Team 24 columbia univ jan 2014
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This document outlines a business plan for a company called i-ply that provides verification services for international students applying to US boarding schools. It conducted over 60 interviews with US admissions officers, international students, educational consultants, and experts. The plan discusses i-ply's value propositions, customers, competitive landscape, marketing strategy, and revenue model. The primary customers are uninformed Chinese parents and US boarding schools. I-ply will generate revenue through seasonal subscriptions, assessment fees, registration fees, and late/report fees by becoming a trusted verification partner through relationships with groups like NAIS, TABS, and IECA.
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Team 24 columbia univ jan 2014
- 1. Today: 2 This week: 60 i-ply quantitative & qualitative integrity …formerly NEBSA Team 24 Peter Bowley Supriya Jain Sophie Hutson Jiaqi Lu Farah Gasmi
- 2. BREAKDOWN OF INTERVIEWS US admissions officers Intnl students Educonsultants Edu-experts/ Verification services Other 30 10 10 6 4 Andover Exeter Kents Hill Hillside School Holderness Miss Halls Winchendon Admiral Farragut Berkshire Brewster Mercersburg Middlesex Asheville Brimmer & May Brooks Cranbrook Schools China India Indonesia Switzerlan d Educatious Klingenstein Center (TC) SchoolAdmin (CRM) Columbia Continuing Ed. Dept. Oracle OnCourse Global 3 Chinabased (IECA) 5 US-based edX.org Vericant EdLab Manhattan Prep Online-edu tech support Educational policy expert
- 3. OUR JOURNEY: Days 1-5 KP KA VP KR CO CR CS CH CH CR RS RS CS Pivot Online-ed for Chinese students Work-inprogress Anti-fraud service for boarding schools KA KP KR VERICANT existing verification services TODAY
- 6. we’ve got all of the value propositions …and all the customers
- 7. we’ve got ALL of the value propositions …and ALL the customers
- 8. we’ve got all of the value propositions Online education US admissions Anti-fraud Chinese students …and all the customers Educonsultants
- 10. OUR EARLYVANGELIST: a “bleeding out” small, independent school that has no $, no time, too many Chinese apps
- 11. DAY1
- 12. DAY2
- 13. MARKET SIZING Total no. of US independent schools: 1173 (x) $1000 registration fee per school (=) Revenues from schools: $1.1M (x) 90% non-top tier schools (=) Revenues from non-top tier schools: $990,000 Total no. of International applicants: 200,000 (x) $100 test fee per applicant TAM: $21M (=) Revenues from applicants: $20M (x) 60% Chinese applicants SAM: $13M Target: $4.5M (=) Revenues from Chinese applicants: $12M (x) 70% students refuse to take the test (=) Actual revenues from Chinese applicants: $3.6M TAM: $21M SAM: $13M Target: $4.5M
- 14. Key Partners Key Activities Value Prop Relationships Customer Segm. Verified aptitude Mercersburg Vetted applicants Fraud reduction Key Resources Channels Enhance child’s chance to enter schools Application differentiation and visibility Cost Structure Revenue Streams DAY3 Uninformed Chinese Parents
- 17. GET-KEEP-GROW FUNNEL- Mercersburg Earned/paid media Reliability + accuracy Free trial NAIS/TABS certification Industry standard network effect community building
- 18. GET-KEEP-GROW FUNNEL- Chinese parents Required by schools It’s all a #’s game awareness
- 19. CAC vs. LTV $1000 (flat rate) (x) Years subscribed (x) # schools (x) (1-churn) CAC LTV Free trial Channels Strategic partnerships Information-provider
- 20. HOW DO WE MAKE $$$ 2nd+ 3rd tier boarding schools Chinese parents - Trust the recommendations TABS/NAIS/ top-tier boarding schools - Willing to pay between $5000-$15000 for a service to make their child look better -pricing makes all the difference - D>S - We make our service seamlessly integrate into their existing CRM system we make their lives easier - How do we prove ourselves? - How do we make ourselves known? Bridge this gap by becoming: - Industry experts - Data/reports aggregators - Info creators/providers
- 21. HOW DO WE MAKE $$$ 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?
- 22. Key Partners Key Activities Value Prop Verified aptitude Relationships Customer Segm. Get: Free; Self-service Keep: Proven reliability Grow: Mercersburg Industry std. + network effect Vetted applicants Fraud reduction Key Resources Enhance child’s chance to enter schools Application differentiation and visibility it’s required! Cost Structure DAY4 ??? Channels Phone call In-person meeting NAIS/TABS/IEOC Uninformed E Chinese Admissions teams Parents Edu. Consultants Chinese schools Revenue Streams Annual subscription ? Assessment fee Registration fees Late fees / Report fees
- 23. Key Partners NAIS Key Activities maintain secure verification system TABS Value Prop Verified aptitude Relationships Vetted applicants Content mngmt. IECA Marketing/selli ng Fraud reduction Key Resources Tech licensing Diagnostic content Application differentiation and visibility it’s required! software DAY Licensing, data storage, staffers,5 sales team Cost Structure Customer Segm. Get: Free; Self-service Keep: Proven reliability Grow: Industry std. + network effect Get: Required Keep: It’s all #’s Grow: awareness Mercersburg Channels Phone call In-person meeting NAIS/TABS/ IECA Admissions teams Edu. Consultants Chinese schools Revenue Streams Seasonal subscription Uninformed Chinese Parents Assessment fee Registration fees Late fees / Report fees
- 24. Key Partners NAIS Key Activities maintain secure verification system TABS Value Prop Verified aptitude Relationships Vetted applicants Content mngmt. IECA Marketing/selli ng Fraud reduction Key Resources Tech licensing Diagnostic content Application differentiation and visibility it’s required! software Cost Structure Licensing, data storage, staffers, sales team Customer Segm. Get: Free; Self-service Keep: Proven reliability Grow: Industry std. + network effect Get: Required Keep: It’s all #’s Grow: awareness Mercersburg Channels Phone call In-person meeting NAIS/TABS/ IECA Admissions teams Edu. Consultants Chinese schools Revenue Streams Seasonal subscription Uninformed Chinese Parents Assessment fee Registration fees Late fees / Report fees
- 25. NEXT STEPS- it’s all about relationships US schools Applicant profile Student profile i-ply ($) Identification authentication test students Application CRM ($) Identification authentication test ($) Reports Educational consultants