Student Perspective Student admission is a lengthy process. Being a student from Bangladesh, I have faced enormous delays in getting admitted into universities both in my home country and abroad.
For the existing bureaucracy and century old systems in most places, this takes a lot of time and is not efficient.
Moreover, most international students have to apply to Australian universities through education agents which is also time consuming and sometimes misleading. It took me more than 200+ man hour just to apply to one university.
This includes travelling to the education agent, collecting all the documents, photocopying and scanning, applying for documents that are missing, verifying the documents again, applying for visa etc.
And it is even more painful when after all of those efforts you are refused admission as the university is not satisfied with the proof of your documents.
So, the student pains are:
• Lengthy Admission Process.
• Verifying documents.
• Unorganized documents.
International Student Admission is also not a sweet story for the universities. The university administration has to go through enormous documents to grant students admission which is not sustainable and takes a lot of time and resources.
The universities pains are:
• Verifying International Student Documents and Transcripts
• Analyzing Student Data
Currently the education agents are solving this problem for both the students and the universities. But the system is time consuming for both parties involved.
The Value Proposition
Students will be able to apply into their prospective university with their verified transcript in seconds and they don't have to organize their files for applying to multiple universities. All they have to do is provide a key to their prospective university which their high schools or colleges would provide them with. Universities will be able to see these verified information provided to the block chain by the students previous high schools and colleges. The key values are:
• Organizing data and transcript only once
• Sending verified documents to universities in seconds
Target Users and Customers
Our Business Model aim towards students and universities at the moment.
Our early adopters will be Australian Universities and Bangladeshi students at the moment.
The students are our users and the universities and study portals are our customers.
Minimum Viable Product
Our Business Model aims at solving a problem that the students and universities in general have. It is verifying student data from there high schools and colleges and storing it in a block chain for later use.
The UVP is sending study documents, records and transcripts in seconds to universities. Nobody is currently offering this service to the students and the universities and there is a huge vacuum in the market.
Our revenue will come from universities as commission for each successful candidates. For starting phase, it will be only 1% of the tuition fee of a student. This will also be the same if any education portal uses our technology.
Reaching Target Users: Channels To reach our target users which are "students" we will provide the technology for free in schools and colleges in Bangladesh. We will send our sales and support teams to train and provide the technology for free.
We will also run campaigns on Facebook, Instagram which are the most popular social medias in Bangladesh to create demand for the product among students.These campaigns will also help for the awareness and acquisition stage for our target users.
We will use targeted YouTube and Facebook advertisement to sign up students to webinars and make them apply to their prospective university through our platform.
Reaching Target Customers: Universities and Study Portals
We will send our trained & qualified agents to universities to come into a contract with SSE. We will also allow online student portals to use our technology under licensing agreements for the same amount of commissions.
SSE do have some unfair advantages apart from being the first in the market. They are:
• Strong community bond with the target users.
• Understanding of the market.
• Having a low cost yet effective decentralized development and marketing team.
• The teams understanding of Lean Analytics.
• Easy user interface.
• Not easy to copy.
Our Business will have some initial costs. But we will be reducing them through utilizing free lancers using agile development.
Our development team will be based in Bangladesh where the salary of qualified developers is very less than the western world.
For 12 developers for 1 year our cost will be 100,000 AUD. This is the major cost of the Business. Designing and development and sales channel will cost around 80,000 AUD a year. The business can run smoothly for a year for just 200,000 AUD.
Last year around 20,000 students came to Australia from Bangladesh. Considering the average tuition for a student being 50,000 AUD and 1% commission of that will be 10 million AUD/year. With this technology even if we only capture 1/4th of the existing market in a year, that will be 2.5 million AUD which is 12.5 times the return on investment.
The project aligns with the universities Data, Knowledge and Decision research theme.
Potential to Impact
In 2015, Australia had seen more than 550,000 international students and the numbers are increasing by 10% each year. The number of student hour being lost just during the application process is tremendous. We want to change this my making this technology mass adoptable. As the solution is compatible with existing technology the growth potential is very high.
Saving 200 man hour of international students in Australia can save around 110000000 man hour per year. This technology will also help universities to automate much of their administrative works and help make an efficient use of their resources.