MBC 647

INDIVIDUAL CONCEPT PROPOSAL

(ICP)

NAME:
KARTIK
KAKRIA
PROVISIONAL NAME FOR BUSINESS: Vid2

What problem does this concept solve or what pain does it alleviate and how
compelling is the problem?
The concept, a web based video marketplace, is a place where budding videographers are
matched with startup companies that are struggling to get videos for effective introduction or
even brand/product marketing.
The above concept aims to soothe following pain of both sides:
Student/Budding Videographers

Downtime - Less traffic on portfolio

webpage.
Budding
student
videographers
needed many small video tasks to
provide them some experience.
Needed a platform like Vimeo where
videos can not only be shared but also
fetch them work online.
They needed a platform to search gigs
available online such as Fiverr and Task
rabbit.

Startup Businesses

No time to search for videographers: no clue

where to begin the search
Expensive video marketing and long waiting
delivery.
Dependent
on
traditional
methods
of
advertising and marketing
Unable to upload quality content on social
media
Keeping up with latest trends/viral videos is
difficult
Choosing the social media that attracts
customers for the business.

On interaction with both the parties, the concept seemed pretty compelling since it could solve
issues of High Urgency and High Intensity quadrant.

Who is your specific target customer?

The target customer are both budding videographers as well as the startups that are looking to
utilize video marketing as part of their marketing strategy.

How do they currently meet this need for themselves (what are the Next Best
Alternatives)?
Student/Budding Videographers

Startup Businesses

Small University functions

Searching on the internet for work
Posting on Vimeo, YouTube and
personal websites hoping to get
contacted later
Networking and asking friends for
some work

Putting up an ad on craigslist or fiverr

Contacting marketing agencies
Trying to record videos and voiceover by
themselves.
Locating someone in the network; asking
other startups how they did it.
Purchasing internet softwares such as
animoto and websites such as wideo.co

Some of the other web platforms offering close solution are:- Quick Frame, Glymt and Thumbtack.
Explain how your concept is better than the next best alternatives (value proposition).
COMPANIES
CRITERIA

Vid2Win

Quick Frame

Videographer Profiles

Connect with peers

AffordableVideo

Onlinegigs

Quick Turnaround

Glymt

Thumbtack

Differentiators
Only Platform with All-In-OneSolution offering

What is your proposed product or service? Describe what it is and how it works.
Poor marketing has been listed as one of the top 20 reasons for startup failure. One of the biggest
concerns while marketing that is most often faced by startups is increasing their visibility through
video marketing that is arguably advantageous over any other marketing strategy in establishing
a personal connect with customers.
This is an area where the Production and delivery of quality video content, editing takes a lot of
time. At the same time, on the other hand, we have budding videographers who have no platform
to find work, develop their experience through online gigs.
Vid2Win is a online video marketplace that aims to with match video requests by startups to
budding videographers. Such a platform will be B2C for videographers(subscriptions) and B2B for
startups(earning from small % of the transactions) in need for videos for their video/marketing
needs. It can help both the parties since they complement each other and at the same time can
be game-changing for marketers.
How large is your market and how fast is it growing? Cite your sources.
Year

# of Startups (<1year old) in

US

2013

629,078

2014

652,780

2015

679,072

Source: https://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm
As per The Kauffman Index National Trends in Startup Activity
-

Startup Activity Index rose in 2015 (largest YoY increase from the past two decades)

The Rate of New Entrepreneurs in the United States increased about 10 percent, from 280
out of 100,000 adults in the 2014 Startup Activity Index to 310 out of 100,000 adults in the
2015 Index.

The Rate of New Entrepreneurs of 0.31 percent translates into approximately 530,000 new
business owners each month during the year.

Source:
http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and
%20covers/2015/05/kauffman_index_startup_activity_national_trends_2015.pdf
What industry or industries will you compete in (include NAICS code in response), and
who are your main competitors?
NAICS 54181 Main competitors will be marketing and advertising agencies. Also, animated web
based softwares that provide animated videos to introduce a startup product.
How large is your industry in terms of sales volume and what is the industry growth
rate? Cite your sources.
Spend on online video is up 114% since 2014.
Source:http://blogs.forrester.com/shar_vanboskirk/17-01-24us_digital_marketing_spend_will_near_120_billion_by_2021
Digital media spending will total $118 billion by 2021, per Forrester Research.
Source: http://www.adweek.com/digital/12-really-intriguing-digital-marketing-stats-week-175736/

Why do you think this idea is viable at this time? Provide primary and/or secondary
research data that supports your argument.
This concepts facilitates video marketing that has become the heart of digital marketing.
o Including video in a landing page can increase conversion by 80%.
o People spend on average 2.6x more time on pages with video than without.
o 55% of people watch videos online every day.
o Online shoppers who view demo videos are 1.81x more likely to purchase than non-viewers.
Source: http://www.insivia.com/27-video-stats-2017/
Cisco predicts that by 2017, video will make up a whopping 69 percent of all consumer Internet
traffic.
http://www.skyword.com/contentstandard/marketing/the-top-10-stats-from-2015-that-show-theimportance-of-video-marketing/

Source:
http://www.webvideomarketing.org/pdf/Cisco_Video_and_Visual_Networking_Index_Report_8.10.16.
pdf
5

Some of the targeted questions addressed to videographers were:

Q. How do you market yourself? Where do you post your work ?
Q. How do you look out for work or small gigs to enhance your work experience?
Q. Do you post videos on Vimeo and YouTube? Privacy options? How do you store your videos?
Responses:
1. Less traffic on their portfolio page because of which many videographers facing downtime.
2. Needed a platform like Vimeo where videos can not only be shared but also fetch them work
online.
3. Need for a platform to search gigs available online such as Fiverr and task rabbit.
4. At the same time, privacy of posted videos was needed. As of now, their client videos could be
viewed by anyone, had they posted on YouTube or Vimeo.
5. There is no video marketplace where people could come over and buy the posted videos.
6. Budding student videographers needed many small video shoots to provide them some
experience.
7. Craigslist also not effective to fetch videographers gigs online.
Some of the questions that were asked to startup businesses were:
Q. Current process of marketing?
Q. What role does video has in marketing ? Do you feel it is important ?
Q. Do you feel the need for using videos in marketing for your company? Where do you think they
can be helpful?
Q. How do you look for videographers? What pain are you facing in searching ?
Q. Do you prefer it doing it on your own or prefer a professional? Issues faced with current
approach?
Q. Are you satisfied with the end product?
Responses:

Found a highly rated person on Fiverr for making a video after a tiring search and explaining
every detail to him; work was unsatisfactory even after multiple corrections. Ultimately, had to
compromise and post the video. - Adszio

Contacted a videographer but he never showed up. Should I build my product or run after
these guys? Worried over videos that show product solution fit and later product market fit.
Talentful

Too expensive charges for video-making, editing and post production. Did not have the
budget and finally made own video using DSLR with little editing. Unhappy but posted on the
website as it gives a personal touch instead of only webpages with pictures. CakeCodes

Wasted time in searching software and learning how to make a video on it. Also had to spend
money to try out the entire product since it was a trial version with watermarks. The video was
satisfactory but an animated one. Looking for a videographer in network and even posted ads
for a professional video. CharityCheckin

Already have a satisfactory video but need more videos on customer feedback, software
explanation(new features) voiceover video and videos showing culture and recruitment.
Viar360

How many target customers did you talk to about this idea? Explain your methods and
process for collecting validation data.

I spoke to four videographers studying in community colleges - CUNY and five technology startups
co-founders/marketing associates via Slack and over the call. Customers were excited about the
idea and said it could have potential even though it is half-baked and a buggy one.