Tell us a few words about the founders and how the idea came
PrepClass has 2 co-founders, Olumide Ogunlana and Chukwuwezam Obanor. They have a 10-year-old friendship, collective experience of more than 10 years in product management, online marketing (managed over $1M advert spend), business intelligence working for Rocket Internet companies like Jumia, Jovago, and Kaymu and an educationalist background of more than 26 years running the largest chain of schools in Isolo Lagos, Nigeria.
According to a report authored by Caerus Capital with support from Oxford Analytic & Parthenon-EY, there is a rising need of trained quality teachers to meet educational demands between 2012 and 2030. Thus, the average teacher: student ratio in Nigeria is 1:60 instead of 1:20 as recommended by the UN. This overwhelming class population density coupled with differences in student’s learning pace has resulted in a significant decline in learning outcomes of students in Nigeria over the past 10 years reducing exams success rates from 40% to less than 20% in major exams. This was the main driving force behind PrepClassNG.
Late 2013, alongside Wezam, Olumide cofounded Prepclass – an edtech startup company that helps increase the passive income for teachers while increasing learning outcomes for students. In 2016, Olumide was featured on Forbes as one of the entrepreneurs to watch out for in Africa under 30 and just recently Olumide was selected as a Mandela Washington Fellow 2017 out of a pool of over 10,000 applicants. As a MWF fellow, he attended another 6-week intensive course on Entrepreneurship at the Kellogg School of Business Management and got to engage with several stakeholders in the education space in Illinois.
Your products and services
Test Prep Solution, Online Tutor Market-Place Solution
Your success factors
The most significant measure of success for us has improved learning outcomes for learners. On the average, we see a 70% increase in learning performance 3 months after engaging with Prepclass. This of course is a factor of tutor and learner recruitment, tutor-learner engagement. We have carried out over 55,000 hours of tutoring, 18,000 tutor applications, of which >6000 are experienced teachers equivalent to population of 250 schools, worked with over 600 tutors in 3 major cities in Nigeria-Lagos, Abuja and Port Harcourt. We’ve had over 2700 learner requests worth over $1.1M out of which over $300k was successfully booked representing a 30% conversion rate.
Other metrics include
- 500% Y-O-Y growth in revenue
- 1004 successful learner and tutor connections representing over 1000 jobs created.
- Active in 750 homes in Nigeria across the 3 most economically viable states – Lagos, Abuja, Portharcourt.
- NPS measured quarterly ranges between +25 to +40
- Mentioned on FastCompany as one of the most innovative companies in Africa 2014 ,
- Featured on Forbes as one of the 30 Entrepreneurs to look out for under 30 2016,
- Recognised by MIT Global Startup Lab
- Won startup competitions such as Techcabal Battlefield, Anshizha Prize in Entrepreneurship, IndiAfrica, MTN Budding Entrepreneurs, Africa Award for entrepreneurship etc
Your factors differentiating and disruptive compared to the existing
The PrepClass online tutor-market place solution easily differentiates itself from other solutions leveraging the power of technology to
- Measure, monitor and improve the learning outcomes of student
- Scale both sides of the marketplace resulting in lesser charges for the learners and higher commissions for the tutors
- Create public ratings and reviews of tutors making it possible for clients to work with tutors who have a proving track record of success
We are by far the largest platform using technology to scale the undiscovered tutoring industry in Africa giving us a significant first mover advantage.
Your business model
The tutor marketplace solution is an online platform where we match tutors to learners for one-on-one class engagement. By running background checks and rigorously testing the tutors assigned to clients, Prepclass is able to provide high-quality personalized education that focuses on the learner’s strengths and weaknesses. The tutors and learners form an online community and once fit are established, they meet physically for a practical exchange of knowledge.
Similar to Uber, the service is monetized by billing learners monthly for total number of tutor-learner engagement. Prepclass pays tutors 70% of the bill while retaining the remaining 30% as commission.
By creating a level playing ground for skilled tutors to offer their services to clients, Prepclass has unlocked underutilized resources and has created revenue worth over $350,000 paid to tutors, in just 2years we have created over 800 jobs, served 40,000 tutoring hours and expanded into Lagos, Abuja, Portharcourt.
A few words about your competitors
Our competition is the bulk sum of traditional brick & mortar tutor agencies. We outplay them by using the power of technology to create a solution that matches tutor to learners, measures learner performance and creates tutor ratings. We are by far the largest platform using technology to scale the undiscovered tutoring industry in Africa giving us a significant first mover advantage.