3 Ingredients for an Ed Tech Ecosystem
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This document outlines three key ingredients needed for a successful ed tech ecosystem: 1) People with experience in education, technology, and investing; 2) Connectivity through online platforms and infrastructure to reach users; and 3) Dedicated early-stage capital from investors incentivized by both financial returns and social impact. It discusses how the U.S. has led the way in developing these ingredients but there is opportunity to build global ecosystems by optimizing deal flow across borders and diversifying investment sources. A global approach can foster collaboration, maximize potential markets, and develop solutions to educate the 96% of students currently outside the U.S.
3 Ingredients for an Ed Tech Ecosystem
- 1. 3 KEY INGREDIENTS FOR AN ED TECH ECOSYSTEM Allison Baum, 13 January 2016
- 2. INTRODUCTION
- 3. Early stage venture investors supporting exceptional entrepreneurs to build global businesses.
- 4. WHO WE ARE Allison Baum, Managing Partner, Tokyo, Japan • Experience in education operations management including: curriculum development, marketing, teacher training, real estate expansion, hiring, and business development • Bootstrapped and launched education business in Asia, scaled to US$1mm revenue run rate, 2,000+ students, 60 teachers, 6 employees in nine months • Institutional sales and trading at Goldman Sachs, 8 years investment experience in public and private markets Tytus Michalski, Managing Partner, Hong Kong SAR, China • 16 years in cross-border investment experience across Hong Kong, Singapore, Tokyo, London, Canada, and the United States • Previously Chief investment Officer of PMA Investment Advisors, where he managed both regional funds and the equity team • Founding member of PMA, scaled from US$600mln to US$3bln in institutional AUM and sold in 2006 for US$200mln Stephen Forte, Managing Partner, Menlo Park, CA, USA • Tech Strategy at Telerik, US$260mln exit • Experienced entrepreneur with 5 successful exits • Mentor at Thiel Foundation, ChinaAccelerator, HAXLR8R • Founder of Mach5, a Silicon Valley based startup accelerator and co-founder of AcceleratorHK, Hong Kong’s first startup accelerator
- 5. WHO WE ARE Ulili Onovakpuri, Venture Partner, Washington, DC, USA • Director of Global Programs for Village Capital, Heads Global Accelerator Programs • Founder of LifeKIT, mobile health for rural communities • BA from UC Berkeley, MBA and Health Sector Management Certificate from Duke Adam Omar Shanti, Venture Partner, Dubai, UAE • Raised US$400M for innovative projects in Middle East and Europe • Investment, business expansion and restructuring for SWF • JD from Marquette University, MBA from London Business School Riki Yoshinaga, Venture Partner, Japan, Tokyo • Co-founder of Jenerate Partners, Japan-entry incubator • Multiple market entry projects in tech and consumer across Asia • BA from Harvard, previously General Manager K2D Tokyo
- 6. WHO WE ARE Name Key roles and Areas of Interest Location Mikaal Abdulla Co-founder & CEO of 8 Securities, marketing & UX Tokyo Viresh Bhatia Co-founder & CEO of InstallSheild Software, enterprise tech Chicago / SF Rachel Chan Co-founder & CEO of InnoFoco, public/private innovation Hong Kong Sophie Yifan Chan Partner at JMedu, edtech ecosystem building in China Beijing Steve Denning Management expert, clients include Oracle and Netflix Washington, DC Pascal Finette Singularity University head of Startup Program Mountain View Daniel James Gullo Agile and scrum training, clients include PayPal and GE Wilmington Akira Hirata Market entry for Japan, worked with Skype, eHarmony, Knewton Tokyo Abhishek Kant India business development, market entry & team management New Delhi David Kedwards Head of Pearson English Direct Delivery Business Hong Kong Rafael Sabbagh Agile product development, Brazil market entry Rio de Janeiro Christopher Scollo Digital media, tech team scaling, UK market entry London
- 7. OUR GLOBAL APPROACH 7 FRESCO TEAM FRESCO IMPACT PARTNER FRESCO PORTFOLIO • Diverse network provides multiple sources of customers, capital and exits • Access to local experts scales time and impact while maintaining quality • Deep relationships ensure connections to the right people at the right time
- 8. WHY EDUCATION? WorkConsumer Education Healthcare Disruption more mature Disruption less Technology is Already Transforming the Consumer World – Work, Education and Healthcare are Next
- 9. 2015 1800
- 10. TECHNOLOGY’S ROLE IN EDUCATION ACCESS EFFICIENCY ENGAGEMENT OUTCOMES
- 11. WHY EDUCATION? “We’re here to put a dent in the universe. Otherwise, why be here?” - Steve Jobs
- 12. BUT HOW? “Books will soon be obsolete in schools… scholars will soon be instructed through the eye. Our school system will be completely changed within ten years.”
- 13. BUT HOW? “Books will soon be obsolete in schools… scholars will soon be instructed through the eye. Our school system will be completely changed within ten years.” - Thomas Edison, 1913
- 14. 3 KEY INGREDIENTS ED TECH ECOSYSTEM ED TECH Ingredients 1. People 2. Connectivity 3. Capital
- 15. THE RISE OF ED TECH INVESTMENT
- 16. THE RISE OF ED TECH EXITS
- 17. • 75% capital invested into edtech in 2014 was U.S. • 6 most active early stage investors are U.S. based • 9/10 largest financings in 2014 were in U.S. • 60 million K-12 students • B2G or B2B business models U.S. HAS LED THE WAY
- 18. 1. PEOPLE
- 19. 2. CONNECTIVITY
- 20. 3. DEDICATED EARLY STAGE CAPITAL ü Incentivized by both returns and impact ü Sophisticated investment process ü Network effects ü Strategic insights from the early stage
- 21. POP QUIZ 1. What percentage of the world’s K-12 students are in the U.S.? 2. What country in the world watches the most Youtube videos every month? 3. In 2015, 4 out of the 5 largest later stage education financings have been where? 4. How many people learning English in China?
- 22. POP QUIZ 1. What percentage of the world’s K-12 students are outside of the U.S.? 2. What country in the world watches the most Youtube videos every month? 3. In 2015, 4 out of the 5 largest later stage education financings have been where? 4. How many people learning English in China? 96%
- 23. POP QUIZ 1. What percentage of the world’s K-12 students are outside of the U.S.? 2. What country in the world watches the most Youtube videos every month? 3. In 2015, 4 out of the 5 largest later stage education financings have been where? 4. How many people learning English in China? 96% SAUDI ARABIA
- 24. POP QUIZ 1. What percentage of the world’s K-12 students are outside of the U.S.? 2. What country in the world watches the most Youtube videos every month? 3. In 2015, 4 out of the 5 largest later stage education financings have been where? 4. How many people learning English in China? 96% SAUDI ARABIA CHINA
- 25. POP QUIZ 1. What percentage of the world’s K-12 students are outside of the U.S.? 2. What country in the world watches the most Youtube videos every month? 3. In 2015, 4 out of the 5 largest later stage education financings have been where? 4. How many people learning English in China? 96% SAUDI ARABIA CHINA 300 MILLION
- 26. WHAT’S NEXT? Education Technology Annual Industry Growth
- 28. ü Optimizing deal flow ü Deeper insights / competitive analysis ü Maximizing potential market size ü Fostering cross-border collaboration ü Diversified sources of later stage investment / acquisition WHY TAKE A GLOBAL APPROACH?
- 30. JOIN US “The people that are crazy enough to think they can change the world are the ones that do.” - Steve Jobs