1 00:00:00.000 --> 00:00:01.400 Hello 2 00:00:01.400 --> 00:00:03.100 In this session, 3 00:00:03.100 --> 00:00:06.480 we are going to talk about the three sub-sessions 4 00:00:06.480 --> 00:00:10.530 The first one is value proposition, 5 00:00:10.530 --> 00:00:14.240 and the second one is product market fit 6 00:00:14.240 --> 00:00:17.090 And the last one is the 7 00:00:17.090 --> 00:00:20.719 discussion with the real startup that I invited 8 00:00:20.719 --> 00:00:24.559 Okay, let's begin with the value proposition first 9 00:00:26.040 --> 00:00:29.390 Value proposition, 10 00:00:29.390 --> 00:00:33.200 we talk a lot about the value proposition in the field 11 00:00:33.200 --> 00:00:37.680 The term of the value proposition came from the field 12 00:00:37.680 --> 00:00:40.130 So in academia, 13 00:00:40.130 --> 00:00:43.680 not too many scholars discuss about the concept 14 00:00:43.680 --> 00:00:45.710 of the value proposition so far 15 00:00:45.710 --> 00:00:48.760 We just talk about the value proposition 16 00:00:48.760 --> 00:00:53.520 without any specific understanding of that 17 00:00:54.080 --> 00:00:56.280 Just ask your friends, 18 00:00:56.280 --> 00:00:59.119 what is the definition of the value proposition? 19 00:00:59.119 --> 00:01:03.719 Although he or she talks about the value proposition a lot, many times, 20 00:01:03.919 --> 00:01:07.279 probably they don't know the exact meaning 21 00:01:07.279 --> 00:01:10.379 So right now, 22 00:01:10.379 --> 00:01:15.680 we delve into the real and clear meaning of the value proposition together 23 00:01:15.680 --> 00:01:20.320 To understand the value proposition of your company, of your startup, 24 00:01:20.320 --> 00:01:24.480 we need to understand the basic concept of the value 25 00:01:24.480 --> 00:01:26.810 What is the value? 26 00:01:26.959 --> 00:01:29.680 We say, wow, it is valuable 27 00:01:29.680 --> 00:01:31.179 Yeah, I feel value 28 00:01:31.680 --> 00:01:33.519 But what do you mean by the value? 29 00:01:33.519 --> 00:01:38.400 So in order to understand the value very clearly, 30 00:01:38.400 --> 00:01:42.639 we need to understand the history perception about the value 31 00:01:42.639 --> 00:01:45.519 Well, actually, there are two different types of scholars, 32 00:01:45.519 --> 00:01:48.880 thinkers who think about the value differently 33 00:01:49.729 --> 00:01:50.689 Look at the picture 34 00:01:50.689 --> 00:01:53.600 The first guy is Karl Marx 35 00:01:53.600 --> 00:01:54.789 He's very famous 36 00:01:54.789 --> 00:01:57.639 He is a German thinkers 37 00:01:57.639 --> 00:02:02.390 who argue that the labor theory of the value 38 00:02:02.390 --> 00:02:05.599 On the other hand, the right side, he is a Karl Menger 39 00:02:05.599 --> 00:02:09.160 He is an Austrian economist 40 00:02:09.160 --> 00:02:11.800 He emphasizes on kind of a free market, 41 00:02:11.800 --> 00:02:15.770 and he suggests the subjective theory of the value 42 00:02:16.520 --> 00:02:18.850 What is the labor theory of the value? 43 00:02:19.360 --> 00:02:21.759 Let's begin with the labor theory of value 44 00:02:22.960 --> 00:02:25.679 According to labor theory of the value, 45 00:02:25.679 --> 00:02:30.000 value is something based on the labor time 46 00:02:30.000 --> 00:02:31.619 labor input 47 00:02:31.679 --> 00:02:34.229 Specifically, they argue that 48 00:02:34.229 --> 00:02:37.679 the value can be determined by amount of the labor time 49 00:02:37.679 --> 00:02:41.059 So the labor time is very important input 50 00:02:41.520 --> 00:02:45.270 For example, if you put a lot of time 51 00:02:45.270 --> 00:02:48.240 for your labor on making something, 52 00:02:48.320 --> 00:02:50.959 then it is valuable 53 00:02:51.360 --> 00:02:54.670 It's pretty easy to understand 54 00:02:54.980 --> 00:02:56.230 For example, 55 00:02:56.230 --> 00:02:58.739 what about the watch craftsman? 56 00:02:59.279 --> 00:03:01.119 Look at him 57 00:03:01.119 --> 00:03:02.880 He is an expert, maybe 58 00:03:02.880 --> 00:03:07.679 Maybe he's an expert, and probably he spent a lot of time to be an expert 59 00:03:07.679 --> 00:03:09.529 He has been trained 60 00:03:09.529 --> 00:03:13.119 as a watch craftsman for many years 61 00:03:13.199 --> 00:03:16.320 Then when he makes great watches, 62 00:03:16.320 --> 00:03:19.919 and when he fixes the great watches, it takes time 63 00:03:19.919 --> 00:03:23.619 It really takes at least 15 days or 10 days 64 00:03:23.619 --> 00:03:25.600 to fix one watch 65 00:03:25.600 --> 00:03:28.639 It will take one month to make great watches 66 00:03:28.639 --> 00:03:32.880 So that's why Switzerland watches are very expensive 67 00:03:33.520 --> 00:03:38.820 Mainly because of the amount of the labor time 68 00:03:38.820 --> 00:03:41.839 of the watch craftsman 69 00:03:41.839 --> 00:03:45.670 Same thing happened to the bespoke tailor craftsman 70 00:03:46.479 --> 00:03:49.029 Same, he has been trained as 71 00:03:49.029 --> 00:03:52.899 the tailor for many years 72 00:03:53.039 --> 00:03:55.989 And then he became an expert 73 00:03:55.989 --> 00:03:58.089 on tailor market 74 00:03:58.559 --> 00:04:03.440 Then think about when you make your bespoke suit, it will take time 75 00:04:03.440 --> 00:04:08.080 It will take at least one month to make your bespoke suit 76 00:04:08.080 --> 00:04:10.880 So that's why the bespoke suit is very expensive 77 00:04:10.880 --> 00:04:15.839 compared to the already made mass market, mass-made suit 78 00:04:16.880 --> 00:04:22.079 So it is mainly because of the amount of the time, labor time 79 00:04:22.959 --> 00:04:26.880 This is what we perceive as value 80 00:04:29.380 --> 00:04:34.160 Think about labor theory of the value 81 00:04:35.770 --> 00:04:40.450 It is not relevant to entrepreneurship 82 00:04:42.368 --> 00:04:43.668 unfortunately 83 00:04:43.668 --> 00:04:44.368 Why? 84 00:04:44.368 --> 00:04:48.649 Because in the entrepreneurial area, we need to think about kind of consumer side 85 00:04:48.751 --> 00:04:50.951 the consumer side 86 00:04:50.951 --> 00:04:53.320 Do you remember the peppers, right? 87 00:04:53.320 --> 00:04:55.479 The peppers are very cheap in India, 88 00:04:55.517 --> 00:04:57.817 but very expensive in Europe 89 00:04:57.817 --> 00:05:02.339 Of course, there are huge effort and energy and time to get the peppers 90 00:05:02.450 --> 00:05:05.199 from Europe, but 91 00:05:05.449 --> 00:05:09.749 But, the reason why peppers 92 00:05:09.749 --> 00:05:14.720 is expensive is that the European people at that time needed pepper 93 00:05:16.479 --> 00:05:21.199 So in this case, we need to think about the value different way 94 00:05:21.279 --> 00:05:25.129 Value can be determined not by the amount of the time, 95 00:05:25.129 --> 00:05:27.320 but by consumer's need 96 00:05:27.320 --> 00:05:32.640 If so many people need certain particular product or service, 97 00:05:32.640 --> 00:05:35.890 then, consumers perceive 98 00:05:35.890 --> 00:05:38.629 your product or service is valuable 99 00:05:39.359 --> 00:05:42.399 This is what the subjective theory of the value argues 100 00:05:42.959 --> 00:05:45.609 According to the subjective theory of the value, 101 00:05:45.709 --> 00:05:50.679 value is determined by consumer's preference and 102 00:05:51.040 --> 00:05:54.240 and the perceived utilities, 103 00:05:54.240 --> 00:05:56.079 not by labor input 104 00:05:56.720 --> 00:05:59.700 But by consumers preference 105 00:06:00.079 --> 00:06:04.320 So, the value also is not product itself 106 00:06:05.440 --> 00:06:09.140 Value cannot be determined by function of the product, 107 00:06:09.140 --> 00:06:11.349 function of the service 108 00:06:11.440 --> 00:06:16.190 So, the value is in the eye of the beholder, 109 00:06:16.190 --> 00:06:18.510 not in the objective itself 110 00:06:19.200 --> 00:06:20.720 For example, Bitcoin 111 00:06:20.720 --> 00:06:23.650 Do you know how much is the one Bitcoin is right now? 112 00:06:23.760 --> 00:06:27.470 Right now, one Bitcoin price is more than $100,000 113 00:06:28.320 --> 00:06:30.420 And what is the kind of, 114 00:06:30.420 --> 00:06:32.559 what about the functional value of the Bitcoin? 115 00:06:33.279 --> 00:06:35.519 Is there any functional value of the Bitcoin? 116 00:06:35.519 --> 00:06:37.230 Can you eat Bitcoin? 117 00:06:37.419 --> 00:06:38.569 No 118 00:06:39.119 --> 00:06:42.219 Bitcoin is just data, 119 00:06:42.219 --> 00:06:44.720 just a small file on your computer 120 00:06:44.720 --> 00:06:46.320 That's it, right? 121 00:06:46.320 --> 00:06:48.710 Then why Bitcoin cost a lot? 122 00:06:49.119 --> 00:06:54.370 Why we pay $100,000 to purchase one Bitcoin, one data? 123 00:06:55.940 --> 00:06:59.790 This is all because of the people perceive the value 124 00:06:59.790 --> 00:07:02.250 through the Bitcoin, right? 125 00:07:02.559 --> 00:07:06.700 So, this is a subjective theory of the value 126 00:07:09.119 --> 00:07:10.640 I want to give you another example 127 00:07:10.640 --> 00:07:13.140 His name is Carl, 128 00:07:13.140 --> 00:07:15.440 I'm sorry, Charles Levinson 129 00:07:15.600 --> 00:07:20.399 Charles Levinson is inventor of the nail polish, 130 00:07:20.399 --> 00:07:23.599 He invented the nail polish in Manhattan 131 00:07:23.599 --> 00:07:26.959 and he started his own cosmetic company 132 00:07:26.959 --> 00:07:29.259 His company was Leblon, 133 00:07:29.259 --> 00:07:33.459 which is a global cosmetic company, 134 00:07:33.459 --> 00:07:34.720 located in Manhattan 135 00:07:34.720 --> 00:07:36.370 He said that, 136 00:07:36.370 --> 00:07:41.200 look at the picture, he said that this is not the lipstick 137 00:07:41.200 --> 00:07:44.300 He said, in the factory, this is the lipstick 138 00:07:44.300 --> 00:07:46.859 and we make a cosmetic, we make a lipstick, 139 00:07:46.859 --> 00:07:48.759 but out of our factory, 140 00:07:48.759 --> 00:07:51.920 it is not just a simple lipstick, it is a hope 141 00:07:51.920 --> 00:07:53.669 So, we sell hope 142 00:07:53.760 --> 00:07:55.839 Wow, please remember this quote 143 00:07:55.839 --> 00:07:57.679 This quote is very insightful 144 00:07:57.679 --> 00:08:00.579 In the factory, we make a cosmetic, 145 00:08:00.579 --> 00:08:03.149 but in the store, we sell hope 146 00:08:03.519 --> 00:08:06.079 Hope is a value 147 00:08:06.640 --> 00:08:09.270 Hope is perceived by the consumers 148 00:08:09.600 --> 00:08:11.950 Consumers feel kind of hope 149 00:08:11.950 --> 00:08:16.559 when they purchase the lipstick, purchased by Leblon 150 00:08:19.600 --> 00:08:23.040 Another example would be kids' summer camp 151 00:08:23.040 --> 00:08:24.399 Look at the kids' summer camp 152 00:08:25.679 --> 00:08:27.229 What do we expect 153 00:08:27.229 --> 00:08:30.480 if you send out your kids to the kids' summer camp? 154 00:08:30.480 --> 00:08:33.080 Kind of five days or 10 days kids' summer camp, 155 00:08:33.080 --> 00:08:34.719 and there are a lot of kids' summer camp, 156 00:08:34.719 --> 00:08:38.159 and there are various programs of the kids' summer camp 157 00:08:38.159 --> 00:08:39.330 What do you expect? 158 00:08:39.919 --> 00:08:45.039 Well, of course, there are river-based programs and campfire together, 159 00:08:45.039 --> 00:08:48.750 and there is a play with the kids 160 00:08:49.039 --> 00:08:51.119 And what do we expect? 161 00:08:51.119 --> 00:08:52.320 Yes, of course 162 00:08:52.320 --> 00:08:55.970 We expect our kids 163 00:08:55.970 --> 00:09:00.480 to be social and to be educated, 164 00:09:00.960 --> 00:09:05.289 and also they took some kind of a risk, 165 00:09:05.599 --> 00:09:09.399 and then they learn something from those kind of activities, 166 00:09:09.399 --> 00:09:11.309 those kind of programs 167 00:09:11.309 --> 00:09:14.880 Those are kind of the benefit of the kids' summer camp, 168 00:09:14.880 --> 00:09:18.000 based on the program, based on their service 169 00:09:18.000 --> 00:09:19.600 If we are religious, 170 00:09:19.600 --> 00:09:24.400 then you can send out your kids to the kind of certain religious kids' camp, 171 00:09:24.400 --> 00:09:28.000 and then in this religious kids' camp, and they pray together, 172 00:09:28.000 --> 00:09:31.300 and your kids can become, 173 00:09:31.300 --> 00:09:33.610 kind of a holy man 174 00:09:33.610 --> 00:09:35.610 It's a very religious kids 175 00:09:35.840 --> 00:09:37.280 So you expect that 176 00:09:37.280 --> 00:09:41.030 So those are all about 177 00:09:41.030 --> 00:09:45.999 related to the programs of the kids' camp 178 00:09:46.640 --> 00:09:51.559 But is it all of the benefit? 179 00:09:52.159 --> 00:09:55.140 Okay, and what is the value for you? 180 00:09:55.599 --> 00:09:58.160 Is there any real value for the parents? 181 00:09:58.479 --> 00:10:01.359 Think about it, what is the real value for you 182 00:10:01.359 --> 00:10:04.570 if you send out your kids to the kids' camp? 183 00:10:05.359 --> 00:10:06.319 10 days 184 00:10:06.440 --> 00:10:07.780 Oh my god 185 00:10:08.239 --> 00:10:11.639 Then, you can have some 186 00:10:11.639 --> 00:10:14.299 great time with your partners 187 00:10:14.299 --> 00:10:18.099 You can have a great time with your husband, with your wife 188 00:10:19.840 --> 00:10:24.479 If you miss your kids, then you can just make a phone call simply, right? 189 00:10:24.479 --> 00:10:26.159 It's just face check 190 00:10:26.159 --> 00:10:26.960 That's it 191 00:10:26.960 --> 00:10:28.880 While you are drinking wine together 192 00:10:28.880 --> 00:10:30.419 Wow, it's great 193 00:10:30.479 --> 00:10:32.640 It's a romantic time, right? 194 00:10:32.640 --> 00:10:35.209 Romantic time is expected 195 00:10:36.080 --> 00:10:39.520 What kind of other values if you send out your kids' camp? 196 00:10:39.520 --> 00:10:42.239 You send out your kids to the kids' camp? 197 00:10:42.239 --> 00:10:44.989 Then, yeah, yes, 198 00:10:44.989 --> 00:10:48.450 of course, you know, you don't have to wake up early in the morning, right? 199 00:10:48.719 --> 00:10:51.069 You can sleep all day long 200 00:10:51.069 --> 00:10:54.559 because right now you don't have kids, right? 201 00:10:54.960 --> 00:10:57.269 Wow, it's a kind of freedom 202 00:10:57.359 --> 00:11:00.000 You are free out of kids 203 00:11:00.000 --> 00:11:03.369 This is kind of a real value for the parents 204 00:11:03.919 --> 00:11:04.960 Do you understand that? 205 00:11:04.960 --> 00:11:07.180 What is the subjective theory of the value? 206 00:11:08.000 --> 00:11:11.440 Let's look at another example 207 00:11:11.440 --> 00:11:13.280 This is a housekeepers 208 00:11:13.280 --> 00:11:15.520 Service of the domestic helpers 209 00:11:15.520 --> 00:11:19.520 If you hire housekeepers, then what do you expect? 210 00:11:19.599 --> 00:11:23.049 Yes, of course, housekeepers will 211 00:11:23.049 --> 00:11:27.520 clean the house, mop the floor, right? 212 00:11:27.520 --> 00:11:32.159 And of course, they are preparing for the delicious food 213 00:11:32.159 --> 00:11:35.339 They will make food 214 00:11:36.159 --> 00:11:39.940 This is what we expect from the housekeeping service 215 00:11:41.039 --> 00:11:42.400 But is that all? 216 00:11:43.279 --> 00:11:46.779 Is that all value you perceive when you 217 00:11:46.779 --> 00:11:48.530 hire housekeepers? 218 00:11:48.719 --> 00:11:51.369 Think about you spend your money, 219 00:11:51.369 --> 00:11:53.560 then what kind of benefit? 220 00:11:53.919 --> 00:11:57.200 So you spend the money, you know, to make your house just clean 221 00:11:57.200 --> 00:11:58.260 That's it 222 00:11:58.640 --> 00:12:02.080 You spend the money to have a kind of food 223 00:12:02.080 --> 00:12:03.009 That's it 224 00:12:03.440 --> 00:12:06.840 No, you know why you spend your money 225 00:12:06.840 --> 00:12:10.210 to purchase, to use the housekeeping service? 226 00:12:11.129 --> 00:12:12.979 Because sometimes, 227 00:12:13.029 --> 00:12:16.059 sometimes you need what? 228 00:12:16.059 --> 00:12:18.679 You need the time for your career 229 00:12:18.799 --> 00:12:21.120 I don't have time to work 230 00:12:21.220 --> 00:12:24.479 So that's why I hire housekeeping service, right? 231 00:12:24.479 --> 00:12:27.600 In order to develop my career 232 00:12:27.600 --> 00:12:28.760 Time for work 233 00:12:29.660 --> 00:12:30.740 Career development 234 00:12:31.190 --> 00:12:34.090 And also these days, I don't have any time, 235 00:12:34.090 --> 00:12:36.660 to play with my kids 236 00:12:36.660 --> 00:12:40.330 Because of the redundant house chore 237 00:12:40.880 --> 00:12:42.960 And I'm not good at making food 238 00:12:42.960 --> 00:12:44.479 It's kind of stressful 239 00:12:44.479 --> 00:12:47.229 So that's why I invest my money 240 00:12:47.229 --> 00:12:50.080 to use housekeeping service 241 00:12:50.080 --> 00:12:55.130 to relieve your stress 242 00:12:55.130 --> 00:12:58.479 and also have time with your kids 243 00:12:58.479 --> 00:13:00.320 It's kind of family happiness 244 00:13:01.280 --> 00:13:04.380 So the housekeeping service has a 245 00:13:04.380 --> 00:13:07.769 kind of many values perceived by the consumers 246 00:13:07.919 --> 00:13:10.990 This is what subjective theory of the value argues 247 00:13:13.440 --> 00:13:16.320 Well, I prepared for a very interesting video clip 248 00:13:16.320 --> 00:13:19.440 Let's look at the company 249 00:13:19.440 --> 00:13:21.919 The company name was Frytok 250 00:13:21.919 --> 00:13:26.589 And Frytok is based, located in Switzerland 251 00:13:27.119 --> 00:13:29.799 Let's take a look at how they are working 252 00:13:29.849 --> 00:13:32.350 and what is their final product? 253 00:13:32.719 --> 00:13:34.559 Let's take a look at it together 254 00:13:39.919 --> 00:13:42.320 So did you finish watching? 255 00:13:43.039 --> 00:13:44.239 What do you think? 256 00:13:44.239 --> 00:13:45.200 Isn't it interesting? 257 00:13:45.840 --> 00:13:48.190 Well, basically, they 258 00:13:48.190 --> 00:13:51.479 try to make messenger bags 259 00:13:52.239 --> 00:13:54.880 Messenger bag is waterproof, which is great 260 00:13:55.599 --> 00:13:58.029 But did you see the materials? 261 00:13:58.630 --> 00:14:03.280 The materials itself is not fancy, right? 262 00:14:03.280 --> 00:14:06.640 The materials is a truck cover, right? 263 00:14:07.280 --> 00:14:08.320 Truck covers 264 00:14:08.320 --> 00:14:09.440 They use the truck cover 265 00:14:09.440 --> 00:14:10.320 Use the truck cover 266 00:14:10.320 --> 00:14:11.840 It's abandoned truck cover 267 00:14:11.840 --> 00:14:14.590 And they get the truck covers and 268 00:14:14.590 --> 00:14:16.559 they wash them, clean them 269 00:14:16.559 --> 00:14:18.400 Then they cut the truck covers 270 00:14:18.400 --> 00:14:22.350 And with this cut truck covers, they made 271 00:14:22.350 --> 00:14:25.099 very unique messenger bags 272 00:14:25.520 --> 00:14:28.970 So basically, basically, they make the bags 273 00:14:28.970 --> 00:14:31.259 from garbage 274 00:14:32.719 --> 00:14:37.039 They even use the safety belt 275 00:14:37.440 --> 00:14:38.719 They use the safety belt 276 00:14:38.719 --> 00:14:40.080 They use a tire 277 00:14:40.400 --> 00:14:43.550 They use any, anything, 278 00:14:43.550 --> 00:14:48.239 anything from the abandoned car and trucks, truck covers 279 00:14:49.440 --> 00:14:51.059 This is very interesting 280 00:14:52.799 --> 00:14:55.760 So, so they made these types of bags, right? 281 00:14:56.320 --> 00:14:59.170 You can see the EMA, EMART, 282 00:14:59.170 --> 00:15:00.799 probably EMART in Korea 283 00:15:00.799 --> 00:15:02.159 We have EMART in Korea 284 00:15:02.159 --> 00:15:04.719 And probably there is a EMART truck 285 00:15:04.719 --> 00:15:06.559 And there's an EMART cover 286 00:15:06.559 --> 00:15:10.880 And the company got the truck cover from the EMART truck 287 00:15:10.880 --> 00:15:13.680 And they wash and clean them and cut the, 288 00:15:13.680 --> 00:15:15.440 the cover, you know, truck covers 289 00:15:15.440 --> 00:15:18.559 And made this unique, I don't know 290 00:15:21.520 --> 00:15:23.210 The messenger bags 291 00:15:24.960 --> 00:15:27.060 Well, in 1993, 292 00:15:27.060 --> 00:15:30.479 two brothers, the Markers and Daniel Freitag 293 00:15:31.520 --> 00:15:33.280 They are, graphic designers 294 00:15:34.320 --> 00:15:37.570 The design, those types of bags, 295 00:15:37.570 --> 00:15:39.359 waterproof bags 296 00:15:39.359 --> 00:15:41.959 Because they need waterproof bags 297 00:15:41.959 --> 00:15:45.599 for the commuting bicycles in Switzerland, 298 00:15:45.599 --> 00:15:49.440 where it rained more than 127 days a year, right? 299 00:15:49.520 --> 00:15:50.559 The heavy rain area 300 00:15:51.520 --> 00:15:53.470 So they began, 301 00:15:53.470 --> 00:15:57.119 upcycling all the truck cover to create a messenger bag 302 00:15:57.760 --> 00:16:01.200 And then they generated huge revenues 303 00:16:01.200 --> 00:16:01.840 How much? 304 00:16:01.840 --> 00:16:06.000 $13 million revenue in 2024 305 00:16:07.119 --> 00:16:08.509 Think about it 306 00:16:11.119 --> 00:16:12.969 Can you, 307 00:16:13.369 --> 00:16:16.239 will you purchase these types of bags? 308 00:16:16.239 --> 00:16:18.080 Are you willing to purchase these types of bags? 309 00:16:18.799 --> 00:16:19.200 Yes 310 00:16:19.200 --> 00:16:21.679 Some of, some of students say yes 311 00:16:21.679 --> 00:16:24.000 Some of students hardly, you know, no 312 00:16:26.559 --> 00:16:28.059 Then I asked a student, 313 00:16:28.059 --> 00:16:30.960 if you want to purchase these types of bags, why? 314 00:16:30.960 --> 00:16:33.760 And then they said that, yeah, it can be cheap 315 00:16:33.760 --> 00:16:36.210 Then I replied to the student, 316 00:16:36.210 --> 00:16:39.059 hey boy, it is not cheap 317 00:16:39.359 --> 00:16:41.840 Please check out the prices of this bag 318 00:16:41.840 --> 00:16:44.559 In Korea, this bag, how much? 319 00:16:44.559 --> 00:16:49.039 This bag cost, at least $300 320 00:16:49.039 --> 00:16:52.789 Think about it, you should pay at least $300 321 00:16:52.789 --> 00:16:55.249 to purchase this e-mart bag 322 00:16:55.599 --> 00:16:57.109 from the store 323 00:16:58.400 --> 00:17:02.179 And the bigger one, bigger one more than, you know, $500 324 00:17:02.960 --> 00:17:05.460 And then they said that, oh my God, 325 00:17:05.460 --> 00:17:08.319 student feel surprised 326 00:17:08.319 --> 00:17:10.600 And then they change their mind 327 00:17:11.439 --> 00:17:14.669 If the price is so high, then I will change my mind 328 00:17:15.280 --> 00:17:19.430 Then still, other students really want to get these types of bag 329 00:17:21.520 --> 00:17:26.000 Even if the price is higher than they expected 330 00:17:26.000 --> 00:17:27.680 So I asked them, just why? 331 00:17:27.680 --> 00:17:29.760 Why you need these types of bag? 332 00:17:29.760 --> 00:17:31.910 And the student said that, 333 00:17:31.910 --> 00:17:34.560 yeah, that's, this bag is waterproof 334 00:17:34.560 --> 00:17:37.610 And I can use this bag while I'm 335 00:17:37.610 --> 00:17:40.500 while I'm riding the bicycle 336 00:17:41.280 --> 00:17:41.780 Okay 337 00:17:41.780 --> 00:17:44.339 It's a, what is, what's the value for you? 338 00:17:44.579 --> 00:17:46.549 Yeah, that is a functional value 339 00:17:47.459 --> 00:17:51.939 Guys, I asked ChatGPT to draw this picture 340 00:17:51.939 --> 00:17:53.859 And I explained the situation 341 00:17:53.859 --> 00:17:58.260 Yes, one lady ride a bicycle and there's a heavy rain 342 00:17:58.260 --> 00:18:00.160 Other people's wear the umbrella, 343 00:18:00.160 --> 00:18:04.099 but she wear the Freitag bag, messenger bag 344 00:18:04.099 --> 00:18:07.219 And she enjoy his, her riding 345 00:18:07.219 --> 00:18:09.859 Then ChatGPT drew this picture for me 346 00:18:09.859 --> 00:18:11.140 Wow. It's great 347 00:18:11.940 --> 00:18:16.819 So this is the value of the functional, the reason 348 00:18:16.819 --> 00:18:18.260 This is a functionality 349 00:18:18.260 --> 00:18:19.780 Yes, it's a waterproof bag 350 00:18:19.780 --> 00:18:20.900 So why not? 351 00:18:20.900 --> 00:18:22.739 So we, we feel the valuable 352 00:18:23.619 --> 00:18:24.660 And is that all? 353 00:18:26.660 --> 00:18:28.900 Is the, is the worth, worth doing? 354 00:18:30.180 --> 00:18:33.680 Is it worth for you to purchase expensive bag 355 00:18:33.680 --> 00:18:35.619 just for the waterproof? 356 00:18:36.819 --> 00:18:38.449 Probably there are more than that 357 00:18:40.260 --> 00:18:41.269 What it is? 358 00:18:41.939 --> 00:18:43.699 Yes. Yes. Okay 359 00:18:43.699 --> 00:18:48.099 So if you purchase these types of bag and if you wear this bag and then, 360 00:18:48.739 --> 00:18:52.020 and then, people see you, when people see you, 361 00:18:52.660 --> 00:18:57.410 then the people believe that you are kind of, 362 00:18:57.410 --> 00:19:00.770 the eco-friendly person 363 00:19:01.140 --> 00:19:05.140 So this bag is not just functional usage 364 00:19:05.140 --> 00:19:08.979 This bag is a kind of, kind of a symbolic usage 365 00:19:08.979 --> 00:19:12.180 It's a kind of a symbol of your preference 366 00:19:12.819 --> 00:19:15.459 So you don't have to explain who you are 367 00:19:16.099 --> 00:19:17.459 You don't have to explain 368 00:19:17.459 --> 00:19:21.619 Yes, I am, I'm really careful the environment, 369 00:19:22.180 --> 00:19:25.140 So I want to save the earth for you, for me 370 00:19:25.140 --> 00:19:27.619 So I'm, I'm kind of this types of person 371 00:19:27.619 --> 00:19:30.569 You don't have to, you don't have to explain yourself 372 00:19:30.569 --> 00:19:32.420 if you have this types of bag 373 00:19:32.420 --> 00:19:33.859 Look at this picture 374 00:19:34.379 --> 00:19:37.859 This man just drink coffee in the coffee shop 375 00:19:37.859 --> 00:19:42.900 And then he wear the messenger bag, the Freitag bag, you know, this, 376 00:19:42.900 --> 00:19:46.149 this cost, I think this cost more than $500 377 00:19:46.660 --> 00:19:49.760 So he invested $500 to 378 00:19:49.760 --> 00:19:53.780 get the image of the green consumers, 379 00:19:53.780 --> 00:19:56.880 image of eco-friendly consumers, 380 00:19:56.880 --> 00:19:59.939 image of the, of the consumer 381 00:20:00.000 --> 00:20:02.360 who care for the environment 382 00:20:02.360 --> 00:20:05.760 This is a kind of a symbol of eco-friendliness 383 00:20:05.760 --> 00:20:07.320 You see the differences? 384 00:20:07.320 --> 00:20:08.160 And what else? 385 00:20:08.160 --> 00:20:10.080 Think about all the values 386 00:20:10.080 --> 00:20:12.300 The messenger bag, 387 00:20:12.300 --> 00:20:16.400 again, the messenger bag made from 388 00:20:16.400 --> 00:20:18.360 the abandoned truck covers 389 00:20:19.440 --> 00:20:21.400 And as you see, 390 00:20:21.400 --> 00:20:26.320 as you see the e-mart messenger bag, 391 00:20:26.320 --> 00:20:28.860 there's only one bag in the world 392 00:20:29.860 --> 00:20:32.020 Only one item 393 00:20:32.020 --> 00:20:36.370 If you are a person who care for fashion 394 00:20:36.370 --> 00:20:37.720 or style, 395 00:20:37.900 --> 00:20:40.950 then you know what I mean by 396 00:20:40.950 --> 00:20:42.900 the uniqueness, right? 397 00:20:42.900 --> 00:20:45.540 There's only one bag in the world 398 00:20:45.540 --> 00:20:47.119 Wow, it's very unique 399 00:20:47.119 --> 00:20:50.169 So it is valuable for me to 400 00:20:50.169 --> 00:20:52.519 have this unique item 401 00:20:52.779 --> 00:20:54.939 So look at this picture 402 00:20:54.939 --> 00:20:57.340 Everybody wear the black jacket, 403 00:20:57.340 --> 00:21:02.340 but you got Freitag, it's a very colorful bags 404 00:21:02.419 --> 00:21:03.259 Why? 405 00:21:03.259 --> 00:21:07.980 Because it is very unique and it make you stylish 406 00:21:07.980 --> 00:21:11.540 So it is a uniqueness and stylishness 407 00:21:11.540 --> 00:21:13.480 provide the kind of value for you 408 00:21:13.480 --> 00:21:18.279 So that's why, although the price is expensive, 409 00:21:18.279 --> 00:21:22.459 it is valuable for you to purchase these types of product 410 00:21:22.459 --> 00:21:25.300 You see the real value for you? 411 00:21:25.300 --> 00:21:28.080 This is what subjective theory of the value argue 412 00:21:29.059 --> 00:21:31.699 So what is the value proposition then? 413 00:21:31.699 --> 00:21:35.620 Value proposition is a clear and concise statement 414 00:21:35.620 --> 00:21:39.279 that explain your unique value 415 00:21:39.279 --> 00:21:41.980 that your company deliver to your target consumer 416 00:21:41.980 --> 00:21:43.779 You expect that 417 00:21:43.779 --> 00:21:48.099 if the consumers purchase our product or service, 418 00:21:48.099 --> 00:21:51.499 then our consumers will perceive 419 00:21:51.499 --> 00:21:53.799 A, B, C types of value 420 00:21:54.399 --> 00:21:58.540 So you expect those types of value in advance, 421 00:21:58.540 --> 00:22:02.099 then you just write down your expected value 422 00:22:02.099 --> 00:22:03.820 This is a value proposition 423 00:22:07.540 --> 00:22:10.460 And there is a very useful framework 424 00:22:10.460 --> 00:22:13.139 for you to identify your value proposition 425 00:22:13.589 --> 00:22:17.339 Look at the jobs, pains, and gain 426 00:22:17.339 --> 00:22:20.500 We say it is a jobs, pains, gain framework 427 00:22:20.500 --> 00:22:22.020 What do you mean by that? 428 00:22:22.020 --> 00:22:24.460 Jobs, pains, gains framework 429 00:22:24.460 --> 00:22:28.539 Value proposition answers the job 430 00:22:28.539 --> 00:22:33.259 What kind of jobs your consumer is trying to get done 431 00:22:33.259 --> 00:22:34.660 What kind of job? 432 00:22:34.660 --> 00:22:36.089 Job is very important 433 00:22:36.139 --> 00:22:40.489 Your product help your consumer 434 00:22:40.489 --> 00:22:43.039 do the job very well 435 00:22:43.039 --> 00:22:45.139 This is the job 436 00:22:45.139 --> 00:22:46.860 And what about pains? 437 00:22:46.860 --> 00:22:51.059 Why consumer use the product or service? 438 00:22:51.059 --> 00:22:54.220 They feel some kind of the pain 439 00:22:54.220 --> 00:22:57.179 When they use the existing product or services 440 00:22:57.179 --> 00:23:01.740 So you figured out the pain point of the current consumers 441 00:23:01.740 --> 00:23:03.779 Then your product or service 442 00:23:03.779 --> 00:23:08.020 can reduce those types of pain point, 443 00:23:08.020 --> 00:23:12.500 or hopefully just get rid of those types of, 444 00:23:12.500 --> 00:23:14.580 the pain point 445 00:23:14.580 --> 00:23:16.059 And the last one, 446 00:23:16.059 --> 00:23:20.179 what gain does consumer get from your product or services? 447 00:23:20.179 --> 00:23:22.220 This is kind of additional value 448 00:23:22.220 --> 00:23:25.300 Non-exist, non-exist before 449 00:23:25.300 --> 00:23:27.979 But if the consumer use our product or service, 450 00:23:27.979 --> 00:23:30.660 then probably consumer, 451 00:23:30.660 --> 00:23:34.610 again, consumer gain kind of non-exist 452 00:23:34.610 --> 00:23:36.460 the values 453 00:23:36.460 --> 00:23:38.259 This is kind of a gain, okay? 454 00:23:38.259 --> 00:23:41.699 So the jobs, pains, gain framework 455 00:23:41.699 --> 00:23:44.020 Please remember jobs, pains, gain framework 456 00:23:45.179 --> 00:23:49.300 Well, I prepare for the interesting video clip 457 00:23:49.300 --> 00:23:51.339 This guy, you know, 458 00:23:51.339 --> 00:23:54.699 this guy is CEO of the Lunit 459 00:23:54.699 --> 00:23:56.940 Let's take a look at the video together, 460 00:23:56.940 --> 00:24:00.460 and we will continue to talk about the value proposition 461 00:24:07.910 --> 00:24:09.779 What do you think of the video? 462 00:24:09.779 --> 00:24:12.660 What do you think of his explanation? 463 00:24:12.660 --> 00:24:16.619 Yes, his explanation was very clear and concise, 464 00:24:16.619 --> 00:24:20.299 and he provide some, his value proposition 465 00:24:20.499 --> 00:24:24.799 And when hospital listen to 466 00:24:24.799 --> 00:24:26.699 his presentation, 467 00:24:26.899 --> 00:24:29.100 then probably the hospital consumers 468 00:24:29.100 --> 00:24:31.260 understand what is the value 469 00:24:31.260 --> 00:24:34.100 They immediately understand the value 470 00:24:34.100 --> 00:24:37.179 from the Lunit service, the Lunit product 471 00:24:37.179 --> 00:24:42.179 So Lunit services is kind of AI-based diagnostic tool 472 00:24:42.260 --> 00:24:45.500 that help medical doctors to identify 473 00:24:45.540 --> 00:24:49.059 some kind of disease very quickly and accurately 474 00:24:49.059 --> 00:24:53.140 This is the kind of the Lunit software, 475 00:24:53.140 --> 00:24:54.459 Lunit's core product 476 00:24:55.380 --> 00:24:58.540 So anyway, thanks to the clear value proposition, 477 00:24:58.540 --> 00:25:02.019 so many hospitals globally 478 00:25:02.019 --> 00:25:03.980 already adopted the Lunit software 479 00:25:03.980 --> 00:25:08.739 in order to increase diagnostic accuracies 480 00:25:08.739 --> 00:25:11.500 and decrease the medical cost 481 00:25:11.500 --> 00:25:14.420 and provide some appropriate treatment 482 00:25:14.420 --> 00:25:15.980 for the urgent patient 483 00:25:19.919 --> 00:25:24.919 So let's apply the jobs, pains, gain framework, okay? 484 00:25:25.420 --> 00:25:28.940 What jobs is the consumer trying to get done? 485 00:25:28.940 --> 00:25:30.459 In this case, the job, 486 00:25:30.459 --> 00:25:32.820 and, I'm sorry, in this case, the consumers 487 00:25:32.820 --> 00:25:35.059 Consumers are hospital, 488 00:25:35.059 --> 00:25:36.380 in and out of a country, right? 489 00:25:36.380 --> 00:25:38.859 The global hospital or local hospital 490 00:25:38.859 --> 00:25:41.700 So what jobs the hospital trying to get done? 491 00:25:41.739 --> 00:25:45.189 Hospital tried to 492 00:25:45.189 --> 00:25:47.139 figure it out, 493 00:25:47.139 --> 00:25:49.019 the disease before 494 00:25:49.019 --> 00:25:52.940 So they took some kind of examination 495 00:25:52.940 --> 00:25:57.940 They took a mammography or they take an X-ray for the chest 496 00:25:58.339 --> 00:26:00.380 This is a current job 497 00:26:00.380 --> 00:26:02.779 that the consumers try to get done, right? 498 00:26:03.700 --> 00:26:07.940 This is a diagnostic mammography 499 00:26:07.940 --> 00:26:11.339 for the woman's breast disease 500 00:26:12.179 --> 00:26:16.059 Then what pain point? 501 00:26:16.059 --> 00:26:19.420 What pain point does the product relieve? 502 00:26:19.420 --> 00:26:21.700 So the current hospitals, 503 00:26:21.700 --> 00:26:24.940 current hospitals suffer from existing pain point 504 00:26:24.940 --> 00:26:26.500 what are they? 505 00:26:26.500 --> 00:26:28.779 There are many, many, many pain point 506 00:26:28.779 --> 00:26:30.019 for the hospitals 507 00:26:30.019 --> 00:26:33.019 So for example, diagnostic errors, 508 00:26:33.019 --> 00:26:34.619 there are many diagnostic errors, 509 00:26:34.619 --> 00:26:36.420 and unnecessary tests, 510 00:26:36.420 --> 00:26:40.940 and missing appropriate treatment for the urgent patient 511 00:26:40.940 --> 00:26:43.260 So currently, 512 00:26:44.339 --> 00:26:47.260 the existing hospitals suffer from those kind of, 513 00:26:47.260 --> 00:26:48.100 pain point 514 00:26:48.100 --> 00:26:52.059 when they use the existing product and services, right? 515 00:26:52.059 --> 00:26:56.220 But if they use the Lunit software, 516 00:26:56.220 --> 00:26:58.820 then they can reduce, 517 00:26:58.820 --> 00:27:02.059 significantly reduce the diagnostic errors 518 00:27:02.059 --> 00:27:03.940 and unnecessary tests, 519 00:27:03.940 --> 00:27:07.859 and they significantly provide appropriate treatment 520 00:27:07.859 --> 00:27:10.140 for the urgent patient 521 00:27:10.690 --> 00:27:15.100 So the Lunit software 522 00:27:15.100 --> 00:27:19.859 can help them to eliminate the current pain point 523 00:27:19.859 --> 00:27:21.459 The last one, what gain? 524 00:27:21.459 --> 00:27:24.700 What gain does the consumer get 525 00:27:24.700 --> 00:27:27.540 when they use our Lunit software? 526 00:27:27.540 --> 00:27:30.880 Probably they can get 527 00:27:32.500 --> 00:27:34.220 detection accuracies, 528 00:27:34.220 --> 00:27:36.579 they can get increased detection accuracies, 529 00:27:36.579 --> 00:27:40.179 and then they can get reduced cost, right? 530 00:27:40.179 --> 00:27:42.940 They can reduce the cost, the 40%, do you remember? 531 00:27:42.940 --> 00:27:47.820 And also, they can increase patient experience 532 00:27:47.820 --> 00:27:51.059 They can satisfy the patient, 533 00:27:51.059 --> 00:27:54.019 and then probably later they can attract more patients, 534 00:27:54.019 --> 00:27:55.179 right? 535 00:27:55.179 --> 00:27:59.420 So this is the gain from the usage, 536 00:27:59.420 --> 00:28:01.859 using the Lunit software 537 00:28:01.859 --> 00:28:03.820 This gain is something new 538 00:28:03.820 --> 00:28:07.059 These gains never existed before, right? 539 00:28:07.059 --> 00:28:11.260 So that's why these are all Lunit's value proposition, 540 00:28:11.260 --> 00:28:12.100 right? 541 00:28:12.100 --> 00:28:13.140 So right now, 542 00:28:13.140 --> 00:28:16.380 when we write down the value proposition, 543 00:28:16.380 --> 00:28:19.100 you just focus on the gain, right? 544 00:28:19.100 --> 00:28:23.540 But before you write down the gain clearly, 545 00:28:23.540 --> 00:28:27.019 you need to think about the consumer's jobs 546 00:28:27.019 --> 00:28:29.220 and consumer's current pain point, okay? 547 00:28:29.220 --> 00:28:30.820 These are kind of basic 548 00:28:31.820 --> 00:28:34.380 I want to give you another examples 549 00:28:34.380 --> 00:28:39.059 Again, I asked Chet GPT to draw the situation 550 00:28:39.059 --> 00:28:40.580 Look at the picture 551 00:28:40.580 --> 00:28:42.739 This is Manhattan 552 00:28:42.739 --> 00:28:44.059 And Fulton Street, 553 00:28:44.059 --> 00:28:49.020 I think it's very close to the 9-1-1 zero ground, 554 00:28:49.020 --> 00:28:50.820 maybe Fulton Street 555 00:28:50.820 --> 00:28:54.260 And then, one of the guy, 556 00:28:54.260 --> 00:28:58.739 one guy tried to catch the taxis on the street, 557 00:28:58.979 --> 00:29:02.739 from the Fulton Street, okay? 558 00:29:02.739 --> 00:29:06.059 Then he catch the taxi, 559 00:29:06.059 --> 00:29:08.219 then inside the taxi, 560 00:29:08.219 --> 00:29:11.940 he talk about his destination 561 00:29:11.940 --> 00:29:13.140 the, for example, 562 00:29:13.140 --> 00:29:17.419 I want to go the Empire State Building, okay? 563 00:29:17.419 --> 00:29:21.380 From the Fulton Street to the Empire State Building, 564 00:29:21.380 --> 00:29:23.140 it will take, I don't know, 565 00:29:23.140 --> 00:29:25.739 it will take 10 minutes, okay? 566 00:29:25.739 --> 00:29:29.859 So anyway, he discussed about his destination 567 00:29:29.859 --> 00:29:32.250 with the taxi drivers 568 00:29:32.700 --> 00:29:37.460 Then later, he pay with his credit card, 569 00:29:37.460 --> 00:29:40.659 when he arrived 570 00:29:40.659 --> 00:29:42.099 Empire State Building 571 00:29:42.099 --> 00:29:44.659 So this is the process, 572 00:29:44.659 --> 00:29:46.260 how we catch a taxi, 573 00:29:46.260 --> 00:29:48.859 how we use the taxi services 574 00:29:48.859 --> 00:29:50.859 It looks everything fine 575 00:29:50.859 --> 00:29:56.459 and work smoothly goes, 576 00:29:57.340 --> 00:29:59.380 but think about it 577 00:29:59.380 --> 00:30:02.460 When you try to catch a taxis, 578 00:30:02.460 --> 00:30:06.099 then there could be some pain point 579 00:30:06.099 --> 00:30:07.539 What would be the pain point? 580 00:30:08.580 --> 00:30:09.820 Look at the picture 581 00:30:09.820 --> 00:30:13.219 Many times you miss the taxis, 582 00:30:13.219 --> 00:30:17.539 then the taxis already the booked 583 00:30:17.539 --> 00:30:19.460 There's no available taxis 584 00:30:19.460 --> 00:30:22.340 So you don't know how long should we wait 585 00:30:22.340 --> 00:30:23.700 for the available taxis 586 00:30:23.700 --> 00:30:26.500 You don't know, uncertain situation 587 00:30:26.500 --> 00:30:28.739 Think of you have an urgent meeting 588 00:30:28.739 --> 00:30:30.299 at Empire State Building 589 00:30:30.299 --> 00:30:33.539 and you are already behind the time 590 00:30:33.539 --> 00:30:38.419 Then, it is just kind of embarrassing, right? 591 00:30:38.419 --> 00:30:42.179 And second picture illustrated some kind of conflict 592 00:30:42.179 --> 00:30:44.820 between you and the taxi drivers 593 00:30:44.820 --> 00:30:47.260 Sometimes you cannot communicate very well 594 00:30:47.260 --> 00:30:49.059 with the taxi drivers 595 00:30:49.419 --> 00:30:51.140 There are many reasons to think about 596 00:30:51.140 --> 00:30:53.340 You cannot speak English properly 597 00:30:53.340 --> 00:30:55.979 and taxi drivers cannot speak English properly 598 00:30:55.979 --> 00:30:59.179 and you cannot explain your destination properly 599 00:30:59.179 --> 00:31:02.539 and taxi drivers cannot understand where you are going 600 00:31:02.539 --> 00:31:05.099 And also there is some kind of conflict, 601 00:31:05.099 --> 00:31:07.020 the kind of noise, smell 602 00:31:07.020 --> 00:31:09.380 and you just complain about the noise, 603 00:31:09.380 --> 00:31:11.179 complain about the smell 604 00:31:11.179 --> 00:31:14.780 and the taxi drivers argue about these issues 605 00:31:14.780 --> 00:31:17.580 So anyways, there could be conflict 606 00:31:17.580 --> 00:31:19.380 And the last pictures, 607 00:31:19.380 --> 00:31:23.580 the last pictures illustrate the moment, 608 00:31:23.580 --> 00:31:25.700 when you find out no cashes, 609 00:31:25.700 --> 00:31:28.500 no credit card 610 00:31:28.500 --> 00:31:32.750 when you try to pay the taxi fee 611 00:31:33.299 --> 00:31:36.260 In this case, you know, we don't know what to do 612 00:31:36.260 --> 00:31:39.219 You left your credit card at home 613 00:31:39.219 --> 00:31:41.900 and you left your cash at home 614 00:31:41.900 --> 00:31:44.179 Then, you know, what should we do in this case? 615 00:31:44.179 --> 00:31:46.059 So taxi drivers will be upset 616 00:31:46.059 --> 00:31:48.940 and you feel embarrassed 617 00:31:48.940 --> 00:31:50.099 What should we do? 618 00:31:50.099 --> 00:31:54.619 So they are all pain point when you use the taxi service 619 00:31:54.619 --> 00:31:56.979 So that's why one of the company, 620 00:31:56.979 --> 00:32:00.340 Initiated the new types of service 621 00:32:00.340 --> 00:32:01.979 This is Uber 622 00:32:01.979 --> 00:32:06.780 As you already knew, the Uber started application 623 00:32:06.780 --> 00:32:09.859 and the passenger, I mean, the passengers, 624 00:32:09.859 --> 00:32:12.260 passengers just enter their destination 625 00:32:12.260 --> 00:32:14.859 into the application before they use 626 00:32:14.859 --> 00:32:17.700 And then the application ask you where to go 627 00:32:17.700 --> 00:32:20.820 Then you just check out your destination 628 00:32:20.820 --> 00:32:24.940 Then, you just wait for the taxis 629 00:32:24.940 --> 00:32:28.219 So the second step is the nearby taxi drivers 630 00:32:28.219 --> 00:32:32.020 will accept the passengers request 631 00:32:32.020 --> 00:32:34.920 Then the rider, I mean, 632 00:32:34.920 --> 00:32:37.620 the passengers automatically notice 633 00:32:37.780 --> 00:32:41.099 as the drivers, they get close 634 00:32:41.099 --> 00:32:44.219 You can see, you can see how close your drivers, 635 00:32:44.219 --> 00:32:46.619 how close your drivers is approaching 636 00:32:46.619 --> 00:32:49.419 It's kind of a visual 637 00:32:49.419 --> 00:32:53.219 It's a great visualization 638 00:32:53.219 --> 00:32:57.460 Then you can meet and taxi drivers meet together 639 00:32:57.460 --> 00:33:01.859 and the drivers and passengers verify each other's name 640 00:33:01.859 --> 00:33:03.099 and the destination 641 00:33:03.099 --> 00:33:05.619 Hey, Mr. Bae, hey, Mrs. Kim, 642 00:33:05.619 --> 00:33:07.659 you are going to Empire State Building 643 00:33:07.659 --> 00:33:08.820 Yes, I'm Bae 644 00:33:08.820 --> 00:33:10.900 Yes, I'm Kim, something like that 645 00:33:10.900 --> 00:33:13.260 Then the drivers started ride 646 00:33:13.260 --> 00:33:17.500 Then the application gives the drivers the option 647 00:33:17.500 --> 00:33:20.500 to access the turn by the turn direction, 648 00:33:20.500 --> 00:33:21.340 something like that 649 00:33:21.340 --> 00:33:25.299 Then later at the end of the trip, 650 00:33:25.299 --> 00:33:29.260 drivers and the passengers can rate each other 651 00:33:29.260 --> 00:33:30.979 You can, you can see the last picture 652 00:33:30.979 --> 00:33:32.099 you can 653 00:33:32.099 --> 00:33:35.340 you can give it to some stars out of five stars 654 00:33:35.340 --> 00:33:39.099 If you are satisfied with the current service, 655 00:33:39.099 --> 00:33:42.539 then you can just provide five star out of five 656 00:33:42.539 --> 00:33:44.820 To the particular drivers 657 00:33:44.820 --> 00:33:47.299 By doing so, 658 00:33:47.299 --> 00:33:52.299 you feel that you control for the quality of the drivers 659 00:33:52.659 --> 00:33:55.260 So this is Uber 660 00:33:55.260 --> 00:33:59.500 Let's apply the jobs, pains, gains framework 661 00:33:59.500 --> 00:34:01.979 to the Ubers in order to understand 662 00:34:01.979 --> 00:34:05.380 the value proposition of Ubers 663 00:34:06.080 --> 00:34:09.299 So jobs for the consumers 664 00:34:09.299 --> 00:34:11.419 Why consumer use taxi service? 665 00:34:11.419 --> 00:34:15.219 Because consumers want to get their destination 666 00:34:15.219 --> 00:34:16.380 very fast, conveniently 667 00:34:16.380 --> 00:34:19.580 Getting from the point A to point B, that's it 668 00:34:19.580 --> 00:34:21.219 It's a kind of a transportation 669 00:34:22.219 --> 00:34:24.820 And what is the current pain point, 670 00:34:24.820 --> 00:34:27.140 current pain point that they experience? 671 00:34:27.140 --> 00:34:29.580 And what is the pain point to be solved 672 00:34:29.580 --> 00:34:31.780 from the Uber services? 673 00:34:31.780 --> 00:34:34.299 So when we catch the taxis, 674 00:34:34.299 --> 00:34:37.500 and again, there is an uncertain taxi availability 675 00:34:37.500 --> 00:34:40.380 We don't know which taxis is available 676 00:34:40.380 --> 00:34:44.140 And how long should we wait 677 00:34:44.140 --> 00:34:45.099 for the available taxi? 678 00:34:45.099 --> 00:34:45.940 We don't know 679 00:34:45.940 --> 00:34:49.539 And also the price, sometimes the price is not clear 680 00:34:49.539 --> 00:34:53.380 I think it is just, it is at best, 681 00:34:53.380 --> 00:34:56.940 at best just $20 from Fulton Street 682 00:34:56.940 --> 00:34:59.219 to Empire State Building 683 00:34:59.219 --> 00:35:04.219 But sometimes the taxi drivers ask you just $40 or $50 684 00:35:04.219 --> 00:35:07.619 Wow, there is unclear, right, unclear pricing 685 00:35:07.619 --> 00:35:11.140 So you are not satisfied with this unclear pricing 686 00:35:11.140 --> 00:35:13.500 And what about the payment situation? 687 00:35:13.500 --> 00:35:17.539 You left out your credit card, your cashes, 688 00:35:17.539 --> 00:35:20.539 and you don't have anything to pay right now 689 00:35:20.539 --> 00:35:22.739 So it is a problem 690 00:35:22.739 --> 00:35:25.659 So if you use Uber, then you don't have to worry 691 00:35:25.659 --> 00:35:27.219 about those kind of pain point 692 00:35:27.219 --> 00:35:30.059 because pain point already solved, 693 00:35:30.059 --> 00:35:35.059 or pain point already decreased significantly 694 00:35:35.619 --> 00:35:37.979 And the last one, what is the new gain? 695 00:35:37.979 --> 00:35:41.460 What is the new gain to be created by the Uber services? 696 00:35:41.460 --> 00:35:44.099 Convenience, of course, yes, convenience 697 00:35:44.099 --> 00:35:47.260 These types of gain didn't exist 698 00:35:47.260 --> 00:35:50.700 because on-demand, on-demand taxi service 699 00:35:50.700 --> 00:35:52.179 never existed before 700 00:35:52.179 --> 00:35:55.979 And also cashless payment never existed before 701 00:35:55.979 --> 00:35:58.729 And also you can use the Uber 702 00:35:58.729 --> 00:36:01.279 application at night, 703 00:36:01.619 --> 00:36:06.020 and on the weekend, 24, seven days 704 00:36:06.020 --> 00:36:07.539 Wow, it is very convenient 705 00:36:07.539 --> 00:36:09.820 These types of convenience never existed before 706 00:36:09.820 --> 00:36:12.219 It is kind of a newly developed gain, 707 00:36:12.219 --> 00:36:13.700 newly developed value 708 00:36:13.700 --> 00:36:15.340 And what about speed, the timing? 709 00:36:15.340 --> 00:36:18.580 Yes, timing good, and I can expect 710 00:36:18.580 --> 00:36:21.859 when the Uber taxi is approaching, 711 00:36:21.859 --> 00:36:24.020 one minute or two minute later, right? 712 00:36:24.020 --> 00:36:28.380 These types of value never existed before 713 00:36:28.380 --> 00:36:30.219 And what about controllability? 714 00:36:30.219 --> 00:36:32.900 You can control the quality 715 00:36:32.900 --> 00:36:34.859 You can control the quality 716 00:36:34.859 --> 00:36:38.940 by putting the star to your drivers 717 00:36:38.940 --> 00:36:42.460 And also the application show you everything 718 00:36:42.460 --> 00:36:45.539 So high level of visibility 719 00:36:45.539 --> 00:36:48.580 So the controllability, high level of visibility, 720 00:36:48.580 --> 00:36:51.500 those types of value never existed before 721 00:36:51.500 --> 00:36:54.780 So we can understand what is the gain 722 00:36:54.780 --> 00:36:57.340 to be created by the Uber service 723 00:36:57.340 --> 00:36:59.619 Convenience, speed, timing, 724 00:36:59.619 --> 00:37:02.979 and controllability, and the visibility 725 00:37:02.979 --> 00:37:07.180 So now you understand what is the true value proposition 726 00:37:07.180 --> 00:37:08.140 of the Uber