Analysis of ICO BitSchool AI
BitSchool is a platform for students learning different courses. Using a specially developed test BitSchool selects most appropriate courses for students to learn. The problem of filling the platform with educational content is solved as follows. Content creators are invited to become members of BitSchool and contribute the created content, receiving tokens as reward.
The creators of the project believe that BitSchool will help to personalize and improve the learning process, to make it more effective for each student.
The project is interesting, but not unique. ELearning platforms already exist. It is possible that Smart Test Solution will help the project to occupy its niche in the market.
The hard cap of the project is 50,000 ETH, the soft cap is 667 ETH. These numbers look pretty weird.
Product development began in 2016. The full version of BitSchool will be launched at the end of 2018, but the product will be further developed.
Currently, the project has partners in US, UK, Australia and Canada and plans further global expansion.
The business model is quite simple. Students will pay for the courses, and course administrators and content creators will be rewarded.
BitSchool will receive revenue from the following sources:
- License fee
- Transaction fees
- Advertisement revenue.
The business plan looks logical and understandable.
BitSchool plans the following directions of product promotion:
- Direct sales to organizations
- Partnership with Pinno (a digital marketing platform)
- Partnership with schools and institutes.
First of all, the project will be promoted in the UK, then in other English – speaking countries, and later in China and other non-English-speaking countries.
We can say that the project has quite clear marketing strategy.
The project team consists of 13 people with experience in consulting, IT, education, entrepreneurship, marketing, artificial intelligence development, backend and frontend development, administration of e-learning courses. The team looks competent enough to carry out the project.
The Vision of the Market
The project team provided statistics on eLearning and global tutoring market, as well as revenue forecasts for 2019. However, competition in this area has not been researched. It is worth noting that there are many e-learning platforms that provide similar services, but the founders of the project don't pay attention to comparison with competitors.
Understanding of the Target Audience
The target audience of the project is students and educational content creators. The project is designed primarily for young people who are close to learning in a game-like way. The founders of the project mention that Smart Test Solution is already sold to companies, government agencies and educational institutions. BitSchool will also be interesting to tutors who will be able to conduct lessons on the platform.
We can say that the BitSchool team has good understanding of the target audience.
ELearning and tutoring market already has both global and local players offering similar services. Unfortunately, the founders of the project don't compare BitSchool with competitors, so it is difficult to judge the competitive advantages of BitSchool.
The BitSchool project has several strengths:
- Experienced team
- Clear business plan
- Clear vision of the target audience.
Disadvantages of BitSchool are as follows:
- The idea of the project is not unique
- Competitive advantages of the product are not formulated
- There is no analysis of competitors.