinary and developed corresponding frameworks to facilitate brands’ Integrated Marketing Communication (IMC) 1Y and 3Y planning processes • Co-led Global Marketing capabilities training sessions in 8 business unit headquarters across 5 continents in 8 weeks • Advised Beer Garage (think tank) in strategic positioning of CPG brands with millennial consumers across tech and digital • Restructured sports and entertainment investment strategy to procure global partners such as Wimbledon (AELTC), UFC • Executed FIFA sponsorship rights management and marketing operations strategy across 10 stadiums at the 2014 World Cup

Senior Account Executive, Global Consulting - AB InBev Jan 2011 – Feb 2012 • Collaborated with Argentine brand team, Quilmes, to leverage 2011 Copa America platform for successful launch of new non-

alcoholic brand innovation - Quilmes Lieber - and core brand, Quilmes, driving 64,000+ units sold across 15 matches

Account Executive, Global Consulting - AB InBev Jan 2010 – Dec 2010 • Delivered AB InBev 2010 FIFA World Cup plan with a 1.44 ROI, 0.51 hit rate, and outsold all Coke products on-site 3.3:1 • Constructed Excel-based audit dashboard and development of annual review practice assessing $2.15B+ in sponsorship spend CHICAGO 2016 BID COMMITTEE Chicago, IL Analyst & PPM – Business Development Jun 2009 – Nov 2009 • Led market analysis, consultation and sponsorship forecasting of $1.7B+ revenue in support of the 2016 Olympic Games

WINTER DEW TOUR – NBC SPORTS & ALLI, ALLIANCE OF ACTION SPORTS Amherst, MA/Mt. Snow/VT UMass Consulting Project – Digital Partnerships Sep 2008 – Jan 2009 • Designed social media engagement strategy across multiple platforms [Facebook, CampusLive.com] to target core consumer • Implemented experiential lifestyle marketing strategy targeting C&U demographic for Winter Dew Tour property

NAVIGATE RESEARCH Chicago, IL Analyst (Extended Full-Time Internship) Jan 2008 – Aug 2008 • Supported primary research survey design for Chicago 2016 Bid; interpreted databases and market trends for the NFL • Fostered entrepreneurial spirit and mindset needed for the company start-up and growth through “infancy” stage ADDITIONAL • Industry Engagement: Panel Speaker, NYU-Stern School of Business, 2014 Graduate Marketing Association Conference – “Brand Evolution & Engaging the Millennial Consumer through Shared Experiences” • Interests: Avid table tennis player, weekend soccer player, frequent traveler – particularly trips with brewery or wine tours • Languages: Basic Spanish, Basic German; Dual citizen (EU & US Passport) • Member: Advertising Research Foundation-Young Pro, UMass Women’s Rowing Alumni, HBS SVMP Alumni

EMILY E. THEIS 151 N. Michigan Avenue #1613 Chicago, IL 60601

(763) 639 - 3257 [email protected]

EDUCATION THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL

Master of Business Administration; Concentrations in Marketing, Finance, and International Business Sep 2013 – Jun 2015

First Runner-Up in Kraft Marketing Case Competition

Selected as 2014 LEAD Facilitator (develop/lead class for 130 students); participated in Leadership Challenge (elected by peers)

Active member of Marketing Group, Retail, Apparel & Luxury Group, and Dean’s Student Admissions Committee

THE UNIVERSITY OF WISCONSIN – MADISON Madison, WI

Bachelor of Business Administration; Majors in Marketing, Management and Human Resources Sep 2004 – May 2008

GPA: 3.97/4.00; Awarded Mendota Marketing Scholarship and Arlie Mucks Scholarship (upholding school’s spirit and legacy)

Dance Team Captain (Varsity, Division 1A); team nationally ranked in top four, Most Valuable Dancer (voted on by peers)

EXPERIENCE PEPSICO, GLOBAL NUTRITION GROUP Chicago, IL

Marketing Intern Sep 2011 – Jul 2013

Evaluated competitive landscape and made recommendations for 2016 innovation pipeline across the U.S., Mexico, Canada, and

the U.K; presented to senior management of Global Nutrition Group and Quaker

Created four global concepts for BASES Snapshot testing; led meetings with the base marketing teams, legal, regulatory,

nutrition, R&D, graphic design, and marketing insights to create concepts that leveraged global insights at the local level

THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL

Assistant Director, Employer Development – Career Services Sep 2011 – Jul 2013

Drove strategies for identifying and building new employer relationships in the consumer goods and retail industries; developed

21 new on-campus recruiting relationships, including Nike, Coach, and L’Oreal

Consulted senior leadership at Burger King on creating a brand image and sell points to attract top talent; resulted in 150+

students attending company presentation, strong CEO presence on campus, and three-fold increase in student hires

Represented the Chicago Booth brand globally: presented to audiences of 175+, educated recruiters in Singapore on job market

Manager, Employer Development – Career Services Dec 2010 – Aug 2011

Created insightful trend analyses of job market by industry; regularly communicated updates to partners: BusinessWeek, Deans

Managed across nine teams to market and execute 14 industry panel events in global locations from Frankfurt to São Paulo,

hosting 1,620+ attendees; received Outstanding Team Award (granted by leadership once annually) for building the Booth brand

TARGET CORPORATION Minneapolis, MN

Segmentation Expert – Grocery Pyramid Jun 2010 – Nov 2010

Drove segmentation strategies in multicultural, urban, and local markets; partnered with 130 merchandisers, senior management,

guest insights, ACNielsen, and Target stores to drive sales by meeting the unique needs of consumers across markets

Executed the first comprehensive review of segmentation for a $4.7B business; built strategic and analytical business cases,

gaining the Divisional’s support to adjust category space in 465 remodel stores and to include items targeting Hispanic consumers

Engineered and analyzed 84 merchandising tests, including a produce brand test which resulted in a brand launch in 1,740 stores

Senior Business Analyst – Kitchenware Department Sep 2009 – May 2010

Business Analyst – Kitchenware Department Jul 2008 – Aug 2009

Co-captained a cross-functional team of marketers, buyers, and vendors to launch the $35M Giada De Laurentiis for Target brand

in six months; produced company-wide updates, capturing guest insights that drove new promotional strategies

Earned the SVP Award for transforming forecasting and inventory management processes for key vendors, including Calphalon;

resulted in a 320 basis point improvement of in-store presentation and 31% mature sales growth in Q4

Managed in-depth forecasting, replenishment, promotional activity, and in-store merchandising for the $156M business

KOHL'S CORPORATION Menomonee Falls, WI

Marketing Communications Intern May 2007 – Jul 2007

Developed a Bridal Registry media plan (print, web, radio, TV) for the VP of Marketing at $3M -$15M budget levels

ADDITIONAL INFORMATION

Sports addict: ran Chicago Marathon, climbed 2,340 stairs for charity, took Broadway dance, attended 135+ college sports events

Big Shoulders Fund (supports 93 inner-city schools): Auxiliary Board Executive Committee (oversees 275+ members); mentor to

five 8th grade students; launched new volunteers programs, including mock college interviews for 40 high school seniors

WORK EXPERIENCE

User Experience DesignerCafeNetworkUser research; User experience design; Information architect. Responsible for exploratory research, identify venture opportunity that aligned with user needs, and implementation of interaction design.Chicago, IL | Dec 2014 --- Present

Product Designer/User Experience DesignerMaestro Food CO.Customer research; Product design; UX design.Facilitate with customer research and product reframing. Responsible for product design, optimizing the user experience and mobile application design.Chicago, IL | Nov 2014---Present

User Interface Design InternLenovo Corporate Research & DevelopmentWorking on personal wearable tracking device development. Responsible for user interface design and interaction prototype.Beijing, China | Dec 2012---May 2013

Design InternBeijing Haige ShenzhouProduct design and system interface design.Beijing, China | Jun 2011---Aug 2011

SELECTED PROJECTS

BetterAt Mobile AppConducted research about people’s learning habits. Designed a note-taking mobile application that optimized and fulfilled the current user experience of BetterAt.com.Sep 2014

Zing - Quick matching: video watch &food delivery Based on our research finding about patterns of TV watching, I created an easy solution for busy people to enjoy their indulgence moments.Nov 2014

TaprootDesigned a sensor-based integrated platform to improve the life quality of aging seniors and support them live independently.Jan 2014

Star4UIdentified new venture opportunity in the busker population that could be turned into a valuable resource to the city’s culture and revenue.Aug 2013

EDUCATION

UChicago i-Corps Site ProgramChicago | Winter 2015

IIT Institute of DesignMaster of Design, UX design, User researchChicago, IL | Expected Spring 2015

Tianjin UniversityBachelor of Engineering, Industrial Design, UX DesignTianjin, China | Spring 2013

OTHER EXPERIENCE

Teaching Assistance, IIT IPRO program, ChicagoJan 2015---present

Minister of the Functional Department of Tianjin University Art TroupeSep 2010---Oct 2011

Volunteer teacher at primary school, Yunnan, ChinaAug 2010

SKILLS

MethodsEthnographic research | Online research | Survey | Usability testing | Experience Modeling | Interactive prototyping | Strategic planning | Rapid visualization | 3D modeling

ToolsAdobe Creative Suite | Office | Axure | Sketch | OmniGraffle | HTML5, CSS, Javascript | Sublime Text | Rhinoceros | Keyshot | Auto CAD | ProE | Dscout | Revelation | Keynote

Anqi Wang /Angie

I am passionate about developing and implementing insightful solutions. Looking for a user-experience design or user research position to apply my research and design skills to real-life challenges.

[email protected](773)750-0963


Mission

Our vision is to make it easy to enjoy a fresh-‐cooked meal at home. To do so, we are building the

Maestro -‐ a machine that will boil, steam and roast ingredients automatically.

Problem

1. For our target customer, it is very difficult to find the time to cook and/or eat healthy.

2. For others (i.e. people with diet restrictions), it is difficult to meet their nutrition needs.

3. For some (i.e. males, baby boomers), they don’t know how to cook or don’t have the energy to cook.

Take Kevin. He’s in his early thirties, lives on the fringes of downtown and has a career that’s starting to take

off. As he is warming up to the idea of a settled home life, he’s noticed some creaking in his knees, has cut back

on his nights out and turned his attention to eating healthy. But between time with his fiancé, work, sleep and

exercise, Kevin often finds himself resorting to quick options like Chipotle, Lean Cuisine, delivery or the Whole

Foods salad bar.

Kevin wishes he had more time, energy and knowledge to enjoy fresh-‐cooked meals at home. He has tried

Blue Apron, but finds that it’s more of an experience than a solution to his everyday problem. He simply does

not have the time to regularly shop, prep and cook fresh meals. And when he does cook, the pots and pans

start to pile up in the sink.

Solution

Our service will eliminate every “annoyance” in the process -‐ shopping, prepping, cooking and

cleaning. We mail you pods of fresh ingredients that come in refrigerated containers and all you need to do is

put the pods in the machine and enjoy the aroma of a home-‐cooked meal.

Imagine a meal of roasted lemon rosemary chicken, Mediterranean quinoa and broccoli and sweet

potatoes roasted in garlic, olive oil and herbs. Now imagine that it’s not frozen, it’s not delivered and it wasn’t

made at Panera. Instead, it was made fresh in your home in under 30 minutes, while you took your shower

and got ready for dinner.


And when the meal is done, you can throw away the pods and not worry about cleaning the Maestro.

It’s designed to flush water in and out of each container so you just need to fill and empty the water tank.

Progress to Date

We began working on the Maestro in late summer and have kept our focus on the customer and the

product. We have interviewed 30+ potential customers to help us identify product needs, our target market

and our market positioning (see appendix for details). That number will increase substantially by the end of

the quarter thanks to our work in the iCorps program, which we were accepted into for the winter quarter.

We have used the Maestro as the main project in four classes at Booth (New Venture Strategy with

both Schrager and Bunch, Building the New Venture & Marketing Research). We are creating a large-‐scale

survey in Marketing Research that will give us great insights as to how to position the product.

We interviewed several manufacturing firms and, on the advice of the Booth alums behind the

Swingbyte (NVC ‘11), hired Kyosay Global. We have been working closely with Kyosay for several months and

should have our initial prototype by early March. We were fortunate to be able to finance most of the

prototype with the grant we received from the iCorps program.

We have also worked very closely with our designer to wireframe our mobile app and website -‐ both

of which are nearly complete (see appendix for app wireframes). She’s begun work on an “aesthetic”

prototype to hold side-‐by-‐side with our functional prototype.

Finally, we have started planning for our Kickstarter campaign in May by developing a close

relationship with John Dimatos (head of tech partnerships at Kickstarter), building out our media list and

speaking to people behind some of the most successful hardware Kickstarter campaigns.


The Technology

Product

Maestro is an electrically powered, medium-‐sized countertop appliance for the kitchen that uses

induction heating to quickly boil, steam and roast up to three separate meal components (pods) in parallel

and without user intervention.

Much like the Keurig, Maestro has removable water and wastewater tanks that the user will fill and

dump before and after each cooking cycle. Maestro is designed to only accept our own fresh ingredient pods,

which the company will feature and sell via our website/mobile app and mail to customers using refrigerated

packaging. Once a user has received the ingredient pods, they will insert the pods into the Maestro, which will

scan each pod’s QR code and then execute the cooking program accordingly.

Behind the scenes, once ingredient pods are scanned, key data points including water volume, time

and temperature profiles for each ingredient pod are captured and used to architect a unique, complete meal

cooking program on the fly. The program is optimized to cook each pod to perfection and at the right time to

yield a hot, complete meal ready for plating and enjoyment.

Users will be able to create a taste profile, view nutritional data of each scanned ingredient pod, view

real-‐time meal status, set alerts when meals are almost done, rate meals and have access to place orders on

our “marketplace” via our mobile app. The website “marketplace” will have additional functionality that will

smartly suggest meals and allow users to place one-‐time and recurring pod orders.


Food

Helen Peters, sous chef at Eataly Chicago, has joined our team to oversee all recipe development. Her

background is perfectly suited to the types of meals we will be preparing: healthy, tasty, trendy and

transportable. We’re hoping to limit our meals to less than 15 preservative-‐free ingredients, all of which will

be cleanly labeled.

We are in the process of interviewing several co-‐packing facilities to oversee our supply chain. They

are going to source, prep and pack our food. And then, like Blue Apron, they’ll use a shipping service to deliver

the meals. Using a co-‐packer will allow us to serve most of the nation much faster than if we were to build our

own supply chain. We are also exploring partnerships with high-‐end grocery stores, such as Whole Foods. Our

long-‐term plan is to bring this entire process in-‐house.

Machine Distribution

As mentioned, we are working with Kyosay to manufacture our machines. They will be producing the

machines in China and, in turn, shipping them to a warehouse in America for us to be able to ship them more

quickly to customers. This will also allow us to deal with returns and repairs in a timely manner.

Market Information

Maestro is positioned at the intersection of three trends driving the purchase behavior of our target customer:

1. Growth of smart appliances: The U.S. small kitchen appliance market is $4.7 billion with an estimated

CAGR of 5%, with the majority of its incremental growth last year coming from smart appliances.vi

Maestro capitalizes on this upward trajectory for smart appliances, which is estimated to grow from

$613 million to $34.9 billion by 2020.vii

2. Convenient meals are king: In 2014, Nielsen reported that “‘assembling’ but not fully preparing meals is

a popular trend among a growing number of shoppers who want to be involved with food preparation

but also have much of the work done for them.”viii


3. Healthy food matters: 33% of millennials and 29% of generation X (combined ages 21-‐49) reported

that healthy attributes in food are “very important,” and 29% and 26%, respectively, are “very willing

to pay a premium” for those healthy foods.ix

In terms of gaining a share of our target customer’s wallet, we anticipate people will consider Maestro’s

combination product plus service against their monthly food budget, similar to how people justified

purchasing the Keurig to substitute for Starbucks and ground coffee from the grocery store. Customers

allocate their food budget into two buckets: at-‐home and out-‐of-‐home. Looking specifically at our Young

Achiever target market (12.4M people), an estimate for their monthly food spending is $543/month, which is

a $6.47B market. Points of differentiation from each will help Maestro capture its share of food spending.

We plan to capture a part of the food budget in a few specific areas:

At-‐Home

Grocery: Traditional grocery trips are declining while grocery delivery services are increasing, as evidenced

by Insacart’s recent $220 million funding round

Frozen food (i.e. Lean Cuisine, Amy’s, etc.): Between 2009 to 2013, frozen meal sales have fallen 3% as

customers seek fresher ingredients like those in Maestro offerings

Prepared foods (i.e. “heat and eat”): The “heat and eat” category is expected to grow 6-‐7% annually due to their

convenient nature; Maestro saves more time by eliminating the store trip

Away-‐From-‐Home

Quick service restaurants -‐ QSRs (i.e. Subway, Chipotle, etc.): Subway was recently ranked as the healthiest QSR,

but serves significantly lower grade ingredients than Maestro

Blue Apron-‐type services: Current ingredient delivery services like Blue Apron (valued at $500 million)

encourage customers to “enjoy new cooking techniques” making them more targeted for a dinner occasion of

one hour or more versus Maestro’s 30-‐minute, low effort offering


Delivery/takeout: U.S. consumers spend $70 billion on delivery and takeout per year, but major delivery hubs

like GrubHub have less than 15% of their offerings designated as “healthy”x

Competitive Landscape

There is no combined product/service on the market that competes directly with Maestro. There are

all-‐purpose kitchen appliances, like slow cookers and digital steamers. And there is a fast-‐growing trend of

Keurig-‐like appliances (i.e. for smoothies, tortillas, roti, beer, etc.).

There are also fast-‐growing services that prove the viability of a subscription-‐based model for our pod

delivery. Blue Apron, Plated & Hello Fresh are all venture-‐backed companies that mail fresh ingredients to

customers so that they can cook meals themselves. The companies were most recently valued at $500 million,

$60 million and $500 million, respectively. There are also several venture-‐backed companies that are offering

high-‐quality, fresh-‐cooked meals for delivery (i.e. Munchery, Sprig, etc.). Broadly speaking, the food-‐tech

industry is booming, with nearly $12 billion dollars of acquisitions and financings in 2014 (see appendix).

Go-‐To Market

We began designing/developing the prototype, mobile app and recipes in September 2014. The

prototype should be complete in March, at which point we will test the product and recipes for user feedback.

We will spend most of March and April preparing to launch our Kickstarter campaign in May (see

appendix for details). We are also planning to apply to 1-‐2 accelerators for the summer.

By summer we will have secured a relationship with either a co-‐packer or high-‐end grocer to handle

our supply chain. We will also work to secure a sponsorship from a celebrity chef (i.e. Jamie Oliver) and lay

the groundwork for potential corporate sponsorships if it fits our brand identity (i.e. Kraft or PepsiCo).

In June, our Kickstarter will be complete and we will begin our accelerator program. Between June and

December, we will do everything necessary to be on the market by the end of Q4.


Business Risks

Product -‐ There is the risk that the product does not work perfectly, ends up being too expensive and/or is

delayed. We chose Kyosay as our manufacturer because they have deep experience delivering similar

products in a timely and cost-‐efficient manner at scale.

Distribution -‐ It’s possible that we won’t be able to secure a partner for our distribution. There are several

companies that are in the business of co-‐packing, so we believe this risk is minimal.

Competition -‐ As of now, there are no direct competitors, but there is always the possibility that a startup

emerges before we go to market. This business is complicated, though, and while the first mover will have an

advantage, the winner will be the company that executes the best.

Customer -‐ We are developing a new product and service, so there is a good chance that the market rejects it,

either because the product is flawed, the food doesn’t taste good or the service doesn’t meet the customer

needs. The rise of smart kitchen technology and other Keurig-‐like machines proves the market demand,

meaning this risk will come down to us executing our business plan.

IP -‐ We have not secured any patent protection for our idea because the lawyers we have spoken to suggested

that any patent we might be able to secure would still offer limited protection from a competitor.

Financials

Our revenue is driven by sales of our machines and subscription service to our pods. We are targeting Young

Achievers, who make up 10.8% (or 12.4 million households) of total U.S. households. Using SodaStream’s

initial rollout plan as an analog and factoring in customer churn, our penetration of this demographic will

begin at 0.5% in year 1 and grow to 1.3% by year 7. Based off of that level of penetration, solely within that

demographic, we anticipate revenue growing to $103 million by year 7, with EBITDA margins of 12.9%. We

believe that Maestro has additional revenue potential beyond this core business, through the monetization of

customer data we collect, innovative product extensions and growth to other demographics.


Income Statement Projected(Dollars in Thousands) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Cumulative Maestro Users 7,408 17,404 37,318 61,676 98,233 118,802 137,824 [1]% of US Households 0.01% 0.02% 0.03% 0.06% 0.09% 0.11% 0.13% [2]

Machine Revenue $1,481,623 $2,983,988 $5,988,936 $9,035,808 $13,606,664 $13,796,203 $13,987,728 [3]Food Revenue 4,800,457 11,278,098 24,181,939 39,965,964 63,654,750 76,983,822 89,309,853 [4]

Total revenue $6,282,080 $14,262,086 $30,170,875 $49,001,772 $77,261,415 $90,780,025 $103,297,580% Machine Revenue 23.6% 20.9% 19.9% 18.4% 17.6% 15.2% 13.5%% Food Revenue 76.4% 79.1% 80.1% 81.6% 82.4% 84.8% 86.5%

COGS 4,093,881 9,301,222 19,682,297 31,979,506 50,434,033 59,298,766 67,506,771 [5]Gross Profit $2,188,198 $4,960,864 $10,488,578 $17,022,266 $26,827,382 $31,481,259 $35,790,809

% margin 34.8% 34.8% 34.8% 34.7% 34.7% 34.7% 34.6%

SG&A 1,951,322 3,992,836 8,056,188 12,859,663 20,072,446 23,526,661 26,725,768 [6]EBIT $236,877 $968,028 $2,432,391 $4,162,602 $6,754,936 $7,954,598 $9,065,041

% margin 3.8% 6.8% 8.1% 8.5% 8.7% 8.8% 8.8%

Plus: Depreciation 257,388 584,344 1,236,156 2,007,692 3,165,541 3,719,423 4,232,290 [7]EBITDA $494,265 $1,552,372 $3,668,546 $6,170,294 $9,920,477 $11,674,021 $13,297,332

% margin 7.9% 10.9% 12.2% 12.6% 12.8% 12.9% 12.9%

Taxes 82,907 338,810 851,337 1,456,911 2,364,228 2,784,109 3,172,764 [8]Net income $411,358 $1,213,562 $2,817,210 $4,713,384 $7,556,250 $8,889,912 $10,124,567

[1] Assumes Young Achievers make up 10.8% of US Households (per Nielsen). Assumes Maestro penetrates up to 5% of the Young Achievers’ market by Year 7 (per Soda Stream’s initial roll-‐out plan). Assumes a customer churn of 33% going down to 25% by Year 4. [2] Assumes 109 million US Households. [3] Assumes machine price of $200. [4] Assumes customer monthly subscription for 6 meals at a cost of $54 / month based on Blue Apron. [5] Based on blended COGS margin for Keurig (machine) and Panera (food). Assumes machine cost of approximately $90 per Kyosay (prototype manufacturer). [6] Build-‐up. Includes salaries, marketing, R&D and other overhead expenses. [7] Calculated as a % of sales based on Keurig. [8] Assumes taxes of 35%. Management Team


Appendix

Kickstarter Campaign Plans

• Media List


o We have begun compiling a robust media list of bloggers, journalists and social media pages.

We will engage with people on the list for feedback on our product well in advance of the

campaign. That way, when we launch, they will already be aware of the product and might even

feel invested.

• Video

o The founding team has set aside some funds to make sure the video is high quality.

• PR

o We will leverage the media list and run a large public relations campaign on the eve of the

Kickstarter campaign. David began his career in PR and also has experience running a

successful launch with his previous startup.

• Personal Network

o We will begin an email newsletter to our personal network ~2 months before the campaign.

We will rely on that network and our Booth classmates to spread the word about the campaign.

• Support from Kickstarter

o John Dimatos, head of partnerships for tech & design at Kickstarter, will be advising us. David

will also be visiting Kickstarter’s headquarters before the launch of the campaign to enlist their

further support and seek advice from the food experts on staff.

• Social Media

o We will have one team member dedicated to running our social media pages before, during and

after the campaign.

• Online Advertising

o We have allocated some money for online advertising during the campaign. We will consider

using a company to oversee the ad spend.

• Prior Examples


o We have begun meeting and befriending people that have run successful campaigns in the past

and we will continue to do so (Trunkster, Nomiku, Cubii, etc.).

Food-‐Tech Financing & Acquisitions


Customer Interview Summary

Marital Cooking TimesName Age Status Children? Job Title Location per week Buyer? RationaleRoger Roglans 20 Single No Student Chicago Dinner= 5-‐6x Maybe Concerned about taste of the foodPablo Elvira 21 Single No Student Chicago Dinner 5-‐6x No Concerned about taste of the foodYaoYao Wang 26 Single No Student Chicago Dinner = 4-‐5x Yes Time/convenience are important, health is a priorityJessica Hu 27 Single No Consultant Washington, DC Dinner=2-‐3x Yes Concerned about variety/ taste of the foodRyan Kern 28 Married No Graduate Student Chicago Dinner = 5-‐6x Maybe Concerned about taste of the foodMike Serviansky 28 Single No Graduate Student Chicago Dinner = 3-‐4x Yes Wants something easy for the days he does not cookPedro Obregon 29 Single No Graduate Student Chicago Rarely Yes Wants to eat healthy and save some moneyCheryl Lau 29 Engaged No VP Business Development Miami Beach Dinner = 5x No Values her creativity in the kitchen and finds the machine

limiting.Roger Payne 30 Married No Marketing Executive Chicago Dinner = 4-‐5x Maybe Concerned about price, but is intriguedLarissa Atamian 30 Single No Software Engineer Redondo Beach, CA Dinner=4-‐5x Yes If vegetarian/ vegan/ organic options were availableKim Webb Palacios 35 Married 1 & 4 yrs old Marketing Executive Suburb Dinner = 5-‐6x No Worried about what kids eat, wants control over what is

cookedDon Woods 37 Pre-‐Engaged No Product Manager San Fran Dinner = 3x Yes Want to know more about how it will operate -‐ and how

each component operatesLauren Holland 39 Single No Credit Analyst City (NYC) Cooks fresh usually No Regimented eater. Works at home and has a good system

in place. Would not buy.Delores Rochester 39 Married 6 & 8 yrs old Sales Executive Connecticut (suburb) Dinner = 5-‐6x No Worried about what kids eat, wants control over what is

cookedLauren Holland 39 Single No Financial Services New York City Dinner = 7x No Cares about environmentally-‐friendly packaging and

wasteBill McBride 42 Single No VP Investments Manhattan Beach, CA Dinner=5x No Would want to put own food into machineJackie Barry 49 Married No VP Finance Suburb (Chicago) Dinner = 7x Yes It takes time to eat healthily. "It takes thought". Erin Carlson 53 Married 16 & 19 yr old Stay-‐at-‐home-‐Mom Naperville, IL Dinner=5-‐6x Yes Given she could cook enough for whole familyDick Donnellan 57 Married Not at home Self-‐Employed Boca Raton, FL Dinner=3-‐4x Maybe Concerned about taste of the foodHelene Lieb 61 Widow Not at home Psychologist Massachusetts (suburb) Dinner = 7x No Time is not an issueDorris Groh 82 Married Not at home Retired Boca Raton, FL Dinner=0x MaybeBob Miller 85 Married Not at home Retired Boca Raton, FL Dinner=4-‐5x NoNikki Brimmage 30s Married 2 & 4 yrs old Not Employed Texas All meals, every day Not yet Once she starts working, she would love thisBowen 30s Married 1 yr old Employed Venice Beach Dinner = 5-‐6x Maybe Bahavorial inertia Reid 30s Single No Employed San Fran Dinner = 5-‐6x Maybe Vegitarian, hesitant he would get the balance he needs

due to special dietSusan Rotilie 60s Married Not at home Retired Minneapolis Dinner = 3x No Time is not an issueSusan Brody 60s Married Not at home Part Time Detroit Weekends No Time is not an issueTeri Holtz 60s Married Not at home Employed Denver Dinner = 3x Yes Time/convenience are important. Hates shopping.Geoff Geddes 60s Divorced Not at home Employed California Not often Yes Values health & time. Single. Works hard. Would purchase

if he trusted the labelingEmily Gilman 60s Married Not at home Working New York City Dinner = 5-‐6x Maybe Concerned about taste of the foodJanet Greenberg 60s Married Not at home Self-‐Employed New York City Dinner = 3x No Time is not an issue


i Nielsen PRIZM <http://www.claritas.com/MyBestSegments/Default.jsp?ID=30> ii Nielsen PRIZM <http://www.claritas.com/MyBestSegments/Default.jsp?ID=30> iii Bureau of Labor Statistics <http://www.bls.gov/opub/reports/cex/consumer_expenditures2012.pdf> iv Food At-‐Home refers to the total expenditures for food at grocery stores (or other food stores) and food prepared by the consumer unit on trips. It excludes the purchase of nonfood items v Food Away-‐from-‐Home includes all meals (breakfast/brunch, lunch, dinner) at fast food, take-‐out, delivery, concession stands, buffet and cafeteria, at full-‐service restaurants, and meals away from home on trips. vi Euromonitor <http://www.euromonitor.com/small-‐cooking-‐appliances-‐in-‐the-‐us/report> vii Navigant Consulting <http://investorplace.com/2013/02/are-‐smart-‐appliances-‐ready-‐for-‐the-‐big-‐time/> viii Nielsen <http://www.nielsen.com/us/en/insights/news/2014/convenience-‐its-‐whats-‐for-‐dinner-‐tonight.html> ix Nielsen<http://www.nielsen.com/us/en/insights/news/2015/younger-‐consumers-‐endorse-‐healthy-‐foods-‐with-‐a-‐willingness-‐to-‐pay.html> x <http://www.forbes.com/sites/ericjackson/2014/09/15/interview-‐with-‐grubhubs-‐matt-‐maloney-‐the-‐leader-‐in-‐mobile-‐food-‐delivery-‐and-‐pick-‐up/>

Documents

Sample Feasibility Summary: Maestro