Minutes

October 6^th 2011

Mido first advisory board meeting

• Meeting called by mido.Inc
• Type of meeting : Advisory board meeting
• Purpose of the meeting: Meeting advisory board and introducing the mido venture
• Facilitator: Peter Njongwe
• Note Taker: Coleton Thielman
• Attendees: Ron Patrick, Patrick Lor, Coleton Thielman, Chelsey Patrick, Adrian Bautista and Peter Njongwe

AGENDA

1. Introduction of the entrepreneurship program and class description(10:00am)
2. Peter talked about the program which and the class. The class is called modelling and start up a month course in the Entrepreneurship program. He also went through the agenda of the meeting.
4. Basic idea: Overview of mido(10:06am)
5. History of mido: Peter talked about the origins of mido which came as a result of him getting coupons via mail and email that did not meet his needs or wants. The big push to the idea was when we won an innovation tournament in Calgary called start up weekend. He also mentioned mido pivoted once more from a website focusing on all deals to a niche market focusing on just ethical deals

What is mido:mido is your one stop website where you can find all ethical deals online and

filter these deals based on your wants,interest, location etc

1. Meet the team:Description of Team member and roles.(10:13am)

Peter Njongwe: Is the chief executive officer(CEO) of the organization and in charge of

the direction and management of the organization. He will also be in charge of product

development, design and other technical aspects of mido

Chelsey Patrick: Is the chief administrative officer(CAO) and is responsible for the daily

operations of mido. Such as ensuring targets are being met, identifying potential target

markets etc

Adrian Bautista: Is the chief marketing officer and is primarily responsible for customer

acquisition and developing marketing strategies.

Coleton Thielman: Is the chief operating officer(COO) and is in charge of talking to key

suppliers such as the coupon sites, retailers or wholesalers.

1. Meet the Advisers.(10:16am)
2. Ron Patrick: Business owner for over 20 years and currently with smart homes technologies in Calgary.
3. Business Model (10:18 am)
4. Peter went through the mido business model canvas and here is a rundown of what he said. He also mentioned this model was still a little rough and adjustments and changes will be made as we move forward.
5. Key Partners:

• coupon sites (groupon, etc.)
• retailers who are offering their services
• wholesalers (sell things as wholesale price)

Key Activities:

• distribution channels: website, facebook, mobile phone apps, etc.
• personal profile so that the coupons are specified to your wants (filtering system)

Value Proposition:

• Getting the user ethical coupons for things they want through our unique filtering system.

Customer Relations:

• By filling out the profile preference survey, people feel like you are customizing the coupons for their specific needs
• we give our customers consistent deals to their needs, and pay attention to their feedback
• **potential to offer incentive for filling out feedback surveys (ex 10% off extra)**

Customers:

• Ethical concerned customers for example eco-friendly groups, organic food groups etc in Calgary. Ron expressed concern that we may be limiting ourselves by going niche and that our competitors could easily implement what we are doing and gain greater market share.
• Adrian responded by saying going niche makes it more feasible and gives us a better opportunity to create a community amongst our customers. Peter agreed and they both said successful companies such as facebook, lulu-lemon,Apple started out by going niche and created evangelist out of their products.
• Chelsey also emphasized that since we planned on making the deal exclusive to people in ethical groups such as Eco-friendly groups people who will not have access to the website will want to get on it because of the exclusivity. She and Coleton also noted that targeting a niche market fits well within the class and our group as it will reduce our marketing cost and allow u to better target the needs of our niche market.
• Peter finally noted that this was something the team was still debating and will get a much clearer sense of what direction we will follow after doing market research and testing our hypothesis at the end of the week.

Costs:

• Servers
• Marketing: This will could be the biggest cost especially customer discussion

Competitors

• Ron wondered if anyone was doing what we planned on doing and who some of our competitors were.
• Peter listed some of the competitors which include redflagdeals.com, yipit.com, coupons.com and a few more. He listed some of our key resources below.

At 10:30 am Patrick Lor came in and greeted everyone in the room.

Key Resource:

• personal profiling
• bunch of different sites collaborated into one site
• Creating a community amongst ethical buyers

Revenue:

• revenue stream: 30% deal sites, percentage of revenue divided among other distribution channels. There are other revenue streams such as getting retailers who sell ethical goods to pay a fee to place their products on our site
• Peter noted that we still have a lot of work to do in order to determine our revenue stream and we will come back with a more concrete revenue stream at our next meeting.

1. 10:35: Patrick asked Peter what Groupon's biggest asset was to which Peter replied first mover advantage and marketing. Patrick responded by saying that was wrong. He once more asked and Adrian noted the database of customers was Groupon' s strongest asset. Patrick agreed with Adrian saying customer acquisition had to be our number one priority and we had to come up with a model that made customer acquisition least expensive. He noted advertising was most expensive, and word of mouth or generating a buzz was least expensive
3. Advisers commitment,involvement and mido's expectations of advisers:(10:45am)
4. Peter talked about what was expected of the advisers which will be to challenge us, give us feed back on things we are planning to do and assist us with their expertise and knowledge.
5. He also noted that other meetings do not have to be formal and we could probably meet using technology tools such as skype, email etc.
7. Thanks and feedback(10:45 am)
8. Peter then thanked the advisers for coming to the meeting and opened the floor for feedback
9. Ron said we had a great concept and he never shopped for coupons due to coupon overload; however if we personalized the coupon process that will be fantastic. He also noted that the filtering process is our key selling point. He also wondered how long the class was and if we planned on pursuing the idea in real life.
10. Peter answered ye we planned on pursuing the idea and see where it leads us to.
11. Patrick said getting customers should be our number one priority and once we have that everything will fall into place.
12. The meeting officially ended at 11:50am