First Site
Encouraging social engagement and providing a friendly working enviromnet to the creative herd of young entrepreneurs to feature their work
UX RESEARCH
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Secondary Research
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Empirical Research
IDEATION AND STRATEGY
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Brainstorming, Mindmapping
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Narrative Design
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SWOT, 2*2 Matrix, Porters' 5
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Stakeholder Map, Empathy Map, User Maps
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Financial Statements and Cost Efficiency
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Capital Investment
VISUAL DESIGN
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5W
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Methodology Frameworks
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Concept Frameworks
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Branding and Marketing
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Low Fidelity Mockups
CONCEPT AND PRODUCT DEVELOPMENT
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Architectural floor plans
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High Fidelity store Design
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Break-even analysis
Background
First Site was a startup concept based on purely secondary research. The intent of the project was to provide a platform for startups to exhibit their ideas and products in a physical space where they can network with investors and collaborate with competitors. Different versions of financial reports (optimistic, pessimistic and most probable) were designed to estimate the growth of the concept.
Timeline
3 weeks
My Key Role
Project Manager
Opportunity Statement
To provide a platform for startups to exhibit their ideas and products in a physical space where they can network with investors and collaborate with competitors.
Data Collection
This research was focused on understanding the current and future startup market scenario. We also looked at the trends in startup culture and realized "shared economy" and shared workplaces" were the buzz words of the list.
After understanding the market trends we looked at the problems faced by young entrepreneurs to start their business.
Global Co-Working Space Forecast
Challenges Faced by the Entreprenuers
User Mapping
To gain more data about our primary users, we designed a stakeholder map and derived four major user groups. These four major user groups were studied on various parameters. This was done so as to derive useful insights that would help us create better services for the growing culture and abate the challenges faced by the entrepreneurs.
Stakeholder Map
Empathy Map
4 Major User Groups derieved from stakeholder map
Scope of study
We also did the competitive analysis using the SWOT, 2x2 matrix and Porters' 5 to under the scope of our concept.
The Team & Collaboration
As an in house team, we decided to collaborate with "Kickstarter" for 12.5% of the investment for 10% of the equity.
12.5% investment from the venture capitalists for 8 % and
75% was raised by the inhouse team (Aakansha (30%), Andrew (17.3%), Misbah(17.3%) and Srishti (17.3%) of the equity
After extensive research, First Site decided to open its first store in Austin Texas (2019)
Concept Framework
We mapped 5Ws to define the intent and vision of the project
Features of the concept
First Store aims to create a better future for innovative startups/entrepreneurs in the retail segment. It is a co-display and co-retail store, celebrating cutting-edge businesses and strengthening them. Retail, advertising, design, branding, strategy, sales, and customers- all is done here! Now creative brands, can easily sell products, manage inventory, find new customers, make them loyalists with an incredibly simple and unique experience at First Site.
CO DISPLAY SPACE
MEMBERSHIP PLANS
We created membership plans based on the disposable incomes of people from different financial structures. This also
Revenue Share: A minimal rental fee or commission % of Net Sales (whichever is higher)
Design Details : Floorplans and Layouts
LAYOUT PLAN
SHELF UNIT A
SHELF UNIT B
RENDERED SPACE
After doing well in 2019. First Site decided to open its second flagship store in Brooklyn NewYork in 2020.
Beak-even of First Site
Financial Statements of First Site
We did 3 versions of financial statements (Income Statement, Cash Flow Statement, and Balance Sheet). Pessimistic, Optimistic and Most Probable from 2019-2021. These 3 cases helped us understand different variables that are required to be managed during the strategy building and designing a business model canvas. Looking at the most probable scenario, First Site had its break-even by the end of 2019.
