EduFire
An open marketplace for live video learning:
[youtube]http://youtu.be/j4yvnSAoTog[/youtube]
Posted in: Pitch Pool-
David Vogt
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ETEC 522 – September 2012
Ventures in Learning Technology
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adi 3:45 pm on September 18, 2012 Permalink | Log in to Reply
EDU FIRE
Yes, I would invest in this venture. This CEO starts his pitch well by engaging the catcher with his opening questions (‘How to Pitch a Brilliant Idea’, by lsbach, K.D.,Harvard Business Review, September 2003). He mentions the benefits of his product, and though he does not mention an exact market size, it is clear it is a large one. In addition, this product has two types of consumers: teachers that will make money from their teaching videos but need to pay their cut , and students who I assume will pay. An EVA and investor, however, I would get involved in making sure this product differentiates itself from the rest, as there are several similar online tutoring systems out there.
tomwhyte1 12:53 pm on September 22, 2012 Permalink | Log in to Reply
My concern, is that he mentions the worlds best teachers.
How can he substantiate this claim?
For myself, this is a huge sticking point.
Furthermore, you mentioned that you would need to differentiate itself from its competitors. I myself, am finding what you propose difficult, for I have no thoughts on this, therefore I am wondering what your thoughts would be to potentially achieve this. For, I believe, if one was able to do that, this might be a more viable venture.
Thoughts?
tomwhyte1 11:56 am on September 19, 2012 Permalink | Log in to Reply
Edufire pitches an interesting concept of allowing the worlds best teachers to instruct when they want, how they want, where they want, and for how much they want, thereby reducing the need to waste time and money on commuting to various instructional locations. To facilitate this venture, Edufire, provides an Internet portal allowing educators and students to meet in a single location at a small cost to the educator. Regardless of this potentially interesting venture, I would not invest into this company for various reasons. First, I know nothing of the CEO and Management’s credibility nor ability in this section of the educational market, nor their competency within this market. Furthermore, I have no information regarding the amount of capital required to be a part of this venture, nor how or when I would be recompensed for my initial investment. I also question the concept, as no information is provided regarding market size, market share, revenue generated, furthermore, Edufire has no innovative advantages, nor any patents to protect the service they are providing, which would easily allow major corporations such as Pearson to easily enter, then dominate this market. Lastly, I feel there is nothing I can add to this venture to help overcome some of these issues, making this overall investment risky at best.
Pat A Son 2:26 pm on September 20, 2012 Permalink | Log in to Reply
No I will not invest in this venture,
I am highly skeptical about this venture because I do not think that the realities of the target market was taken into consideration in the creation of this venture.
The gentleman certainly exudes with confidence but I am not convinced that he understands the market that he is pitching his venture in. Edufires’ product is in my opinion networked private tutoring yet it is being sold under the big umbrella of education as if it aims to replace the traditional models of scholarship that is centred around degree granting intuitions. So the niche was not properly defined in this pitch. Therefore his pain point is aimed at the wrong object and this mean that the market size, market share and revenue projection will all be off.
As for competitive edge khan academy offers the similar services for free in over 17 subjects as compared to only language offered by this start up. So the concept is neither original nor feasible and will most certainly a still birth as a venture.
tomwhyte1 12:58 pm on September 22, 2012 Permalink | Log in to Reply
I like that you have mentioned the Khan Academy. This free venture, is now beginning to translate their videos into other languages, to expand the number of students they are able to assist. Secondly, the Khan Academy allows the videos to be watched again, and again. From what I see with Edufire, you would have to potentially pay and pay, to be able to learn again and again.
Thoughts?
Suhayl Patel 5:02 pm on September 23, 2012 Permalink | Log in to Reply
I agree that Khan Academy can do this and more. At the same time there was nothing about assessing your learning using this tool. Khan academy allows you to do that as long as you log in and have a “coach”.
tomwhyte1 7:18 pm on September 23, 2012 Permalink | Log in to Reply
One might assume, that the “instructor” would provide some forms of assessment. However, this is not provided in the elevator pitch as far as I know. Furthermore, the types of assessment, just like the Khan Academy will be limited.
Thoughts?
Paula Poodwan 2:49 pm on September 21, 2012 Permalink | Log in to Reply
No, I would not invest in this venture, although I am interested in the venture concept.
I believe the idea of this venture is something like eBay ( which is very interesting) in which the company provides the market space where teachers ( products) and students ( buyers) can meet, teach, and learn, then the company will take a cut.
I look at their website and it seems at this stage there is no traffic, not many teachers and very few courses available. This venture could be a big hit as eBay is but I will not consider investing at this time as I am not sure about their quality control policy; I am concerned about the quality of the lessons being offered and the quality of the teachers. If they are no good, the site will die down sooner or later.
tomwhyte1 1:00 pm on September 22, 2012 Permalink | Log in to Reply
I also worried about quality control, as should most people. Furthermore, the world of education has many big players, such as Pearson. Therefore, if this is truly a viable solution, for the world of education as this time, why are the big boys not involving themselves? Are they on the wrong track, or just at the beginning of a potential implementation curve?
Thoughts?
Jenny Brown 2:16 pm on September 22, 2012 Permalink | Log in to Reply
Hi,
I think that beyond one on one tutoring and specific training to assist children with their required school work, MOOCs are a more viable alternative to online learning for adults. Unless adults are looking to receive a certification or degree I don’t foresee a marketplace for adult general courses that you pay for. The fact that there doesn’t appear to be any sort of certificate or accreditation for completing a course makes it less desirable.
tomwhyte1 3:26 pm on September 22, 2012 Permalink | Log in to Reply
Yes, the accreditation angle is significant. If Edufire, could help educators in America, who require this, to achieve credits, etc… it might be viable. However, based upon the platform I have seen so far, I would still look for other alternatives for this.
As for MOOCs, I see that they have a place, for specific types of learning or specific content taught. However, if I were to explore second languages, this might not be the best forum.
Thoughts?
Pat A Son 9:21 pm on September 22, 2012 Permalink | Log in to Reply
Here is an article that proposes how open education can be accredited: From Open Content to Open Course Models that can be found @
http://www.irrodl.org/index.php/irrodl/article/view/632/1397,%2010%285%29.%20Retrieved%20January%208,%202012,%20from%20http://www.irrodl.org/index.php/irrodl/article/view/632/1397
However jt states that “linguistic, cultural, and institutional challenges that both institutions and international students face at Western institutions is well documented”
So it is not as simple as it seems
Jenny Brown 2:09 pm on September 22, 2012 Permalink | Log in to Reply
No I would not invest in this venture.
The presenter was credible and personable and the setting made it appear that he was in fact a school teacher but if he had stated his name, his background and his position in the company it would have been more compelling.
The presenter addressed the pain point right from the start explaining that through them you could learn right from your own home or get paid to teach from your home when you wanted and for the price you wanted and although this was sold as a novel idea, in today’s marketplace online training and tutoring is already common. It offered a solution to a problem of having to commute for learning and teaching but again this is not a new solution, it is one that already exists and is growing in the marketplace.
EduFire did try to differentiate itself with having “the best teachers” and offering a lot of flexibility and opportunity for educators. As an analyst I wasn’t overly intrigued, but as an educator, I was interested in learning more. They completed their marketing by telling you where they were and where they were going but lacked monetary incentives (didn’t tell you what an investor would get out of out). They finished by telling you the next steps to take by providing their web address.
Like Paula, I went to their website and I would agree that I am not sure of the quality control measures they have in place. In addition, very few classes are offered and very few have any students enrolled. Although the pitch had me intrigued on a personal level, as an analyst or investor I would not be interested.
tomwhyte1 3:28 pm on September 22, 2012 Permalink | Log in to Reply
Your one line captured my attention:
“In addition, very few classes are offered and very few have any students enrolled”
This makes me wonder, are they offering a service that is not needed? Or, that there are so many complimentary services out there, that this one has been lost in the mix?
Either way, not a viable venture in my opinion.
Thoughts?
Jenny Brown 6:33 am on September 23, 2012 Permalink | Log in to Reply
Hi Tom,
Although I think their courses offered for free may be of some interest and perhaps their one to one or small language group sessions. It might be that trying to have both of these and all subject matters just makes them look like a mess. Like Paula said, she felt it had an eBay type structure and eBay sells everything, not sure if this is an accepted means to purchase education by the public.
tomwhyte1 7:21 pm on September 23, 2012 Permalink | Log in to Reply
To keep the eBay motif going…
I know who to buy from, based upon the rating system eBay provides. However, what system is in place for Edufire? Can someone who feels they were graded poorly, have the chance to lash out, or is there a system of checks and balances.
Truthfully, the statement that the worlds best teachers… etc… truly worries me. For if I am investing, I would want this statement backed up before I provided any capital or expertise…
Thoughts?
lullings 5:15 am on September 23, 2012 Permalink | Log in to Reply
I would definitely be interesting in Edufire’s venture pitch. I think that it is true that its a multi billion dollar industry and if they can get a slice of the pie then I would be interested in see how they plan for this.
The primary question I would have is about the interactive video element that the courses will be based on? This has huge potential to be a game changer in the educational arena if they have the skill and expertise to do it in a manner that is fresh and exciting.
Patrick Pichette 4:48 pm on September 23, 2012 Permalink | Log in to Reply
I would definitely be interested in getting additional info on this venture. This has the potential to become a huge market and depending on the approach, marketing, and team involved, it could become a big hit. I understand that Khan Academy has a free offering but they are targeting two different areas of education. Khan is targeting a self paced student who progresses at his own pace while this venture targets one-on-one learning with an expert in the field. I see huge potential for people who work in a particular craft that is not generally taught in school but could be taught in this type of environment. Needless to say that the pitch hits a chord with potential and before I choose to accept or reject, I would want to hear the full pitch and current status of their business plan.