Uploaded byBen Wylie
UpSkill
Here is a high-level overview of how UpSkill's technology works: - Users upload their resume/CV or connect their LinkedIn profile to provide information on work history, education, skills and interests. - Natural language processing is used to extract relevant data from free-form text fields. - Skills are identified and standardized. Interests are inferred based on job titles, courses, hobbies etc. - This data is matched against an extensive database of job profiles detailing typical skill requirements, personality fits, career paths, salaries etc for different roles. - Machine learning algorithms calculate the similarity between a user's profile and each job to determine their suitability score. Factors like skill overlap, interest
UpSkill
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- 2. In a timeof unprecedented change, with technological developments and shifts in societal norms, ensuring your skill set does not become obsolete is vital. With the average millennial set to have between 15-20 jobs in their lifetime the notion of a single degree setting you up for a lifetime career is now outdated. We believe education is a lifelong process. UpSkill.
- 3. Contents page RESEARCH TESTING COMPETITOR ANALYSIS USEREXPERIENCE MONETISATION LAUNCH STRATEGY HOW IT WORKS SUMMARY APPENDIX 4 13 16 19 28 34 38 40 45
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- 5. The student ofyesterday More than 40% of America’s baby boomers stayed with their employer for more than 20 years. But it’s unlikely that their children or grandchildren will experience the same job tenure. In the 1960s, only around 14% of the population had university level degrees. Today, more than 43% hold undergraduate degrees making it hard to stand out. 5
- 6. The Environment HasChanged Workplace Evolution Job industries have evolved dramatically due to emerging innovative technology over the past decade. Improved communicational technology has allowed for globalisation and has enabled businesses to do work for customers all over the world. This has improved travel opportunities and created a greater need for cultural awareness. Additionally, this has led to an increase in remote working, co-working spaces and teleconferencing which has seen a shift in work contracts towards remote and short term work. This improves access to flexible work around educational steps but also has reduced long-term job security. 6 Job Sector Shift The demand for different job types and skills are changing. While administrative, manufacturing and production roles are set to dramatically decrease, financial, computing and mathematical based work opportunities are expected to increase. This shift is a result of technology such as AI, 3D printing and robotics, and a high demand for automated production, affecting the way we currently make and manage products. Business Evolution Technology has decentralised the economy and shifted business models towards the enabling of access to resources and away from being ownership-based. For example, Airbnb was a massive success taking on the traditional model of hotels being buildings owned by a select few, to a platform that lets anyone be a hotel owner.
- 7. Current Students Do studentsthink university is good value for money? Do you feel confident about getting work experience or or a full-time job after graduating? Reduced Sense of Satisfaction Universities are increasing fees while failing to adapt to changing industries and their new demands. As a result, students are growing increasingly unsatisfied, with 58% feeling university is not worthwhile. The primary function of a university is to be an educational investment to improve a person's career prospects, but 50% of graduates are in non- graduate jobs. Level 5 Apprenticeships earn £52,000 more than graduates from non-elite universities. So there are other educational options to improve someone's career earnings. It is appearing that university is becoming an increasingly poor investment of time and money, this being especially true for non-elite universities as the returns simply do not justify the decision. Alternative forms of education should be considered more often. The Growth of Mature Students The number of mature students, those above 21 and in education, is increasing. In the UK 1/3 students are mature this will rise to 1/2 by 2020. This means students of the future will have a greater range of ages, more culturally diverse and tend to seek competency based educations such as computer science or accounting. This shift to older students should be reflected in the way the educational system operates, prioritising access to knowledge/skills around a flexible schedule with different course options. 7 Source: Save the Student, Student Money Survey 2016
- 8. Education of theFuture Using big data, students can evaluate their different education options far more effectively for cost and benefits. This education can be delivered across digital platforms, and recorded to create stackable credentials allowing flexible life-long learning. To summarise we need to increase the ROI of education in the UK while accommodating for the growing quantity of mature students to help create the education of the future where education is tailored to every student. Source: Reimagining Higher Education, Deloitte University Press 8 Future Trends
- 9. 9 65% 60% 15-203 years not enough for a lifelong career + + = The student of tomorrow of current graduates will be working in currently nonexistent jobs of employers think that graduates do not have employable skills is the average number of jobs that a millennial will have by the time they retire
- 10. 10 Here is yourcareer Passions Skills Earnings There’s a theory that goes that your most suitable career lies in somewhere between what you’re good at, what you’re passionate about and what you can get paid to do. UpSkill aims to find that for you and cut the skill gap as soon as possible.
- 11. Student* The student oftomorrow is everyone. We are lifelong learners. With all this in mind, we decided the term ‘student’ needs to be redefined: 11
- 12. How can wesupport students* in fulfilling their career ambitions by enabling them to act upon worthwhile educational investments? Problem Statement 12
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- 14. Take into accountthe degree of potential risks people are willing to take for their education. People prefer to work somewhere they like rather than just for the money. People like being informed on alternative education routes, and their potential ROI, but very important not to mislead. If we align the service to Barclays they are more likely to trust financial recommendations but could also see the service as being motivated by money. People want to know the reasons behind the industry trends. Proactively suggest new skills to gain. By giving case studies it seems more realistic. Push notifications of current trends within ‘your’ industry was a popular feature. Students liked the idea of having the opportunity to go to events through the platform to meet industry experts. By giving case studies it seems more realistic. Push notifications of current trends within ‘your’ industry was a popular feature. Students liked the idea of having the opportunity to go to events through the platform to meet industry experts. Concept Feedback “UpSkill feels applicable to any age group” “I would definitely use this coming out of university” “If I was changing career this would certainly capture my attention” 14 Source: in-house user research interviews
- 15. The Process Stating whatskills they need and where to get them is our unique selling point. Our task is to get them to the financing stage as quickly as possible. Could you give me free education options to my career goal alongside the ones that require a financial investment? Are loans per course or universal per user? Keep the process free, that maximises users, make the most money from financing the education. The Design Prioritise the Skills the user needs to get for their job, in the layout. Emphasise the overall return on investment of education rather than individual characteristics e.g. certification of courses. User Testing Feedback “My career path can be narrow casted” “I started thinking about jobs once I was about to leave uni” “Finding direction is difficult” 15 Source: in-house user research
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- 17. None of thejob websites tailor the jobs on show to the skill sets that one has - they essentially all run the same, generic search engine. There is a requirement for you to click on every job shown in order to establish whether you have the necessary skills, e.g. coding in Java. If you do not have the required skill set to enter into the job you’re after then you will need to begin searching the web for educational institutes or free courses in order to acquire the necessary skills. The process should be more intuitive in showing one how to acquire skills to open up more job opportunities. Despite Monster showing further education routes, it fails to provide any real depth of reasoning to undertake these courses and fails to facilitate the inevitable application for loans. Doesn’t provide any insight about industry direction, return on investment, and what skills will be more applicable going towards the future. Job Websites 17
- 18. Advice websites haveseveral beneficial features such as: • Insights into the general qualifications required to enter a certain field • Gauging your interests to determine suitable jobs • Providing average salary information of different fields However, they are novel platforms that are used very rarely and do not attempt to uncover what specific skills and knowledge one needs or what skills you currently possess. This means that some of the jobs they show maybe unrealistic for some to attain in a suitable amount of time. The industry information provided is generally outdated and does not show any future forecasts, such as the likelihood of a career being soon obsolete. Furthermore, they don’t offer suggestions on where to get the qualifications they recommend and what sort of financial cost or benefit if you undertake the course. Advice Websites 18
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- 20. § 20 Students* onboard byuploading their LinkedIn profiles or resumes. If they have neither, then they can manually input their info. After that, they will undertake a personality test and set their career priorities (e.g travel a lot, work from home, etc.)
- 21. After their profilehas been set up, UpSkill generates a list of career prospects that are suitable to the student’s* profile. This is based upon their experience, skills and personality. They can then scroll through the options gauging which ones are most interesting to them. Some career metrics, such as average salary and career satisfaction will be highlighted to help the selection process. 21 §
- 22. 22 When a careerhas been selected, the student* can start working towards accomplishing their career goals. Skills and knowledge missing from their current arsenal can be viewed as well as an updated job suitability percentage. §
- 23. 23 When they selecta new skill to learn, UpSkill generates a list of relevant study pathways rated according to a ‘UpSkill Score’. This is our version of Return on Investment. This takes into consideration cost, time and accreditation level to offer students* the most cost-effective pathway. §
- 24. 24 After selecting thecourse they want, they can then view more details about it. Students* can then opt to pay using three different methods. These are through a loan, adding a credit card to cover other expenses or they can opt to pay the amount in full. §
- 25. Share Profile The dashboardis the homepage for returning users. On this screen, users can view the courses they are currently undertaking and how close they are to achieving their target. An Alternate Pathways section allows them to unlock new skills and careers suitable to them. In this case, it recommends an in-demand job (highlighted with a star) based on the user’s interest in biology. If users decide to change their target career, then the platform can highlight alternate pathways, in this case, the new route from Arduino, saving both time and effort. 25 §
- 26. § Share Profile Other buttonson the dashboard include: Share Profile This allows a student* to send a summary of their educational history and resume to a prospective employer. View ROI This is a visual representation of the savings and financial benefit of the educational route the user has chosen to take. In this case, it shows the potential reward for undertaking a new career route even though there might be a natural, slight dip in salary initially. View Journey This button allows a user to view a detailed history of their education to date - highlighting milestones - similar to Facebook memories. 26
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- 28. 28 Monetisation ? Affiliate Fees Low Cost Theplatform will take a commission of the course fees for any students who consequently signs up to an educational institute through the platform. This will likely be the only revenue stream for ‘low cost’ courses in the range of £100-£400. However, this affiliate fee will be charged across ‘low cost’, ‘medium cost’ and ‘high cost’ courses.
- 29. 29 Monetisation ? Affiliate Fees Medium Cost ? CreditCard In regards to ‘medium cost’ courses, in the region of £800-£3,500, students* may not necessarily need to take a loan out. However, as there is still a significant upfront financial hit to take the platform would offer a credit card. This would help support students* with they living costs, something that may well be extremely valuable for mature students that need to support a family alongside their education.
- 30. 30 Monetisation ? LoansAffiliate Fees CreditCard High Cost £1,000 £90 £10,000£1090 £1050 For ‘high cost’ courses, in the region of £8,000-£12,000, a loan will be offered to the student. This loan will come at a reduced risk to the bank on the basis the student's ROI and predicted future earnings will increase after this educational investment. Named Bank
- 31. 31 Monetisation ? Current Accounts High Cost LoansCreditCard £10,000 £1,100 £11,100 £10,800 As you can see the student will be offered two different loans. One for the individual with no current account with the given bank and the other for existing current account holders with the given bank - the latter of which will offer a reduced more favourable interest rate. Through this mechanism, we hope to increase the uptake of Barclays current accounts. Despite this favourable interest rate reducing the banks potential profit margin on the initial loan offering, on the basis the students* will be investing in further education and therefore have an increased projected future earning it is a worthwhile upfront cost for the bank. Affiliate Fees Named Bank
- 32. Overall Revenue* 6.4mil +850,000 + 315,000 + 98,275 = £7,663,275 (not including revenue from credit cards) *Please see APPENDIX A for detailed breakdown 32
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- 34. 34 Launch Strategy Penultimate /Final Year Students “How They Got There” Videos Career Fortune Teller For a little comic relief and to engage with the target audience, we envisage a booth at career fairs where a “fortune teller” would sit with students and “predict” their future careers. This could have a fun outcome on social media and could evolve into a simple online execution to attract people to the site. Towards the end of their degrees, many students feel lost as they don’t know what awaits them after graduation. Targeting them allows us to add value to their current education and capture them as they become profitable. 48% of students stated that it was not until their final year of university that they visited a job website for the first time. Market research highlighted students find the back stories of successful individuals fascinating and often inspiring. The strategy would be to produce a series of short videos showing how different people got into their respective successful careers. This would likely demonstrate their varying interests and their aspirations at different points in their life.
- 35. Land Grabbing 35 -£300 Y1 Y3Y2Y4 Loan or Current Account University Capture By capturing penultimate and final year students and making it cheaper for the banks clients on the platform, we aim to encourage students to migrate to the named bank just as they start to become profitable. Named Bank
- 36. A Lifetime ofTouch Points 36 Time Earnings However, this user journey continues far beyond the initial capture point at the end of the student's university degree. For example ‘</>’ indicates a situation in which the user may want to shift career and establish what skills sets they need to do so, and where they can get these skills. This is becoming an ever more popular trend, with predictions of individuals have in the range of 15-20 during their lifetime career. Repeat usage is built into the system. In addition, with the speed of technology developments, every industry is rapidly developing. This, in turn, offers up multiple new opportunities to get ahead of the game in the market place. Therefore UpSkill enables users to gain an insight into the direction their industry is heading and consequently invest in education and drive their career and prospective earnings.
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- 38. Technology How to calculatea persons suitability with a job? This will depend on the relation between the most common skill requirements for that sector and the user's interests, work and education history. This info will be gathered from their uploaded CV, LinkedIn profile or manual input as well as a personality test. How to calculate an UpSkill Score? UpSkill Score (or educational ROI) is the relation between the cost and the forecasted gains from the educational choice. This is calculated by determining the most relevant certification level needed from a course plus its cost and time-commitment. Courses that meet preset aims (such as flexible or local learning) will be rated higher. So a course that is low in cost, low in time-commitment, is suitably accredited and meets a few of the user’s preset requirements will have a higher UpSkill Score. Where to get the job skills data? Partnerships with educational courses are possible, they tell us what skills their courses offer and in return, we can refer students to them. The skills a job type requires could potentially be calculated using big data by, for example, using Job Search Sites correlating the job title with the skill requirements for a potential employee. We could potentially partner with such a site and in return recommend our users start their job search with them when they’ve finished their most recent study. If partnerships with external companies prove challenging, sector skill requirements could be manually researched or we could tap into expert insights, especially with the companies Barclays already works closely with. Website Extracts user’s qualifications from CV and LinkedIn Tells user how well matched they are for job sectors Recommends Courses to take to improve skills Provides a way to fund chosen educational investment Inform users on latest industry trends and job projections Job Matching Job matching algorithms: e.g. aftercollege.com Desired Skills for jobs: Set by industry experts Partnerships with LinkedIn and monster.co.uk User Details Input Retrieve users qualifications and past work experience. 1. Parser used to extract details from user uploaded CV/ linkedIn profile 2. Manual input External Partners Privatized Education Providers E.g. General Assembly: Courses they offer Job finder websites: Skills requested for employment Linkedin: Accessing people’s profiles and processing to extract qualifications Industry Trends Statistics and projections from papers and industry experts There needs to be a way to standardise the skills required on job sites to those earned from educational investments to allow matching. Education Options Available Import education courses: MOOCS- Khan Academy, Coursera Immersive- General Assembly University Courses- UCAS The course recommended depends on the skills it provides and those required for a chosen job sector. 38
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- 40. Benefits Insight into career opportunities Bridgethe skill gap quickly Alternative education routes Highlight funding opportunities Jobs are changing quickly and people need to be able to learn the relevant skills as soon as possible in order to make the most of any opportunity. UpSkill allows students to choose their education journey to suit their lifestyle and budget. This opens up many different ways to achieve their education goals. By collating as many educational opportunities through our platform and by being a bank - Barclays has the opportunity to provide students with quick, effective financing. UpSkill takes several variables into consideration about you in order to provide students* with the most suitable careers. This evolves as they learn and grow. 40
- 41. UpSkills 2.0… Respected Brand Weenvision that UpSkill will become synonymous with high standards, self-directed and self-initiated learning. Unlike LinkedIn, employers will reliably know what courses the user has taken through our service. Furthermore, it will indicate a motivated individual that wants to be the best they can be. An Upskills student* is at the frontier of their industry and striving to have the edge over competing candidates. Business Interaction A large problem recruitment departments have is the overwhelming number of under qualified applicants. We think UpSkill can help with this. Employers will be able to pay to access a service where they can view and search our student* base for people with the skills they are seeking. 41
- 42. Reliable Education Tracker Blockchainis a distributed database accessible by all users connected to the network. This means every transaction is visible and has complete transparency. It is thus difficult to tamper or revise the system, and more trustworthy. Using this emerging technology but applying it to people's education path, we hope to create a trustworthy record of ones’ educational history. Premium Model From our market research, we recognised an appetite from students* for the opportunity to connect with real industry experts or attend events related to your industry. Because at the end of the day, your network is almost as valuable as your actual qualifications. A premium model could be introduced enabling students to access the exclusive insight talks and events that Barclays already have access to. UpSkills 2.0 (continued)… 42
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- 44. Market Value Number ofgraduates per year: 745,000 *There are currently 4.3 million individuals aged 25-29. Unemployment rate is 7% for this age group. Leaving us with 4 million. Then 6 in 10 millennials are open to new job opportunities = 2.4 million individuals open to new job opportunities. Number of young professionals seeking potential jobs*: 2.4million Potential market 3,145,000 20% of people following through the website and making educational investment* Number of people using the website 1% 31,450 6,290 Loan revenue per customer: £680 (4.9% APR on £9,000 paid over 3 years) 30% of high value educational investments i.e.. Masters 20% of medium value educational investments 50% of low value educational investments 3,145 1,258 1, 887 Revenue £1.3 million Affiliate fees revenue per average course: £90( *1% cut of a £9,000) Revenue: £169,830 Average course cost £250 (5% affiliate fee cut = £12.50) Revenue £19,656.25 Credit cards revenue We do not have data to firmly establish how much banks make on credit cards. In addition, this revenue stream will be applicable to both high and medium cost courses with large variables - we have therefore left it out of our valuation, although it should contribute a substantial sum. 50% free courses50% paid courses 1572.5 1572.5 * We are using the 1% affiliate fee figure as we suspect some courses would allow for an affiliate fee to be charged, e.g. General Assembly. Whereas other institutes may not, e.g. Universities Affiliate fees revenue £50( 5% cut of a £1,000 - average of medium-priced course) Revenue £315,000 APPENDIX A 44 *We believe we could reach 1 in 100 of this target market and persuade them to visit the site *This number is based on standard drop off rates seen typically in UX
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- 48. APPENDIX E Concept Adsfor Other Ideas 48
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