Dear investors, advisors, and friends,
Since our last update we have launched the following in CodersTrust:
- A new website design
- A new and optimized platform
- A new growth hacking strategy
- Established a new global Ops Team to provide 24/7 mentor support to guide our students through a new and optimized “Learn and Earn” path based on CodeSchool and Udemy content.
- Online traction:
Since the launch of the new platform, we’ve onboarded 100+ students/day from all over the world — with Zero marketing cost. Students are coming from places like Bangladesh, Philippines, India, Malaysia, Egypt, Morocco, Indonesia, Kosovo, USA, Bhutan, etc. Check out the world map of all CodersTrust online students here:
The following graph shows the total number og signups since the launch of the new platform:
The following graph shows the number of active users each day which is constantly growing:
The third graph shows the statistics of our online support and how many conversations and support instants there have been between students and mentors.
2. Local Affiliate Operations
Our existing students from the affiliate centers in Bangladesh, Buthan, Malaysia, Kosovo and Somaliland are now all following the same standardized “Learn & Earn” paths with centralized data collection, tracking and monitoring.
Currently, we have approx. 150 online data points and we are adding 10–30 data points every week as we continuously integrate more services. 4 Big Data thesis students from IIT are implementing data analysis methods to identify early patterns of student performance minimizing drop out and maximizing CT earnings.
The operation in Bangladesh is growing from on average of 40–50 new students each month to an average of 100–120 new students each month.
The chart below show the growth in monthly revenue in CodersTrust Bangladesh:
This clearly demonstrates the local business opportunity in providing a local/offline service and connect students to the online CodersTrust Platform. A business opportunity that can be replicated by franchise partners all over the world.
Furthermore, UNDP recently launched a crowdfunding campaign with the famous captain of the Bangladesh cricket team as the face of the campaign. The goal is to raise student finance and inspire more people to join the CodersTrust platform to earn more money on freelance portals.
The operation is Kosovo is currently being expanded with new affiliate centers in Pristina and a target of 500 new students. The World Bank is ready to finance another batch of students in Pristina starting from first of august in 3 local affiliate cafes/centers.
The current students in Kosovo are currently performing significantly above projected earnings as it can be seen below:
The students in Buthan has completed their earning phase and is now ready to start attacking the online freelance market:
The leaderboard below demonstrate the learning progress achieved in Codeschool over a three month period.
CodersTrust launched in Malaysia with the backing of the Government. The first students have started their first introduction classes as it can be seen on the picture below:
Check out on of the first live classes including an interview with on of the top Malaysian Freelancer here: https://www.crowdcast.io/e/coderstrust58
We’ve streamlined our entire organization to cater 100% for online students through the new platform. This also meant letting go of 20% of our staff that previously dealt with offline batches/classes. Operation is now handled based on teams and not on countries. Below you can see the organisational chart of the company which is divided into four main areas: Online Ops, Platform, Marketing and Business development:
Feel free to watch our internal CodersTrust Staff Meeting with a presentation of our strategy, organisation and platform development:
The total cost per student is right now decreasing and is expected to reach a sustainable level once hitting 5.000 students. Impact investors such as Rockefeller, WorldBank or Governments have previously financed these student costs as well as equity investors. On scale a mix of debt and equity will then be used to reach the masses and provide a world class educated, on-demand and online workforce.
In the following video our financial spreatsheet guru Kuba present the core financial model of CodersTrust, which is being used to launch local franchise operations in different countries.
With our current resources in our organization and burn rate, we should have a max capacity of around 2K enrolled students (Students completing the trial period). We aim to reach this number within the next 2–3 months.
5. Small steps towards the BIG IDEA
The progress and achievements so far demonstrates the following:
- Students are willing to pay for access to CodersTrust “Learn and Earn” platform and our global platform is a proven business opportunity for local franchise takers.
- We can take people from the slum of Dhaka, remote regions in Kosovo or anywhere and turn them into Rockstar freelancers. We have data on more than 1.000 students covering 8 different countries on their journey from learning to code and start earning money on freelance markets.
- Government institutions and impact investors are ready to provide student finance and invest in students that are not currently able to cover the upfront investment of a laptop, access to the internet, and the right skill-set in order to compete for the online jobs
- We’re able to operate CodersTrust on a global scale with a streamlined online platform, world-class content, live classes, and 24/7 hours support, which is driving down the cost of education and minimizing the required investment before a student becomes “cashflow” positive on the freelance market.
These four facts enables us to make our dream of a student finance platform for the online labor force of tomorrow a reality. Our target is to expand on the four following areas:
- PLATFORM TEAM: Integrate a TrustScore into the platform to determine the credit worthiness of a potential freelancer. Our existing data set enables us to build a fully automated student-lending machine with up to 100% accuracy in credit scoring. Furthermore, it enables freelancers to get more and better paid jobs by integrating their online reputation into one unified profile.
2. STUDENT OPS TEAM: Issue Student Credit card for students to receive student loans on a personal card to cover living expenses, access to a computer and the CodersTrust subscription. Our big idea is to bake our online service into a single piece of plastic delivered to anyone, anywhere. We think of it as delivering freedom on a single piece of plastic.
3. FINANCE TEAM: Deliver Student Finance on a global scale. Currently, we’re providing student finance to people in several countries, but our goal is to have global coverage of our student finance services in collaboration with local financial partners.
Collecting massive data sets will allow us to minimise drop out, reduce unit costs and increase student earnings and hence fund the education of low-skilled freelancers at scale
4. MARKETING TEAM: Expanding heavily with student ambassadors and local franchise takers. Our core online model enable us to expand heavily enabling any student or business partner to open up a local CodersTrust Learn and Earn center and bring the online job opportunities to their local communities.
6. Media coverage:
CodersTrust is featured in the Economic Times: http://goo.gl/S5vzTR
CodersTrust CEO interviewed by a Polish tech blog:
7. Hello from the Team
Pictures from CodersTrust Global Summer Summit in Copenhagen:
Hello from everyone in Bangladesh
Our full focus is on increasing student sign-ups, pushing our online experience and collecting data to make our dream come true. We are all very excited, and I would love to keep providing you with spicy update as we go.