Case Study - Marquette University Blockchain Lab
Marquette University’s Blockchain Lab’s mission is to facilitate education and collaboration in the interest of advancing knowledge and implementation of distributed ledger solutions. Started as an experiment after hosting Wisconsin’s first blockchain conference in November 2017, the lab quickly grew but ran into issues generating revenue and focusing its efforts. In May 2017, the Euphrates team was hired to 1) Determine the direction of the lab, and 2) develop a financially sustainable organization.
Contextual Analysis: The lab’s audience was broken into segments, demand for blockchain education was analyzed, and a competitive analysis was performed. It was determined that significant unmet demand existed for blockchain education and networking opportunities for professionals.
Exploration: Given the lab’s resources, analysis on different paths forward was conducted. It was concluded that providing high quality education in southeastern Wisconsin and an opportunity for corporations, entrepreneurs, and students to network, enabled the lab to capture the most value.
Strategy: A mission statement was developed that enabled the lab the flexibility to offer new value in the future yet was specific enough resonate with the lab’s audience. In order to ensure the long-term success, a corporate structure and advisory board with experienced entrepreneurs was created. KPIs were developed and core activities were determined. All non-revenue generating paths were eliminated in the short term. With projected revenues coming primarily from events and sponsorships, efforts were focused on developing marketing partnerships with local organizations.
The result of these local partnerships boosted ticket revenues by 200%. Overall revenue for the lab increased by 500% in two months since the beginning of May 2018. Event engagement is at an all time high and the weighted average attendee rating of the lab’s events is 4.8/5.