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MPrep's Presentation for the Milken-PennGSE Education Business Plan Competition

MPrep's Presentation for the Milken-PennGSE Education Business Plan Competition

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  • You don’t have to be a teacher to know there is an education crisis in Kenya, especially since the start of free primary education in 2004. Essentially, 9 million students are officially enrolled in primary school, and a horrendous 32% enrol in secondary. This number gets lower and lower, as the education gets hire, but what concerned me the most is this red arrow. What happens to children who don’t get a primary school education? Really – it’s a sentence to a life of poverty or crime. Crime is what happens when kids fail, when they have no other options. I don’t blame them; I blame the educational system that gives them little opportunity to rise.
  • Why then, do these kids fail? I see two main reasons as an educator. No access to quality feedback and educational resources. They rely on their overburdened teacher for almost everything. In most impoverished schools, the teacher is often the gateway to knowledge, the only resource a student has. Really, that’s not fair to the teachers and students.
  • Little access to educational information by parents, teachers, schools, and gov’t. How can they figure out ways to help kids when they don’t know what to focus on? Without adequate knowledge, I’ve seen little interaction among these stakeholders. What we’ve done is found a way to provide both: access to quality educational materials, and providing a wealth of knowledge. We do this in two ways.
  • First a supplemental review tool for kids. Students take content aligned quizzes, testing what they know in class. They’re given individualized feedback for answer choice. (We actually have over 16,000 explanations in our database.) And they’re encouraged to compete from this basic ranking feature.
  • First a supplemental review tool for kids. Students take content aligned quizzes, testing what they know in class. They’re given individualized feedback for answer choice. (We actually have over 16,000 explanations in our database.) And they’re encouraged to compete from this basic ranking feature.
  • This not only adds value for kids because they are getting access, self-evaluation, and an enjoyable “game,” but also, we aggregate also this information into detailed data reports via the web/mobile web for parents, teachers, schools, and gov’t. This data saves all of these stakeholders an incredible amount of time (teachers don’t have to spend 5 hours marking each week), money (7,200/pupil currently wasted on low quality materials is actually more expensive than MPrep). And most importantly it increases communication among all these stakeholders.
  • This not only adds value for kids because they are getting access, self-evaluation, and an enjoyable “game,” but also, we aggregate also this information into detailed data reports via the web/mobile web for parents, teachers, schools, and gov’t. This data saves all of these stakeholders an incredible amount of time (teachers don’t have to spend 5 hours marking each week), money (7,200/pupil currently wasted on low quality materials is actually more expensive than MPrep). And most importantly it increases communication among all these stakeholders.
  • As you can see, we target the primary school market, focusing on those early adopters with Class 7 and 8 and web access. We’re looking at a huge amount of kids that can be impacted from this tool. Our money is made through basic and premium subscription fees incurred by mostly schools and parents. A small percentage of our revenue is made through billing prepaid airtime for the quizzes. This business model has allowed us to rapidly expand to a userbase of nearly 5,000 users by June, 84 schools, and all regions of Kenya represented. MPrep does NOT have a problem selling.
  • I like to think of our marketing strategy to look something like a tree. We’ve deep rooted our school partnerships to first launch our product, with a strong solid core of our question database an analytics. What we’ve found in terms of our marketing strategy is that by offering referreal to our networks – parents, head teachers, and teachers, we’re able to convert 4 times as many schools. Further our conversion rate is near 90% for our early adopters, an exciting number to know how valuable MPrep is to our customers.
  • Our roadmap is exciting. By the end of this year, we project to have 85K in revenue, and by year end 2014, nearly $3M, given our lucrative revenue model. As we grow with users and revenue we plan to also grow our technology to reflect market demands. In addition to that we also plan to expand to TZ, UG, and SA in 2013, and to other countries on the continent as markets demand.
  • The majority of MPrep’s money goes to personnel with other large budget items being technology and marketing. In terms of impact, we’re focusing on measurable academic impact first and are closely motinoring an impact study group that has actually shown a 23% increase in MPrep marks, and societal impact. More options for students, less poverty, less crime. We’re currently looking to close out 2012 with an additional $50K angel investment, and will immediately start fundraising for our series A.
  • These are the people behind Mprep, and like any good teacher, I like to categorize things. First we have our ed engine, which has over 155 years experience between all of us. Our technical wizards, our operational ninjas, and our powerhouse of partners and advisors. All of us driven, strategic, and working hard toward our mission.

Transcript

  • 1. Toni MaravigliaFounder and CEOtoni@mprep.co.kehttp://mprep.co.ke
  • 2. Education Crisis in Kenya9 Million Registered in Primary school 32% move to secondary school <10% to College <5% graduate from uniEMIS Data 2011: Provided by the Kenyan Ministry of Education
  • 3. What happens?
  • 4. Why Kids FailStudents receive little feedbackNo access to quality resources
  • 5. Why Kids FailInteraction and Studentsinformation sharedamongst educationalstakeholders is next tonil Gov’t School TeachersData isn’t shared untilit’s too late Parents
  • 6. MPrep’s SolutionINCORRECT.Why does a A Content-Alignedmammal’s red bloodcell have no had a nucleus in Quizzes and Tutorialsnucleus?the beginning of its1) Never had one itdevelopment, butwas lost to make2) Lost in itsroom fordevelopment Individualized3) Not a true cellhemoglobin.4) Never needed Feedbackone < REPLY > Next Back Back < REPLY > Next
  • 7. MPrep’s SolutionYou have received Self-Assessment80% on this quiz.You are ranked & Competition5/101 at Baba Dogoand 239/1,234 inNairobi. Value added for KIDSReply with Fert1 for • Access to qualitynext quiz. • Self-evaluation Back < REPLY > Next • Fun
  • 8. Value Added PARENTS TEACHERS SCHOOLSDATA’S POWER GOV’T- Individual assessment- Adapt teaching- Compete
  • 9. Value Added 120h/ $15/child/ Year yearTime Money Communication
  • 10. Our Market and Revenue ModelMARKET Subscriptions – 85% Sliding price+ 30,000 schools Premium & Basic+ 85% 1 teacher with Schools & Parentsweb access+ 75% Class 7+8+ ALL want data= 18,000 schools Quizzes – 15%+ 360,000 parents 25¢ each+ 1.8 Million students= 2 Million Impacted
  • 11. Marketing and Sales: Strength of Our Database and Network Referrals - 100% conversion of early adopters - 5 referrals for every subscriptionSchool Partnerships Database + Network- Began at 15 schools - 4,000 questions, 16,000- Now >4,000 students explanationsat >84 schools in every - Academic pulse of countryregion of Kenya - KEPSHA partnership
  • 12. Roadmap to 2014 Students: 500,000 SMS Web Smartphone Analytics Rev: 211.7M KSh $2.94M USD Students: 100,000 Rev: 46.9M KSh Students: 20,000 $552,000 USD Rev: 6.14M KSh $86,000 USDStudents: 5,000Rev: 562,000 KSh $6,600 USD Jun-12 Dec-12 Dec-13 Dec-14
  • 13. Where the $ Goes 2012 Asking: $35,000 15% to close our $100K seed round 47%38% IMPACT - Academic (goal is > 20% Marketing & Development increase in exam Personnel scores) Other - Societal
  • 14. People Behind MPrepEducational Engine- Toni Maraviglia, CEO Advisors- Mike Milanya, Content Director - Wendy Kopp, Teach For America- 13 Content Designers - Chaula Gupta, TFA - Sam Gichuru, NailabTechnical Wizards - Shabnam- Kago Kagichiri, Lead Developer Aggarwal, Pearson- Duncan Washington, Developer - Salim Amin, A24 MediaOperational Ninjas - Joseph- Chris Asego, Operations Director Karuga, KEPSHA- Peter Sereti, Sales Manager - Lydiah Muchemi, Ministry- Isaac Kosgei, Associate of Education
  • 15. Toni MaravigliaFounder and CEOtoni@mprep.co.kehttp://mprep.co.ke