HARBOURSTREET CO - TUTOR ECO-SYSTEM BUSINESS CONCEPTOpportunity Analysis Project (OAP)
BriefThe deliverable for OAP is a 2-5 minute presentation (again, video, slides,and/or text) covering what you learned from talking to potential customers,the market size and whether they would pursue this opportunity or changesome aspect or the entire idea for the OEP final project. You can alsochange your idea along the way in response to feedback from customers -in fact this is exactly the process we want to see evidence of you doing.The due date is May 19th, 6pm (18:00) PST/UTC-8.
How it Works CONCEPT OVERVIEW1. Parents log onto the website andregister their child.2. They search through potentialtutors and book a session for theirstudent.3. Parents prepay for service.4. The tutors lead the studentsthrough the online content and utilizethe online communication tools.5. Tutors provide written feedback orsummary areas of improvementlinked to student.6. Students and parents providefeedback and ratings for tutoringsession.7. Money is released to tutor.
Size of Opportunity MARKET SIZEThe Australian education market is a $90b pa industry.Estimated size of tutoring market is AUD$1bOur nearest / next-best alternative for the online tutoring niche is eithersmall-scale local tutors, online educational games, such as Entrpica,Mathletics or larger scale tutoring shop-fronts, such as James-AhnAcademy.Surveys will help determine propensity to spend for parents (target parentswith children) and current spend on after school tutoring to help framewhether we can grow the category, or just taking a piece of the existingmarket.We expect to get 5% of the market and charge 5% commission, generatingapproximately $2.5m pa revenue
VALUE PROPOSITION (AND IT’S EVOLUTION)We make it easy to match tutors to students and schedule and trackprogress with online educational support content and communication tools.For Parents:My Online Tutor makes it easy to find good tutors that will work with yourchild.Lesson plans, video, chats can be saved and viewed later (Premiumfeatures)?For Tutors:Online scheduling, wider reach advertising, guaranteed payment,recognition of indiviual quality and brand.Initial hypothesis was focussing on children and tutors, but we realised early that its the parentsare the key to generate income/revenue and it needed to appeal to them. Gamification and onlinegames were delayed for later releases.We are still discovering which side of the 2-sided marketplace would be willing to pay directly formembership. Freemium features to be decided after surveys.
MARKET RESEARCH AND INITIAL INSIGHTSInitial feedback from tutorsand parents