Showing posts with label KARAN GOEL. Show all posts
Showing posts with label KARAN GOEL. Show all posts

Tuesday, September 02, 2014

PrepMe founder is back with sophomore effort

PrepMe founder is back with sophomore effort

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 - Karan Goel
Karan Goel
Two years ago, Karan Goel sold his test-preparation startup, PrepMe Inc. Now he's back for a sophomore effort with GetSet Inc.
Instead of trying to help kids get into college, he's focused on keeping them in school with an app that's part social network, part Siri.
The company has raised $2.5 million from high-profile local backers led by KGC Capital, the venture fund of longtime Chicago investment banker Richard Kiphart; Chicago Ventures; Fieldglass Inc. founder Jai Shekhawat; Braintree founder Bryan Johnson, and Howard Tullman's G2T3V fund. Social&Capital, a fund based in Palo Alto, California, also invested.
GetSet, headquartered in the East Loop, has nine employees.
Mr. Goel, 30, recently signed up his first customer: Arizona State University, which is rolling out GetSet to nearly 11,000 freshmen and 5,000 transfer students across multiple campuses. American Career College, a vocational school in Los Angeles, also is using GetSet.
COLLEGES' MAJOR PROBLEM
As colleges face more competition for students and pressure to keep costs low, schools have to pay closer attention to keeping their customers. "Schools lose tens of millions when students drop out," he said. "This is their biggest problem."
Even some Big 10 schools graduate little more than half their students in four years. "I didn't realize how big the problem was," Mr. Goel said.
GetSet is charging schools $35,000 to more than $100,000 a year for the software, depending their size.
The primary tool allows students to ask questions online — on topics including how to deal with financial aid forms or find an office on campus — that are answered by students at their school. GetSet starts with a pool of students, called ambassadors, who volunteer to answer common questions a new student might have. Other answers will be offered by students over time.
The database relies on natural-language processing and matching to come up with the right answers in real time from what's already in the database. The platform also allows other students to comment and provide additional answers.
STUDENTS HELPING STUDENTS
The idea is that new students will get answers from other students who have successfully navigated the same problems.
An algorithm helps students find peers with similar backgrounds and interests. If they use GetSet the same way they do social networks, they'll build relationships more quickly with other students and find their way on campus.
Mr. Goel says research shows the biggest predictor of whether a student stays in college and succeeds is whether they made a "true friend" on campus.
Every student gets an account when they enroll. So far at Arizona State, about 20 percent of the freshmen and transfer students have signed onto the system.
"We're not a silver bullet," Mr. Goel said. "We're helping people who aren't necessarily seeking help."
Mr. Goel formed the company nearly two years ago and tested the product over the summer with individual students at DePaul University, Columbia College Chicago and City Colleges of Chicago. One function of the GetSet app is to send students text-message reminders of things such as study groups.
Follow John on Twitter at @JohnPletz.

Wednesday, August 20, 2014

BUILT IN CHICAGO COVERS GETSET LAUNCH

Just out of stealth mode, GetSet is already helping thousands of college students stay in school

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Karan Goel has always dealt with a curse (or a blessing): he is obsessed with solving big problems in education. After he sold his first edtech company, PrepMe, partially to Blackboard in July 2011 and partially to Hobsons in February 2012, he vowed to take a break from edtech and travel the world with his wife for a year. Three months into their trip, Goel found himself participating in - and winning - a Startup Weekend EDU in India. So much for an edtech break.
Now, thanks to some Techcrunch coverage, the secret is out that Goel is at it again: he is building another new edtech company called GetSet with his PrepMe partner-in-crime Eric Bjerstedt as VP of Product.
GetSet started in late 2012 when Goel and Bjerstedt reunited (after Goel graduated from Chicago’s Starter League) and set out to solve a problem without a particular solution in mind. The co-founders wanted to solve the problem of rising college dropout rates (despite increased spending on this problem by universities).
While in a self-funded stealth mode, the two brought on UX Lead Danielle Chutinthranond and “started trying things, hacking it together and just putting it out there.” They knew they wanted to take a non-academic approach to the dropout problem (since only 13 percent of students drop out due to failing), but during “the first few months, the experiments didn’t go all that well,” Goel said of random pilots with students. But around mid-2013, things started looking up: they learned that when the product was inherently social, it was well-received by students.
“So then we said, ‘Let’s try to create a product that students actually want to use,’” Goel said. “It should be completely non-academic and should create growth mindsets so that people can overcome challenges.”
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So here’s what they came up with: the current GetSet product allows students to connect with other students who have similar goals or have faced similar problems. By finding another (often older) student to help with a social, personal, or academic problem, supportive campus communities are formed, ultimately leading to lower dropout rates.
GetSet even has a leading social psychologist, Dr. Steven Nakisher, and a psychology professor, Dr. Robert Feldman, on board to advise the team on the science behind making students successful. Despite the psychologists backing GetSet, Goel stresses that “we are not a counseling product, we are a peer-to-peer mentoring product” for students facing problems that might cause them to drop out.
This product was validated by over 50 user tests Chutinthranond did with students from Chicago colleges like DePaul and Columbia College in early 2014 (she actually watched and analyzed all these students individually). Now, the user pool is getting substantially bigger with GetSet’s launch with over 10,000 freshmen at Arizona State University this week and with another large school in Southern California next week.
They have many more schools waiting in the wings to sign up (all are eager to solve their dropout problem, it’s just a matter of getting through the red tape). As more and more schools sign on, the GetSet product will evolve even more quickly as the 9-person team is “going to be learning a lot from the students.”
The GetSet team itself will be expanding right here in Chicago on the dev, product and data science sides. As the team grows and the product morphs, Goel and Bjerstedt are just glad to be back in the edtech game working on their own venture again.
“I want to work on the biggest problem in education,” Goel said. “People ask me, ‘Why don’t you do something outside of education?’ Well, it’s something I’m really passionate about and that’s the thing about being an entrepreneur: I get to do exactly what I want to do.”

GetSet Uses Natural Language Processing To Reduce College Drop-out Rates

GetSet Uses Natural Language Processing To Reduce College Drop-out Rates

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GetSet, a new stealthy US edtech startup that’s aiming to reduce the high college drop-out rate is uncloaking today and revealing its first rollout at Arizona State University, with its 10,000+ freshmen.
First up, in case you’re feeling a spot of deja vu, last week TechCrunch covered a UK startup called Wambiz that’s taking aim at the same problem. Yes, yes, you wait ages for college drop-out reduction startups and then two come along at once. So it goes.
That said, they’re not identical. Wambiz is building an engagement platform cum social network as a better way to reach/engage with students, rather than sending comms via more traditional channels like email and SMS.
While GetSet is taking an algorithmic approach to the drop-out problem, building a natural language processing (NLP) engine that asks students to feed it with data about their college aims and problems which it uses to match students to others who have similar goals/backgrounds or who had the same sort of issues previously and overcame them.
Although the GetSet front end does also include a social network layer where students have profiles and can share content with each other and generally participate in a digital community that’s specifically tied to their college, so there is some overlap in the approach. But engaging young people digitally is inevitably going to involve something social and connected.
Fixing the problem of student orientation in a new and potentially alienating environment is key to the college drop-out problem, argues GetSet CEO and founder Karan Goel, because “social factors” play the biggest role in high US college drop-out rates. He says research has shown that more than half (54%) of college drop-outs are driven by social factors, such as students not feeling like they fit in or not making friends, vs around a third (30%) leaving for financial reasons, and even fewer (16%) for academic reasons.
Goel argues that traditional support channels for students — such as face to face counseling — aren’t working well any more because students are no longer comfortable utilizing these forms of support. They want something faster and more accessible via the channels they are used to: aka their digital devices. “The challenge has changed a lot in the last 50 years,” he says. “Traditionally students would go see their counsellor when they ran into an issue. In today’s age students just don’t go. They don’t reach out to the counsellor. They want something instant.”
The GetSet system gives freshers a social platform that connects them to similar peers — based on things like their shared goals — to help them make friends when they first arrive. And even before day one at college. “We use a community of peers to create instant support,” is how Goel puts it. He stresses that it is instant — it’s not a forum style system where you post a question and have to wait an indeterminate amount of time for a response; the matching is done immediately.
“Whatever we’ve learned about the student, we show them someone just like them who’s run into that same challenge and overcome it,” he says. “We call this vicarious success. Showing you examples of good behaviour and how to overcome challenges or solve problems. And it’s instant. It’s not like you post something on the school network and you wait for people to respond. You just tell us what you want to accomplish, or what your question is and we instantly find a match for you.”
The platform also provides an ongoing support role for students after they have initially settled in by giving them a quick way to find peers who can help them when they are having specific difficulties, beyond the challenge of arriving at a new school. It does this by real-time matching an individual with a problem to someone else at the college who was able to resolve the same sort of issue — again using NLP to achieve real-time matches.
GetSet’s NLP and matching engine is called PeerWisdom. “It’s very powerful because, as you can imagine, the average 18-year-old is much more likely to listen to something from a 19-year-old who’s relevant to them than from an expert who’s much older — even though the expert might have the best answer, they’re more likely to listen to the peer,” Goel adds.
Obviously, the more data this sort of system has the better it gets — so there’s initially likely to be the equivalent of a learning curve as it accrues data from the students that will ultimately be reflected back to them to provide community support for their very specific problems.
“It just gets better over time. All the information the school has to give us is the name, email, cell phone number if they have it… It basically learns about them over time. Let’s say they first question comes up — what’s your inspiration [for going to college] — so you’d answer it and that would be the only thing we would really know about you at that point. And we would match you with somebody at the same university with the same inspiration. And then you answer one more thing and then we keep building a richer and richer profile of you over time,” says Goel.
The startup is leaning on psychology as its underlying basis when it comes to matching criteria. “Our chief scientific advisor, his name is Dr Robert Feldman, he’s the deputy chancellor of the University of Massachusetts Amherst. He’s spent the last 30 years — he’s the leading researcher in student success, [asking] how do you get students to graduate? He’s helped us develop these questions in a way that we get students to open up,” says Goel.
“GetSet facilitates the rapid development of meaningful relationships and sense of connection with other students at the very start of college.  In turn, this significantly raises the likelihood of future college success,” adds Feldman.
Goel’s prior edtech startup, PrepMe, sold to the owner of Blackboard in 2011. He’s been bootstrapping GetMe since founding the startup in October 2012, running a series of experiments and trials since early last year to refine the technology.
On the funding front, GetSet is in the process of closing a seed round of funding — it’s taken in some of this financing already (but not announced it before today) and is continuing to expand the round. Goel says the aim is to close $2.5 million in total.
Investors will include Social+Capital, founder of Braintree, founder of Fieldglass, Chicago Ventures, serial edtech entrepreneur Paul Freedman, and serial entrepreneur and prior investor in PrepMe Howard Tullman, according to Goel, plus some additional unnamed investors.
How exactly does GetSet work? It initially asks the students a handful of questions, such as what they hope to get out of college or their reasons for attending, and uses the initial shared data to power matching — with a view to helping them find others with similar backgrounds or aims who they might be likely to make friends with. As time goes on, students can set more goals or ask the system for help with specific problems.
They can also choose to share the information they submit publicly to the GetSet social network if they want to, but there’s no requirement to share to be sent matches. That means students can ask for help with a specific issue privately, i.e. without going public about it, and still be matched with a relevant peer who may be able to help them.
Matches are presented as one main match and a few  secondary matches. It’s then up to the student to contact the suggested peer if they choose. Students are incentivised to help each other via the system — which gives positive reinforcement in the form of thanks when students help others. “That’s why we deliberately use the term PeerWisdom, because I think a lot of students don’t think of themselves as wise — so it’s this nice surprise to feel like ‘hey I have wisdom, I know something that could help someone else’,” adds Goel.
From its initial trials of the tech, GetSet usage skews towards new students wanting to orient themselves in the environment — falling back to more of a support role after that. “Our current usage shows that students use it pretty heavily when they’re starting, so in the first few weeks, but then after that they’re coming back maybe 15 minutes, or 20 minutes, just to put in a new question or a new challenge, or something they want to do that they don’t know how to do. So the usage, they’re coming back, but they’re not using it as intensely — and that’s fine, because that’s really the point,” he says, adding: “We’ve got them embedded in the community, they feel like they belong, they’ve taken some of those relationships and are now engaging with those people offline or through Facebook or through Twitter — but we helped them get introduced to those people. And really what the school is measuring us on is did more students graduate, did more students stick around.”
Goel says the early indications for GetSet’s ability to improve drop-out rates look good, with the results from three months of trials involving a few hundred students — who self-selected to try out the product — showing users being 5% to 10% more likely to “stick around”, as he puts it. That’s pretty early data so it will be interesting to see what kind of success rates GetSet can achieve with far more substantial usage as it rolls out across universities — today’s ASU rollout being its first sizable deployment.
“We’ve got another big college in Southern California that’s launching the week after [ASU], so that’s our next big launch,” adds Goel. “And then we’ve got a whole set of schools. We’re trying to get it right — we’re only launching one school a week or every two weeks right now. We’re not going to try to sign up lots of schools but we have a very deep pipeline of traditional universities, online colleges.
“The drop-out problem is really across the board. I think people traditionally think of it as something that only happens at lower tier universities or online universities but really with the exception of maybe the top 50 or 100 universities in the US, everyone else has a big drop-out problem.”
In addition to targeted help to cut drop-out rates, Goel says the platform can help universities to quickly identify large-scale problems that are affecting the student body — giving them a chance to intervene early — such as, for example, a Chicago university that the startup has been working with being able to identify a parking problem that was making it tough for students to get to their classes via comments made on its platform.
“We provide some pretty deep business intelligence to the school. So the university has a word cloud so they can see what are emerging issues that are occurring on campus. This is really important for them because traditionally universities will only know if something is wrong if the student comes in to see a counsellor. Which today almost never happens,” adds Goel.
The GetSet business model is equivalent to a SaaS one, with the universities paying the startup so they can offer the platform as a free service to their students.

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