Wintersemester 2018/19 - CHOOTER
Chooter Ldt. was founded in August 2018 by David Coates, who is also the CEO of the company. David, born in Newcastle (UK) in 1996, studied Politics, Philosophy and Economics at the University of Oxford graduating 2018. Before the incorporation of Chooter, he gained work experience through working as a software developer and front-end operator at "tabbie.com", a debating tabulation software. Furthermore, his engagement as a tutor for admission the admission tests of the universities of Oxford am Cambridge provided him with hands-on teaching experience. The Chooter team further consists of Prihvi Manon as CTO, Mayank Surana as Lead Developer, Lottie Coxon in charge of Marketing and Design as well as Sean Gleeson as Data Scientist.
Chooter is an online learning platform, which provides students with personalized preparation aid for the admission tests of selected Universities. Due to artificial intelligence technologies, the software identifies strengths and weaknesses of each student and offers therefore an individualized learning experience.
Other main advantages of Chooter are its consistency in quality, its flexibility as an online tool as well as its faire price. Additionally, we provide explanation videos and a supportive and motivating guidance as a "Studdy-Buddy" for our users.
Test market: At the beginning, Chooter will focus on the preparation for the thinking skills aptitude test (TSA), which consists of tasks assessing the problem-solving and critical thinking skills of its candidates. This test is used at several universities including Oxford and Cambridge. Due to David's network, Chooter will reach an appropriate market share in a short period of time. Since he has already worked as a tutor in this subject, he has a lot of knowledge about the test format and the specific need of the students. (6.014 potential customers)
Expansion Market: Besides the TSA, there are a lot of different admission tests for Universities, which are based on the same kind of content and format (multiple choice). In the next three years, Chooter will be adapted to the other markets, so that applicants can use Chooter as a preparation tool as well. First, we will focus on the UK and similar exams in Ireland. Afterwards, Chooter attempts to conquer the market in the DACH-region and in Sweden. (+ 256.800 potential customers)
The business model of Chooter is based on two different revenue streams: the freemium model and the premium (transaction) model. The former is free of charge, but with lots of limitations and advertisement, which will generate a revenue by selling the advertising space. The premium model offers the entire service without any interruption for £39.99 per month.
Due to a survey, conducted among students, approximately 75 % of the customers will choose the premium model.
Planning to break even at the second quarter of 2020, Chooter shows a funding gap of approximately £400,000. In 2021, the net income is estimated to be around £107,000 and will further significantly increase in the next years, peaking out at £1 Million by 2023.
New Castle UK