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Zoom

Zoom Meeting ID: 939 8399 1106

Passcode: 390301

Zoom link: https://tufts.zoom.us/j/93983991106?pwd=ELWdciLBwkcU1IS1g6sbPTvIScaLcH.1

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1. Structured networking and team formation.

You will undergo a few rounds of structured networking where we will set up areas for people to congregate and discuss different types of small businesses. We will then ask you to form teams of no more than 6 people. Once you form teams, please enter your team information into the master team roster.

2. Brainstorm with AI to select and define the problem.

Use this example prompt as a template to write your own warmup prompt for the LLM of your choice to help you ideate.

Act as a startup consultant for a passionate Asian home cook who has extensive experience preparing authentic Asian main dishes, desserts, and snacks. The cook is interested in starting a small food business targeting busy urban professionals who feel uninspired by typical fast-casual lunch and snack options.

Suggest at least five food business concepts or product/service formats that would allow her to introduce authentic Asian flavors in a way that fits professional schedules (e.g. bento boxes, ready-to-heat meals, pop-ups, catering).

For each concept, briefly describe the business model, how it could be tested and launched with limited startup capital, and what makes it stand out versus current offerings. Highlight ideas that leverage the cook’s strengths and would appeal to professionals seeking variety and convenience.

Build upon the ideas returned by AI, continue to iterate, and pick 1 idea to proceed with.

3. Understand the market and customer

Size the market

With the idea you chose from Step 2, use the following example prompt as a template to get a sense of the market size and opportunity, and get help segmenting the market and picking a starting point.

Help me analyze and select a target market for my new Asian-inspired food business concept (describe your chosen concept in one sentence here).

First, describe the broad overall target market for this type of food business in a city like Boston, considering professionals who might buy authentic Asian food for lunch or snacks. Next, break down this broad market into 3-5 meaningful customer segments based on factors such as demographics, dietary preferences, office location, profession, or meal-buying habits.

For each segment, estimate the size using available public data (e.g., number of downtown workers, percent interested in international cuisine, etc.) and explain any assumptions.

For the segment you recommend as the ‘beachhead’—where it will be easiest to get early traction—explain why it’s the best starting point and provide more detail on its estimated size, key needs, and how best to reach them. Provide your sources or reasoning for any data cited.”

Discuss with your team and finalize the segmentation and beachhead market selection.

Develop hypothetical persona

Within the beachhead market, use AI to help you sketch out a possible target persona. Talk with your teammates and iterate until you have something plausible you can work with - and also a set of 5-7 criteria you can use to screen interview subjects with.

Based on my chosen beachhead segment for my Asian-inspired food business (briefly describe the segment here, e.g., ‘downtown Boston office workers interested in quick, authentic international lunches’), create a detailed hypothetical customer persona.

Include specifics such as:

Age, gender, ethnicity, and professional background

Typical daily schedule and eating habits (especially lunch routines)

Preferences for cuisine, dietary restrictions, and food values (e.g., convenience, health, authenticity)

Reasons they might try an authentic Asian bento box for lunch instead of typical options

Where and how they usually buy their lunch (e.g., food trucks, cafes, delivery apps)

Personal motivations, frustrations with current choices, and what might persuade them to try something new

Suggestions for where and how I could find and recruit real people like this persona for interviews

Present the persona in a narrative profile format, and explain the reasoning behind your choices. Use only realistic and plausible details.”

Conduct Primary Market Research

Identify 5-30 people who fit criteria and interview in the next 15 minutes. Following is an example prompt that can help you define the target persona. Feel free to interview other people who are in the hackathon if they fit criteria!

4. Define the solution and the business case.

MVP Definition

Develop an idea for a product or service that your team can see yourselves launch within the next 6-12 months. Define the Minimum Viable Product (MVP) that you can test with customers - and figure out what is the absolute minimum you can do to charge for this MVP. Considering using a prompt like this to accelerate the process. As always, discuss with your teammates and build upon the output of your LLM.

Given my food business concept and the team’s current skills and resources, help me develop a product or service that we can realistically launch within the next 6-12 months.

Describe an approach to define the Minimum Viable Product (MVP), focusing on the simplest version of the offering that delivers real value and for which customers would reasonably pay.

For this MVP:

Clearly describe what it includes (features, packaging, purchasing experience, etc.)

State what makes it valuable enough for customers to pay for it, even in its simplest form

Identify what is the absolute minimum the team would need to prepare in order to charge for the MVP (production, packaging, setup, licensing, etc.)

Suggest practical strategies for testing and charging for the MVP with early customers in line with limited startup resources

Explain your reasoning based on real-world food business constraints and learning goals.

Operating Plan

Develop an operating plan to create your product or fulfill your service and figure out everything you need to do from a business licensing and compliance standpoint to be able to launch the business legally in the state of Massachusetts. Consider using a prompt like the following to get started. As always: don’t trust the output - talk amongst yourselves and do follow on research to make sure your data is rock solid.

Help me develop a practical operating plan for my food business (briefly describe the business and MVP).

First, outline all the step-by-step activities the team needs to perform to create and deliver the product or service (sourcing ingredients, food preparation, packaging, selling, delivery, etc.). Next, provide a detailed checklist of business licensing, permits, and compliance requirements needed to legally operate this business in Massachusetts (and in Boston if applicable).

Specify the following:

Food business licenses and permits required (state and local, including any specific to pop-up or temporary food sales)

Kitchen requirements (such as approved commissary kitchens or home kitchen certifications)

Food safety and handling regulations, required training or certifications

Tax registration, insurance, and business formation (LLC, sole proprietorship, etc.)

Any marketing, signage, or vending restrictions for pop-up food businesses

List required steps in order, note rough costs or lead times for any major licenses/permits, and provide suggestions for finding reliable, up-to-date information. Summarize major risks if any step is missed.

Pricing Model and Price Point

Develop a pricing model and price point for your product or service. Make sure it is informed not only by what customers are accustomed to paying (if there are norms in your industry), but by the perceived value of your solution. Consider using a prompt like this to accelerate the process. As always - use this as just a starting point.

Help me develop a pricing model for my food business (briefly describe your product or service and target market).

Guide me through the following steps:

Identify typical price ranges for comparable offerings in the local market (e.g., similar bento boxes or lunch options from pop-ups, food trucks, or casual restaurants in Boston)

Analyze what customers are accustomed to paying for lunch and what influences their willingness to pay (convenience, authenticity, ingredients, quality, packaging, experience)

Evaluate the perceived value of my proposed offering—what makes it different or desirable compared to existing choices?

Suggest several possible pricing models (flat price per box, bundled deals, tiered options, etc.) and explain pros and cons of each in this market

Recommend a starting price point, backed by both local competitive benchmarks and the specific value delivered to the target customer segment

Advise how I should test the price with early customers, and what indicators would suggest the price is too high or too low

Provide your reasoning, using data or assumptions from similar businesses in Boston where possible.

Go to market strategy

Come up with a strawman go to market strategy. Describe how you would raise awareness and get real customers to pay for your product or service. Consider using a prompt like this to accelerate the process. As always - use this as just a starting point.

Help me develop a strawman go-to-market strategy for my new product or service (briefly describe what it is and who it’s for).

Describe step-by-step how we could:

Raise awareness among our ideal customers (include both online and offline tactics)

Generate early interest and drive traffic to our business (events, partnerships, samples, promotions, etc.)

Convert interested people into real, paying customers—including our initial offer, pricing, and sales approach

Leverage customer feedback from early adopters to refine our approach and messaging

Identify potential promotional partners or local influencers who could help us reach our audience

For each component, explain why it is likely to work for our target segment and how we would measure success. Provide suggestions grounded in what similar businesses have done effectively in our market or city.

5. Estimate your first year revenue and expenses

Do a back-of-the-envelope, itemized estimation of your first year revenue and expenses. State all assumptions!

Help me create a simple, itemized estimate of my food business’s first year revenue and expenses.

For my estimated revenue:

For my expenses:

Sum up net profit or loss based on your estimates, and clearly state all assumptions used for calculations.

6. Develop and practice your 3 minute pitch