HR-managers can incorporate results of employees' assessment and easily monitor their employees' progress on personal (or individual) development plans (IDPs). Each employee can design a personal development plan with the skills they want to work on, set goals & action plans, and they will get "smart nudges" on execution of their development plans. With the time we plan on adding access to 1-1 virtual sessions with learning & development assistants, coaches, trainers, and educational providers
StudyDive iDP beta launched on December, 15th 2020. 1. Sep, 2018 - First pilot product launch. 2. Sep 20 - After a lot of failures and learnings, idea of software for individual development planning (StudyDive iDP) tested, 80+ pre-registrations for product testing received. 3. 15 Dec, 20 - StudyDive iDP beta version launched. 4. 31 Dec, 21 - 1 contract signed, 1 contract in process of agreement (Johnson & Johnson Ukraine), 120+ HRs testing the product.
The market for corporate L&D (including onboarding, leadership development, and compliance) is well over $240 billion around the world, and as much as 14% (ca 20B USD) of this goes into technology. In technology there are 2 largest markets: - LMS, become systems of record, largest ERP players enter the market - LXP (Degreed, EdCast, Instilled, Valamis, Percipio, Cornerstone – growing, make all forms of learning content (articles, videos, courses, podcasts) easy to find for employees. Become integrated systems of record too. LMS market has 3 billion, but slow growth, we belong to LXP, the market is small, but doubles annually.
Problem or Opportunity
HRs managers and team leads store IDPs of their teams in Excel: - takes plenty of time to get overview of employees’ learning activities - requires manual monitoring and “nudging” - impossible to personalize at scale learning activities and learning content, aligning them with business goals - impossible to use a mobile phone.
Solution (product or service)
MVP solution we offer - Individual Development Planning software. 1. For HR managers (customers): - Few clicks to get access and pilot - Few clicks to share the product and manage employees - Few clicks to get analytics - Outsource manual activities, e.g. reminding, monitoring of requests for support etc. 2. For employees (users): - Easily design, upd ate and monitor individual development plan with the skills to work on, se t goals & actions - Get "smart nudges" on execution of their development plans - Get it in an engaging manner
Unlike alternative solutions, StudyDive iDP focuses only on individual development planning, and on making it easier to integrate all other learning opportunities around IDP. Our system is focused on the employee so that he finds interesting content, career growth. o Our competitors are LMS and Excel, but these products are focused on HR, and we are on the professional development of employees and their education.
Our system is based on SaaS, on the number of employees who use our product. We estimate that $ 1.5 per employee per year. That is, the average check we expect is $ 1,000.
We have a SaaS business model, based on the number of users. Pricing starts from 1 USD per user per month, billed annually. Sales channels: email marketing, inbound marketing, Google Ads, Facebook Ads. Basic Metrics: sales, active users (monthly).
Money will be spent on
The purpose of the investment is marketing and IT product development.
1. We started our business and product in Ukraine, only partially abroad. Therefore, there is a risk that it is adapted to the Ukrainian market. 2. Expensive acquisition cost. 3. The current stage of development - we do not have a large barrier for other businesses to enter this market.