This is my 8th/9th MET course. I am a secondary school teacher/librarian.
Hi:
Here is my pitch for my company which will market a serious simulation (not a “game”:). Hope it makes you want to learn more…and buy the product of course!
Serious Simulations pitch (elevator version)
As per David’s advice, if you are wanting to see the “full pitch”, please visit my very much in progress blog at: http://glewis39.wordpress.com/
Cheers,
Greg
Hi:
Perhaps others are “new” to the venture side of elearning as I am so there are many terms/connected concepts that are challenging to grasp the first time. There are probably many sites but this one has a comprehensive list of “investor terms” Might be of use.
Cheers, Greg
Originally, known as PBWiki, PBWorks is an online collaborative environment that allows users to create wikis fairly easily. It operates on the “freemium” model (free low level features plus a fee for higher levels that offer more features) and uses its own proprietary software which seems to evolve and improve year by year. When it was first released, it was markedly simpler to use than other wiki programs and has added more functionality such as more stringent security measures and audit logs which holds appeal for commercial applications. I have some experience with the company/product through doing a wiki for a History 12 class. A great product/service that I feel educators should explore given the time. So…
Face 1: Market Focus-(K-12, higher education, commercial)
PBWorks has and is being used by all three of the above categories. Save lower level grades (which might not be able to use computers until a certain age), this product has huge appeal for middle school and high school, universities/colleges, and businesses as well. According to their website, commercial ventures are their main focus with the claim to fame that they have users in half of the Fortune 500 list.
Face 2: Types of Offerings-services rendered/product description
Obviously, the company offers workspaces for individuals, companies, cohorts etc to collaborate on various projects or personal quests. Simply, a wiki is a set of interlinked web pages that allows the user(s) to edit and share information in particular field or application. These wikis allow for different levels of access and editing/deletion abilities so as to preserve the integrity of the work being done. One is able to navigate fairly easily through a number of pages in specific folders and users can leave comments and insert both links to other pages/sites and actual multimedia files.
Face 3: Who is the Buyer?
The buyer fits into seven different categories including:
Master Pricing Guide
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Project |
Legal |
Standard |
Campus |
Classroom |
Public |
Basic |
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Annual Price |
$240/user |
$600/atty (unlimited staff/clients) |
$96/user |
$799 |
$99 |
$499 |
Free |
The basic/free level appeals to individuals and those needing only basic services. The “Public” level is aimed at libraries/institutions while the differences between the Classroom and Campus editions is the number of users and number of workspaces. Standard, Legal and Project editions all allow for unlimited storage measured in Gigabytes. The differences between all seven categories is fairly substantial. For more go to:
http://pbworks.com/content/pricing-overview
Face 4 – Global Markets
According to PBWorks, the only language that it is offered in is English (main business language) “PBworks itself (tools, help, support) is not available in languages other than English.” However, it utilizes Unicode meaning that any language that you can type in from your computer will be displayed in the workspace pages. So, you can use other languages but if you need help it is going to be in English. Customers include companies from Australia, the US, the UK, South Korea, Canada and China. A company like Bracewell and Giuliani has ten offices around the world and 450 attorneys. Basically, the nature of the product/service makes it very attractive for anyone with Internet access that wants a collaborative experience.
Face 5 – Development of the Market
Arguably, PBWorks is the giant in the wiki business. Over 50 000 businesses subscribe, they host over 900 000 workspaces and millions of users utilize it each day. According to various sources, the company does spend time/money developing new features that reflect what their customers are telling them or are based on observed trends.
Face 6 – Integrating the product in the education system
The product itself is relatively easy to use and includes very substantial and well developed webinars and technical support – that is a strength of the company. Hardware needed to run this is minimal and speed of the internet connection is not absolutely crucial. The playing of multimedia might be an issue. Getting students to use this would not be hard as it imitates blogging in some ways; however, some might feel self conscious posting comments/ideas using their own names. Cost is quite low and can be free unless many features are needed. Evaluating user contributions can be eased by paying more for a higher level edition.
Not being a “business person” per se, this has been pretty interesting – lots of new terms. Since I really like watching “Dragon’s Den” and “Shark Tank” this has been kind of fun/cool. I have emulated Ed’s idea and included a table with my thoughts on two companies, Recombo 2005 and Ingenia.
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What to “watch for” |
Recombo-2005 |
Ingenia-? |
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CEO Credibility |
Brad seems very motivated, intense, knowledgeable and committed to a goal/goals of company and customer. Been with company for a number of years as well. Don’t know his education background or actual degrees/credentials. |
Ramona also is very committed, knowledgeable, been there since 1998, but not as intense/goal oriented perhaps. Her academic credentials and experience are impressive. |
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Management Team |
Brad does not really describe his management team. |
Ramona mentions all consultants are Masters/PhD’s. Beyond that, not much. |
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Business Model |
Given that the interviewer has tracked the company for a number of years, presumably the model has worked well. The idea of incentives for the lighthouse customer in order to access their client list seems solid; he endorses “win-win” strategies. IBM is interested which seems to reinforce their business model. |
It would appear they have done due diligence in terms of researching the demographics of Vietnam, what the government is pushing(private sector), who is investing(Asian Dev. Bank), other major players that might access their services, the amount of competition(little) and the overall need. |
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Competitive Products |
Prices/fees are not given; went to website and would have to phone to get info. Digital signatures seem to be a main service, i.e. contracts over the internet that are legal. Don’t know what this service should be worth. |
Again, no fees/prices given; contact them to get quotes. Lots of testimonials on webpage. Not really sure what consultants earn for this type of work. Visited three other sites – no fee structure given; phone to get a quote. |
|
Market Readiness |
They have been going for four years at interview time, just almost doubled employees, major lighthouse customer, depending on whether they get the 700 company name list they might be a 100 million dollar company maybe. |
According to their info, conditions are very good for this company to succeed. Their “skills/niche services” are predicted to be needed and the country seems to have a lot to offer for what Ingenia does. |
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Technical Innovation |
They do seem to have an edge; the connector/adapter seems able to talk btw any system and interpret data and change data in real time. Seems like they have a product that others do not have or would want. |
I’m not sure they have a technical edge/innovative product/service; rather what they do is going to be in demand in the market they have targeted. They talked about limited dollars for development so I don’t know that they will be “leading edge”. |
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Exit Strategy |
Brad seems very clear on this. For the right price, they would sell to a VC interest. But at what point this happens…hard to tell. |
I get the sense that they do have goals/direction and have done their homework but they don’t spell out what their long term goals are. |
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Overall Investment Status |
I would invest with Brad and company. Seem to be growing, have a product that is desired, IBM interested, like their philosophy on customers/employees. Don’t think they are looking for investors – maybe a “big buyer”; mentioned IPO as a possible route. |
Again, like what I heard. Seems like they are qualified, have a market worth exploring, conditions are good. Don’t like lack of dollars they have (presumably that’s why they need my dough). Didn’t address how long to get 25% return and is lower compared to other companies. |
Hi, My name is Greg Lewis – sorry about the late “introduction/post” but I didn’t quite get the instructions until today – my bad!
This is my 7th MET course and from what I have read and seen, it looks interesting and this motivates/energizes me which is great. I teach at Ballenas Secondary School in Parksville on Vancouver Island, BC – home of the sandy beach and a holiday destination. I teach History 12 and am half time in the library – a wonderful assignment that I very much appreciate.
The two “blondies” near myself – man in white shirt with “Vikes” hat – boo UBC! Just kidding 😉 – are Nolan (orange) and Mason(Nemo skimboard) and they keep me moving constantly!
Looking forward to this course and the different focus it offers. I am on “Stalin’s Five Year Plan” and take two to three courses a year so I am getting closer.
Cheers,
Greg
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