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BUSINESS IDEA

₹0 digital school for getting hired

 

India’s unemployment rate has reached 6.1%

  1. Most colleges don’t push their students to showcase their skill-set.
  2. Insane population growth and economic slowdown are making matters worse.
  3. Millions of qualified candidates don’t even get a chance to present to the right recruiters.

While Points 1 and 2 cannot be corrected in the short-term, something can definitely be done about Point 3, by actively helping candidates showcase their skill-set and helping them get connected with credible recruiters.

 

Is it a problem worth solving?

By 2020, the median age in India will be 29 years; making ours the youngest nation across the world. With 65% of the population under 35 by then, a population of 145 crores and unemployment rate being the same as now; we are looking at 5.75 crore unemployed citizens, who can benefit from this offering, just next year!

 

The solution

A “zero-upfront cost” online finishing school for recruitment, which will help technically-qualified candidates get a credible job. This is how it will work:

  • Specific career-tracks will be created. For e.g. Digital Marketing.
  • Credible companies are on-boarded, with a guarantee of candidates matching the requirements they provide.
  • Rigorous entrance screening is done on own platform, to get technically-qualified candidates.
  • Based on the results, we handpick 50-100 students for each career track.
  • Intensive 45-day online training with selected students to apply to showcase their skill-set digitally.
  • For example, web developers are assisted to create amazing websites. Marketers are assisted in creating and distributing content. Designers are assisted in creating breath-taking designs.
  • Personalised weekly testing is done, on the basis of the projects being created, to encourage improvement and weed out the ones who fail to catch up.
  • The idea is to present pre-screened candidates to companies, who have not just met their qualification criteria, but can also start adding value from day 1 (showcased through their live projects).
  • After the 45-day training, all candidates go through a 1-week long HR training, to polish soft skills and be interview-ready.
  • Partnered companies are called for interviews in the end, who now get to hire from a handpicked pool.

 

Business model

You don’t charge students anything, upfront!

Only if the candidate gets a job for a salary, equal to or above the figure guaranteed, they give 10% of the same on a monthly basis for “just a year” as compensation.

Companies, on the other hand, will provide 1/2 month pay for the candidates hired.

Even if we start with 4 career tracks with 75 students each, we end up with 300 candidates in Batch 1, out of which at least 200 will finish the training (not give up!) and receive a job. Assuming an average entry level pay of ₹3.6L per annum, we make ₹36k from the candidate and ₹15k from the company (i.e. ₹51k in total).

For 200 placements, a revenue  ₹1.02 crores is achieved.

Not bad for an endeavour which takes less than 4 months in total, and that too for the first batch!

 

The platform

Success of the initiative will be determined by the quality of students being presented to recruiters. If that is good, recruiters will line up for upcoming batches, which will in turn attract more students.

And to ensure that students are good, the platform needs to be pretty strong, both from a screening and training perspective.

But rather than investing time and energy in building everything from scratch, we will be integrating a lot of stable, 3rd party software-as-service (SaaS) tools with our website.

The flow of the final, mobile-responsive website will be as follows:

  1. Prospective students come to the platform and subscribe to career tracks for free.
  2. For the career track selected, the date for the entrance test is shared, along with helpful resources to prepare from.
  3. On the day of the test, applicants login to our platform and take the same. These are licensed 3rd-party proctored tests, with the applicants being monitored via webcam, along with his desktop, to ensure no scope of cheating.
  4. Selected students are given access to our Learning Management System (LMS).
  5. Learning resources, assignments and portfolio documents are upload on this LMS, with the ability to add comments.
  6. 1-to-1, as well as group video calls happen through Zoom / WebEx, integrated in our platform.
  7. All the exams during the training period are proctored, similar to the entrance tests.
  8. The recruiters are able to access detailed learning and progress analytics on all candidates over the training period, and directly shortlist candidates for interview.
  9. Details are shared with the shortlisted candidate automatically, who then go for the interview and secure the job! 🙂

Growth Rate

The model is super scalable and cash-positive from the first batch itself. After the initial success, you should try to increase the batch size within the same fields and get more companies within your fold. Growth rate, in this case, depends on your management bandwidth.

Within a year of operations, you can onboard and place 1,000+ candidates.

Good luck! 🙂

 

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