Crowd fundingin education

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Crowd fundingin education

  1. 1. CROWD-FUNDING IN EDUCATION A scalable global model to connectneedy students and potential donors
  2. 2. TEAM DETAILS• Omnicore Solutions http://venture-lab.org/teams/5450
  3. 3. KEY IDEA Create a model that: Allows people to fulfill their desire to help. Allows greater choice on who to help Facilitates needy people to ask for help. Will be transparent, easy to use and scalable. Leverages social media – and results in overall increase in people that help others
  4. 4. CONCEPT. HOW IT WORKS• Students can post requests for funding their education• School / college administrators will verify• Donors can filter based on various criteria to chose whom they want to pay• A mechanism for enabling payments
  5. 5. BUSINESS MODEL Our vision: Motto is to ‘BE GOOD’ – we will never charge students or donors with exception of payment processing costs on actuals Voluntary Donations - from donors, students (after they finish education) Small membership fee – from participating institutions (not initially at least) Listing fee – from educational institutions for ‘completed funding’ for their students (not initially ) Advertisments
  6. 6. MARKET SIZE +140 000+4,000,000 Needy students Graduates per year Students who seeking for grants +500 000India + Ukraine
  7. 7. MARKET SIZEStats for India QuantityNumber of Graduates per year 3,200,000Number of Needy graduates: Assume at least 3% needy,and their needs cannot be met now 96,000WorldwideEstimate of needy students - assuming India is 17% ofworld student population and overall needy % is consistentwith India 564,706Assumed Internet penetration amongpotential university students (50%) 282,353Target market size 282,353 Sources: http://en.wikipedia.org/wiki/Education_in_India http://www.huffingtonpost.com/2011/03/31/india-census-indian-population_n_843247.html
  8. 8. MARKET SIZEStats for Ukraine QuantityNumber of Graduates per year 384 ,000Number of Needy graduates: Assume at least 14.5 % needy,and their needs cannot be met now 56,000
  9. 9. HYPOTHESIS• Students and educational institutions will be willing to use the site – no testing of this• Donors have several options on the web – Donors are more likely to fund students if they are assured that cases are verified – Donors would like to pick and choose criteria they like Country / Educational institution /Academic Stream /Academic performance• An integrated payment mechanism is required
  10. 10. TESTING – DONOR INTEREST1. Would you be interested in making donations to needy students? Global Ukraine UK/India face-facea. No preference - needy students from anywhere 31% 6% xb. Prefer to donate to needy students from my country only 38% 31% xc. Prefer to donate to students from my alma mater 23% 11%d. Not interested (Do not need to answer remaining questions) 9% 51%2. How much would you consider donating per year? Global Ukraine UK/India face-facea. 0-100 £ 47% x xb. 100- 500£ 18%c. >500£ 9%
  11. 11. TESTING – FEATURES OF INTEREST3. Would you be comfortable donating to needy students? Global Ukraine UK/India face-faca. based on self certification 8% 43%b. Have the educational institutions to verify the case- otherwise I am not comfortable donating x 67% 17%c. no preference 25% 40%4. To make a donation,would you prefer to? Global Ukraine UK/India face-faca. pay directly, I just need the details 49% 29% Xb. pay the site, leaving the site to forward the payment to recipient 26% 23% Xc. no preference 25% 49%
  12. 12. UKRAINIAN MARKET# Category % of Population (>18 years) Thousands of people1 Involved in charity (spend approx. 50$ per year) 42 13665.122 Believe that charity exists to help needy people 29 9435.443 Believe that charity exists to get the power 17 5531.124 Believe that charity exists to make money 11 3578.965 Charity is useless 1 325.36
  13. 13. UKRAINIAN MARKET# Category % of Population (>18 years) Thousands of PPL1 Disabled people (adults and children) 45 14641.2 People with different diseases (adults and2 children) 29 9435.443 Orphan children 13 4229.684 Old people 9 2928.245 Needy students 4 1301.44
  14. 14. LEVERAGING SOCIAL MEDIASocial media Statistics• 50% of internet users use Facebook• 10% update their status every day• 22% comment on others’ posts while 26% ‘like’ other user’s contentProjection of it’s impact on our Donations• Donors will have higher Facebook presence (70%)• Higher sharing rate (over 60%) to promote a good cause• Due to common interest, 20% shares will result in new donations• Overall - increase in donations will be at least 10% of original donors• Source: http://www.steinarknutsen.com/top-5-facebook-user-activities-on-an-average-day/• http://www.fastcompany.com/1544716/facebook-users-content-sharing-statistics-status-updates
  15. 15. CONCLUSION• There are no scalable sites that tie up with verifiers• There is an untapped market for verified donations• In some countries, there is a marked for self-certified donations- however there are many players already• Ukraine has a good charity market but is more interested in standard types of donations.• There is a market that would like to search and identify cases for donation based on several criteria• Payment processing need not be integrated initially– to avoid legal, tax complexity• Social media can be leveraged• The model can be extended to health-care.• Start off as a non-profit idea – if there are ethical ways of revenue generation, consider it, or else find ways to cover cost alone

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