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Find Answers to Critical Business Questions Using Design Sprints Jameel Somji, CFA | Founder & CEO of SpiNovation Labs SpiNovation Labs SpiNovation Labs

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2 SpiNovation Labs Source: Google Design

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3 SpiNovation Labs Product Design Sprint length 3-5 days Source: Google Design

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4 SpiNovation Labs

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5 Would Seniors Rent Units in a NEW $30 Million Residential Community? SpiNovation Labs

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6 SpiNovation Labs Land Purchased to Develop Residential Community

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7 SpiNovation Labs Niagara Falls, Canada

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SpiNovation Labs 8 Vision

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SpiNovation Labs 9 Targeting Seniors

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10 Why? SpiNovation Labs

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11 SpiNovation Labs 50% Occupancy after 1 year :( Orillia, Canada

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12 How? SpiNovation Labs

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13 SpiNovation Labs Bank Research Partner

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14 SpiNovation Labs 1 Bedroom Units 2 Bedroom Units 80% 20% Forecast

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15 SpiNovation Labs Orillia, Canada

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16 SpiNovation Labs 1 Bedroom Units 2 Bedroom Units 80% 20% 20% 80% Actual Demand

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17 Let’s try a different research approach SpiNovation Labs

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Sprint Participants CEO Architect Head of Marketing & Sales Property Manager UI/UX Designer Sprint Master (Jameel) SpiNovation Labs 18

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19 Sprint Day 1 (8 hours) SpiNovation Labs

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Long Term Goal SpiNovation Labs 20 Build a rental only residential community for Seniors in Niagara Falls, Canada

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Target Customer Profile Demographic Age: Primary: 55-75 Working or recently retired Household income: $40k+ Married or widowed Live in large home and children have left. Living in an old apartment Active & healthy 21 Location Primary: Niagara Falls Secondary: Niagara on the Lake, St. Catherines, Grimsby, Lincoln, Port Colburn Motivations Looking to move to a modern residence with little to no maintenance required. Sell home to access equity to fund retirement

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Customer Journey Map SpiNovation Labs 22 1. See ad 2. Visit website 3. Phone agent for tour or more info 4. Agent follow-up 5. Client talks to family members 6. Make decision to rent 7. Submit deposit to secure rental unit (1 months rent) 8. Sell their own property (takes 6-12 months) 9. Move in 2 years later 10. Enjoy new home

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Conduct research interviews with experts SpiNovation Labs 23 Real Estate Agents: ● Apartment rental availability 1% ● 90% of housing options multi-story Seniors Moving Company ● 30% of residents are Seniors ● Downsizing a reality Local Seniors home: ● 200 person waiting list at senior homes. ● Pricing ● Competition Commercial Banker: ● Financing City hall - Urban planner ● Competition ● Government incentives Senior Recreation Centre: ● Location ● Marketing ● Seniors to test prototype with

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SpiNovation Labs 24 Recruit Seniors

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Critical business questions to answer in Sprint Will Seniors rent a unit? Price affordable? Demand for 1, 2 or 3 bedroom units? Unit design, layout & finishings desirable? Location desirable? SpiNovation Labs 25

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26 Sprint Day 2 (8 hours) SpiNovation Labs

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Find design inspiration for prototype SpiNovation Labs 27

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Find design inspiration for prototype SpiNovation Labs 28

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Find design inspiration for prototype SpiNovation Labs 29

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Why is the Elgin right for Customers? The newest property in Niagara, close to the falls and priced right. Senior Community Private backyards/decks and patios Rightsizing - 1500 to 1000 Main floor bedroom Lawn, snow and property maintenance included Value Prop

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31 Sprint Day 3 (8 hours) SpiNovation Labs

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Build prototype SpiNovation Labs 32

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Build prototype SpiNovation Labs 33

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Settle on 5 test customers SpiNovation Labs 34

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35 Sprint Day 4 (8 hours) SpiNovation Labs

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Test Prototype with 5 seniors SpiNovation Labs 36 85% of problems can be gained from talking to 5 people. Learn More

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SpiNovation Labs Senior Feedback 37

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Answers to critical business questions Would Seniors rent a unit? No Stairs No underground parking, Price affordable? Yes Demand for 1, 2 or 3 bedroom units? 2 bedrooms Unit design, layout & finishings desirable? Yes Location desirable? Yes SpiNovation Labs 38

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The verdict SpiNovation Labs Idea was an… Efficient failure Flawed Success Epic Win 39

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40 What Next? SpiNovation Labs

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SpiNovation Labs Source: Google Design is about balancing...

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Design challenges SpiNovation Labs 42 Design Issues Mitigation Feasible (engineering) Profitable Stairs Add Elevators or other solution Yes No No Underground Parking Add underground parking or other solution Yes No

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43 The Iteration Sprint (Day 5, 6 & 7) SpiNovation Labs

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The New Concept SpiNovation Labs 44

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Answers to critical business questions Would Professionals rent a unit? No Competition Price affordable? Barely Unit Preference? 1-2 bedrooms Unit design, layout & finishings desirable? Yes Location desirable? Yes SpiNovation Labs 45

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The verdict SpiNovation Labs Idea was an… Efficient failure Flawed Success Epic Win 46

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47 What Next? SpiNovation Labs

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48 Client Changed Business Model SpiNovation Labs

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49 SpiNovation Labs Text from CEO

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50 SpiNovation Labs New Target Market Company decided to sell condos to investors who are priced out of the Toronto real estate market and were looking for a more affordable place to invest. Price of Condo Town homes Toronto, Canada Niagara, Canada $1-2 Million $0.2-0.5 Million

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51 SpiNovation Labs Outcome (ROI) All condo units sold out within 6 weeks of opening pre-construction sales. The project is currently under construction and is expected to be completed by 2022.

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52 SpiNovation Labs

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53 Appendix SpiNovation Labs

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When to sprint? -Start of new project to define product -Hit a roadblock -Inject speed into your process SpiNovation Labs Source: Google

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When not to sprint? -Have clear product direction -> just need time to build -Don’t have leadership buy-in -Don’t have the right team SpiNovation Labs Source: Google

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Executive Sponsor (Decider) Designer Tech/logistics Lead Finance Sprint Team Marketing Customer expert Sprint Facilitator SpiNovation Labs

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What’s the catch? -Prototypes won’t be perfect -Take multiple sprints to find product-market fit. SpiNovation Labs

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Sprint ROI -Compress 3-6 months of work into a few days -Get product to market faster -Prototype costs <5% of building the wrong thing. SpiNovation Labs

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Additional Sprint Resources SpiNovation Labs Google Design Sprint Toolkit Lightening Decision Jam -a great way to introduce sprint methods into your organization Sprint Book by Jake Knapp

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Drop Jameel Somji a message if you want to chat about design sprints! jameel@spinovationlabs.com SpiNovation Labs

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Jameel Somji, CFA Founder & CEO SpiNovation Labs Thank You