Intro
In this episode of Planet Money’s Summer School, the final pitches are made and the winner of the Guppy Tank is chosen. Professor and investor Angela Lee evaluates various business ideas and selects the most promising one. From a book subscription service to a platform connecting travelers with local guides, the pitches cover a wide range of industries. Tune in to find out which idea wins and hear the valedictory address from the winner.
Main Takeaways
Entrepreneurship and Pitching
- The confidence to ask for money is what really matters for an MBA.
- Angela Lee, a venture capital teacher and investor, has heard 20,000 pitches and funded a hundred of them.
- Getting to a “no” is much faster than getting to a “yes” when evaluating a business pitch.
The Guppy Tank Pitches
- The Guppy Tank is a kinder, healthier version of Shark Tank, without the shouting and money.
- Professor and investor Angela Lee evaluates new businesses by asking questions before giving out any money.
Ian Desher’s Book Subscription Service
- Ian Desher’s book subscription service is a mix of book of the month club and cameo where subscribers get a book recommended by their favorite authors every month.
- The service is a surprise every month and can also be gifted to others.
- The main selling point of the service is engagement with favorite authors.
- Authors who participate get a base amount and a portion of every subscription sold under their name.
- The market size for the service is big due to the large number of readers who buy books regularly.
Andaman Platform for Travelers
- The idea of the entrepreneur is to create an Andaman platform connecting travelers with vetted local guides for authentic tours of their home cities.
- The platform allows travelers to experience the culture and history of a place through the eyes of a local.
- Safety is a top priority for the platform, and they plan to partner with local guides to ensure the best experience for travelers.
- The competitive landscape includes companies that already work in an on-demand type of platform, audio tour guides, and local tour guides that travelers have to find one on one.
- The on-demand tour guide platform would provide authentic and cost-effective personalized tours.
- The platform would allow potential guides to set their own prices, opening up opportunities for students and retirees.
Collapse of Boot
- The Collapse of Boot is a collapsible rain boot that is portable and easier to travel with.
- The idea for the product came from the inventor’s personal experience of not having rain boots while traveling.
- The Collapse of Boot would save people from discomfort and the need to check luggage.
- Supply chain is important for physical products, but collapsible technology makes it easier to find a factory for production.
- Testing the market before manufacturing is crucial, Kickstarter and Indiegogo are great platforms for this.
- Going to places where people buy travel gear and doing a survey can also help de-risk the idea.
Familiar App for Long-Term Planning
- Familial is a digital app that simplifies long-term planning for families, covering topics from healthcare to asset organization.
- Not being prepared for end of life can have a huge impact, emotionally and financially. Familiar aims to ease the burden and bring peace of mind.
- Familiar’s discussion guide facilitation feature takes families through 30 critical questions to guide end-of-life conversations.
- Target customer demographic for Familiar is generally 60 to 75 years old and psychographically, people who are more open to new technology and want to be prepared.
- Familiar plans to reach customers through targeted digital marketing channels and potentially through financial advisors or retirement homes.
Viking Funerals
- Viking Funerals offers a unique end-of-life service where customers can be sent off on a Viking ship ablaze with fireworks.
- Viking Funerals provides the boat, fuel, location, and fireworks for the service, but legally cannot actually set the ship on fire.
- Viking Funerals offers a floating crematorium with fireworks for an unforgettable funeral spectacle.
- The death industry is highly regulated, making it challenging to market unique funeral products.
- The target market for this type of funeral service is people who know their end of life is coming or those who want to celebrate their loved ones’ lives in a unique way.
The Winner of the Guppy Tank
- Professor Angela Lee selects Ian Desher’s Book of the Month Club/Cameo idea as the winner due to his credible founder background, large market, and unique solution to the problem of what to buy for book lovers.
- Ian Desher gives the valedictory address to the class of 2023, thanking them for their support and encouraging them to pursue their passions.
Additional Information
- Listen to Planet Money Summer School and take the final test to get your virtual diploma at npr.org/summerschool.
- There are three more seasons of Planet Money Summer School available on their own podcast feed: how to think like an economist, the secrets of investing, and making sense of macroeconomics.
- Thank you to Professor Angel Lee of Columbia Business School for being our first professor of the season and final guppy judge.
- The economy is going to be just fine, to everyone.
Summary
Entrepreneurship and Pitching
Entrepreneurs need the confidence to ask for money and should be prepared for rejection. Angela Lee, an experienced venture capital teacher and investor, emphasizes the importance of getting to a “no” quickly in the pitching process.
Ian Desher’s Book Subscription Service
Ian Desher’s book subscription service offers a unique experience for book lovers. Subscribers receive a surprise book recommended by their favorite authors every month. The service focuses on engagement with authors and provides a revenue-sharing model to incentivize their participation. With a large market of regular book buyers, the service has the potential for success.
Andaman Platform for Travelers
The Andaman platform aims to connect travelers with local guides for authentic tours of their home cities. Safety is a priority, and partnerships with local guides ensure a high-quality experience. The platform competes with existing on-demand platforms and offers cost-effective personalized tours. It also provides opportunities for potential guides to set their own prices, creating income opportunities for students and retirees.
Collapse of Boot
The Collapse of Boot addresses the inconvenience of traveling with rain boots. The collapsible design makes it portable and eliminates the need to check luggage. Testing the market through platforms like Kickstarter and understanding the supply chain are crucial steps in bringing a physical product to market.
Familiar App for Long-Term Planning
Familiar simplifies long-term planning for families, covering important topics like healthcare and asset organization. By facilitating end-of-life conversations, the app aims to bring peace of mind to users. Targeted digital marketing channels and partnerships with financial advisors or retirement homes help reach the intended demographic.
Viking Funerals
Viking Funerals offers a unique end-of-life service where customers can have a memorable send-off on a Viking ship with fireworks. However, due to regulations, the ship cannot be set on fire. Marketing unique funeral products can be challenging in the highly regulated death industry, but there is a target market of individuals looking for alternative funeral options.
The Winner of the Guppy Tank
Ian Desher’s Book of the Month Club/Cameo idea is selected as the winner by Professor Angela Lee. The idea stands out due to its credible founder background, large market, and unique solution to the problem of what to buy for book lovers. Ian Desher gives a valedictory address, encouraging his fellow classmates to pursue their passions.
Conclusion
The Guppy Tank showcases a diverse range of entrepreneurial ideas, highlighting the importance of confidence, market research, and unique solutions. Congratulations to Ian Desher for winning the Guppy Tank with his innovative Book of the Month Club/Cameo idea. Remember to listen to Planet Money Summer School for more valuable insights and take the final test to earn your virtual diploma.
