Education Tech vertical - July 8 2017 (Gist from the speaker (Identify the…
Education Tech vertical - July 8 2017
Never gave an iPhone app. Because the student base does not have iPhones or their parents are not having iPhones. This is smart move in saving money to start with.
CEO/ founder is the only sales guy for some time; till company size is 50 to 60.
Initial stage product is 70% and sales is 30%. In later stages Product and sales both are 50%. Company is 50 people now.
Solves the problem of students not understanding from the teacher. Took tuitions before. Wanted to came out of brick and mortar business; hence started this company.
Gist from the speaker
Identify the market. The exact market and not high level.
Expand into that market or try to get some product market fit.
Solve one problem for which Customer will pay and keep paying.
Do not scale unless ready for scale. Scale can happen on tech side as well as on Sales side. Sales is the most Important.
Transform idea, product market fit, company into something else/ similar along the way. Success depends on how efficiently this is done.
However, do not loose track of your core customer base.
Company - Stumagz.com
stumagz.com - This is the platform for student issues.
Stumagz posts jobs, offers, etc. for students. Business model is B2C; gets money by posting ads or offers or Jobs.
Interesting - Founder does not have a business card as it is not allowed on the campus. He goes to campus by campus and brings more students on to his platform.
Major USP is content of the application created by various users.
He has a discover feature which is similar as that of snapchat.
This company collaborates with schools and provide Design thinking approach to school kids. 5-9 year olds.