ExamScan
My fictional venture is ExamScan, a security system for online assessment that incorporates Iris Scanning technology.
In some ways I feel that this type of venture is ahead of its time, however as biometric security systems become more commonplace, it could have a significant use for education provided proper security assurances for students are in place.
Thank you!
Coral
Elevator pitch:
Venture pitch:
http://prezi.com/3xjkaghxuxyp/examscan/
Self Assessment:
Posted in: Venture Forum
jenbarker 12:16 pm on November 26, 2012 Permalink | Log in to Reply
Hi Coral,
I liked your Elevator Pitch. Your venture is Interesting and original and I believe there is a market. Your Venture Pitch was excellent. You included all of the necessary facets and your use of text and visual graphics such as graphs were attractive, easy to read and understanding. My only suggestion would be to add a bit more information about you CEO teams background which would give more credibility to them being able to champion such a venture. Thanks for sharing your pitches. Best, Jen
joeltremblay 4:43 pm on November 26, 2012 Permalink | Log in to Reply
Hi Coral,
This is a brilliant, if big brotherly, idea. Great venture and elevator!
Paula Poodwan 5:20 pm on November 26, 2012 Permalink | Log in to Reply
Hi Coral,
I’m not one of your reviewers but curious to see what your venture is all about. I absolutly agree with Joel ‘s comment above that your venture is briilaint, and it is quite innovative. As online learning is becoming more and more accepted these days and everywhere too, not just North America , I’m very sure that there will be a market for your venture. Good thinking, well done!
Jenny Brown 10:22 pm on November 26, 2012 Permalink | Log in to Reply
I felt your elevator pitch was very concise and covered all of the important aspects of a successful pitch – well done!
I also really enjoyed your prezi presentation and I am not a huge fan of prezi but yours was clear, concise and well laid out. I really don’t have any suggestions for improving your venture pitch except maybe showing pictures of the team?
As an EVA currently enrolled in an online Masters program, one of my concerns was the fact that I live in Calgary and would have to fly to Vancouver to have an Iris Scan done, this would be a deterrent for me especially if this would be the case for all online courses that I take through different institutions. I would consider investing in this venture after a careful read through a detailed business plan.
tomwhyte1 1:43 pm on November 27, 2012 Permalink | Log in to Reply
To facilitate and objectively review the venture pitch you have put forward, I will be utilizing the guidelines provided within our course, Section 2.7 – Deconstructing a Pitch.
CEO & Team:
From the provided elevator pitch, the CEO for ExamScan exudes confidence in their venture. However, specific information regarding the overall teams abilities to manage a start-up company and deal with obstacles that will occur, especially considering privacy and legal rights, is hard to determine at this time. Therefore, before pursuing formal investment, further investigation in this area would need to occur.
Venture Concept:
Based upon a quick search, it appears that this is a unique and innovative approach for the use of biometrics, and that institutions and agencies are currently using various devices, including handheld technology to do iris scans (http://www.reuters.com/article/2011/07/20/us-crime-identification-iris-idUSTRE76J4A120110720), making this venture not only possible but feasible. Furthermore, significant research has been conducted, which not only demonstrates the possibility of this product working, but the potential need for it within distance education courses. Lastly, the recognition of cheating in various educational environments has been on the rise recently, and it is possible that ExamScan could deter this from occurring.
Marketability:
ExamScan did a good job providing information regarding the potential market that could access this service. However more information regarding the number of schools that still utilize traditional assessment (multiple choice, T/F/, etc), instead of constructivist exercises would also be needed, as other forms of assessment would also greatly reduce potential cheating, as these other assessment strategies are very time consuming and require a strong knowledge of the material to develop any meaningful artifact. Regardless, if ExamScan can show proof of concept, those schools still utilizing traditional approaches could still represent a significant share of the market making this service potential viable. In terms of innovative advantage, ExamScan is on the cutting edge of biometric utilization within a distance education environment. It is important that one realize though, being the leader in this market may ensure increased market share and potential revenue, it means more risks in an unproven market place, an issue that may scare away potential investors.
Venture Plan:
Based upon the provided information, ExamScan has been in operation since 2011, however no specific implementation of services was provided. Therefore, it would be essential to know where in the process ExamScan is? Is the biometric software still in beta testing, or have they begun developing partnerships with industry distance education leaders? Information that would need to be provided, before investing occured.
Lastly, as was mentioned in the presentation, the legal issues surrounding the collection, storage, and use of Iris prints is a major hurdle to overcome. ExamScan has done a decent job, providing information as to where and how this data will be stored, which does alleviate some of the concerns. However, if this venture is successful, more data centers will exist, and potentially cross international borders, where data comes under different laws, and then different problems. Lastly, some students partake in online courses who are under the age of 18, would the inclusion of this technology limit them from partaking in these courses, and therefore limit the potential market for ExamScan?
teacherben 9:12 pm on November 27, 2012 Permalink | Log in to Reply
I guess you would need an initial, in-person scan when registering in the program in order for this to work. Or, you could have authorized, scanning centers where a person could have their iris scan registered with their identity. This is a little creepy, but I can see the potential marketability. The idea sells itself. This is one of those things that the fear of people cheating is all that it takes. You don’t even need the statistics, (although they were a nice addition) because many people will assume that if it is possible to cheat, people will.
(Incidentally, Google introduced a facial recognition feature that could be used to unlock your cell phone and it was very easy to hack because people could use a picture of you in place of the real you. They improved that recently. Now, it looks to see that your eyes are blinking in a way that is hard to replicate. i don’t know if a video of your face would work, but Google is pretty confident…)
I would have liked to know a little more about the people behind the venture. And it was cute that you included the number of active users and 3-year return on your money but before I would give you a million dollars, I would want to see evidence. If you are going to include numbers at all, I would think you would need to back them up a bit. It’s tough in this role-play situation to know how much to include in this regard.
I also think it would have benefited from a few more visuals. For example, in your elevator pitch, you could have been sitting next to a computer and turned, looked into the webcam for a moment, then turned back and said, “The scanning process only takes seconds…” which would have been much more powerful. Similarly, the Prezi had a lot of words. A few more pictures would have made it more convincing.
visramn 3:13 pm on November 28, 2012 Permalink | Log in to Reply
Hi,
Brilliant idea and very well posed. I think this is a great venture and I think you did a great job of portraying the need for it. You used pertinent data and graphs to show that education is definitely moving more and more towards online delivery and that there is a need for this type of tool. I think you covered all parameters needed and did a very good job of drawing in your audience and convincing them that your product is a necessity. You were confident, knowledgeable and had confidence in your voice. This had a great impact. Both your pitch and your Prezi were set up with good information.
Excellent job. Thanks for sharing.
Nureen
Doug Connery 8:36 pm on November 28, 2012 Permalink | Log in to Reply
Hi Coral:
Great presentation in the elevator pitch and the venture pitch. I agree with Ben, a quick turn to a web cam to get scanned to show how easy it is would have capped it off.
You have also nailed a wonderful opportunity that is needed and for all the reasons you identified. This gives me confidence that the CEO knows what she is talking about! I have very little else to offer for a critique because you have caught my attention as an investor. If we were going to take this to the next step I would say – lets talk!
Doug.
Pat A Son 4:56 pm on November 29, 2012 Permalink | Log in to Reply
Hi Coral,
Your idea is very practical and timely with the growth of online learning. You venture pitch showed that you did your homework but am of the opinion that it will be applicable to institutions that do traditional testing as the name suggests. I also suspect the temptation to cheat will be higher for exams such as SAT. For programs that do project based assessment the likelihood of cheating will be lower. Since most Schools still do exams you have a large possible market. At the end of the day it will boil down to how far these schools are willing to go to t curtail cheating. Right now I have not heard of any institutions such as Sylvan taking this kind of measures for this kind of cheating. Most institutions seem to be preoccupied with plagiarism instead.
Despite my concerns you did a good.
Cheers
Patason
jameschen 9:12 pm on November 29, 2012 Permalink | Log in to Reply
Hi Coral,
Thanks for an interesting elevator pitch. It grabbed my attention as an investor.
Here is my analysis on your venture pitch using the guidelines found in section 2.7 of our course blog – Deconstructing a pitch:
ExamScan: The Content
Pain Point: Your pain point is supported by research. The numbers would be more relevant if they specified how many ‘online’ students cheat.
Solution:
Questions:
What would happen if the actual test-taking student scans his/her iris, and then as soon as the exam begins a more capable other takes over and completes the exam; or if a student does not have the required hardware; or that the camera has a very low resolution; or if technical difficulties arise and the iris cannot be scanned? The plan would be viable if it addresses these potential challenges.
To me, the only possible way for this product to work is for the technology to continue recording the student while s/he takes the test from beginning to end. This leads me to think of the money that needs to go into perfecting the security around the software, which might cause potential investors to walk away from the investment.
Differentiation: From your venture pitch, I was unable to locate information on how your product differs from existing security features implemented during online testing situations.
Marketing: I was unable to locate information about what your venture will be doing to establish itself on the market other than information on what the investment money will be used for. The target market is not identified.
Championship: I did not find information on the competency of the venture’s leaders and advisers (you) in your pitch.
Competition: Information about the venture’s competitors and partners could not be located in the venture pitch.
The Ask & Return: A provision of how these numbers came about would increase the credibility of your pitch. If you do not know the numbers, perhaps a formula about how the return on investment is calculated will suffice. An exit strategy would also increase the viability of the investment.
Hope that helps! And thanks for a well-presented pitch.
James
cunnian 12:05 pm on November 30, 2012 Permalink | Log in to Reply
Hi Cora,
Funny, I was just watching the CBC documentary that you cited last week as I had some plagiarism issues in my class to deal with. It made a compelling argument for the need for strict security measures as the cheating schemes are getting more and more sophisticated.
Your elevator pitch was excellent as you speak with confidence and passion about this product. I liked the Prezi format for the venture and you walk potential investors through your pitch in a clear and logical manner. As far as I can tell, you’ve identified all of the requisite information for a good pitch, including details on the investment that you need and what your potential market is.
One question that I have is how you obtain the initial iris scan. It seems that this could be faked as well. Yes, your product will keep a user from creating multiple accounts, but will it prevent a user from using someone else to do the actual work of the course?
Regardless, this product has the potential to greatly improve the security of online courses. Well done!
melissaayers 2:29 pm on November 30, 2012 Permalink | Log in to Reply
Hi Coral,
Congrats on 2 great pitches – both were very clear and informative and contained ample information.
Interesting venture idea and great way to introduce a new(ish) technology into the classroom. You have clearly identification a pain point and a solution, as well as growing market trends and what you need as an investment.
Many thanks
Melissa
sophiabb 6:45 pm on December 1, 2012 Permalink | Log in to Reply
Hi Coral,
Great job on your elevator pitch. You clearly described your product, problem and your solution.
I love your use of Prezi to present your venture pitch. I actually like that it was text heavy as I was able to go back and peruse at my leisure. The following is my feedback:
Product: interesting use of current technology as a solution to a problem within the education industry.
Pain Point and Solution: was real, clearly stated and one with which many educators relate.
Differentiation/Competition: the pitch was weakened by a lack of information on the market in terms of competition, positioning, barriers/ease of entry.
Market/marketing: the target was clearly identified and the opportunity seems possible. Statistics and facts helped in increase the credibility of the proposition. However, the absence of a marketing strategy is noted.
Ask and Return: were clearly stated.
The Team: Investors are interested in the skill set and abilities of the CEO and team to drive a start-up business to success. Insufficient information was presented to aid in my decision.
I think your proposition is full of possibilities. I would be interested in your proposal once your pitch is strengthened.
Sophia