We are a B2C company, that willing to change the way people practice skills while learning the second language.
First of all, we want to separate processes like (speaking, reading, writing, listening) to create a product, that is focused on a certain problem.
So, we decided to build our first product "WellSpeak". The mobile app that allows practicing English speaking skills for non-native speakers.
Under the hood, we use AI & ML.
- MVP (IOS/Android) already developed and in the market for beta testers - Done market and competitors analysis - Conducted user interview to confirm hypotheses - Roadmap for the next 3 month App Store https://apps.apple.com/ua/app/wellspeak/id1483023115?mt=8 Google Play https://play.google.com/store/apps/details?id=com.wellspeak
Customer portrait: - Men and Women - Age: 21 - 35 - Live in the country where English is not an official language - Live in megapolises with population over 2m - Have a job - English proficiency level from A1 (Beginner) to B2 (Upper-Intermediate)
Market: TAM: $60bn (753 mln users) - our total addressable market of users, who learn English as a second language around the world
SAM: $38bn (482 mln users) - our serviceable available market among users who have smartphones and install mobile apps to learn English
SOM: $170k (385k users) within 1 year - our serviceable obtainable market we plan to reach within 1 year $550k (1,4 mln users) - our serviceable obtainable market we plan to reach within 2 years
Проблема или Возможность
PROBLEM: When people start learning a second language, speaking skills are the most difficult to practice
- Loneliness - No one around to practice - No feedback - No one can provide feedback - Shame - low self-confidence and the fear of getting it wrong
Opportunity: Our target market is Japan.
Why now: The government of Japan has launched "English Education Reform Plan Corresponding to Globalization" with a focus on the speaking skills
ESL learners trends: ○ Global internet access: “The Rising Billions” ○ Urbanization & middle-class growth ○ Dominance of and Demand for English – The “operating system” for the global conversation ○ Migration Patterns in Developed English- speaking countries ○ The Growing Demand for Officially Recognized ESL Exams
Digital learning trends: ○ Number of language learning apps downloads: +150m for last 2 years ○ Duolingo, Babbel, Busuu educated and opened the market for new vertical players: ELSA Speak raised $10.3m to build the speech assistant for ESL learners
Решение (Продукт или Услуга)
We provide a mobile app that allows practicing speaking skills 24/7 and does not require a companion. The user: - Gets an understanding of how to pronounce the phrase correctly - Can practice, listen and understand how the phrase was perceived to avoid misunderstanding - Gets instant feedback on what should be fixed - Gets an assessment of how close the user is to the native speaker- Can track own progress
We compete with a lot of mobile learning solutions such as: - EWA https://appewa.com - MANGO https://mangolanguages.com - Rocket Languges https://www.rocketlanguages.com - Speechling https://speechling.com - SpeakingPal https://www.speakingpal.com - Rozetta Stone https://www.rosettastone.eu - Lingvist https://lingvist.com/ru - ABA English https://www.abaenglish.com - Hello English https://helloenglish.com/
But they are mostly focused on expanding vocabulary or grammar. Very few deals with speaking skills practice.
Our main competitor is ELSA Speak. But they solve a different problem, trying to improve pronunciation. Unlike them, we are focusing on practicing speaking skills and giving feedback.
Преимущества или дифференциаторы
Our competitive advantages are - This app solves only one problem – trains your speaking skills. - We use the latest voice recognition technologies. - We will be using AI to generate dynamic content to increase user engagement. - We provide feedback to our customers about their current progress and how it is changing in retrospective.
According to a realistic scenario in our assumptions, we plan to make: $250k revenue by the end of year 1 $1m revenue by the end of year 2
Our assumptions are based on the next numbers: ARPPU = $35 Conversion to paying user (realistic scenario) = 4% Retention at the end of 1st year = 14% Retention at the end of 2nd year = 6,6%
Subscription - Monthly - $7.99 - Half a year – 47.99 - Annual – 59.99 - Lifetime – 99.99
Our application is distributing for free but with restriction in content. 10 free phrases per day - We will be using the same approach as ”Tinder” and “Badoo” does. User has some amount of free phrases per day to train. If it’s not enough they have to pay "PRO account".