Memorify created a waiting list before building their product

FounderBlocks Execution Workshop clearly changed the trajectory of our starup. Truth be told, this was what got our airplane out of the hanger and finally onto the runway. Finally preparing for take-off.

Bobby Ikazoboh, Founder of Memorify

Problem

Memorify needed to gain a deep understanding of their customers, technical possibilities and their business model to avoid building a product business blindly.

Solution

We implemented a validation process for the Memorify business model using a a landing page and an ad funnel to generate a waiting list for the soon-to-be-product.

Additionally, we developed an AI Prototype for key functionalities to ensure technical feasability. A business model forecasting was developed to ensure that revenues are high enough to pay for the costs of running AI.

Results

The validation process yielded hard data, providing crucial insights into key business metrics such as conversion rate and Cost Per Lead (CPL). This data demonstrated a high conversion rate and CPL compared to similar business models. Additionally, the validation process generated a waiting list of eager customers for the product launch.

The iterative process also led to the creation of a functional funnel for customer acquisition, which could scale effectively. By revising and refining features based on validation results, a significant portion of the development budget was saved. This approach allowed for the validation or rejection of hypotheses without the need to fully develop the product, resulting in substantial cost savings compared to building the entire product upfront.

The AI prototype proofed the feasability of the proposed algorithm. The business model forecast revealed leverage points and important metrics that need to be optimized after launch.