“Technology will never replace great teachers, but in the hands of great teachers, it’s transformational.” – George Couros
How The Venture Fits Into The Market
To help explain - Questions - The Algebra App as a venture (rather than "just an app"), I'll be referencing an analytical framework called "The Cube", with its six dimensions: Market Focus, Type of Offering, The Buyer, Global Target, Market Status and Competition. If you are unfamiliar with this framework, you can read more about it here: The Cube Framework
- Questions - The Algebra App is designed to support K-12 learners (the "Market Focus") as a supplementary tool that works within existing learning models, regardless of whether students are learning in a traditional classroom setting, online, or other.
As each user experience differs based on user input and randomization within the question-generating algorithm, - Questions - will deliver customized content (the "Type of Offering") supported by seasoned mathematics educators.
Those most likely to purchase the premium features on the app ("The Buyer") are students who are in need of supplemental practice, as well as teachers and tutors using the app as an unlimited question bank for their students.
The "Global Target" for this venture is all Anglo and Francophone speaking countries, including countries with language skills that would allow them to use the app without translation. As the app isn't heavy on language, eventually focus will shift to translations for other European languages.
It is designed not as a stand-alone technology competing or replacing classroom teaching (the "Competition"), but rather as a support piece used to provide students in need of additional practice with extra, algorithm-created questions. That said, for students who might normally seek out private tutoring, purchase supplementary workbooks, the app works as a cheaper alternative.
The "Market Status" is such that there are a variety of products widely available that the app will emulate (local and generalized-curriculum workbooks, question-generating websites, and question-solving apps like Photomath), but -Questions - takes a unique approach in its content creation of algebraic problems based on user input, which is where it finds its original value.
Existing Resources and Technology
To better understand the potential success of this venture, let's look at the profiles its closest competitors within the app world:
These apps are part of the Educational Apps Market that is projected to grow to USD 48.66 billion during 2020-2024. (source: Technavio)
While the success of these apps (especially Photomath and Mathway) show that there is already a heavy presence of competition, there is a gap in the market when it comes to hassle-free extra practice. There are many apps (those listed above, as well as others) that can provide step-by-step solutions to complex algebraic equations using AI, and there are also apps that provide additional practice for students (some apps even attempt to fulfill both roles). However, this venture aims fill that gap in the form of an app that not only solves those equations, but then offer the users an instant, unlimited supply of hassle-free, highly-comparable practice questions. Whereas other apps and websites expect you to know the type of questions you're looking for, - Questions - does that work for the user thanks to its algorithm that identifies and replicates the nature and difficulty level of user's submissions.
Promotion and Growth Plan
As mentioned on the previous page (The Product), the app will roll out in two stages. Critical to the success of this venture is buy-in and collaboration with classroom teachers and students during our Stage One Beta Version. The Key Components to its roll out are as follows:
Note: Once beta testing is complete, the app will transition away from the ability to unlock premium options. These in-app purchase prices will be determined with the aid of focus groups, with the aim of being that this decentralized purchasing model will help keep prices low for the user.
At this time, funds raised from premium purchases will be directed in part towards Stage 2 (OCR) exploration and development.
Sound interesting? Considering investing? If so, here's who you'd be investing in: The Entrepreneur.