Teslasuit is the world’s first full-body haptic feedback, motion capture, thermo-controlled suit.
During the first stage of the prototype development, the company behind Teslasuit, Tesla Studios, aimed to quickly define a niche positioning and become the monopolist in the expanding haptic-response market for the VR industry. Additionally, they were looking to raise a multi-million dollar seed investment round to support fast scale up and market entry.
The client’s team was facing the following challenges:
Find an optimal product design and features prioritisation
Close investment deals under tight timelines
Align the startup resources with investors’ expectations
Plan operational budget
Skein conducted market and user feedback research, built financial projections and evaluated the impact of various scenarios on customer adoption and business success.
Research and analytics
First, we gathered information about the founders’ business goals and discussed various scenarios for growth. At the next stage, Skein applied proprietary information-gathering tools to model customer demand, current and future competitor trends and external economic factors.
Product positioning research helped uncovering user preferences and clarify the product-market fit.
Project planning: financials and user demand
At the next stage, we built a mathematical model and dashboards, and implemented the visual modelling to gauge the possible threats and opportunities. Skein also provided the client team decision-making tools, as well as created product data analytics ecosystem for investors.
Financial projections covered:
Scenarios and economic assumptions model
Five-year financial projections
Five-year monthly Profits & Loss plan
User adoption scenarios: company development and growth models based on given assumptions, such as fundraising milestones, marketing investments, conversion rates
Sensitivity analysis: evaluated what variables have the biggest impact on startup financial model
Cash flow analysis
Investor-ready investment plan
At this stage we worked closely with the client to present the market opportunity to the investor and negotiate terms. This included:
User testing results
Market research: defining market potential and user demand
Key industry trends and indicators
Factors that impact demand growth and estimates
Product summary, financials summary
Plan and milestones
Custom design for investment summary
Tools and methods
MS Excel custom macros
Market insights from analysts
Social network data analysis
Tesla Studios has secured an investment from a wide range of investors, crowdfunding and grants and is successfully growing the company.