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What problem does your solution solve?
Our product provides a unique solution for elementary school directors who are searching for an affordable way to bring STEM education into their schools. Most schools aren’t able to implement a STEM program because of a lack of resources and faculty background. Budgeting constraints prevent schools from purchasing equipment and hiring teachers that are qualified to teach STEM, leaving the students without any valuable experience in a STEM program. Learning Spark, however, allows directors to introduce STEM into their school’s curriculum at a low price point. Our goal is to provide underfunded schools access to STEM education regardless of their financial situation and give them the same opportunities that other schools are privy to. Our product, Learning Spark, will allow school directors to include STEM education in their curriculum at an affordable price with a subscription model to bring new educational materials every month.
What’s the market potential for your solution?
In Colorado alone, with 968 qualifying schools, there is a market value of 120 million. If Learning Spark grows every year by the end of our fifth year projection, we expect to target 200 elementary schools within Colorado and expand to neighboring states in future years.
Taking 26 students as the average classroom size, and calculating using a conservative 5 classrooms per school, Learning Spark will sell over 13,550 recurring kits by our fifth year in business.
Who are your customers?
Our primary buyers are department leads and principals at primary schools. However, we plan on target marketing at influencers, such as teachers and students due to their direct influence on the primary buyers and unique need for the product. Our customer persona is a school principal, whose greatest fears are failing budgetary constraints as a result of falling standardized test scores. Budgeting constraints prevent schools from purchasing equipment and hiring teachers that are qualified to teach STEM, leaving the students without any valuable experience in STEM. Our customer persona’s goal is to provide his students with an effective hands-on education, which has been shown to have a direct correlation to raising test scores. Our product allows school directors to introduce STEM into their school’s curriculum at a low price point.
How will you reach your customers?
We organize demo events at schools, provide free trials to first-time customers, and utilize online marketing as our customer acquisition strategy. We market to our primary influencers, the school teachers, as well as appeal to our secondary influencers, the primary school students, by marketing LearningSpark on social media pages used by school faculty as well as word-of-mouth advertisement.
How will you make money?
Our business model consists of an average of $5 for the cost of materials which are sold at a 400-500% markup. We are targeting our beachhead market of 200 elementary schools over the course of the first five years in business, after which we will expand to schools in neighboring states. With an increasing Lifetime Customer Value based on our semester-based subscription model and a Cost of Goods Sold which decreases with volume, we aim to make $89,000 in revenue by our 5th year in business.
What kind of partners will you need to make, support and distribute your solution?
We are seeking partnerships with manufacturing companies that will be vital to our timely and cost-effective production of the product to keep LearningSpark accessible to all students. Partnerships with local primary schools will serve as valuable assets to LearningSpark due to the potential for word-of-mouth advertising to partner institutions.
What will your expenses include?
Our main expenses include marketing costs as well as costs for product development and manufacturing which decrease with the volume of product.
Who is your competition and how do you differ?
Our main competitors are the Curiosity Box, Discovery Boxes, and the Spangler Science Club. However, our advantage over all of these companies is that LearningSpark is made by students, for students so we understand what really fuels learning in the modern age. We provide the greatest variety of product to spark interest across all STEM subjects, which our team is highly experienced in. Our team has published statistical research into the development of student research in academia in the Cornell University Library and consist of scientific researchers and experienced product designers that have extensive hands-on experience on what truly inspires student learning.