Versions Compared

Version Old Version 14 New Version Current
Changes made by

Bart De Pelsmaeker (Unlicensed)

Bart De Pelsmaeker (Unlicensed)

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

Problem Space - Business background

...

Expand
titleUnmet needs

What problem do we solve? See if we have answers for these topics / questions:

  • Unmet needs - succinct description

    • When there is no problem, it is highly unlikely that there is a business

    • Try to describe the needs in terms of jobs the customer needs to do (Job-To-Be-Done) format.

    • Pains / Gains (try to use bullet points)

  • Existing alternatives - if applicable, and why they fail to deliver a solution

  • Why does the customer have to solve the problem now? Is there an urgent reason-to-act?

  • Is this problem at scale or local/trivial?

Start writing here:

Unmet needs:

  • Comprehensive Compliance Coverage

State agencies must adhere to a wide array of regulations across different domains. A common unmet need is a centralized solution that can map and manage all the diverse compliance requirements a state agency needs to adhere to efficiently.

  • Up-to-date Regulatory Information

Regulations frequently change. State agencies need a tool that provides real-time updates on regulatory changes to ensure continuous compliance.

Expand
titleCompany's Power Position and/or Product Differentiation

Why UCF is better or worse positioned to solve the need

Why would we not be well positioned?

Start writing here:

Reputation in the industry for part of the unmet needs

We are known in the compliance industry for compliance mapping

Proven expertise in mapping

Existing references across industry

Leverage of partners / GTM with strong existing presence in target market

Our solution will be encapsulated in a larger offering from ServiceNow, which has strong presence in the market:

  • about 40 of 50 states are a ServiceNow customer

    • Do we know how many agencies?

  • 20-30% of states are TemplarShield customers

Why would we not be well positioned?

We do not have an existing footprint

We do not have direct access to the end-customers

...

Expand
titleSize of market (TAM, SAM, SOM)

Total Addressable Market (TAM)

The whole universe of state agencies customers who experience this need and whom we can reach.

Serviceable Available Market (SAM)

The part of this market that we can realistically reach and convert in a medium- to long-term.

Serviceable Obtainable Market (SOM)

What can we realistically capture of this market in 18-24 months after solution launch? What are our beach-heads? Taking into account our

  • Competitive advantage

  • Current market penetration of competitors

  • Our marketing and sales teams' need for time to reach the customers in (pre-)buying mode

Start writing here:

TAM:

The average number of agencies per state is 150. Which more or less would bring us to 7,500 potential customers in this initiative.

SAM:

If we assume that we can close 2% of that business that is 3 deals per state. Not accounting for a price increase that is 3 agencies x 50 states = 150 CCH Accounts. 150 accounts x $10,000 = $1.5M annually

SOM: ?

ToDO still - some rough estimates on timelines for a revenue sequence:

5-step interactive flowchart - Page 1.png

These bits of info might help us to get clarity

  • when are states renewing the contracts - EOY or throughout the year

    • no set date - dates are unique to customer

  • are these multi-year contracts

    • mix - ServiceNow leaning to 3-yr contracts

  • which ServiceNow contracts are how many are up for renewal this year

  • ramp-up: when we have the mapping ready, what are our next steps in sales

    • proposal decision cycle: how long

      • 30 -60 days on average

    • is there a testing period from partner side

      • no

...

Expand
titleScaling

Strategy to scale-up

Infliction What is the inflection point of when to switch from beachhead to scaling?

Start writing here:
Expand
titleBusiness model and monetization

  • Value & pricing model

    • Do we offer identical pricing and model as for other customers?

  • What is the expected revenue of our SOM?

Start writing here:

Our solution is part of larger compliance deals that ServiceNow delivers to the state agencies.

We currently decided to move forward with our standard pricing.

...