Christine Outram is a force of nature.
She graduated from MIT with a 5.0 GPA. She helped invent the Copenhagen Wheel electric bike. She was the Chief Product Officer of the world's largest private test prep company which exited in 2018.
And now, she’s raising on Wefunder for her latest EdTech venture.
I had a chance to sit down with Christine and ask her about her new startup. Watch our full conversation above.
The company is called Everydae and it’s a self-directed online learning system that’s disrupting education.
Today I’d like to share with you the highlights from the video along with some insights into the growth and opportunities in the EdTech space.
The Tutoring Problem
Christine’s previous EdTech company, which successfully exited in 2018, was all about test prep and admissions consulting. She helped over 100,000 families get their kids into the colleges of their dreams.
The problem with this was the price—only the elite seeking placement at elite schools could afford it. Without a solution for the rest of the population, the majority of the market would remain untapped and millions of kids would miss out on important tutoring.
Today, 85% of families can’t afford a tutor for their child.
Seeing this massive problem and opportunity, Christine took the best members of the previous team and founded Everydae, a self-directed online learning system that all can afford.
How It Works
In terms of value proposition, the A to Z of this product is crystal clear.
Students can use Everydae on their phones, tablets, or desktops—anytime, anywhere.
Lessons are gamified and built for teenage brains. Just 10 minutes of highly-engaging study per day is all it takes.
By just meeting that minimum daily goal, students can radically boost their SAT scores and GPAs.
That academic value translates into monetary value, as parents save thousands of dollars on college tuition.
When parents see what Everydae can do for their kids’ future as well as their wallets, they are comfortable investing in education.
Christine says that getting a 1270 on the SAT and a 3.4 GPA can save parents up to $32,000 via merit aid. Those savings are no joke!
The EdTech Market
In 2019, EdTech was a $76 billion industry. By 2027, it’s expected to be a $245 billion industry.
EdTech has been growing steadily for years, but COVID-19 took things to the next level. The demand for online learning spiked up like never before.
Like in other industries, many of the changes in education caused by the pandemic ended up working well, maybe even better. And now, many of them are here to stay.
For example, when it was unsafe to have in-person tutoring sessions, millions turned to digital solutions like Everydae.
Now, for many families, there’s no going back. Personalized, gamified tutoring is just too accessible, affordable, and fun to give up.
Everydae’s 2020 Pivot
While Christine’s product was initially all about SAT prep, that was never the end goal.
From the get-go, her vision was to tackle high school education, college education, and even primary education, conquering the entire K through career journey.
But, at the start of 2020, things were still lasered in on SATs. That’s precisely what caused a problem.
Pandemic limitations eventually drove most colleges to drop the SAT as an admissions requirement. Prospects could still include it, but without that necessity, a massive slice of the market disappeared overnight.
Instead of allowing this to derail their train, the team shoveled more coal into the boiler. They pivoted, taking the lull in SAT action as an opportunity to move forward.
Everydae launched six new academic courses, and also some goal- and career-oriented ones.
The result was an Everydae 2.0 of sorts. Now the platform not only helps with SATs and GPAs but acts as a total digital educational companion.
While lesser teams would have crumbled under the pressure, Everydae grew.
Metrics of Success
When Everydae gains a new customer, it’s usually through a specific promotion—a weeklong trial for $1.
This gets customers in the door alright, but what happens next?
Turns out, 91% of trials result in a paid subscription.
The value of that low-risk $1 trial is enough to make customers get those credit cards out for a $39 monthly subscription.
What's more, Everydae saw a 13% growth in customer lifetime value, which on a subscription model means they are sticking around for longer.
On top of that, a 23% reduction in subscriber churn means fewer users have opted out and left the platform.
This points toward the success of the new courses—customers aren’t just using the app for the two to three months needed for SAT prep but are beginning to use it as a long-term educational resource.
Other great figures include a 10% growth in monthly revenue and a 22% growth in new subscribers.
The “Tech” in EdTech
When Everydae collects data, they learn a ton about students—how they learn, when they learn, and what helps them to improve.
Most online learning is one-size-fits-all. Each student gets the same lessons in the same order regardless of their skills, goals, and weaknesses.
But, Everydae is different. It uses AI to improve learning on a personal level.
When students sign up, they answer some questions about their goals. Then, while they study, Everydae monitors how they answer questions, get through solutions, how long it takes, and more.
Behind the scenes, algorithms process this information to judge what kids are already good at and what they need to work on. Their skills are weighted based on how academically important they are. This is all processed to create unique “learning maps” for each student.
Moving forward, the plan is to double down on this data-driven approach to making learning more fun, expedient, and interactive.
Invest in Everydae here.