SOPet Weekly report (Sem 2/21)

Individual journey — Wachirawit Siridachanon

Best, Wachirawit Siridachanon 6258064556

Chief Financial Officer

By the end of the semester 2/2021, our group expects to set the goal as follows:

• Start expanding the service to create an ecosystem for pets such as pet mall
• Partner with other clinics, hospitals, and other services to make our services well-known
• Generate more revenue and profit by expanding services and increasing basket sizes using marketing strategies
• Fully develop and pre-launch some basic features on an application

Week 1 (17–23 Jan 2022)

This week we had a chance to set a meeting to discuss many topics such as our milestone of this semester, mentor selection, project funding, a presentation proposal to VBC kit tech, and other technical aspects with programmers.

Moreover, we have representatives (Chawin and Napat) who go for presenting our business and ask for funding from investors that we proposed around 7.2 million baht with 3 new services proposing including pet mall, CIS software, and advertisements that we will include in our platform.

Week 2 (24–30 Jan 2022)

This week we have been assigned our new mentor, P’ Tim, head of UTC. We are glad to have him as a mentor to guide our business and aid us reach the accomplishment as a platform for pet by the end of this year.

Moreover, we set a meeting to present our new concept “Petmall” to executives of VBC Kit Tech including the offer, commission, and what our services aim to boost their sales. For now, we agree to charge them 10% per transaction. However, we need to discuss with them further in order to gain more insights and perceive their preferences.

Also, this week we set a meeting to update the current progress along with discussing the topic.

Week 3 (31 Jan -6 Feb 2022)

This week at the beginning of February, we have discussed the duties that we further separated into different departments and set a meeting to clarify the deadline and tasks that require collaboration among departments. For my part, I am responsible for calculating the cost and revenue projection of Petmall by collecting data from other departments such as marketing, development, and partnership.

Moreover, this week is the first time that we had a chance to meet our mentor, P’Tim, and discuss the milestone, expectations, and introduction of both the business plan and our team members. After talking with P’Tim, we perceived an interesting background of P’Tim who works in startup fields like AI, MedTech, and InnoTech. He assisted us by offering cloud credit for our team. Due to his proficiency in artificial intelligence and smart symptoms system of human health, we quite ensure that our plan to do a prototype of the AI smart symptoms at the end of the semester can be achieved. Also, before ending the meeting P’Tim gave us homework to think about what we expect from him so, he can help us reach our accomplishment by focusing on the significant tasks only.

For the finance department, to conclude the financial summary of January, it can be summed up that it was an upward trend as compared with last month. The number of customers increased by 19% which was a good sign of an increasing number of customers after partnering with LivingOS. As for the following month, we expect that this trend is going to increase and enable us to have a higher number of customers reaching 5,000 people at the end of this year.

Week 4 (7–13 Feb 2022)

This week we have done much work related to the pet mall project and set the meeting to update the progress of each department. For my part, I come up with a projection of the cost and revenue of pet malls by collecting data from the marketing department and programmers. It can be summarized that during phase 1 between May-Dec 2022, an estimation of cost and revenue is around 570,000 baht and 900,000 baht respectively. However, this calculation is not completed yet since it does not include a calculation of an unexpected situation such as delivery costs that we have to spend when we go pick up the products.

Week 5 (14–20 Feb 2022)

This week we set a meeting to update our progress with P’Ronnie on Monday and ask P’Ronnie to check the splint framework that P’Tan assigned us in the previous week. We show the Airtable to P’Ronnie and gain a lot of insightful feedback. Moreover, I prepared some calculations based on the cost and revenue projection of our business in 2023–2024 in three conditions: best, average, and worst cases for a presentation session on Wednesday that Chawin and Jaguar as representatives of our firm have a chance to pitch to investors, and eventually, we received an offer of an 8% share with an exchange of 4 million baht which leads our firm to reach 50 million baht in valuation.

Week 6 (21–27 Feb 2022)

Continue from last week, that P’Tim assigned us a task to do the value proposition canvas and complete the splint, he gave us advice that we should be more specific on the VP canvas, and for the splint, he suggested we correct it since it might not be related to our business as much.

For my department, I collaboratively worked with the relationship and partnership department in order to create the projection of salary expenses when we want to recruit more workers in the company.

Week 7 (28 Feb -6 Mar 2022)

This week we continue finding the salary for our new workers and updated it on during the meeting. I also suggested everyone hire a vet from the vet council to be our advisor. To ensure that our services and plan that we are going to do are legal. As I researched, I found that an average salary for an advisor of the board committee in the vet industry is around 70k per month. I already proposed this option in the meeting and no against occurred during the meeting.

Moreover, our team decided to join the competition that was created by the Stanford X AIS competition. And now we are waiting for the staff to contact us.

Week 8 (7–13 Mar 2022)

For this week, the finances start contacting the accounting company to aid me on the budget report to the DBD. And now is in the process to find a company that has a reasonable price of service.

Moreover, we set a meeting to discuss and update tasks in our team. I informed everyone of the admin salary that co-founders have to pay to Chawin. I already divided an expense based on the shares that everyone poss. Also, there was an announcement from the COO that every department should make an appointment with the COO at least 1 time per week to update the current tasks.

Week 9 (14–20 Mar 2022)

We completed the sprint of each task and included it in a google doc already. However, due to the unavailable time of our mentor, we decided to update our current progress via text instead. For this week, we already completed sprint number 1 including user flow and wireframe, decision tree contract with the vet, decision tree of the prototype, and decision tree of the first condition, vomit.

For this half month, we experienced a 20 percent increase in the total number of paid customers. This is a good sign after a 5–10% sales drop a few months ago. Also, we have already started collecting the slips of transferring during November and December 2021 to send to the revenue department by the end of this month for the examination of the revenue in 2021 after registering the company. Another task that the finance team did is analyze the transactions of each month to send the summary to the investor.

Week 10 (21–27 Mar 2022)

On Wednesday, we set a meeting with P’Tim to update the progress of sprints 1 and 2 and also inform him of challenges that we were facing right now namely the unfinished work of programmers because they have to wait for the UX/UI design and the decision tree from the vet that might be a bit delay since the vet is not available. Moreover, for this week’s task, P’Tim suggested we adjust something from our sprint since it was a bit unorganized. He assigned us to edit the due date of every sprint and teach us the right way to set the due date avoiding miscommunication among the team by letting us reorder the tasks from the first list that we have to complete to the last. Also, note into the sprint when faced with challenges to let other teammates take a look and understand the current situation of each department.

Furthermore, P’Tim recommended that we should let the sprint manager (Jaguar) check and approve the adjustment of the sprint version since Jaguar had another meeting and not be able to attend this meeting.

For the competition, we have a chance to apply for the Jump BootCamp created by the AIS x Stanford competition and were selected to go to the next round and get training 3 hours per week.

And I also help the UX/UI team to create a survey asking others related to the design of pet applications. I do post the survey on my Instagram and the result is quite interesting. It turns out that the number 5 is the most popular based on the respondents collected from my followers.

Week 11 (28 March -3 April 2022)

This week our vet completed the two decision trees which are vomit symptoms and diarrhea symptoms in dogs and we do some updates on the sprint after discussing with the sprint manager (Jaguar).

I was assigned by the sprint manager to aid Emiri (the marketing team) to find the interesting advertisement that can promote our service (AI Smart Symptom) and come up with an estimation of how much it cost for each advertisement. I did some research and gather all information in the excel file attached below.

Moreover, we have good news that we have a partnership with VBC Kit Tech Company” of the “CU Vet Enterprise” they have finally contacted us in Reply to our contract proposal.

Week 12 (4–10 April 2022)

For this week, my department has gathered all financial proofs between November and December 2021 to send to the revenue department to inform the annual revenue in 2021 after registering the company. It is tough work I would say since I have to go through almost 300 details of the customers and check the correctness of the slip and compare it to the database.

Also, for the mentoring session, the team has updated the new version of the sprint plan and what we have done during the week to him. He has checked and given suggestions for each team as well as assigned tasks for us to work on and update him during the next mentoring session.

Week 13 (11–17 April 2022)

This is Songkran Week so, we decided to cease all meetings, but I do continue gathering all financial proof to send to the accounting firm to send for approval to the revenue department.

Week 14 (18–24 April 2022)

This week we did a search to find a potential partnership, but unfortunately, it was harder than we expected due to many reasons; for instance, the high cost of goods, the logistics issues and etc. However, eventually, we got good news from being a partner with the vet in our system clinics to send the supplies for our pet mall including drugs, shampoo, and other pet products. Actually, for now, we utilize this vet’s stock in her clinic as the supplier to send the pet products to the customers and then we will transfer the medical fees back to her with the salary each a half month.

For my department, I was assigned to work with the partnership team and the vet and customer relations department to calculate the cost of goods sold and estimate the profit of the products. Kul as the head of vet and customer relations did some tables to provide information related to the list of the products and price comparison with the market price for leading us on the right way of price setting in our pet mall.