Harvard Case - Mylestone: Can Multiple Pivots Preserve the Life of a Death Tech Startup?
"Mylestone: Can Multiple Pivots Preserve the Life of a Death Tech Startup?" Harvard business case study is written by Shikhar Ghosh, Marilyn Morgan Westner. It deals with the challenges in the field of Entrepreneurship. The case study is 18 page(s) long and it was first published on : Aug 12, 2021
At Fern Fort University, we recommend that Mylestone pivot to a B2B model focusing on providing its AI-powered death care planning platform to funeral homes and hospices. This strategy leverages Mylestone's existing technology and expertise, addresses a clear market need, and provides a sustainable path to profitability. This pivot will require a shift in marketing efforts, partnerships with key industry players, and a focus on building a robust platform with features tailored to the needs of funeral homes and hospices.
2. Background
Mylestone, a death tech startup, faced significant challenges despite its innovative platform designed to help individuals plan for their end-of-life. The company?s initial B2C model struggled to gain traction due to cultural sensitivities surrounding death and the lack of awareness about the platform?s value proposition. Despite pivoting to a B2B model focusing on funeral homes, Mylestone continued to face financial difficulties.
The case study?s main protagonists are:
- Alexia Jones: Founder and CEO of Mylestone, a passionate advocate for death tech and the company?s success.
- Mark Johnson: Chief Technology Officer, responsible for the development and maintenance of Mylestone?s platform.
- Sarah Lee: Head of Marketing, tasked with attracting customers and building brand awareness.
3. Analysis of the Case Study
Mylestone?s initial B2C model failed due to a lack of product-market fit. While the platform offered a valuable service, it faced significant challenges in reaching its target audience. The cultural sensitivity surrounding death and the lack of awareness about end-of-life planning created a barrier to adoption.
The company?s pivot to a B2B model targeting funeral homes was a promising step. This shift addressed the market?s need for a streamlined and efficient way to manage end-of-life planning for their clients. However, Mylestone?s platform lacked features specifically tailored to the needs of funeral homes and hospices, hindering its adoption.
A SWOT analysis reveals the following:
Strengths:
- Innovative Technology: Mylestone?s platform leverages AI and data analytics to provide a unique and valuable service.
- Experienced Team: The company has a strong team with expertise in technology, marketing, and death care.
- Existing Platform: Mylestone has a functional platform that can be adapted to meet the needs of funeral homes and hospices.
Weaknesses:
- Lack of Market Awareness: The B2C model struggled to gain traction due to limited awareness and cultural sensitivities.
- Limited B2B Features: The platform lacks features specifically designed for funeral homes and hospices.
- Financial Challenges: Mylestone faces ongoing financial difficulties.
Opportunities:
- Growing Death Tech Market: The death tech market is experiencing significant growth as the population ages.
- B2B Market Potential: Funeral homes and hospices represent a large and underserved market.
- Partnerships: Collaborating with key industry players can accelerate market penetration.
Threats:
- Competition: Existing players in the death care industry may offer similar services.
- Regulatory Changes: Changes in regulations could impact the death tech industry.
- Economic Downturn: Economic instability could negatively impact customer spending.
4. Recommendations
Mylestone should implement the following recommendations:
- Pivot to a B2B Model: Focus on providing its AI-powered platform to funeral homes and hospices. This strategy leverages Mylestone?s existing technology and expertise, addresses a clear market need, and provides a sustainable path to profitability.
- Develop B2B-Specific Features: Enhance the platform with features tailored to the needs of funeral homes and hospices, such as:
- Client Management: Streamline client onboarding, communication, and document management.
- Pre-Need Planning: Facilitate pre-need planning services for funeral homes and their clients.
- Data Analytics: Provide insights into client preferences and trends to improve service offerings.
- Strategic Partnerships: Collaborate with key industry players, such as funeral home associations and hospice providers, to gain access to a wider audience and build brand awareness.
- Targeted Marketing: Implement a focused marketing strategy targeting funeral homes and hospices, utilizing industry publications, events, and online platforms.
- Fundraising: Secure additional funding to support platform development, marketing efforts, and business expansion.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Mylestone?s core competency lies in its AI-powered platform and its ability to leverage technology to improve end-of-life planning.
- External Customers: Funeral homes and hospices represent a large and underserved market with a clear need for efficient and streamlined end-of-life planning solutions.
- Competitors: While there are existing players in the death care industry, Mylestone?s AI-powered platform offers a unique and valuable proposition.
- Attractiveness: The B2B model offers a more sustainable path to profitability, with potential for significant market share and revenue growth.
6. Conclusion
Mylestone?s journey highlights the challenges and opportunities faced by death tech startups. By pivoting to a B2B model, focusing on developing B2B-specific features, and building strategic partnerships, Mylestone can overcome its current challenges and achieve sustainable growth. This strategy leverages the company?s existing technology and expertise, addresses a clear market need, and positions Mylestone as a leader in the evolving death tech industry.
7. Discussion
Other alternatives not selected include:
- Continuing the B2C model: This option would require significant investment in marketing and brand awareness to overcome the cultural barriers and lack of awareness surrounding death planning.
- Acquiring a competitor: This option would require significant capital and could pose integration challenges.
The recommendations are based on the assumption that Mylestone can successfully adapt its platform to meet the specific needs of funeral homes and hospices and build strong partnerships with key industry players. The risk of this strategy includes the possibility of facing strong competition from established players in the death care industry.
8. Next Steps
To implement the recommendations, Mylestone should take the following steps:
- Develop a detailed business plan: Outline the B2B strategy, target market, key features, marketing plan, and financial projections.
- Secure funding: Seek additional funding to support platform development, marketing efforts, and business expansion.
- Build a strong team: Hire experienced professionals with expertise in B2B sales, marketing, and death care.
- Develop B2B-specific features: Prioritize the development of features tailored to the needs of funeral homes and hospices.
- Establish strategic partnerships: Collaborate with key industry players to gain access to a wider audience and build brand awareness.
- Launch marketing campaign: Implement a focused marketing strategy targeting funeral homes and hospices.
By taking these steps, Mylestone can successfully pivot to a B2B model, achieve sustainable growth, and become a leader in the death tech industry.
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Case Description
Dave Balter and Jim Myers co-founded Mylestone, a death tech startup that applied technology to transform how grieving people memorialize the dead. The startup addressed a cultural problem and promised to solve a pressing need in the antiquated, multi-billion dollar death industry. But despite a well-defined market and positive response to the idea, Mylestone made little headway in the funeral industry during its first eighteen months. In response to a series of obstacles, the company made a number of pivots. All startups pivot. But recent changes felt more fundamental. The company had moved away from its initial purpose, business model, and early team. Now, user demand suggested the startup should pivot again, away from death tech to produce custom photo books. The company had pivoted so much already that it barely resembled the venture they founded. Had they pivoted to an entirely new business? With each major change, the passion both founders felt when they started Mylestone waned. Did they want to continue leading the company in the new direction? Balter believed that the new direction would limit the startup's growth capacity and, to complicate matters further, Balter and Myers recently discovered a mutual interest in cryptocurrency. They started a side project in crypto trading that showed signs of taking off in a way Mylestone never would. If they harbored doubts about Mylestone, should they inform investors, close the company, and focus their energy on founding a venture based on their side project? What legal and ethical obligations did they have to Mylestone's investors and employees?
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