Title of Project: LGBTQ+1: Creating a nonprofit digital platform for LGBTQ+ Family Building
Aims: Create a business plan to launch a non-profit
Background: Jessica and Deonna were married in 2016 and this past year they decided they wanted to build our family - LGBTQ+1 was born out of this experience. When they began doing their research, they ran into many unanticipated challenges - for LGBTQ+ people, starting a family isn’t easy. Finding a healthcare provider who was inclusive and knowledgeable, even in Gay friendly Austin, wasn’t a simple google search. There are also many legal complexities they didn’t know about - like even though Jessica could sign the birth certificate in the hospital, she still wouldn’t legally be considered a second parent. This is just a sampling of the many pain points they’ve faced in this journey. And they knew they weren’t alone.
Method:
Performed market analysis and opportunity sizing, finding that in the United States market LGBTQ+ millennials 77% (3.8 million people) are already parents or are considering having children and 48% - some 2.9 million people - are actively planning to grow their families.
Conducted a survey of 315 LGBTQ+ individuals to identify and confirm pain points.
Analyzed competitive landscape and identified value proposition of five firms within either the
LGBTQ+ or family building space.
Built a business model indicating our user flow, operating flow, and revenue sources.
Created a pro forma Statement of Activities and Statement of Cash Flows presenting the
estimated financial results by month for the first year and by quarter for the subsequent two years
Conclusions: LGBTQ+1 as a platform will provide value to both LGBTQ+ families looking to expand, and providers of services involved in that expansion. Families will have a platform that is not only inclusive of them and their needs but provides them with a sense of belonging that is lacking in current solutions. By providing them with the tools and information necessary in their journey it will ease the stress of the process and empower them to truly enjoy the experience. Providers of services will benefit by being better equipped to support the growth of LGBTQ+ families and better position themselves to meet the needs of the growing LGBTQ+ market. LGBTQ+ as a platform will bring to light the needs of LGBTQ+ families by meeting them and encouraging others to meet their needs as well.
Discussion: Doing this project through the New Ventures Creation class was one of the best things I did this year. I was able to go from pain point my wife and I were facing in real life to a full business plan for a non-profit organization.