Why is the college discovery process so broken? Our solution (1st pitch)
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Education is at the core of who we are. Our closest friends and our future career path by enlarge depend on where we go to college, right? If the stakes are so high why should the burden of search be on high school students? With so much white noise how can teenagers find out what school matches their potential? Today students are making arguably the most important decision in their life based on US New rankings and perceptions of friends and family, leading to stress for students today and wasted potential down the line. There has to be a better way. We want to change the way high school students interact with universities by enabling colleges to reach out directly to students based on their achievements, interests, and preferences www.reachey.com
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Why is the college discovery process so broken? Our solution (1st pitch)
- 2. 1 1 2 Ease the college discovery process for students Enable colleges to reach students through targeted search What we do
- 3. 2 Our mission is to unlock student potential by enabling the brightest students to pursue the best opportunities
- 4. 3 Search Looking for the “right” school is confusing, stressful, and time- consuming Metrics Standardized scores dominate the initial evaluation process Fit Anxiety and uncertainty about cultural fit 2400 $ Opportunities Potential is wasted as some students do not apply to selective programs Fees Admission expenses are large and these costs continue to rise For students, college application process is difficult…
- 5. 4 Adverse Selection All schools, but particularly 2nd and 3rd tier schools, compete for the same pool and many face adverse selection Time Evaluating thousands of prospective applications takes time and money Precision Reaching out to students today lacks focus Selection Crafting the perfect class, meeting admissions goals, and doing additional due diligence is tough …and for schools, reaching students is just as painful
- 6. 5 High school student Have colleges reach you through our website Colleges * Future plans: to address money constraints and drive students to the site Solution: connect college admission officers and high school students
- 7. 6 StudentsUniversities Pull colleges come to students Push students seek out colleges Before After • Stressed and confused • Time constrained • Concerned about costs • Unaware of what “could be” • Scatter-shot strategy • More options • Less work • Apply to selective schools • Show your best (not just SAT) • Difficult to craft the right class • Money and time spent • Imprecise outreach • Find the students you need • Money and time saved • Outreach is razor-sharp • Enhance diversity • Help talented students unlock their true potential We flip the model and enable universities to seek out applicants
- 8. 7 ResultsBefore 1.7 M paying users $109 M 2 revenue Dating After 259 M members $1.5 B1 Revenue Professional Search 1 2013 estimate 2 Q2 2013 revenue, excluding Meetic Push applicant searches for end-game Pull end-game “comes” to applicant This model led to results in other areas so why not education?
- 9. 8 5.58M HS students apply to colleges every year $1.1B in application fees per year 2,474 4-year colleges in the U.S >$1,750 cost for AdCom to recruit one student $4.8B in admission expenses $4.8M revenue in year 2 from AdCom subs Student:: 16.4M undergrad students, 1% penetration for premium, $4.8M SOM for premium sub (not included until LT) College: conservative scenario assuming 5% penetration, cost/student = 2% of AdCom cost; 4-year schools only College admissions market is large and growing
- 10. 9 CollegeBoard CollegeWeekLive BeRecruited CommonApp Linkedin College Scout Only 500 schools Time consuming Push Not personalized Time consuming Push Saves time Pull Time consuming Push Time consuming Push Prof. focus Saves time Pull Personalized Free Doesn’t reduce any costs Free Doesn’t reduce any costs $ to join Doesn’t reduce any costs Free Doesn’t reduce any costs Free Doesn’t reduce any costs Free Reduce some costs Stats-driven NA Stats-driven Focused only on athletes Stats-driven NA Multiple angles Recognized and trusted brand Massive budget 500 schools on board Pull model with cross-sell ops Freemium Known brand Deep pockets Known brand Deep pockets Strong social Easy/save time More then a # Enable fit $ 2400 There is no direct competitor that addresses student problems Competition is focused on maintaining status quo Pros CS has an edge over competition…
- 11. 10 …and CS dwarfs current outreach options for colleges Targeted search saves time and marketing dollars, solves adverse selection, increases efficacy of outreach, leading to more talented and diverse student body College Fair HS Visit & Reception QR Codes/Ads Direct Mail College Scout Ease of Use Very time-consuming Compete for student attention Difficult to find the students they want Very time-consuming Difficult to find the students they want Imprecise Difficult to find students they want Hard to stand out Low efficacy Intuitive and personalized search Outreach is razor-sharp Costs $$$ Need $, time, and staff to organize and attend $$$ Need $, time, and staff to organize and attend $$$ $ Benefit High-touch in person interaction High-touch in person interaction Fairly simple to execute Meet AdCom goals Help students unlock their true potential Add. due diligence lens
- 14. 13 Prototype: student profile adds depth and personality
- 16. 15 Prototype: college dashboard enables precise search
- 17. 16 “We definitely want this…there is currently no way to get a holistic view of a kid” – former admissions officer at top 30 university “Schools need to do a lot more outreach nowadays. All the information makes it very hard for students to understand what’s a good school and what’s a good fit…We would find this a helpful substitute to direct outreach” – Assistant Director of Admissions at top 10 university 31interviews with students 5interviews with Admissions Committee and industry experts 68 high-school student respondents to an online survey Based on this mock-up, would you want to create a profile to use this? Positive feedback from each side of the market reaffirms our hypothesis and suggests demand 92% 8% 54% 40% 4--07--510--8 6% How likely would you be to recommend this service to a friend (10 very likely, 1 very unlikely)? “Didn’t know what to do so applied to a million places” - NU freshman “I think I just stuck with tradition” -sophomore at UW Yes No
- 18. 17 Colleges 2nd tier College For each state 1st tier College Community Colleges Personal Contact: co-design and onboard early adopters Internet Press: Students 1 High Schools/ Counselors: Personal contact 2 Students: Word of mouth, blogosphere & publications (hero story), viral, forums, direct opt-in mail, on-campus reps Make the case for other states We will take a curated approach to acquire users State Schools
- 19. 18 State of Illinois • Rely on education grants for funding Additional services • Scholarships from partners from corporate partners or private sponsors • Advertisement Geographic Expansion 2 • National presence • Introduce social component Phase 1 Phase 2 Phase 3 Phase 4 Geographic Expansion 1 • Launch in NYC, MA, DC, CAL Estimate: 2014 2015 and 2016 2017 2018 Launch pilot in IL and gradually expand nationally
- 20. 19 Colleges pay flat monthly subscription fee (+) Premium model for students (+) Advertisement Engage early adopters through co-design Offer access to platform for free to 1-2 schools Early the focus is on growing the network, but revenue sources will expand over time
- 21. 20 25% 20% 25% 90% 75% 50% 5% 10% Now EventuallySoon “Recruiting” Social Data 0% 100% As the network grows so will our sources of value Participants: Students Colleges Students Colleges Students, colleges and sponsors
- 22. 21 Empower ad business: more targeted and greater reach Enter a large and growing domain (education) Boost Google+ network Seamless integration with existing business Enter a large and growing domain (education) Increase engagement of existing users Easy to sell given existing relationships with schools Natural integration with college prep services New sources of revenue Easy to sell given existing relationships with schools New sources of revenue Natural integration with college prep services New sources of revenue Increase engagement of existing users There are several realistic exit opportunities
- 23. 22 Let’s recap College application process is broken Large and growing market Solution: Flip current model from push to pull Competition is content with status quo Continuity: multiple revenue streams and expanding value with network growth Passionate team 1 2 3 4 5 6 Our ask: mentorship and introduction(s)
- 24. 23 Questions?
- 25. 24 Appendix
- 26. 25 Market sizing calculations and assumptions
- 27. 26 Launch Sites / MVPs We used launch sites/MVPs to validate our hypothesis Advertisements and Social Media Posts to drive traffic to…
- 28. 27 What additional areas would you like to share with the universities?
- 32. 31 We would bring together college admission officers and high school students High school Have colleges reach you through our website Colleges Companies and Families Scholarship* * Future plans: to address money constraints and drive students to the site