Personal story & TeamdescriptionThe story of our team comes from different sources. Alicia, Victoria andLola met on Twitter. After a time of a very good twitter relationship they metseveral times (as they all come from different cities) and they decided toparticipate in this course together. Alicia, Lola and Victoria share greatexperience as EFL teachers and the idea of focussing on education andtechnology was clear since the very beginning. Then, Ankush, attracted tothe idea of education and technology, joined the team and he provided "thebusiness knowledge" to our team. Unfortunately, Ankush went throughsome personal problems and couldnt finish the course, but his participationat the beginning of the course was very active and enriching.
Product descriptionOur startup idea is Languages e-school, an online school to learn andpractise languages that offers the customer a very exclusive learningenvironment designed to meet their needs. It includes exclusive lessons onvideos designed by an heterogeneous team of skilled professionals givingthe customers a better pool from which to choose. It also provides thestudents with a space to ask questions and to practise speaking with theteacher they choose, and also with a forum where they will have thepossibility of practicing the language with other users. The platform alsooffers a series of streaming lectures by other talented educators, a libraryincluding a wide range of materials and resources. An application for IOSand Android to access the platform from mobile devices is also available.*This simple prototype gives an idea of the website.
Our Business Model• Customers segment: All language learners from 18 and above-Big companies (Professional Development Departments)-Teachers-Libraries-Researchers-Editorials• Value propositions: A unique collection of contents (courses, videos, syllabus,...) on foreign languages, including video content library, lectures in streaming, a forum where learners from different countries can interact with each other, and an heterogeneous group of skilled professionals giving the customers a better pool from which to choose. Access to content through mobile app and online platform.
Our Business Model• Channels: Internet (website), mobile app, social networks, educational magazines• Customer relationship: email, Skype, streaming, web, Virtual Learning Platform (moodle based or similar), mobile• Key activities: Language classes, conversation classes, forum discussion, lectures (speeches/presentations) by well-known professors, workshops• Key partnership: Teaching centres (School, University, Language Schools...), big companies, editorials.• Key resources: Video streaming platform, language teachers, translators, web developer/designer
Our Business Model• Cost structure: Website and app programmer and designer and maintenance, translators, teachers and lecturers.• Revenue streams: Subscriptions, funding from partners (universities, staff development/ training departments of companies, etc.), advertisement, editorials.* Some adjustments were made to our initial business model once we hadreceived valuable data from surveyed customers. The changes concernedthe final cost of the product we offered and the access to free material.
PartnershipsPartnerships: We will try to partner with Teaching Centres, such asUniversities and Languages Schools. We will offer Business LanguageCourses for big companies, so they will be important partners as well. Wewill have courses all year round, one to one and in mini-groups courses.And another partner will be editorials. They will release our materials thatlater our students will buy.Most of our potential partners were willing to work with our project, butLanguages Schools were the most interested in partnering with us. Theywill collaborate with us teaching their language and making the materialsthey need for their lessons. For example, Instituto Cervantes or InstitutoConfucio. They will teach Spanish and Chinese and in return they will use
DistributionDistribution: We will distribute our platform with the help of our partnersand through the website, without question the best way to distribute it.Potential customers can have access to the platform via our mobile apps,available for iOs and Android. Social networks will be another importantchannel of distribution, they are the current trend of the internet and the useof them, such as Twitter, Facebook and Google +, means reaching to morepeople and increasing awareness of our website. We will also consider thepossibility of digital publishing through Amazon and iTunes.And finally, educational magazines, where we will publish articles referringto our project.
Sales and Marketing Strategy• Free apps/ free subscriptions/ free trials to generate demand or get upgrades to pro content.• Presence in major social networks (cost free for us): Twitter Facebook Google+
Revenue ModelChanges were made in our revenue model. Based on the surveys andinterviews conducted, 53% of potential customers were willing to pay up to$20 per month. We decided to adjust the price of our packages and offermore content with a free subscription (freemium service).Funding (from partners and venture capitalist)We will have to bootstrap for about 2 years. Apart from subscriptions, ourmajor source of income, we will ask for an investment from the venturecapitalist of at least $100.000 for 20% stake in our company. That will allowus to move forward and develop the platform, apps and resources.Other sources of income are advertisements (mainly from editorials) in ourweb and apps.The fact that most of the platforms we will be using are cost free (Skype,moodle, etc.) also contributes to minimize the overall cost of running this e-school business.
Risks• We find our main risk to be economic; finding investment could be hard, but we will participate in different funding meetings to show our product to potential investors.• Second, technical; building the infrastructure we need. For this reason, we will contact qualified web designers.• Differentiation from other online platforms. We have to improve our competitors offer. >>> Reduction of risk through customers surveys and closeobservation of our competitors offer.
ConclusionsWe have learnt from all the assignments ofthis course and we would like to consider thepossibility of entrepreneuring a model similarto the one we have been working in.As we stated at the beginning of this course: Education + Technology = Future
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