Venture Concept #2
Opportunity
Increasingly, educators are recognizing a need for change within the landscape of the education industry, which has not changed in decades. As a result, teachers and students have begun employing alternative learning methods. However, what they really need is a new learning tool, an alternative to the traditional textbook. Additional changes in the market reflect an increasing shift toward visual and experiential learning, which will be a space my guides are designed to fit into.
My concept is a business to business product that is targeting public school systems. The potential customers include teachers, principals, and school board administrators. The market is being subdivided into a primary target market of younger teachers, ages 24-35, and a secondary market of older teachers, ages 35+. The “younger” teachers fall within or close to the millennial generation. As a result, they have a more clear understanding of today’s educational landscape and the need for concise communication, interesting lessons, and hands-on activities. I am going to focus on the state of Florida for launch, primarily because I am most familiar with these school systems and their standards. I will being with Broward County, which is one of the largest and most effective districts in the nation.
The primary force creating this opportunity in the market is the increasing emphasis placed on education today in public schools. In addition to an emphasis on education, within this there is increasingly a demand for experiential learning and career-focused learning that will prepare students not only for college, but also for their careers beyond. Especially in today’s political emphasis, the resources allocated to schools and teaching materials being used are heavily scrutinized. America is not near the top for educational initiatives in the world, and improving the educational system remains a struggle.
School systems are currently satisfying the need for innovative educational solutions through the new products provided to them by their current textbook providers, which include McGraw Hill, Pearson, and Glencoe. However, these providers only update every few years, and although they have been innovating in regard to educational technology, they have not been innovating much in regard to a new way to communicate the topic to students. However, schools are very loyal to their textbook companies because a) they are school board approved, and b) teachers are familiar with the text. An additional source of competition would be from educators who have created their own platforms, tools, and programs outside of the traditional school system. This is known as the “unschooling” method. However, this is a much more niche market and often does not generate the following that a product would generate if it were to succeed within the market of traditional, large-scale schooling systems. As a result, it will not impede the growth and sales of my guides significantly.
This is a huge window of opportunity because the opportunity exists for the thousands of schools across Florida and America that all need enhanced educational material. However, the opportunity will not last long. Companies are aware of the need to develop new educational initiatives and tools. For example, McGraw Hill has recently come out with “SmartBook,” an interactive textbook that highlights the important material and includes application through chapter testing. Because these companies are trying to innovate, I project the window of opportunity will be open for a maximum of five years.
Innovation
The product I’m proposing is a “Curriculum Guide,” series of workbooks and curriculum that outline material in a comprehensive and interactive manner. Each workbook is broken up by topic; each topic or lesson is two pages- one infographic page and one activity page. By creating an infographic design, the curriculum will allow kids to better understand the content and focus on the big picture of the lesson. In addition to the workbook, I would also create a power point to accompany each lesson for the teacher to use. This, coupled with the workbook for students to follow along during class, will create a more understandable curriculum that applies to real-world skills students need. Essentially, the innovative nature is not the information being distributed, but the manner in which it is communicated. For example, accounting will never change. What makes the difference in teaching accounting is how it is explained. By condensing information and presenting it in an infographic style, the workbooks themselves will be differentiated from “boring” typical textbooks. I am going to sell each individual book for $75, which is affordable compared to a typical $150 textbook. In addition I will be selling class sets at a discounted rate of $1,500/class set. Each class set is 25 books, which will equate to a rate of $60/book.
In addition to the innovative aspect of the original guide itself, I would aim especially in the future to innovate with technology. Educational technology is becoming increasing relevant and demanding, and textbooks are shifting from paper to online models with interactive activities. As a next step for these guides, I aim to not just meet these expectations but exceed them though valuable content on electronic platforms.
Venture Concept
Schools will to switch to the curriculum guide for three reasons:
- Learning enhancement: Through the infographic style and emphasis on real-world application within the curriculum guides, schools will be providing a more comprehensive learning experience to students.
- Teacher resources: by simplifying and explaining concepts in curriculum, the curriculum guides will make teachers’ jobs easier. In addition, teacher powerpoints that correlate to each lesson will be provided with class sets, as an aid to teachers’ in-class lectures. To take it one step further, we will also include testing materials and hands-on activities that will make more uniform assessment in the subject, and provide the activities and exams that teachers have no time to make themselves.
- Assessment + test scores: school boards are evaluated based on the results of their testing scores from students. Which prompts the question, what will raise these scores? Not additional quizzes in a textbook, but an excitement for learning within students. Curriculum guides will use interactive and comprehensive lessons that aren’t nearly as monotonous as textbooks, and by emphasizing the important parts of a topic, the information will stick more with students. As a result, there will be a deeper understanding, reflected in overall higher test scores. And with higher test scores, better ratings and more funding for school systems.
It will not be easy to get schools to switch over in the beginning. Primarily because of their history with other textbook providers. However, I will close the sale with schools by presenting these competitive advantages and by working toward getting these curriculum guides school board approved.
The competitors include big-name textbook distributors such as Pearson, Glencoe, and McGraw Hill. Each of them are very similar. Although they are strong and control a vast majority of market share, there is opportunity for this venture concept to compete. These competitors recognize that there is a demand for innovation. Each of them are using new technologies to appeal to teachers. However, they are not considering the student’s perspective, and addressing the problem of boring, monotonous textbooks. This is their weakness; they can add more tests, but without changing the way they’re communicating their information they will not be effective to students in the classroom for long-term learning.
Because this will be B2B selling to schools, packaging, location, and customer support will not be as important as price point, distribution, and customer experience. Textbooks can be expensive, but through packaging deals, a lower overall price can allow schools to meet their budgets. Distribution is important because of the logistic of working with schools’ receiving and financially, producing Purchase Orders working with their bookkeepers. Most importantly, the consumer experience of the value added in the classroom is what will spur motivation to purchase the books.
I would organize a business to support the ongoing production of this product through outsourcing and through human capital. I would outsource the printing of the workbooks and development of online media. I would add writers that are industry professionals in different subjects to contribute to the content of the curriculum guides, so I’m providing the most up-to-date, relevant information. As the business grows, I would of course need to add employees that could manage production, distribution, and financial management.
The feedback I received from previous assignments was very helpful. Some of it was definitely a morale boost because people understood that I have a strong background from which I can draw my knowledge of and passion for the company and products. What was very interesting was that one of my peers actually informed me about the “unschooled” education concept that has been emerging as an opportunity for students to gain a more impactful learning experience outside of the traditional school environment.
In my updated Venture Concept, I included the unschooled methodology as one of my competitors. In addition, I added more information about my innovation within and next steps regarding educational technology, and using technology to further meet customers’ needs and further distinguish my product within the market.
