ETEC 522 – Sept. 2011

murray12 3:51 pm on November 27, 2011

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  Jim 6:25 pm on November 28, 2011 Permalink | Log in to Reply

  Hi Andrew,

  Your elevator pitch and venture pitch were quite interesting to watch. I assume you have decided to take on the role of being at the helm of this venture (correct me if I am wrong). As such, I would be a venture capitalist looking at your company as an asset in which to invest. In your elevator pitch, you note that 40,000 people have signed up for a free subscription. What I wanted to know from the elevator pitch was how you intend to monetize the product.

  Of course, you answer these questions and more in your Venture Pitch. The only thing I worry about is that people almost expect free apps now… unless the product has some added value that REALLY cannot be found anywhere else, it will be difficult to monetize it. You do mention that data enhanced version which would add this value.

  I am considering your venture pitch as one of the three I will review in more detail but have not decided yet…

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    murray12 9:18 am on December 1, 2011 Permalink | Log in to Reply

    Thanks for your feedback Jim,

    I’ll admit that I felt a little uncomfortable acting as if I was a part of the Socrative team, who knows what they would think if the found out. So instead I tried to come off as a Socrative supporter. I also understand that I do lack a financial incentive for investors in my elevator pitch, but I guess I felt the time squeeze and focused more on problem and solution.

    As for free apps, I also agree. I myself always look around for a quality free version before I give money away. As for the enhanced version, I searched all over the web and couldn’t find anymore information than what I included in the venture pitch. It would have been nice to include some tangible YOU + STRATEGY + MONEY = MORE MONEY, but alas….

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  Juliana 8:42 pm on November 28, 2011 Permalink | Log in to Reply

  Hi Andrew,

  Your presence in the venture pitch was very calm and your voice was very clear. I also liked how you compared this venture to similar ventures such as iClickers and poll everywhere. It was clear from your pitches that you have done a lot of research on the product. You also did a good job at looking at the people heading up Socrative and selling them.

  I was confused about one thing. I was not sure who you were aiming this proposal to. Are you aiming it to administrators? Are you acting as the venture’s CEO? Also, as this was a venture that relied on mobile devices, what would you do for a student who didn’t have one? Can schools can realistically maintain and provide mobile devices to those students who didn’t have any and do all schools have their own wireless networks? (This last question is for my own interest…most of my work experience has been in a University environment and I was curious about the public school system)

  Juliana.

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  Deb Giesbrecht 3:30 pm on November 29, 2011 Permalink | Log in to Reply

  • Pain Point: digital native students not getting their learning needs met
  • Solution: smart student response – interactive learning
  • Differentiation: defines itself from clickers. Used on any web based device.
  • Marketing; Identifies demand. Comprehensive marketing strategy – 40 000 people within 24 countries. No marketing efforts identified at present. Clearly identifies future markets.
  • Championship; great championship and team membership
  • Competition: clickers
  • The Ask: Don’t remember there being any official ‘Ask’ from the investor
  • The Return: investigating revenue options
  The Message
  • CEO Credibility: appears credible•
  • Management Team: very educated and knowledgeable team members
  • Venture Concept: market demand present. Clear and concise business plan with knowledgeable researched background
  • Opportunity Space: turnkey product
  • Market Readiness: very plausible and feasible. Identifies that students are ready for this type of interactive learning.
  • Competitive Edge: looks at global market strategy
  • Exit Strategy: None identified
  • Overall Investment Status: turnkey product with lots of future potential. Loved your elevator pitch that was really accentuated with the graphics that you chose – which program did you use to develop this video?
  • Overall very believable, researched and well-presented venture. Great job!

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    murray12 8:12 am on December 3, 2011 Permalink | Log in to Reply

    Hello Deb,
    Thanks for your feedback. I just used iMovie to make the video.

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  bcourey 5:34 pm on November 29, 2011 Permalink | Log in to Reply

  HI Andrew…You have an interesting venture – an alternative to the much pricier Clicker response systems we see in many schools and if a school does not already use this technology, your solution many work for them. You also acknowledge the benefits of immediate feedback and the need for a quicker way for teachers to do assessments. I agree with others though, that I am not sure who your target audience might be- and customers who start with something free are not always going to start paying later – not sure if there is data out there that proves I am off base on that or not. I was a bit confused about the Edu Tech take offs part of your presentation – did that mean that you have more competition, or that you hope to be bought out some day by larger players? I also found the cost to be quite high…but then again, I may be forgetting how convenient this service would be. For now, our schools have several sets of the clickers, so we would have a hard time selling this product.

  Brenda

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  Keisha Edwards-Hamilton 7:21 pm on November 29, 2011 Permalink | Log in to Reply

  Hi Andrew,

  Very good elevator pitch. Your target market was evident at the onset – educators, parent, students or administrators. The concept presented is very interesting since I am an educator that face some of the problems you mentioned and would love to solve these sooner than later using activites that engage learners. As a result, I would want to learn more about the product. Also, it seems like it is a good product since over 40000 users have signed up for it since it entered the market in February of this year.

  Keisha

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  schiong 10:40 pm on November 29, 2011 Permalink | Log in to Reply

  Hi Andrew,

  I like the product.
  Since it is web based, I would assume that it is accessible via mobile devices , laptops , or desktop computers.

  There are few things that are not clear to me …
  a) does the teacher create the questions? if yes, how?
  b) is it applicable to other courses such as math, chemistry, physics, etc ?
  c) how is it different from existing LMS? Some, if not all, of the open source LMS are SCORM compliant
  which can do something similar to what you are proposing. I am just not sure if the analytic part has been integrated.

  Steve

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  jenaca 3:22 am on November 30, 2011 Permalink | Log in to Reply

  Hi Andrew,
  I really like the product! I think your elevator pitch was intriguing and included a lot of good information. You clearly stated your product, the market, problems and solution. I think the questions at the beginning helped prepare me for what the pitch was about.
  I am very interested in this product and am looking forward to reading your venture more in depth!!
  Jenaca

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  carmen 10:58 am on December 2, 2011 Permalink | Log in to Reply

  Hi Andrew,

  I really enjoy your pitches as your ideas are clear, and you appear confident and calm. Also, your presentation is well paced with helpful visuals. You explained the advantages of using Socrative over Clicker and Poll Everywhere, which really convinced me that there is huge potential in this product. I have a few questions about the revenue options after watching your venture pitch:
  1. I wonder what the data enhanced version offer and how it will be different from what it is now.
  2. So far, Socrative is an online application that doesn’t require any installation. However, one of the revenue options mentioned in the venture was to preinstall Socrative in tablets… I wonder what the company has in store for it’s next step!

  Overall, I really enjoyed your pitch! I will definitely explore this tool some more. 🙂

  carmen

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  themusicwoman 9:41 pm on December 3, 2011 Permalink | Log in to Reply

  Dear Andrew,
  Giving you condensed version eva as time is running out and many great things have been mentioned already 🙂
  Elevator pitch: found it extremely engaging immediately and enjoyed the to the point of it.
  Venture Pitch: Introduction well done to capture audience: especially enjoyed the university students “listening” to lecture and the comment about high schoolers and phones. I appreciated your clear speaking style.
  Problem/Solution: pointed out very clearly. I like the appeal of this app. I like that is it is geared towards mobile devices as you mention later that schools are definietly on that stream of thought.
  Marketing: free is great . . . but would like more info on the revenue options but understand that it is in the makings.
  Competition: good use of these to actually showcase socrative, I thought. Although the other companies offer similar products, I think yours may have an edge, especially when thinking about marketing to school groups and cost.
  Good work on the CEO and team management and numbers for the product.
  Only part I was confused about was I thought you were acting as CEO at first but then realized you weren’t but it was all good.
  Enjoyed your presentation. Thanks.
  Michelle