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Refocus Limited

The Online Education Platform

Indonesia
Market: Education, training
Stage of the project: Operating business

Date of last change: 15.05.2022
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Idea


Refocus is an EdTech company that turns people into IT specialists in 8-month and helps them get a job at top IT companies.

Refocus was launched 4 months ago in the Philippines and Indonesia with its own money. The company is founded by serial edtech founders with 4 successful exits with a total valuation of over $100m.

Current Status

Refocus was launched 4 months ago in the Philippines and Indonesia, and already earned $100K+ revenue, hired 70+ people, and found product market fit.

We have formed an Advisory Board of great experience, signed up 4 new lecturers on digital marketing from LingoTalk, AlKautsar Cater Indonesia, YDragon and Caliber, hired new C-level people on board, with them we now have the core roles covered, launched two new courses - Data analyst course and Web developer course.

Market

Indonesia

THIRD LARGEST 44.7 MILLION POPULATION at the age of 15 - 24 in the entire world (following only India and China). Young workforce fueling economic growth and pushing development of the middle class that will bring Indonesian economy to Top-10 by 2030.

THE THIRD LARGEST EDUCATION MARKET IN ASIA numbers over 45 million students and pupils. In 2021 total education market amounted to 80 billion$ with CAGR 10.3%. EDTECH MARKET estimated about 20 BILLION$ WITH CAGR 24.9%.

LACK OF IT SPECIALISTS to support Digital economy transformation. Every year 50,000 of IT students graduate from Indonesian universities while current annual demand on IT workforce is 600,000 (12x higher). Data Scientist, JS Dev, Back-end Dev, QA are among the most popular emerging jobs.

The Philippines

OVER 45% OF WORKFORCE ARE UNDER 30 YEARS OLD. Philippines has one of the youngest population on ASEAN, as well as a high population growth rate.

EDTECH EXPECTING RAPID GROWTH WITH CAGR 21.7%. Total education market is valued over 18 billion$, anticipated CAGR 12.2% till 2025.

HIGH GRADUATES UNEMPLOYMENT AND UNDEREMPLOYMENT RATE as a result of low quality higher education and skill mismatch. Official graduates unemployment is about 8%, total graduates underemployment is estimated near 20%.

IT IS THE MOST POPULAR AREA among emerging jobs: Data Scientist, Full Stack Engineer, Data Engineer, JS Developer, Cloud engineer are on the LinkedIn top list in 2021.

Problem or Opportunity

1. Graduates can’t get a job in IT because Universities fail them in providing practical skills. At the same time, there is a huge demand from IT companies: for each CV, there are 12 open IT vacancies.

2. Current online education platforms have 10-20% completion rate. So 8/10 students pay for nothing.

Solution (product or service)

1. Refocus teaches practical IT skills in 8 months (~6 hours / week) and helps to land a new job in IT with a 1000+ USD salary.

2. Refocus has 60-70% completion rate because of advanced support, home assignments with feedback & collaborative learning features.

Competitors

Our competitors are Bootcamps (Coursera, Udemy, EdX) and Moocs (Hacktive, Impact Byte, Coders Lab, ZUITT).

Bootcamps:

No wide audience
No learning without quitting a job
No prepayment system
Check - $5000+

Mooc:

No quality control of educational videos
No group learning (small % of completion = no value)
Poor support
Not job-oriented
No career centre
Nobody values their certificates
Check - $100

Advantages or differentiators

Refocus:

No hiring gap
Destination point: job in IT
Student-oriented
Practice-oriented knowledge
Constant improvements based on feedback
Customer support
Motivational track
We work with HR managers of big companies and hiring managers to prepare ready-to-job specialists

Finance

ARPU = $900
MRR = $77000
LTV=$900
150 paying customers
5% churn

We charge $900 for our courses and provide 12 months installments so that every person can afford education as we receive the whole sum as full prepayment from a bank. Banks provide our students with installment plans at a fee ranging from 15% to 30% that we cover on our side.

We are gradually increasing the price, as well as adding more value to our products and building strong brand awareness on SEA markets.

Business model

B2C

We charge $900 for our courses and provide 12 months installments, so that every person can afford education, and we receive the whole sum as full prepayment from a bank.

Money will be spent on

Our plans remain the same: We are going to raise USD 2.5M in May and USD 4.5M in September.

Right now we have 25% in hard commit. And 50% in soft commit from European VC’s.

$1.5mln For Perfomance Marketing
$0.2 For Brand Marketing (Incl. Free courses & Webinars)
$0.3 For Production
$0.5 For IT infrastructure

Team or Management

Incubation/Acceleration programs accomplishment

-

Won the competition and other awards

-

Photos

Photo 1 - The Online Education Platform

Product Video

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Idea
Current Status
Market
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Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
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Team or Management
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Incubation/Acceleration programs accomplishment
Won the competition and other awards
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Photos
Product Video