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StudyInc

Description:

StudyInc is working on solving the problem of making education accessible to low-income and busy adults around the world. Our solution is designed to help adults who are hindered by finances, medical conditions, or work and family obligations. Through partnerships with colleges, universities, educational agencies, and professional institutions, we will deliver education through preloaded devices that are fully functional without an internet connection. Our consumers will possess a classroom and a library in their hands without the financial commitment or technological resources required to attend a brick and mortar school or an online program.

StudyInc will reduce the cost of education for students by 50%, create additional income of at least 10% for teachers, reduce teacher workload and improve teacher work-life balance. Educational institutions will be able to save a significant amount in capital and infrastructural cost and they can as well generate revenue through our platform.

Our goal is to elevate impoverished communities in the world by equipping every adult with the education they need to increase their income, participate in their community, contribute to the education of their children, and ultimately build economic prosperity.

Benefit:

The implementation of the StudyInc idea will result in many benefits for various stakeholders including students, teachers, educational institutions, and the government of Ontario and Canada;

Benefits for Students:
• Bridging educational inequality and mitigating the challenges inherent in delivery of education to adults in underserved communities.
• Convenience and affordability of adult education: Adults in Ontario who may be discouraged to pursue any form of education for the fear of not qualifying for financial aid or forfeiture of job income or tuition reimbursement by their employer, will be able to leverage the flexibility needed to allow them to continue to work full-time and learn at a self-imposed pace, all at an affordable cost.
• Job and income creation for adults in underserved communities.
• Parent participation in child education: Children in underserved communities barely receive any help from non-college educated parents.

Benefits for Teachers and Educational Institutions:
• Teacher work-life-balance and opportunity for additional income
• Reduce brick and mortar infrastructural costs and challenges in accommodating adult education.
• Opens up a source of revenue for educational institutions especially in programs with limits in class size

Benefits for the government of Ontario and Canada:
• Annual budget spent on educating students on the reserves is about $1.5 billion. However, the Fraser Institute’s research concluded that increasing government funding for First Nations education does not result in a better quality education due to lack of access to specialized teachers or resources. However, the government of Canada and Ontario may be able to reduce spending while attaining a much improved outcome by utilizing StudyInc’s educational platform.
• Ninety-five of the 127 First Nation communities in Ontario are located in rural or remote areas or are accessible by air only. Of the 20 largest First Nation communities in Canada, 5 are in Ontario, including the two largest in the country, Six Nations of the Grand River and the Mohawks of Akwesasne. 57% of these population are between 20 - 64 years old. 12% holds a high school certificate or a trade certificate; 14.5% have a college certificate or diploma; and 5.5% have a University degree. Our solution can be vital in raising this statistics leading to an increase in human capital development and an opportunity for new income for the peoples of First Nations.
• Contributing to Learn Canada 2020’s objective of Quality Lifelong Learning Opportunities for all Canadians.

Success Criteria:

Short Term:
• Development of a fully functional educational platform to be ready before our proposed launch in December 2017.
• 100,000 users by the end of 2018.
• Job and income creation for adults in impoverished communities.
• Total or a significant reduction of the current high suicide rates in Aboriginal communities. We believe that education results in self-worth and it can help lower mortality, reduce crime rates, and increase participation in the community
• Availability of resources including financial and human capital to expand operations to international communities.

Long Term:
Reducing world poverty and helping every adult improve the competencies needed to grow their society would be the most favourable outcome for us. We aim to build StudyInc to become a global social business which uses education to fix issues facing our communities. We also want to become a company that records a profit to sustain itself, achieve a B-Corp certification, and deliver on the promise of empowering adults in underserved communities.