00:00hi this is Frank Chen welcome to the a
00:0316z podcast this episode is part two of
00:07a series called what's next for
00:09education startups it originally aired
00:11as a YouTube video and you can watch all
00:14of our YouTube videos at youtube.com
00:17slash a 16z hi this is Frank Chen
00:21welcome to the a16 Z Network I'm very
00:24excited today to share a conversation I
00:26had with Connie Chan one of our general
00:28partners Connie is one of the world's
00:31experts on trends especially consumer
00:34trends in China and tech and today we're
00:38gonna talk about the future of lifelong
00:40learning and she's gonna share a few
00:43examples of very awesome startups in
00:45China she's super interested in what's
00:48happening with Gen Z consumers she's
00:51very interested in real estate and how
00:54people are finding homes preparing their
00:57homes to be listed on Airbnb renting
01:00homes so on and so forth she's also very
01:03inspired by things that entrepreneurs
01:04are doing in China that might have
01:07applicability here in the United States
01:09she helped us find our investments in
01:13lime and Pinterest and I think you're
01:15gonna have I think you'll really enjoy
01:18this conversation that I had with Connie
01:20and I have to tell you a funny story
01:22before we get started so we did not
01:24synchronize our sweaters we've known
01:28we just knew to come in the same color
01:31family so Connie was my first hire at
01:33Andreessen Horowitz the Adam Rifkin
01:36introduced us Adam at one time and may
01:38still be the most connected person on
01:40LinkedIn and his whole heart and mission
01:43is to connect people and so when I told
01:45Adam I was looking for the best a deal
01:47partner ever he went and found Connie
01:49and I'm so thrilled that you've been
01:52here for so long and now are a General
01:54Partner looking to make investments so
01:57welcome thank you thank you so today
02:00we're gonna talk about we're gonna
02:02continue our Series in education and
02:04talk a little bit about ongoing
02:06education and we're so excited about the
02:08things that we can do as adults to
02:10continue to learn new things and for
02:13that know me like learning a new thing
02:14is my favorite thing in life so I'm so
02:17excited about this episode so Connie why
02:19don't you set the context and let's talk
02:20a little bit about the things that are
02:23working especially in China and I
02:25thought maybe it'd be good to just
02:27anchor on how much money and how many
02:30users people spend on adult education
02:33because this is very surprising yeah I
02:34think about education and learning in a
02:38way that goes well beyond K through 12
02:40so I'm actually hyper focused on
02:42education for adults people once they've
02:45graduated college how can they use
02:48online education for self improvement
02:50for example and if you look at the
02:52dollars abroad I do a lot of studying
02:55what's working in China and working in
02:57Asia to give me inspiration for ideas
03:00it's a massive market and Asia's massive
03:03in China and I think it's because China
03:06has developed all these online education
03:08platforms that are specifically made for
03:10mobile that unlock all these other new
03:12features and benefits and in terms of
03:14how big it is I research says that right
03:18now online education in China's 150
03:22million users and expect it to grow to
03:25nearly 300 million by year 2020 it's a
03:28forty billion dollar industry expected
03:32to grow to 70 billion dollars of course
03:34this is a very broad category ization of
03:36what counts as education but what's
03:39interesting is the way that these
03:40research reports break it up the largest
03:42group is not k12 it's not even college
03:46students the largest groups of students
03:49who want to do a self-improvement and
03:52online education they are 26 to 35 yeah
03:55that's super interesting so you would
03:57expect sort of the Asian cultures that
03:59the parents sending their students to
04:01you know after-school enrichment
04:02programs and so you think that's where
04:04all the money is going but you're saying
04:05look it's after they graduate college
04:07right right and I think that's because
04:09if you take the word education and you
04:11expand it just a self improvement self
04:13learning then it greatly increases the
04:16demographic that you can address and yes
04:18a lot of people will just say China
04:20education it's huge because parents
04:23spend so much money on tutoring
04:25and and so forth because of the way the
04:28college system works but most of that
04:31money is actually going through post
04:33college graduates hmm it's really
04:35interesting because in China what's
04:37already happening is what we sort of
04:39expect to happen here which is today we
04:41have this system where sorta you go
04:43through K through 12 and then a subset
04:45of those people go to college and then
04:46basically at age 22 you're done there's
04:49no more formal education and now it's
04:51basically the workplaces job to train
04:53you right they'll send you to classes
04:55and so on and we know that's gonna
04:56change we know that the world is so
04:58dynamic now that you can't learn
05:01everything that you need to be a
05:02productive worker or citizen by age 22
05:05and you're gonna have to learn on going
05:07right this is sort of a big part of our
05:10investment thesis behind Udacity and
05:12there's a bunch of courses that a
05:13college curriculum would likely never
05:15include like how to conduct yourself out
05:18of meaning how to speak publicly right
05:20right how to how to sleep-train your kid
05:23that counts as education parenting
05:25course that counts as education you
05:27would never cover that stuff in college
05:28yeah and in addition to sort of the
05:31Evergreen stuff that you mentioned like
05:32you know everybody needs to be a good
05:34public speaker everybody needs to know
05:35how to do there's also sort of topical
05:38things that emerge as marketplaces
05:41emerged so I'm thinking about the towel
05:42sellers right so Taobao was like eBay
05:44here and what happened in Taobao was
05:48there were sellers who were
05:50experimenting with the system and they
05:51kind of figured out what was working for
05:53them and they would share online and in
05:57videos and Taobao saw this happening and
05:59they're like oh let's actually get
06:00behind this and push right let's set up
06:02Taobao University where we can take our
06:04very best sellers and actually have them
06:07make money from their content not just
06:09their markets yeah completely yeah so
06:12awesome so why do you think this is
06:14happening already in Asia why are they
06:17ahead I think Asia is in general much
06:21more mobile first and mobile only of an
06:24environment than the States meaning that
06:27if I ask you to go buy a pair of shoes
06:29you might naturally flock to your
06:31computer to get the best user experience
06:35but an Asian you pull up your phone and
06:37you'd open the tea mall or the top out
06:39yeah and the idea that your PC and phone
06:42are completely interchangeable and you
06:45can completely rely on your phone to
06:46give you everything you need it's more
06:49prevalent in Asia there's also more
06:51mobile payments and the idea of paying
06:53on your phone is very natural and common
06:56to people not just in tier 1 cities but
06:58across the country but I think there's
07:00three core breakthroughs and insights
07:03that Asia has really figured out that
07:05has propelled its education markets so
07:07much more forward the first one is that
07:10they rely on artificial intelligence and
07:13machine learning in a much more
07:16interesting way so that allows them to
07:19unlock products and features and and
07:22just ideas that I don't see here in the
07:24States so for example there's this
07:26company called Lego champ and it teaches
07:28you English and typically when we will
07:31look at a language learning app here in
07:33it's very flashcard driven or it will
07:36give you a sentence and you can read it
07:38but in Asia they realize that people
07:41want to learn English not just to be
07:43able to read and write but more
07:45importantly to have conversations
07:46they'll be able to visit the world to
07:48interact with other people and so they
07:51use the mobile phone and the microphone
07:54to allow you to speak directly into the
07:56app and read out sentences and actually
07:59carry on conversations with a computer
08:02that will speak back to you and that
08:05kind of scoring using machine learning
08:07and artificial intelligence allows
08:09people to learn pronunciation hmm what
08:12the standalone mobile app yeah and I
08:14think that's a fantastic example of like
08:16leaning into artificial intelligence and
08:19machine learning to dramatically reduce
08:21the cost this company lingo champ their
08:23gross margins are over 70% hmm teacher
08:28cost right said nobody has to sort of
08:30say oh that's a terrible accent my funny
08:32story on this is when I was learning
08:34Chinese Mandarin my Mandarin teacher
08:37said to ask me one day are you from Hong
08:39Kong which for those of you that don't
08:41realize it is probably the most grievous
08:43insult that you could hurl at somebody
08:45trying to learn Mandarin because it's so
08:48you're saying look they didn't have to
08:49have a teacher listening to you and then
08:51getting guns they're using the machine
08:53learning to say you don't sound like a
08:54native and here's where right and
08:56because their gross margins are so high
08:58their price point is so much lower than
09:00having a real-life tutor or even an
09:03online course instructor tutor there our
09:05price point is is so affordable that
09:08people all around the country can access
09:10it yeah and that same concept of leaning
09:13into machine learning it's also true and
09:17music as another category there's this
09:20company in China called VIP peléan and
09:24pelean in China and Chinese translates
09:27to they will practice piano or practice
09:31an instrument alongside you and what it
09:34is is a mobile app which is a piano
09:36teacher and this app you put it on the
09:40stand and you attach it to your piano
09:42and this teacher can help your kid age
09:45five through sixteen learn an instrument
09:48they do a piano a violin a bunch of
09:50classical Chinese instruments but again
09:53it's that price point that they're able
09:54to unlock because for a lot of these
09:57music instructors so much of that cost
09:59is in their travel time or because
10:02you're living in a city where the cost
10:05of living is just so high right but now
10:07in China my teacher doesn't have to live
10:10in Beijing they don't have to live in
10:12Shanghai they can live anywhere in the
10:14country they don't even have to live in
10:16China right right and then not only is
10:19that the case they use the machine
10:20learning aspect to help the teachers
10:23with scoring the kids and scoring the
10:26performance because with music just like
10:28with language there is a actual pitch
10:31there is an actual tempo an actual
10:34rhythm that you're supposed to play yes
10:36right so they can take the composition
10:38score and then hear your actual
10:41performance and give you a grade which
10:43then allows one teacher to teach two or
10:46three students at the same time which
10:48then unlocks even more cost savings
10:50allowing more parents to give their kids
10:53space music lessons that they would
10:55typically not be able to afford mm-hmm
10:57I'm flashing back to my piano learning
11:00I'm hearing that too fast too fast right
11:03so now we can do that with machine
11:05learning to do that during practice
11:10sessions right and having that
11:11information feed back to the teacher
11:13there's just a lot more we can do with
11:14machine learning especially when it
11:16comes to language and music that is
11:18still I think very untapped here in the
11:21West so let's talk a little bit about
11:25sort of the efforts that we've sort of
11:27seen here and sort of how you think we
11:30get from here where we are so we have
11:31learning platforms like masterclass we
11:33have learning platforms like you t'me we
11:35have learning companies like Udacity one
11:37of our portfolio companies what's sort
11:39of missing from those that sort of the
11:42next generation of ed tech startups
11:44you're looking for you think will have
11:46yeah I I think that the answer is one
11:51and the reason is because mobile only is
11:55there a society that I think is
11:57inevitably in our future and when you
12:00have mobile that allows for all kinds of
12:02different things it allows again for
12:04microphone input as an example yes
12:07everyone has a camera a front-facing and
12:10about facing camera on their phones
12:12which allows for different kinds of
12:13input and interaction with a platform
12:15mobile allows you to have these
12:17bite-size snacks rather than you know
12:20opening your Instagram newsfeed maybe
12:22you can take a three minute class a five
12:24minute class whenever you have downtime
12:27and also mobile allows people to not
12:30feel like you have to be confined to a
12:34and I think this is really critical
12:37because a lot of long-tail expertise
12:39doesn't always naturally suit video for
12:43example you can be a math teacher and
12:45yes you're writing formulas on the board
12:47or you can be a philosophy teacher right
12:49and you can be sitting there giving a
12:51lecture just sitting there or that same
12:55kind of content can be also conveyed
12:57through a podcast through an audio
12:59format and once you're focused on mobile
13:02you're not thinking like it has to be
13:04video it has to be field screen
13:06immersive it now can also be a podcast
13:09that you listen to when you're driving
13:11to work when you're walking to work and
13:13again I think that that expansion of
13:17formats is really obvious once you make
13:21something that is global sunshine hmm
13:23so we haven't seen the class of mobile
13:25first ed tech that you were expecting to
13:28see which is pretty surprising right
13:29it's sort of it is sort of an obvious
13:31insight once you say it out loud like
13:33you did and so I think I think the
13:37reason is because so much of ed tech has
13:40been either you pay this one time very
13:43expensive tuition yeah
13:45or honestly it's ad based right like
13:49YouTube is the biggest university in the
13:52world yeah and most of the creators are
13:55monetizing through advertisements yeah
13:57but because it's AD based a lot of the
14:01content on YouTube can't go to the depth
14:03of expertise that you need to really
14:05make a big impact on your life or your
14:07career because the creator's they have
14:10these incentives to have to create
14:12content that gets lots of clicks and the
14:15reality is a lot of self-improvement
14:17lifelong learning content is not all
14:20quick baked content right and to go into
14:23that depth of what you need to know an
14:26ad format is not the best way to
14:28compensate these creators so for example
14:31if you're buying a house for the first
14:32time you need to understand how to think
14:34through that transaction it doesn't make
14:37sense for someone to create these ad
14:39based videos because one they're not
14:41gonna get all that clicks they need to
14:43justify their time and expertise but I
14:46mean imagine a platform where someone
14:48could package that in 20 30 courses it
14:51could be a mixture of audio PDF video a
14:54live stream Q&A a paid one-on-one
14:57consultation and put that all in one
15:00format or that crater now can make much
15:02more money and have the right incentives
15:04to create deeper better content yeah so
15:09that makes perfect sense right which is
15:10it takes a lot of work to create this
15:12content and if you're monetizing with
15:13advertising that means only the top 1%
15:15are gonna even break even or barely
15:18break even on all of that effort right
15:20cuz you need to attract tens
15:22millions of people and ads reward
15:24production value mmm right so you need
15:27the great videographer thinner you need
15:29to spend an hour on your YouTube
15:31thumbnail that's nuts
15:32right right because honestly a lot of
15:35these great experts a lot of these
15:36professors these doctors this
15:38nutritionist they are not media experts
15:41right and the fact that they have to go
15:43hire videographers buy very expensive
15:45equipment cameras lighting what have you
15:48learn how to edit videos themselves for
15:51the first time that's not long term I
15:54think going to work because these
15:56craters are being underpaid for their
15:58knowledge yeah so as I think about my
16:01own sort of ongoing education habits
16:04YouTube has definitely become one of
16:05them which is to say I'm watching TED
16:08Talks I did something over the holidays
16:09which I'm very proud of which is I
16:11haven't placed a doorknob and I'm proud
16:14of this because I'm like the least handy
16:15person I know and so I watched a YouTube
16:17video and went to Home Depot and in my
16:19in-laws house I replaced the little
16:21doorknob mechanism yes I did it and so
16:25you're saying look I shouldn't be that
16:27proud of myself but I was like giddily
16:29proud of myself because like I'm a
16:31software person and that was definitely
16:32hardware okay so anyway thank you for
16:35indulging my burst of enthusiasm for
16:39so you're saying look that type of
16:41content that's fine for YouTube because
16:42like that super easy right usually you
16:45need to see which part to change out
16:48what snail to take out yeah so like ads
16:50for that make sense but it doesn't make
16:52sense for this sort of highly produced
16:54package what I'm teaching you something
16:55that's a more serious life skill right I
16:58mean like TED Talks are fantastic intro
17:01courses it's a first great lecture but
17:03there should be ten lectures beyond that
17:05for every topic right all right and a
17:08lot of things that are skill based in
17:10particular um I think deserve having 10
17:15courses 20 courses 30 courses so on yeah
17:17there's a lot of things that I would be
17:19willing to pay for I'd love to pay to to
17:22figure out how can I improve my voice I
17:23would love to pay to see how can I
17:26improve parenting and so forth and there
17:28aren't great platforms right now that
17:30make it as easy as creating like a
17:34for these creators to monetize their
17:36knowledge right and these craters
17:39typically one they're not media experts
17:41- they're not technologists so they
17:43don't have time to build their own vlogs
17:46or their own websites and integrate
17:48PayPal or credit card payments into them
17:50and and the biggest promise they're
17:53truly underpaid right now yeah Oh
17:55further knowledge that they're freely
17:56sharing on you - yeah if you think about
17:59sort of an example that is in this
18:01ecosystem you think about masterclass
18:03right where the entrepreneurs doing a
18:06great job of sort of hoovering up all of
18:08the top experts in their fields and I
18:11think part of the reason he went
18:12top-down is sort of the same reason that
18:15Elon Musk went to the the Roadster first
18:18and then the X and then there are the s
18:20and then the X and then the three right
18:22so he's working his way down and I think
18:24part of that is because I wonder if
18:27there's enough cultural support in the
18:30West for paying for education of this
18:34kind right so it sounds like in China
18:35you already have that cultural support
18:37so like what is education amongst
18:38household expenses is that like number
18:41three or number four after housing and
18:43medical right so you have this in bread
18:46sort of support cultural support like of
18:48course I'm paying for education all
18:50right and so it wants mobile sort of
18:52content sources sprung up the money just
18:55went right and so what do you think is
18:57going to happen here do we need more
18:59cultural support how does that
19:00interaction happen I think the way that
19:03we Silicon Valley and platforms can help
19:07encourage the shift for more lifelong
19:09learning and self-improvement is really
19:11breaking away from just the odd base
19:13model and finding the right incentives
19:16for creators to be able to monetize
19:18because I think a lot of creators when
19:20they have an ability to make a
19:23significant amount of income from
19:24sharing their expertise they will create
19:27better content and as there's better
19:29content out there users will say hey
19:32this is a fantastic way to put a small
19:34investment into myself right and and
19:39right now the platforms I think are not
19:41doing enough to help these craters
19:44and for a platformer that doesn't just
19:46mean changing their business model and
19:48also means monetizing their own brand
19:50and and becoming a mainstream app and
19:54mainstream website and that's really
19:56important because for a lot of these
19:59platforms they shouldn't have just one
20:01teacher teaching you how to sing there
20:04should be 20 30 teachers and then there
20:06should be rankings based off of student
20:08reviews or based off people who actually
20:10completed the course right and repeat
20:13students and so forth and all those
20:15things should help bubble up the best
20:17teacher right and these platforms need
20:20to do a lot to invest in building out
20:22their own brands to become mainstream in
20:24order to do that and and I love the
20:26master class content I think once they
20:29expand they're gonna have to include
20:32more teachers for the same way they sort
20:34of go down market it doesn't have to be
20:35Steve Martin teaching you how to do
20:37comedy it'll be your local comedy genius
20:39or it could be all of them together
20:41right and they could be priced at
20:43different price points and then when
20:45when you go to lhamo be honesty's mart
20:48and you can have them ranked differently
20:50right right and I'd love to be able to
20:52figure out what are their rankings in
20:53the classes that people finished what
20:55are their rankings where people gave the
20:57highest reviews right what are the
20:59rankings based off price what have you
21:01right um and all of that kind of data is
21:06totally presentable right now it's just
21:09not being surfaced by the platform
21:11another sort of age-old challenge in
21:14sort of building these pervasive
21:16education marketplaces in the past has
21:18been you sort of have very broad
21:19categories of education they're sort of
21:21let's call it hobby entertainment right
21:24I'm learning the piano I want to sing
21:25better all right and then there's sort
21:27of business self-improvement like I want
21:29to learn how to use Excel better or I
21:31want to be a better offer up seller or
21:34so do you think that there's gonna be
21:36one platform that sort of wins both do
21:39you think there will be more specialty
21:41things that sort of cater to each of
21:42these because it feels like they have
21:43different dynamics I think it's possible
21:47but it's unclear how the facial will
21:49shake out and then for example I think
21:51there's a lot of great workout apps too
21:53ready right that put a bunch of fitness
21:55instructors or nutritionist up against
21:57each other and you can choose which
21:59instructor you want right and they have
22:00that category down pretty well but I
22:04also think it's very possible if there
22:06was a platform that created the right
22:07tools I know this like Shopify in a box
22:09where I can say here on my podcast
22:13here are my blog posts these are the
22:15times where I'm going to do a live
22:17stream Q&A this is the PDF the book I'm
22:20willing to sell right if it gave
22:23creators these options does just turn on
22:26these modules right and create their own
22:28knowledge store I think it's possible
22:32also to have one major platform as well
22:36mm-hmm that serves both sort of the
22:37hobbyist entertainment market as well as
22:39the serious self-improvement market it's
22:43not a new start could eventually be
22:45something that YouTube goes into or
22:47something that Twitter goes into Twitter
22:49has a ton of influencers too and lots of
22:51longtail experts but I think the
22:54opportunity is still there it's still so
22:57early enough that a new startup could
23:00great if you were to give if you had one
23:05or two pieces of advice that you have
23:07for entrepreneurs in this space what
23:09would it be this is probably a
23:14contrarian view even in Silicon Valley
23:16but I would build for mobile first and I
23:19would build your app before you build
23:21your website because it will drastically
23:22unlock different ways of thinking you'll
23:25be able to use your GPS your microphone
23:28you'll be able to use the camera and if
23:31those new additions of features don't
23:33help you brainstorm their things but
23:35that's a problem actually you will be
23:38able to use in-app payments all right
23:40you might be able to miss Apple pay and
23:42so forth so I think one big thing I
23:45would say is if you're building for the
23:46future consider building this platform
23:49first on mobile even before you go to
23:52the PC you know I know that's a very
23:54contrarian view because a lot of
23:56investors will also say go go to the PC
23:59first get your brand and then go to the
24:01app but I think when you start at least
24:05on a mobile platform first it unlocks
24:08this idea how can I use a microphone
24:10differently and then now that I have
24:13microphone and audio input how can I use
24:16machine learning differently right and
24:18that allows you to unlock ideas like the
24:21lingo champ for English learning or like
24:24Palin for piano teaching that honestly
24:26someone building for our PC would never
24:29get to that insight right right
24:32and then presumably your next piece of
24:33advice would be experiment on the
24:35business model right so we've got mobile
24:37we found machine learning and now it's
24:38like let's do something other than ads
24:40yeah sure yeah sure I am NOT a fan of
24:45Strictly ad based models mostly because
24:49the ones that do succeeds they like a
24:53Facebook or Google I mean the reason
24:54their ads succeed is not because of the
24:56massive pageviews that's it's also
24:58because of all the information they have
25:00on that user so the ads are highly
25:03targeted Ryan and if you're a platform
25:05where you don't have such detailed
25:07information on your end-users your ads
25:10are not as valuable and they're not
25:12going to convert as well yeah so
25:14focusing on just building up pageviews
25:17and hoping they'll monetize with ads to
25:19me is a scary strategy in general for
25:22any consumer ah yeah but I think
25:26business model experimentation in the
25:28education space is huge because I mean a
25:30lot of these categories like your skills
25:32mordor not right maybe it could sell you
25:35you know a similar door
25:37they sold me their door knows I should
25:40have sold you other home projects that
25:42hey if you take this course buy the
25:44components for it at a discount and that
25:47can be a partnership with your local
25:48Home Depot because geographically they
25:51know the local Home Depot it's only two
25:53or three miles away from where you are
25:54right right and and those ideas are very
25:57possible and not being implemented today
25:59kind of thinking if this person learned
26:02this course what else can I saw them
26:04beyond just another course what physical
26:07things can I saw them what other
26:09services can I sell yeah it seems
26:12inevitable that as we continue into
26:15world that rapidly changes therefore
26:17needs new skills all of the time
26:19that the spending pattern here on
26:22education will flatten right which is
26:24the way I think about education spending
26:26over a lifetime today is kind of like
26:28there's an elephant inside a Python
26:29right which is you spend a lot of money
26:31and then you get to college right where
26:34you have the 529 plan right to help
26:37subsidize my tax deferred dollars to go
26:40to university and then basically it
26:42drops to zero right it's sort of like a
26:43very small proportion of the population
26:45spends money on ongoing training and if
26:48you spend it it's mostly like oh where
26:50can we do it and then I expensed it
26:52right but it's nowhere approaching
26:53college tuition so it's sort of this big
26:55sort of college expense in the middle it
26:58feels like as we move into a new world
27:00like we want to flatten that out right
27:02we want to give access to piano teaching
27:04for kids smooth it out earlier in life
27:06and then we sort of smooth it out later
27:08in life too and that's going to require
27:10this business model experimentation
27:12business model experimentation and just
27:15making that information more accessible
27:17like if I told you you could spend
27:20fifteen dollars and get ten courses on
27:23how to improve your voice would you
27:24consider it I am looking for our voice
27:27instructors right now far more than that
27:31but I feel like so many of these ideas
27:35or these instructors people oftentimes
27:37just forget that they exist because it's
27:40not so in their face and it's not also
27:44done on a bite-size snacks on their own
27:47schedule on their own timeframe right
27:49and when you're on a mobile platform
27:50when you're doing this bite-sized
27:51lessons you can do it every morning yeah
27:55well I personally can't wait for a lot
27:58of this stuff as I mentioned I love
27:59learning new things and I can't wait to
28:02have very compelling products that are
28:04teaching me new things a little more
28:06sophisticated than how to replace a door
28:07knob maybe a little should have also
28:11sold you services of a handyman nearby
28:14in case you fail that's true right
28:16luckily there's just so many ways you
28:18can monetize a simple video like
28:20replacing a door knob it's not being
28:22done today yeah yeah totally true like
28:25all these how-to home fixes a good
28:28petanque of people who attempt them
28:32surrounded by an explosion of tools
28:34right I give up right or I may be
28:37missing this part maybe I'm missing this
28:39wrench or a power toilet right all right
28:41we could have done this in half the time
28:42if you have this power job okay these
28:45ideas aren't being thought of right now
28:47because it's a business model innovation
28:50right think about not just sewing that
28:53the next course there's nothing more add
28:55them to your courses and therefore
28:57making your video much longer than it
28:58needs to be which is the game that a lot
29:01of those influencers have to play
29:02they're being forced to play that game
29:04right now give them better ways to
29:06monetize what they are selling yeah and
29:08that business model would be good for it
29:10cuz another age-old problem with these
29:12education marketplaces that try to get
29:14broad right I want to have all of this
29:15content is that the repeat usage is
29:18never as good as the entrepreneur hopes
29:20right so you kind of hope that I sell
29:22you the piano playing class and then
29:25you'll come to me for filmmaking or
29:27whatever it is and it turns out in a lot
29:29of these that you're almost capturing
29:32that customer again for the first time
29:34even though they've bought a class from
29:36you right yeah and to this point is
29:39actually I want to say I'm never a fan
29:41of subscription models but for this
29:45I don't think subscription is
29:46necessarily the best model yeah because
29:49for me to sign up for a subscription I
29:51have to think I'm gonna take more than
29:53one class yeah I mean why not instead
29:56let me pay per course
29:57and for other courses if you want to
30:00push discovery allow me to sample the
30:02first ten minutes of a class are free
30:04right or do some other kind of incentive
30:07to get me to see the value and then
30:09maybe after two-three courses that saw
30:11me something like a subscription or I'm
30:15I'm gonna use this multiple times over
30:16yeah but the idea of jumping from day
30:19one to push you a subscription I think
30:22is a hard business model for this
30:23category that's hard you have to capture
30:25the people who would pay up front for
30:27health clubs right which is it's sort of
30:29it's the aspirational mean that will go
30:31to the gym all the time right right yeah
30:34well thanks for joining us we're so
30:36excited for the future of EdTech that is
30:39mobile first and a I enabled and isn't
30:42just advertising because I want to
30:44learn new stuff I'm gonna learn it all
30:45the time the next thing I think in our
30:46house will be clearing clutter and so
30:50it's funny Marie Kondo has that series
30:52on Netflix now and so maybe I should
30:56watch it and maybe there will be a
30:58tailor-made start up for that type of
31:00stuff they can offer me help when I get
31:02stuck clearing my own crap so alright
31:05thanks YouTube we'll see you next
31:07episode if you liked what you saw go
31:10ahead and comment and subscribe on the
31:12bottom and we'll see you next episode
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