CODERSTRUST UPDATE Q2 2017

Dear investors, advisors and friends,

Here is another quarterly company update from CodersTrust. Here are the current key performance indicators:

  • 300,000 likes on Facebook, 10,000 monthly uniques, 3,000 monthly signups.
  • 1,412 students in total, 501 freelancers earning money on freelance portals.
  • 12 mentors running +67 batches across 10 different learn and earn paths in front-end, full-stack, graphical design, internet marketing and bookkeeping.
  • 100 new students enrolled/month. 80 in Bangladesh and 20 globally.
  • 15,000 USD in monthly revenue.
  • 20,000 USD in monthly burn-rate.
  • 50 USD in average acquisition cost.
  • 300 USD in average revenue/student.
  • 25 USD/month cost/student .
  • 20% drop-out after 4 months.
  • 300 USD/Month on average student earnings after 9 months.
  • 600 USD/month on average earnings after 12 months.
THE FACES AND PEOPLE AT WORK BEHIND THE NUMBERS

In our last company update, we outlined three major steps to be achieved in 2017. In the table below, you’ll find a brief summary of the three stages and the target milestones.

1. Rolling out a mentor driven marketplace

The first step is to increase our mentor acquisition, based on the top 20 skills in-demand on the freelance market. We’re enabling any experienced freelancer with a 90% success rate and earning above 20,000 USD to launch a local batch of students, based on our proven learn and earn platform as a live mentor based on a 30/70 revenue split model.

http://bd.coderstrust.com/mentor/

Here is our main funnel of what has been achieved since our last update:

  • 40 freelancers from Bangladesh and Balkans have been identified and contacted.
  • 15 freelancers are currently being negotiated with.
  • 8 are currently being onboarded.
  • 4 freelancers are live and marketing is started.
  • 2 freelancers are live with batches and have students enrolled.

Upcoming milestone targets for end Q1 2017:

  • 200 mentors in pipeline.
  • 50 in negotiation.
  • 25 onboarded.
  • 15 live with marketing.
  • 10 mentors live with enrolled students.
  • Average revenue target per launched batch USD 10,000

You can watch a 10 minute video walk-through of the mentor acquisition funnel and work, by our co-founder Jan Cayo here.

2. Rolling out fully online learn and earn path

The second step is to gradually transform our classroom model to a fully online model available anywhere, anytime.

We’re close to having a 100% online A-Z process starting with personality targeting facebook advertising, live seminars with successful students, AI powered chatbot to communicate with potential students, local mentor with separate landing page and automated onboarding process powered by intercom, curriculum available in a learning management system, live classes in crowdcast.io, technical and career advising in intercom, tracking of freelance activity and 10% charging by our proprietary platform funding.coderstrust.com, investor portal for impact investors such as UNDP, World Bank & co to invest into students. Closely, we’re replacing manual and time-consuming parts with a fully automated process to reduce costs, increase accessibility and improve quality.

Here is what has been achieved since our last update:

  • Chatbot live on Facebook pages in Bangladesh currently with 150 subscribed users.
  • Our updated tracking technology, funding.coderstrust.com, has been updated and the initial 100 students are currently being tracked.
  • CodersTrust Global has 40 enrolled students on a pure online model.
  • Bangladesh has gone live with fully live classes.

Upcomming features:

  • Upcoming features include jobfeed and AI powered matching algorithms powered by the danish startup, https://relinklabs.com/
  • Full data overview and streamlining with www.segment.com
  • Data and research collaboration with Department of Economics, at the University of Copenhagen.

You can watch a 10 minute video walk-through of our online acquisition funnel and work by Ferdinand here .

2. Getting to Student Finance

The third step is to eliminate the initial upfront payment, incentivize students with stipends and make our business model 100% performance, by only charging students a percentage of their online earnings. If we cannot make them rockstar freelancers, we simply don’t get paid. The student finance is centered around our investor portal where anyone can invest in a student, along with UNDP/World Bank etc., to get a 10% return on their investment. Check out the portal here (link).

Here is what has been achieved since our last update:

  • 10 students live on invest.coderstrust.com
  • 8 students fully funded by internal staff/angels/employees.

Upcoming milestone targets for Q2 2017:

  • 40 students funded by UNDP.
  • 40 students funded by CityBank.
  • 40 students funded by CodersTrust employees.

The big joker here is a the potential funding of 10,000 students from the World Bank, in Bangladesh, in collaboration with BRAC. The project is in public tender and expected to be awarded within 3 months.

Finally, you can read the latest coverage of CodersTrust Bangladesh, in this amazing article by the largest online media house in the country: https://goo.gl/ByoMnm

https://goo.gl/ByoMnm

All the best,

Team photo from Dhaka, Bangladesh

Ferdinand Kjaerulff

CEO CodersTrust

Coderstrust

CT BLOG

Ferdinand Kjærulff

Written by

Coderstrust

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