Welcome to EIM Technology’s VR Electronics Lab – an innovative and immersive educational tool that revolutionizes the way we learn electronics. With our VR-based platform, students can explore and experiment with electronic components in a virtual environment, gaining hands-on experience and a deeper understanding of complex concepts.
Elevator and Venture pitch:
https://sites.google.com/view/etec522assignment3/home
After following your journey through this course, I know that you are an expert in this field and have already started a few businesses with home electronics labs. Your knowledge and expertise is evident in the elevator pitch and the website. The idea is cutting edge and harnesses VR in the classroom excellently. I’m glad you noted the potential challenges, as the cost may be massive for most schools and only private schools and wealthy areas would be able to afford these products. 500k for 10% means that you have valued your business at 5 million. That is a high cost for a small start up. Do you anticipate that you will get large school board contracts right away or will you be approaching specific schools with your idea? I really like the subscription fee idea as that is where you will get the continued stream of income. Netflix has shown that the subscription model works, and you could even take marginal profits on selling the initial units if the subscription is valued and schools continue to pay. What does EIM stand for, Terrence? I tried to find it on the website but I couldn’t. It’s a pretty generic title and you could probably find something more catchy that attracts a potential client. How do you plan on advertising this product? Are you going to do demonstrations for school boards or focus more on trade shows?
Hi Simon,
Thank for raising these questions! First of all, in terms of approaching schools, we’re looking at a two-pronged approach. While we’re definitely aiming for those big school board contracts down the line, initially, we’ll be reaching out to specific schools that really resonate with our vision. ideally because we already working with some of schools, we would like to offer these affiliate schools with what we have for VR. Secondly, we might be a bit flexible with the hardware margins, but the focus will be on providing top-notch value through the subscription service.
Regarding EIM, originally it stood for Evolution in Motion, capturing that dynamic essence of technology’s constant evolution. However, we’ve tweaked it to ‘Empowered Innovation Mind.’ We realized that a clearer connection to our dedication to innovative learning was needed. Actually, you’re on the same wavelength as an SEO expert we consulted. They emphasized the importance of having something simple and memorable. This actually brought back a memory – we used to have this concise yet impactful three-word slogan: ‘learn, build, think.’ It was displayed on a prominent banner, and I think it also reflect our core educational values.
As for advertising, we’re planning a mix of strategies. Demos are key – we’ll be hitting up trade shows to reach a wider audience, and we’ll also be directly engaging school boards to showcase the real benefits. We’ve had some really positive experiences with these approaches before, and we’re looking to build on that.
Your questions and insights are super valuable in shaping our path forward. Thanks for being so engaged!
Terrence
Hi Terrence!
As Simon pointed out, your expertise in the field of electronics is really prevalent throughout your presentation. As someone who is not well-versed in electronics specifically, this was very helpful. You touched on cost, accessibility, and usability as potential challenges, but your pitch started to lose me when you did not necessarily address these issues. Through previous MET courses, I have taken a significant deep dive into VR and its lack of inclusivity for users. There is a significant emergence of research available that addresses these concerns while also making recommendations on how to adapt or improve the tools. Don’t get me wrong; I personally love using VR in the classroom, and I believe the benefits you have outlined from your idea, but I would have liked to see your pitch address and proposes ways in which your idea counteracts these challenges.
Quite a challenging feat, taking on a current company and creating something from it. Great work!
Hi Danielle,
Your insights hold significant value, particularly concerning the challenges I highlighted, namely cost, accessibility, and usability. I’m genuinely appreciative of your discerning observation that my pitch may have momentarily veered away from addressing these pivotal points. Your candid feedback holds immense value to me, and I’m genuinely grateful for it. In full honesty, there are still certain concerns and challenges that I’m in the process of untangling. Hmmm, it prompts me to reflect on my approach. Looking back, I recognize that my focus should have leaned more towards researching the VR and education aspects, rather than primarily centering on VR and electronics.
Great work Terrence!
You clearly have a strong background knowledge about VR and electronics which really supports the success of your venture. I found your idea easy to understand from your explanation as someone who does not have a lot background knowledge on this topic, I think this works in your favour with investors. I have to agree with some of the comments above, I think access if the biggest obstacle with your project and it wasn’t super clear on how that could be overcome. I wonder if some sort rental program of VR equipment could be incorporated into your plan to make this a viable option for schools that cannot afford to invest in their own VR sets.
Very interesting idea!
Hi Kelby,
Thanks so much for your positive feedback and encouraging words – I really appreciate it!
You’ve touched on something important – access. I completely agree that it’s a significant hurdle. The challenge of overcoming limited access to VR equipment is something I’m well aware of. You’ve hit the nail on the head by mentioning the high costs associated with VR equipment, storage, and maintenance. These are definitely factors that can make it difficult for schools to adopt such technology.
Your idea of a rental program for VR equipment is spot on and aligns with my thinking too. It’s a fantastic way to make the technology more accessible to schools that might not have the resources to invest upfront. By addressing the cost and access issues head-on, I aim to contribute to lowering these barriers and making VR-based education a feasible option for a wider range of educational institutions.
Terrence,
I love the concept, but I think that the real value is in scaling your app after successfully implementing the Electronics Lab. Why not continue with a Biology Lab for dissections, or a chemistry lab for reactions? I remember that Kevin O’Leary was part of a business called “the Learning Company” which built one application for presenting content and quizzing students, and then sold it over and over again with different content bundles.
With your experience, I truly hope to see a product like this sometime soon! Someone in my 524 class received grant money for 30 Meta Quest 2’s for his school, and this would be a great application for that.
Hi Doug,
I wanted to say thanks for your really thoughtful input – it’s super helpful. Your idea about expanding the app beyond just the Electronics Lab is a solid one. I get where you’re coming from, and I see the potential in exploring other areas like Biology Lab for dissections or a chemistry lab for reactions.
And yeah, you’re absolutely right about my focus on electronics education. With my background and experience in that field, it totally makes sense to go all-in on that. I’m pretty stoked about diving into ETEC 524 next year too. The idea of crafting my own study units around electronics education sounds like a great opportunity to dig deep and create some cool learning experiences.
Thanks again for your insights – they’ve given me a lot to think about!
Review
As I don’t seem to be able to edit my original post, I will simply add that I would recommend this venture.
Hi Terrence,
As someone who teaches circuits and electricity I can really see the value in creating complex circuit situations for students to solve that are real world and connect to what they are doing. We mostly light up light bulbs and that runs out of excitement pretty quickly! We are always looking for more engaging projects. I agree with Doug about the scale of your company. I think you should look to expand into the world of AR/VR labs even further- I am not sure at most high schools that they teach enough circuit/electricity directly to invest a lot of money in the program.
It is clear you have a ton of experience in the field and this is the kind of product a school like mine could be very interested in.
Thanks!
Mike
Hello Mike,
I appreciate your feedback! I’m committed to further expanding on that aspect. I find it fascinating that you’re instructing circuits and electricity; I have a few inquiries for you. Could you kindly share the software, hardware, and technology you employ in your Applied Design, Skills, and Technologies (ADST) class? I’m curious about your teaching methods utilizing these tools. Moreover, have you encountered any particular challenges while instructing a technology-focused class?
Thanks
Hi Terence,
Bravo
Your project is truly impressive and forward-thinking. I am so inspired to hear your vision of revolutionizing education through the integration of VR technology to create more engaging and interactive learning environments. The concept of Lab-On-The-Go is brilliant, as it not only offers essential equipment but also integrates open-sourced lessons and experiments, catering to both teachers and students. If you haven’t already, MET has an elective course: ETEC523: Mobile and Open Learning which may interest you. I was truly captivated by your elevator pitch, complete with its dynamic voice-over and vivid lab visuals. The narrative you presented, combined with your exceptional website content delivery, genuinely made me feel excited about your company. Great job! Terence.
Hunger for More
From the market opportunity page, it provokes me thinking about pedagogical approaches. More specifically, pedagogical strategies that will be employed with the integration of VR technology. How will the immersive experience be designed to enhance comprehension and retention? Are there specific teaching methodologies that will be leveraged through VR?
Resources
I came across with a TED Talk video “How virtual reality turns students into scientists”, https://www.ted.com/talks/jessica_ochoa_hendrix_how_virtual_reality_turns_students_into_scientists. It’s a 6 minutes video that shares the light on the benefits of using VR technology in teaching biology.
You might find this an interesting read too. “Can a Hollywood-backed VR company make science labs more effective?”, watch here https://www.edsurge.com/news/2021-08-19-can-a-hollywood-backed-vr-company-make-science-labs-more-effective.