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What problem does your solution solve?
Throughout every student’s educational career, numerous textbooks and prep books for standardized tests have to be bought, which many feel to be expensive. In the status quo, used books can be bought on both online and offline platforms. The online platform, such as Amazon or eBay, takes long time to be delivered, and the offline platform has limited resources. Furthermore, once a student is done with a particular test, the student does not need the book anymore, which is a waste of money and space.
We are going to solve this problem by introducing a peer-to-peer trading platform where students can sell, buy, and trade their used test prep books and textbooks among each other.
What’s the market potential for your solution?
The number of SAT, ACT, and AP examinations taken by students has soared in recent years (16%, 5%, and 8% respectively), indicating a high demand for test prep books and a never-ending market filled with lofty potential.
Who are your customers?
Our market is target at any type of student interested in buying, selling, or trading for textbooks at a cheaper price than our competitors (Amazon, eBay, Barnes and Noble).
How will you reach your customers?
As a 501 (c)(3) non-profit organization, we would like to reach out to school districts and gain support from school boards to encourage students to use this service. Additionally, marketing through social media with a large presence of high school students (Instagram, Reddit, Snapchat etc.) will increase the popularity of this platform.
How will you make money?
We will gain funding support through
1. Business-to-business connections
2. Sponsorships from school districts across the country and
3. Support from State Departments of Education as a non-profit organization.
What kind of partners will you need to make, support and distribute your solution?
We hope to gain the support of school districts and teachers as our main partnerships. Moving forward, we also aspire to partner with other non-profit educational platforms to lessen the hassle for all students around the country.
What will your expenses include?
Our main expenses include the cost in hosting the server for the our web-application, and the cost for the involvement of a third-party shipping company. However, the latter will be paid by commission. Additional costs include out of pocket expenses for the initial development of this product.
Who is your competition and how do you differ?
Our main competition includes Amazon, eBay amongst the online platforms, and Barnes and Nobles amongst the offline platforms. Our service is exclusively for the trade of used books, which allows a trade of lower cost—or almost at no cost—compared to our competitors. Moreover, customers are able to trade their used books with each other, rather than purchasing a completely new book. This creates a win-win situation for both parties at the lowest cost.