Illia Danylenko, the CEO of TeachMeCash, reflects on the global challenges to the world’s educational sector and shares thoughts on his experience in EdTech with LDaily. As a professional, Illia is convinced that high-quality education should be accessible to everyone anywhere on Earth, regardless of their social status.
LDaily: Illia, with your company’s motto, ‘Learn and Earn’, can everyone really earn with knowledge? How is this connected with your startup, TeachMeCash?
I. Danylenko: Yes, that’s right! “Learn and earn” is not only the motto of the company but also my personal motto. Ever since the beginning of my career, I was convinced that nothing but knowledge and experience can make people successful, no matter how much money they have. You can reach incredible heights with the necessary knowledge in the 21st century.
This motto is a red thread that goes through all the symbols of my company – for example, DNA. Changing the concept of learning and educating, improving the industry of online education, we want to change the way people think in order to make them successful professionals. Surely, you’ve heard about the DNA of poverty, and so we are here to change everything.
I am ready to share my knowledge with TeachMeCash clients to shorten their path to success, which will save them many years of constant learning and hard work.
LDaily: How did you come to the idea of creating an innovative platform? Was it a matter of demand or your inner will to improve the quality of education?
I. Danylenko: I have been working in the online education industry for many years. We started with online courses. My friends and colleagues were engaged in the development of online courses, and I was responsible for marketing.
After several ups and downs, I became convinced that there are two problems in the market. What’s more, they are growing too fast for point solutions to be effective:
- Developers of online educational programs don’t always possess relevant and specific data to keep abreast of the changing needs of solvent customers.
- People who want to study don’t always know where they can get a high-quality education and achieve tangible results.
TeachMeCash will be a universal solution to this problem. As an analytical center, we will provide our partnering companies with the most up-to-date data on predefined samples. This will allow them to create popular courses for which monetization won’t be a problem. At the same time, ordinary people – like you and me – will be able to use analytics for personal purposes. For example, our parents did not know that the IT industry would be in such a high demand today. We may not even know what will be trending in 5-10 years. Our task is to analyze and make predictions so that people are ready to answer the questions: “Where will I study?” or “Where will my children study?”
We are opening a new niche – EdTech analytics technology — which comes with new opportunities, jobs, and data-driven approaches to solving problems.
In addition to everything mentioned above, I’d like to note that experts predict the next financial crisis, which I covered in our latest press release for Yahoo Finance. The revolution in education, a new niche, and our platform, in particular, are what will help to get us through this crisis without losses.
LDaily: Tell us please, about the niche you’ve created and are developing now? EdTech analytics technology – what is it about?
I. Danylenko: There is a high demand for data from both customers and prequestionnaires. The problem of using data has not yet been resolved, so the quality of online education is not at the highest level since educational programs are not always well-targeted. This is also about my example with courses. In other words, you don’t often get what you pay for, and the knowledge gained might be outdated or not relevant to your needs. Software developers suffer no less than users – what they worked on does not pay off, as no client is willing to pay money for a course or application.
Together with a team of analysts and developers, we have created a platform that educates people and collects data through surveys. Our think tanks process information and release it to the online education market. Why analytics technology? We have created a unique platform that helps us process terabytes of data from around the world. Everything is confidential, and we are fully GDPR-compliant. Everyone gets their benefits – developers of educational programs, our clients, and our company. I’d like to note that all three sides are constantly evolving, helping the entire education industry grow. This industry is massively moving online – universities are already offering online diplomas, degrees, and MBAs.
LDaily: How do you assess the future potential of EdTech and your specific niche?
I. Danylenko: The EdTech industry is rapidly growing. In 2015, the market volume was $37.8 billion. It reached $216 billion in 2018, and this year, it is already $317 billion! Experts forecast that market growth will reach up to $457 billion by 2020. And in 5 years, in 2024, the market will grow to $1 trillion.
More educational technologies and innovative startups appear every year. The niche of analytical technologies in education is useful, as it will help in product development. In the end, the data-driven approach has already won the hearts of publishers, financiers, and representatives of other industries. Analytical data is always self-explanatory; it will always lead to results. So, I’m sure that people will like our niche.
Our immediate goal is to bring the product to the Asian markets because EdTech in these regions is growing more rapidly than even in America and Europe! TeachMeCash and I help both our partners and customers in this. We have created something that we will be proud of for generations – a project we are not ashamed of.
LDaily: How does your business work? What is your business model and why do people assume it is innovative?
I. Danylenko: As I mentioned, TeachMeCash solves the problems of the two main parties of the EdTech market.
TeachMeCash partners need analytics to profit from their educational programs. They pay us for market analysis and receive ready-made analytics from us, on which their educational programs are based.
We, as a company:
- educate customers and ask questions on the topic of EdTech, on their vision of future professions and marketing. By the way, it is not necessary to have higher education for this.
- receive answers from clients and process the data, which we then provide to partners.
Our clients subscribe to EdTech educational digests and study, fill out our simple surveys and share opinions on trends, and earn money for that.
We pay people not just for their answers to our questions but for the opinion based on the real experience of learning at EdTech so that partnering companies can use this data to plan and develop courses.
I want to note that they value the expertise of the respondents so much that they provide them with double income per year!
LDaily: What is your product? What do you offer your clients and how does your product make them knowledgeable and successful?
I. Danylenko: Our product is an annual analytical subscription to the information services from our best specialists. Our experts study the EdTech market and generate analytical reports on topical news and trends for people who want to gain new knowledge in this industry. Our goal is to grow experts so that they can then join our team. By the way, we have vacancies; we work remotely with people from all countries of the world and welcome everyone who would like to contribute to the development of the EdTech industry.
Returning to subscriptions, we have three types of them – ‘Intention’ for beginners, the most popular ‘Strategy’, and ‘Ambition’ for pros.
In any case, the product is in high demand among the masses, as everyone learns, even adults. The concept of lifelong learning has become more popular, especially in Asia. There is a big gap between the social segments – poverty still flourishes in developed countries. People solve this problem by learning online.
LDaily: Why do you consider the Strategy subscription the most effective? What is the substantial difference between them?
I. Danylenko: All three subscriptions differ in the amount of analytics. Someone receives educational digests once a quarter, someone reads them weekly or monthly, and communicates with me personally. As you can see, the difference is in the result – the more advanced subscription a person chooses, the more relevant and elaborated information they receive. Moreover, partnering companies pay more for their opinions.
LDaily: What other opportunities for development do you offer?
I. Danylenko: Our global goal is to become a consulting center with representative offices around the world, as well as make quality education available to everyone anywhere in the world, regardless of their social status. Therefore, we are interested in our customers growing and developing with us.
We have special referral and career programs that allow people to put their teams together. They will be able to open and own TeachMeCash offices and advise leaders and new clients on education and working with the company. Opportunities for building a career are limited only by your desire and vision.
Imagine how convenient it would be if you could come to a consulting agency and receive expert advice, where your son or daughter should study so that after 5-7 years this profession would be in demand, and your children would be grateful to you for making the right choice even after 20-30 years. Our consultants will select educational programs, recommend universities, and provide other services around the globe. I believe that the future lies in the new format of narrow-profile online education.
We are now in the process of forming the structure of regional representations. Our early clients have the opportunity to be the first representatives. In total, we plan to open more than 1000 offices in the next 5 years.
LDaily: Which countries are you going to work in most actively? Why Asia, India and Latin America? Why not Ukraine and Europe?
I. Danylenko: We wanted to develop globally at once, but at the preparatory stage, we got great demand from Asia. Although our company is officially registered in Hong Kong, our main office is in Kyiv, and we are open to communication here.
I am pleased with the globalization of the information space. We are just about to start up, and customers from China, Hong Kong, Singapore, Malaysia, and Indonesia are already contacting us. The number of potential customers is growing every day.
What’s more, if we look at the market as a whole, the three main regions where EdTech is developing can be distinguished. Here are their volumes:
- Asia and China – 137.4 billion
- The USA – 66.8 billion
- Europe – 23.4 billion
- The rest of the world – 89.4 billion
Of course, we are not going to work separately from the rest of the world, starting with Asia. We are still open to cooperation with any country, but we receive the most requests from Asia.
LDaily: Which goals do you plan to achieve in the next couple of years? Which goals will those who join TeachMeCash achieve?
I. Danylenko: I already spoke about the goals of my company – we strive to become a global analytical center, which everyone can contact, regardless of the type of assistance they need in the field of education. We will promote global education of the world society.
Our goal is to motivate people to develop themselves, grow, and become financially independent. After all, the TeachMeCash platform is not only an opportunity to become an expert in a new niche of the fast-growing industry but also an opportunity to earn money with your knowledge. I have always believed that knowledge is not a liability; it is an asset. And the time to use it has come!
If you want to become a part of this promising market and change the world for the better, join us. I am sure everyone can become successful and financially independent with us!
LDaily: From your experience, what problems are similar in Ukraine and China?
I. Danylenko: As someone who has been observing the entire education industry for years, I can state that people from Ukraine and China don’t study for the sake of the profession or interest but for the sake of a “guarantee”. Although this trend is gradually decreasing in Ukraine, there are still kilometer-long queues for Gaokao in China. Is it good or bad? It’s up to you to decide. As for me, I wish everyone could afford to study anywhere in the world for a reasonable price, and then build a business, become financially independent and not be afraid for tomorrow.
The “compulsion” for higher education is the reason why adults who are 30-40 years old retrain from scratch for new specialties only because they made a mistake in their youth by entering the university for the sake of an ephemeral guarantee.
There are no guarantees; there is only our experience and expertise and our desire to develop and become successful.
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