team 24 columbia univ jan 2014
TRANSCRIPT
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Team 24Peter Bowley Supriya Jain Sophie Hutson Jiaqi Lu Farah Gasmi
Today: 2This week: 60
…formerly NEBSA
i-plyquantitative & qualitative integrity
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BREAKDOWN OF INTERVIEWS
US admissions officers
Intnl students
Edu-consultants
Edu-experts/Verification services
Other
30 10 10 6 4
AndoverExeterKents HillHillside SchoolHoldernessMiss HallsWinchendonAdmiral FarragutBerkshireBrewsterMercersburgMiddlesexAshevilleBrimmer & MayBrooksCranbrook Schools
ChinaIndia IndonesiaSwitzerland
Educatious
OnCourse Global
3 China-based (IECA)
5 US-based
Klingenstein Center (TC)
Columbia Continuing Ed. Dept.
edX.org
Vericant
EdLab
ManhattanPrep
SchoolAdmin (CRM)
Oracle
Online-edu tech support
Educational policy expert
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Online-ed for Chinese students
Anti-fraud service forboarding schools
Pivot
CS
CHCRRS
KAKPKR
Work-in-progress
VERICANT existing verification services
TODAY
OUR JOURNEY: Days 1-5
CS
CO
VP
CH
CRKA
RS
KR
KP
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SETTING THE SCENE
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Boarding Schools
Chinese Students & Parents
EducationalConsultants
Fraud control companies Internatio
nal Application Ecosystem
COMPETITIVE/CONTEXTUAL LANDSCAPE
i-ply
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we’ve got all of the value propositions
…and all the customers
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we’ve got ALL of the value propositions
…and ALL the customers
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we’ve got all of the value propositions
…and all the customers
Online education
Anti-fraud
Edu-consultants
Chinese students
US admissions
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Online education
Anti-fraud
Edu-consultants
Chinese students
US admissions
TM/CRM integration
identityauthentication
VERICANTMERCERSBURG
Chinese parents
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OUR EARLYVANGELIST: a “bleeding out” small, independent school that has no $, no time, too many Chinese apps
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DAY1
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DAY2
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Total no. of US independent schools: 1173
(=) Revenues from schools: $1.1M
Target: $4.5M
Total no. of International applicants: 200,000
(=) Revenues from applicants: $20MTAM:$21M
SAM:$13M
Target:$4.5M
TAM: $21M
(=) Revenues from non-top tier schools: $990,000
(=) Revenues from Chinese applicants: $12M
SAM: $13M
(x) $1000 registration fee per school
(x) $100 test fee per applicant
(x) 60% Chinese applicants
(x) 70% students refuse to take the test
(x) 90% non-top tier schools
(=) Actual revenues from Chinese applicants: $3.6M
MARKET SIZING
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Key Partners Key Activities
Key Resources
Value Prop
Channels
Relationships Customer Segm.
Cost Structure Revenue Streams
Verified aptitude
Vetted applicants
Fraud reduction
Enhance child’s chance to enter schools
Application differentiation and visibility
Mercersburg
Uninformed Chinese Parents
DAY3
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CHANNELS
Admissions officers
VERICANT
Chinese applicants
$100 application fee
$1500 per
app
season
$400 fee
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CHANNELS
Admissions officers
VERICANT
Chinese applicants
$100 application fee
$1500 per
app
season
$400 fee
150 students
Should be $60, 000
30 students is only
$12,000
Time & energy
wasted in
TM/CRM
management
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GET-KEEP-GROW FUNNEL- Mercersburg
Free trialNAIS/TABS certification
Reliability + accuracy
Industry standard network effect community building
Earned/paid media
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GET-KEEP-GROW FUNNEL- Chinese parents
It’s all a #’s game
awarenessRequired by schools
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CAC vs. LTV
CAC
LTV
$1000 (flat rate)(x) Years subscribed(x) # schools(x) (1-churn)
Free trialChannelsStrategic partnershipsInformation-provider
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HOW DO WE MAKE $$$2nd+ 3rd tier boarding schools
Chinese parents
- Trust the recommendations TABS/NAIS/ top-tier boarding schools
-pricing makes all the difference
- We make our service seamlessly integrate into their existing CRM system we make their lives easier
- Willing to pay between $5000-$15000 for a service to make their child look better
- D > S - How do we prove
ourselves?
- How do we make ourselves known?
Bridge this gap by becoming:- Industry experts- Data/reports aggregators- Info creators/providers
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HOW DO WE MAKE $$$
Is this just a 60-day business?
NO
The fee-based revenue model is most concentrated during app season
BUT
There’s a preparation phase, and an aspiration phase that spans the entire educational career of a Chinese student
educational loyalty cards?
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Key Partners Key Activities
Key Resources
Value Prop
Channels
Relationships Customer Segm.
Cost Structure Revenue Streams
Verified aptitude
Vetted applicants
Fraud reduction
Enhance child’s chance to enter schools
Application differentiation and visibilityit’s required!
Mercersburg
Uninformed Chinese Parents
Phone callIn-person meetingNAIS/TABS/IEOCE
Get:Free; Self-serviceKeep:Proven reliabilityGrow:Industry std. + network effect
Annual subscription
Assessment feeRegistration feesLate fees / Report fees
Admissions teamsEdu. ConsultantsChinese schools
???
?
DAY4
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Key Partners Key Activities
Key Resources
Value Prop
Channels
Relationships Customer Segm.
Cost Structure Revenue Streams
Verified aptitude
Vetted applicants
Fraud reduction
Application differentiation and visibility
it’s required!
Mercersburg
Uninformed Chinese Parents
Phone callIn-person meetingNAIS/TABS/ IECA
Get:Free; Self-serviceKeep:Proven reliabilityGrow:Industry std. + network effect
Seasonal subscription
Assessment feeRegistration feesLate fees / Report fees
Admissions teams Edu. ConsultantsChinese schools
Get:Required Keep:It’s all #’s Grow:awareness
NAIS
TABS
IECA
maintain secure verification system
Marketing/selling
Content mngmt.
Tech licensing
Diagnostic content
software
Licensing, data storage, staffers, sales team
DAY5
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Key Partners Key Activities
Key Resources
Value Prop
Channels
Relationships Customer Segm.
Cost Structure Revenue Streams
Verified aptitude
Vetted applicants
Fraud reduction
Application differentiation and visibility
it’s required!
Mercersburg
Uninformed Chinese Parents
Phone callIn-person meetingNAIS/TABS/ IECA
Get:Free; Self-serviceKeep:Proven reliabilityGrow:Industry std. + network effect
Seasonal subscription
Assessment feeRegistration feesLate fees / Report fees
Admissions teams Edu. ConsultantsChinese schools
Get:Required Keep:It’s all #’s Grow:awareness
NAIS
TABS
IECA
maintain secure verification system
Marketing/selling
Content mngmt.
Tech licensing
Diagnostic content
software
Licensing, data storage, staffers, sales team
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US schools
Application CRM
Educational consultants
students
i-ply
Applicant profile
Student profile
($) Reports
($) Identification authentication test
($) Identification authentication test
NEXT STEPS- it’s all about relationships