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Online Education: A New Business Model

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These slides present at new business model for online education in low-income countries

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Online Education: A New Business Model

  1. 1. Online Education: A New Business Model for Low-Income People and Low-Income Countries Jeffrey Funk Technology Consultant Previously, Professor of Technology Management jeffreyleefunk@gmail.com
  2. 2. Online Education  Traditional Model for University Students  Study 4-5 years during late teens and early 20s, then work for next 40 years  Massively Open Online Courses (MOOCs) Don’t Change this Model  Online classes with continuous learning possible  But most emphasize same courses and timing used at traditional universities  We are rethinking this model, beginning in poor countries in which there is insufficient money for traditional model  People study a little, work a little, then study some more, work some more  Each certificate should provide students with better job and higher salary
  3. 3. Characteristics of Poor Countries  Poor infrastructure  Roads, bridges, electricity, universities, secondary education. But rapidly improving Internet  People trapped by poor government policies  have little savings, must work to eat  don’t own laptop, but do own smart phone  highly motivated to have better life  increases in income translate into significant improvement in lifestyle (food, housing, clothing) and prestige  To serve these people, we must understand their challenges  Offer low cost service that enable people to obtain better skills  Provide services mostly on smart phone, or laptops in cyber cafe
  4. 4. Target Audience  Young people who want  Skills and income upgrading  But insufficient money for traditional universities  These people should have  Some time for study  Some innate capability to learn  High- and mid-level professionals have many educational options, as do their children  Conventional programs, either overseas or in home country  Children of middle- and low-income people have fewer options  Target young aspiring professionals, whose parents can’t pay for full-time study
  5. 5. Target Audience - Companies  Target companies wanting  Employees who can perform tasks from Day 1 and are self-motivated to learn on their own  But many companies won’t pay for graduates from top universities  These companies want to grow fast and can’t wait for universities to produce right graduates. They place secondary importance on Degrees and brand of degrees  We will provide companies with employees who have  Specific entry level skills  Motivation to acquire skills and use them in jobs
  6. 6. What Types of Professional Jobs are Available in Low-Income South-East Asian Countries?  Let’s look at some job sites for one low-income country in SE Asia
  7. 7. Job Type and Company Industry Job Site #1 Job Site #2 Job Site #3 Accounting Distribution Other Computer/IT Consulting Financial Services Imp/Exp/Trading 73 12 9 6 5 5 5 126 482 (Acct & Finance) 195 (banking & insurance) Finance Financial Telecom Other Distribution NGO Imp/Exp/Trade 73 15 7 7 6 6 5 65 IT Computer/IT Telecom Other Distribution Financial Consulting 191 27 19 19 16 15 11 8 194
  8. 8. Job Type and Company Industry Job Site #1 Job Site #2 Job Site #3 Marketing Distribution Computer/IT Other Imp/Exp/Trade Telecom Mfg 240 40 34 30 22 14 13 291 520 Hotel Restaurant Hotels Other Food/Beverage Distribution Restaurant/Food services Tourism/Travel services 109 70 9 6 5 4 3 4 264 (hospitality & tourism) Engineering Engineering Telecom Computer/IT Construction Food/Beverage Imp/Exp/Trade 49 18 9 5 4 4 3 38 465
  9. 9. Job Type and Company Industry Job Site #1 Job Site #2 Job Site #3 Sales Distribution Computer/IT Import/export/trade Other Telecom retail 285 48 34 28 25 19 17 757 Human Resources Distribution Other Telecom Computer/IT Education Food/Beverage 76 10 10 8 6 6 5 27 194 Logistics Distribution Imp/Exp/Trade Other Energy/Utilities Airlines Agri/Forest/Fishi 40 12 4 4 3 2 2 59 95 (retail & supply chain) 79 (shipping freight logistics) Very few jobs found using keywords of statistics, mathematics, economics
  10. 10. Value Proposition for Students  Inexpensive education that quickly enables better job with higher salary  Carefully chosen videos that enable quick and easy learning  Carefully produced tests that accurately assess skills  Each certificate (multiple courses) provides student with skills that enable higher pay  Each certificate represents 5 courses, so 8 certificates equal a degree?  Skills, content, and tests are identified through employment sites and collaboration with companies
  11. 11. Skills, Content, and Tests  We focus on skills that are in highest demand and easiest to test  Begin with simple computer skills (Word, Excel, Power Point)  Second, different types of technical skills are acquired through multiple certificates  Accounting, Finance  Internet Marketing, Marketing Strategy  Web design and mobile apps  Logistics
  12. 12. Value Proposition for Companies  Provide capable workers, who have many advantages over university graduates  lower wage demands  more practical skills, can begin doing real work immediately  We guarantee these skills through appropriate testing  Students are physically present during tests  Most tests involve completing specific tasks using computer programs and data from real cases  All tests involve real-world and widely done activities  These graduates enable companies to quickly hire entry-level professionals and grow faster than their competitors
  13. 13. Preliminary List of Certificate Programs 1. Basic computing skills – Microsoft Office or Google equivalent. Test on the mechanics of these programs 2. Financial accounting. Test concepts using company cases and excel 3. Advanced accounting (multiple certificates?). Test concepts using company cases and excel 4. Corporate finance. Test concepts using company cases and excel 5. Financial analysis. Test concepts using company cases and excel 6. Internet marketing. Test on mechanics of various ad techniques using FB, Linkedin, 7. Marketing Strategy. Test concepts with company cases and ad techniques. Students analyze tradeoffs and justify decisions. Multiple choice? Too vague of educational content? 8. Web design, development. Test students on mechanics of using tools. 9. Mobile app programming (java, android). Test students on mechanics of tools. 10. Logistics. Test concepts using company cases and multiple choice. Can we do analytical case?
  14. 14. Strategic Alliances  Telecommunication Companies  Inexpensive data package for students  Method of advertising  Companies that hire graduates  Convince them that we assess right skills and in right way  If certificate recipients get jobs, many students will join us  Employment sites  Additional source of information about right skills and right method of testing  We can provide this service if we successfully place our initial students with companies
  15. 15. Strategic Alliances (2)  Cyber cafes  Places for exams to be conducted and for students to work with computer programs while watching videos  Method of advertising  Use chains for easy expansion to other cities?  Local Universities  Places for exams to be conducted and for students to work with computer programs while watching videos  Method of advertising  Traditional Media  Place full-page ads in newspapers  Convince newspaper and other media to discuss our online programs
  16. 16. Online Education Value Network We are within Blue Box Our Content Platform Students Course Content From websites Our Test Platform Client Companies Visit, watch, study Testing Content Customize external cases or programs Online Job Sites Impacts testing criteria Find and start jobs through certificate, our connections with companies and online job sites Take exam in cyber Café or universityAccess through phone or Cyber Cafe Our Ad Platform Jobs Mentioned in ads Impacts choice of content Initial contact
  17. 17. Value Capture  Content is Free  Free (or almost free) to us, so free to users  Many students will learn skills through other content  Paid content in future?  Testing incurs fee, to restrict testing to serious students  Acquiring a certificate involves biggest fee, and thus biggest source of income  Testing is biggest source of value and competitive advantage  Must have good method of testing
  18. 18. Value Capture (2)  If certificate recipients get jobs, we have many options, can promise  Return money to students who don’t get jobs  Only charge students when they get jobs  Have companies directly pay fees
  19. 19. Marketing  Build legitimacy through  Companies  Educational institutions  Parents  Large following on Facebook  Must convince students that your tests will get them a higher paying and better job
  20. 20. Marketing (2)  Build a network of students  Ads in Newspapers  Ads on Facebook – targeting 18-30  Build a network of companies  Ads in Newspapers  Target HR professionals of largest companies in target markets, along with high growth companies, including foreign ones  Connect and contact on Linkedin  Convince companies to be partners on Facebook  Strong network effects between numbers of students and companies supporting your educational service
  21. 21. Companies Students Network Effects Between Companies and Students More Students Encourages More Companies More Companies Encourages More Students
  22. 22. Companies Students Linked In Facebook Build Network of Students on LInkedIn Build Network of Companies on LInkedIn Build Network of Companies on FB Build Network of Students on FB Build Network Effects on Social Media, Including LinkedIn and FB
  23. 23.  Please contact me if you have any questions:  Jeffrey Funk  Technology Consultant  Previously, Professor of Technology Management, National University of Singapore  jeffreyleefunk@gmail.com

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