In Episode #263 Nathan interviews Aditya Singhal, CEO of Transtutors, an education technology entrepreneur who’s hoping to fully automate tutoring in the next five years. Aditya believes in low-cost, high-quality education for all. Tune in as he and Nathan talk automated education, subscription models, and why Silicon Valley is overrated.
Driving? Jogging? Can’t watch? Listen by clicking play below:
I feature the revenue numbers of the worlds Top Entrepreneurs in 15 minute shows every morning. Click below to subscribe. If you subscribe before Monday you’ll be entered to win $100!
- Favorite Book? – Growth Hacker Marketing
- What CEO do you follow? — Elon Musk
- What is your favorite online tool? — Twitter
- Do you get 8 hours of sleep?— No
- If you could let your 20 year old self know one thing, what would it be? —I wish I knew how to hack growth faster
Time Stamped Show Notes:
- 01:25 – Nathan’s introduction
- 01:45 – Welcoming Aditya to the show
- 02:10 – There are 21 million college students in the states, looking for help
- 02:30 – Created TransTutors – an AI teaching assistant
- 02:50 – Subscription model: $20 each month, 30k customers
- 03:10 – Not a typical SaaS business model – uses humans assisted by code
- 04:05 – Revenue is $60-80k per month
- 04:20 – Business founded August 2014
- 04:30 – Revenue is 2015 around $1 million
- 04:50 – Initially self-funded; now raising investment from 500 Startups
- 05:00 – Hoping to raise $2.5 million by convertible note
- 05:30 – Making a trade-off: wants to learn from Silicon Valley
- 06:10 – Are tech hubs overrated?
- 06:30 – About 40% of customers (12k) are paying monthly
- 07:30 – In February 2016 had 3k active paying customers
- 08:05 – Users typically stay 4-6 months (one semester)
- 08:40 – Team of 10 people, including 8 in India
- 09:00 – A young engineer in India earns around $30k per year
- 10:00 – Aditya’s goal is to have a fully automated teaching system
- 10:20 – Would be happy to sell once he’s achieved his goal
- 10:50 – Equity split 50/50 between Aditya and his partner
- 11:30 – Connect with Aditya by email or twitter
- 14:50 – Famous Five
3 Key Points:
- Create the solution your market are looking for – even if they don’t know it yet
- Be clear about your business vision
- Focus on finding social marketing methods to grow your business explosively
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Show Notes provided by Mallard Creatives