Startup Vic’s Secret Pitch Night

For its August meetup event, Startup Vic presented The Secret Pitch. Designed to highlight inequality in investment decisions, it combined voice-modulation software, and was a bit like The Voice meets Blind Date. Hosted at the Victorian Innovation Hub with support from Rampersand, LaunchVic, Stone & Chalk and Weploy, the Judges were selected from Rampersand, Light Warrior Ventures, AWS, Impact Investment Group and Venture Capital Exchange. By sitting with their backs to the presenters, and having to rely on only the slides and the disguised voices, the Judges had a limited idea of the identity of the presenters.

The pitches in order they presented (websites embedded on the titles):

FRDM

Described as “your closet in the cloud”, and dedicated to “making fast fashion sustainable”, FRDM is subscription-based service for “shared” clothing – customers borrow and return each item after use. Apparently, we are  buying more clothing but using it less.  The circular model is set up to break down and recycle garments over a three year lifecycle. it’s an emerging, but competitive space – competitors include Glam Corner, Le Tote, and Unlimited. Asked about their approach to circulation and cleaning, the founders assume three “wears”  with a 30% margin per customer but admit that they are still lacking some logistics experience. The goal of having items delivered on time, in the right place and in an acceptable condition is still being developed. Firmly aimed at women aged  22-28 years old, I suggest FRDM think about a their name, as my search revealed at least two similar URLs – https://frdm.co and http://frdm.io.

Assignment Hero

I have covered this startup before. It’s positioned as a collaboration platform for tertiary students. When it comes to team project work, there appears to be a disconnect between prescribed apps (Dropbox, Facebook Groups, Evernote, Google Docs, etc.) and the activity notifications and alerts they generate – in short, too much “noise” which overwhelms the students, which gets in the way of them completing their tasks.

Offering a dashboard, the platform is natively integrated with Google Docs. Users can track individual contributions to each document (based on time spent, and using track changes). To me that system is very easy to game – what’s to stop users simply editing for the sake of boosting their rating? How does it deal with plagiarism and copyright abuse? How does the app evaluate the quality, depth or rigour of contributions? Who owns the content that is uploaded to the platform?

Claiming to be signing up 42 new users every day, with repeat users, the founders offer a B2C model – providing access to suggested solutions via on-demand student services and products, and charging a 30% commission on each sale. Student sign-up is free, but the platform can recommends products to users. There is also an SaaS offering for universities, established via paid trials. But the B2B model is a long sales cycle, with the goal being annual licensing fees. Asked how about the viability of the Google relationship, the founders explained they tried using their own document editor, but customer  preference is for Google (and Microsoft) products.

Asked about how Assignment Hero compares to other collaboration tools such as Atlassian’s JIRA, Trello, Confluence, Slack, etc. the founders suggested that these are aimed more at enterprises, and that their own UX/UI is sexier than existing education tools such as Blackboard. As with all such platforms, the key is to enable users to manage the project, not manage the project management software….

Book An Artist

This two-sided market place is designed to help clients to find or connect with an artist. According to the founders, finding the right one is hard. Instagram’s search function is not location based, and the platform is dominated by big names.

With 80 artists on board, Book An Artist charges a 10% commission, and has completed around 40 transactions with an average ticket size of $2,200. Traction has been achieved via referrals, influence programs, SEO and Google Ads. Initially focused on commissions for murals and graffiti works, the founders plan to expand into sign writing, textiles, illustrations, mosaics, installations and calligraphy. With a presence in the UK, Australia and New Zealand, the founders are seeking $500k in funding. Currently using external agencies and contractors to handle administration, the funding will largely be allocated to marketing to drive engagement.

Although the commissions appear to be at a higher price point compared to other creative market places, what prevents platforms such as  Fivr,  99Designs or Canva moving into this space? Also, how does Find An Artist handle things like copyright, IP licensing, attribution or planning permission for external works?

Aggie Global

This is a food sourcing platform, connecting small farmers to large markets. Because of current market structures and procurement processes, businesses often can’t “see” what produce is available to them locally. Based on the founders’ experience in Fiji, where the local economy ends up having to import food to feed tourists, they have run an actual in-market pilot program, but are still building the e-commerce platform.

The results of the pilot achieved a 6x increase in both farmers’ income and hotel cost savings. Tourism is the 1st or 2nd largest industry in 20/48 developing countries. Importing food to satisfy tourist demand is therefore an issue.

For farmers, the service offers a freemium model, while businesses pay a 5% transaction fee and an annual subscription. Currently researching other markets, managing the supply chAIn for quality control, provenance, organic certification etc. is critical. The MVP aims to get farmers keeping proper records via face to face training, and gaining recognition for existing farming practices.

Asked about the cost of data connectivity and access for farmers in remote locations, the founders explained that data is stored offline and uploaded periodically. They are also investigating the use of AI/ML for predictive supply and demand. They also need to manage timely delivery as well as tracking environmental and climate data.

Part of the solution lies in making sure there is appropriate produce for the market, while matching local cuisine to tourist expectations. Too often, local chefs try to emulate western menus, so they need to help develop alternatives and foster innovation.

Maybe the Startup Vic organisers were saving the best til last, as Aggie Global took out the People’s Choice and was declared the Overall Winner by the judges.

Next week: Recent Notes from Europe

Startup Vic’s EdTech Pitch Night

As part of its ongoing series of pitch events jointly organised with LaunchVic, Startup Victoria last week hosted the latest edition of its EdTech Pitch Night. Facilitated by General Assembly, Weploy, Marketing Entourage and VUInnovations, a quick audience survey at the start of the evening revealed that for 50% of attendees, this was their first Startup Vic event.

The panel of expert judges was drawn from Impact Generation Partners, Xplor, MAP and Education Changemakers.

The pitches in order of appearance were (websites links embedded in the names):

Studychatr

Tag line: “Improving student experience and graduate recruitment”

Many students report that they feel isolated, confused, and lack both a sense of community and a clear career direction. On the latter point, traditional recruitment firms and employers want to target emerging graduate talent, which can be expensive. Studychatr wants to make the hiring process easier for both employers and students.
Users gain access to a knowledge hub, through which students can earn Kudos points and StudyCoins for helping other students, and acquire micro-credentialing credits for their course work.

The service is free to students, whereas recruiters and employers need to pay via job ads, advertising, talent search, and student consultancy (essentially a Sideracket/Upwork/Freelancer/Airtasker-type service that enables companies to commission students to undertake research and other tasks).

With students wary of using existing college-provides LMS and campus portals, and placing less trust and reliance on “free” social media services, Studychatr has managed to strike partnerships with student societies as the key to on-boarding users, with 1,000 user sign-ups in the past 6 months.

Part of the employer/recruiter strategy is help them overcome the challenge of filtering candidates.

The judges were keen to know more about what the app measures – e.g., number of user posts, level of engagement, quality of study materials, depth of the collaboration – and how the AI model works in this context, and to what degree the platform moderates content, collaboration and communication. They also commented that the founding team and their advisors could probably benefit from some further diversity

InquiBox

Tag line: “Experiential learning through play”

How do parents access STEM tools? For InquiBox, the answer is a subscription service to curated educational activity boxes, plus a web platform. Costing A$29.95 per month, and launched in December 2018, the business is experiencing MoM active subscriber growth of 47%.

The judges wondered whether the content comprised unique materials or a compilation of preexisting components, what was in the online content, and what % of the items were Australian made? They also asked if there were any teachers on advisory board, and whether the STEM themes are integrated, given that the core subjects are taught as separate disciplines.

Based on subscriber feedback and the churn rate, some parents felt that the product was too early in their child’s education, or the boxes were too frequent, so there is an option to skip a month and to only select the topics of specific relevance. In future, there may be on option to track a child’s progress via the web application.

Sales have largely come from word of mouth referrals, but the team are planning to forge partnerships with schools, and link content to the curriculum, and develop engagement with the parent community.

RocketShoes

Tag line: “A next-generation education platform”

The founder pitched this as “an education platform where students own their own content”. Using a combination of Blockchain technologies (primarily IPFS for file storage, and NEM for assignment submission and time stamping) students can upload and manage their own content, and retain ownership of their data (unlike other open-source tools, some proprietary LMS and most social media platforms).

The judges asked who is responsible for moderating the content. While it can vary by jurisdiction, the obligation can largely lies with parents and education institutions, although in some cases it may be the students themselves.

The judges were also keen to understand the revenue model – in essence the schools pay, but if content proves to be more popular as measured by IPFS usage, the fees can be reduced. While something of a personal mission for the founder (hence the lack of detail on the commercials), a sensible decision has been made to adopt an API approach, whereby RocketShoes can plug into an existing LMS, and bridge different applications and platforms.

TALi

Tag line: “Happier kids start here”

This is a game-based cognitive training tool for children with learning difficulties, such as ADHD, ASD etc. It is designed to enable early detection and prevention. The tool has been patented, and uses touch-screen access and gamification to leverage the principles of brain plasticity muscle memory.

Key areas of focus are core cognitive functions of Selection, Inhibition, Focus and Control. The process is designed to be both repetitive and intensive. The game adapts to the child’s individual level. Claiming to be clinically proven via medical trials (of which TALi owns the research data), the TALi Train application has been classified as a Grade 2 medical device in the USA. Next up are TALi Detect (pre-school) and TALi Maintain (to extend the child’s development levels).

Distribution is via parents, healthcare and other service providers, and schools; it also has NDIS status in Australia. The tool is designed to be used 25 minutes per day for 5 weeks and can be implemented direct in schools, or in the home (under parents supervision). The key age group is 3-8 years old, before children with relevant learning difficulties are typically prescribed medication such as Methylphenidate (Ritalin).

After the votes were in, and once the judges had deliberated, the people’s choice was TALi, while the overall winner was InquiBox.

P.S. Startup Vic and Victoria University Innovations departments have joined forces on “Found”, a survey-based research project designed to “uncover hidden truths of the founder experience”, the results of which should influence the overall eco-system. Interested founders can apply to participate here: www.found-ed.com.

Next week: Pre-election Musings

 

Startup Vic’s EdTech Pitch Night

EdTech or EduTech? Even Startup Vic can’t seem to decide. Whatever, this education-themed pitch night was the latest event in their highly popular monthly events, held in conjunction with Education Changemakers, and EduGrowth.

Apart from the naming convention, there is also some clarification needed around the scope and definition of “education(al) technology”. First, because it’s a very broad spectrum (does it include e-learning, e-books, MOOCS, LMS?). Second, is it more about the “delivery” than “outcomes”? Third, is it only about formal pedagogy, or does it also include discretionary, self-directed and non-curriculum learning?

And so to the pitches, in the order they presented:

Become

With the aim of “teaching kids to explore, design and navigate their future“, Become is essentially a platform for early-stage career coaching. While their app is still in development (although there is a bot in use already?), Become has been running in-person workshops and other programs to test and validate the concept. The solution uses AI and machine learning technology, but it wasn’t very clear how this will actually work – maybe there are some core profiling and preference tools, some career mapping based on proprietary algorithms, and recommendation engines drawing on the data analysis?

Using a freemium model, the full service will cost $40 per student per annum. The core audience are years 5 to 8, and part of the schools adoption strategy will focus on getting high school career advisers on-board, with additional parent advocacy.

I’ve no doubt that career advice is an important part of the syllabus, but just as important are life-long learning, resilience, adaptability, and developing self-awareness and a sense of purpose. But if nothing else, in the words of the founder, Become puts the “why” back into learning.

MoxieReader

This digital reading log is all about “inspired independent reading“. Supplementing the paper-based records widely in use, the app enables children to record their reading activity, and helps teachers to assess pupils’ reading progress, based on the titles and numbers of books read, and their associated word counts and vocabulary. (In future, the app may deliver content and instructional aids.)

Using a machine learning algorithm (“like a fitness tracker”), the app can set reading challenges, and measure reading growth. Tests may be another add-on, but from what I can see, the app does not test for comprehension or context-based reading and interpretation skills. (After all “reasoning” is the 4th “R” of education – along with reading, writing and arithmetic.)

Currently launching with an ambitious social media and outreach campaign, MoxieReader already has paid sign ups from teachers, many of whom are paying with their personal credit card, and is enjoying a 30% conversion rate, and 30% referral business.

Priced at $7 for teachers per class per month, plus $100 per school/building per month (individual teachers who already subscribed will get a rebate), there is also an opt-in donation model for parents to recycle used books.

Cogniss

This is a development platform and market place for education apps. Built on game based learning and rewards packages, it also makes use of analytics and data insights to help teachers and designers build their own products.

Having seen a demand among health and well-being users, the platform is also suited for apps designed to support behavioral change, workplace learning and social learning.

Access to the platform involves a $500 set up fee, plus $50 per month per app (plus scale rates by number of users and advanced add-ons).

The platform also supports micro-transactions, for downloaded content and apps. At present, there is no formal process for teachers to embed pedagogy into the game structure. Content vetting is also a manual process, combined with experience sharing and peer ratings – but a content certification process is in the pipeline.

Revision Village

Helping students to prepare for external exams (specifically, the IB maths) this product replaces traditional in person and in class programs, with an online resource.
Also, although revision practice largely relies on past test papers, the founders have identified a chasm between the concepts taught, and the questions asked.

Developed in response to teacher demand, this subscription-based learning resource has
translated into higher results and fewer fails.

The platform is looking to extend the curriculum beyond maths, but this will largely depend on being able to license content from the relevant examination boards and syllabus providers, such as the IB.

Access is not dependent upon being logged into a school network or intranet, as it is only a web app (with individual and site licenses).

The Revision Village website claims the product is used by “More than 32,000 IB Students and 710 IB Schools”. However, it would seem that not all of these are paid-for subscriptions, as the pitch mentioned a critical mass would be 100 schools (out of a total of 2,500 IB schools) paying $2,000 each (although this is separate to the parent market).

 

Overall, I liked the tone and format of the pitches –  the products all seemed worthy endeavours, and the founders are no doubt passionate about education and learning. But I was left feeling underwhelmed, by both the content and the tech being deployed. (I guess I needed more than just passing references to “AI, machine learning and algorithms”.) All of these products rely on significant adoption rates among schools – which are some of the hardest institutional customers to sell to – and to be successful in international markets presents a further challenge, given differences of language, content and educational systems.

In the end, even the judges found it hard to pick a winner, as there was a tie for 1st place, between Become and MoxieReader. I would probably concur, as they had the edge in terms of both individual learning outcomes, and broader educational benefits.

Next week: Copyright – Use It Or Lose It?