Dean Parham Jr
Columbus, OH (USA)
Role(s):
Founder/Owner/Principal
Answer Oracle
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Startup
Location:
Columbus
Industry:
Education
Year Founded:
2011
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
Answer Oracle, LLC (also referred to as “the Company”) will be both an online tutorial service for students attending high school and college, who otherwise do not have means to acquire private tutoring services, and an e-textbook publisher . The Company’s site will provide step-by-step solutions to all questions within major course textbooks used at the many institutions. Answer Oracle will provide a user-friendly experience that offers a clean layout where users create a personalized profile that helps guide them through the site as well as their coursework. With its sole purpose to be used as an additional tutoring service, the Company will not provide answers to tests, especially on designated test days. This will help to prevent improper use of the information the site provides. As Answer Oracle grows, it plans to expand into a career and academic service that provides a step-by-step guide to help students reach their goals, all for the cost of a one-time fee of $10.
The Company will also sell e-textbooks and e-textbook chapters, serving as the perfect alternative to heavy, expensive textbooks for schools and colleges. Along with the ability to buy any book they see fit, teachers will have the ability to create a custom book from other current books that perfectly fits their curriculum. This will allow students to only purchase content relevant to their class. Students and teachers can also purchase chapters from e-textbooks, which will cost $1 or $2, depending on the amount of content. E-textbooks also prove more efficient than print textbooks, because revisions can be made after the publication date. E-textbook authors will add to the body of knowledge available at Answer Oracle, and they will desire to keep creating books, as they will earn 20% of the sale price. Answer Oracle’s books will be usable on any computing device, including PCs, Macs, and tablet computers.
E-learning materials are becoming more prominent in higher education, with the National Association of College Stores predicting the 5% market share in 2010 to surge to 10% to 15% share by 2012. The association reports that about 42% of students have either purchased or at least seen an e-textbook, up 24 percentage points from just four years ago. The overall e-learning market was estimated at $52.6 billion in 2010. Growth in this market, as in the overall e-book market, is being driven by portable reading devices, as well as by the proliferation of broadband internet use. E-book sales on the whole have seen steady growth, climbing to $90.3 million for the month of February 2011, more than three times the figure in February 2010, according to the Association of American Publishers. At the same time, sales of printed adult books declined 34.4% and those of children’s and young adult printed books were down 16.1%, the AAP reports in its February 2011 sales report. As people continue their mass migration to the internet and away from other forms of entertainment and information, advertising increasingly takes advantage of digital channels to reach consumer bases of all kinds. In the United States, total online advertising spending is expected to reach $78.4 billion in 2011 and has been riding at a double digit growth rate since 2006. Answer Oracle will earn its revenue from e-textbook sales, students signing up for the tutorial service, and internet advertising.
According to the National Association of College Stores about 42% of students have either purchased or at least seen an e-textbook. This is up 24 percentage points from 2007
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The creation and maintenance of a reliable brand will play a crucial role in reaching Answer Oracle’s objectives and spreading the word of its comprehensive features. The site will target audiences through a professionally designed logo and brand identity. In order to effectively establish a niche for Answer Oracle, the Company will leverage knowledge of the offerings and activities of sites targeting a similar audience. Its direct competition includes Cramster, Course Hero, Hotmath, Jiskha, and CourseSmart, as well as all major textbook publishing companies, such as Holt, McGraw Hill, and McDougal. Answer Oracle will distinguish itself from these sites by offering its comprehensive textbook solutions and an easy-to-use interface, all in one location and for a one-time fee of $10. It will also allow a greater number of qualified candidates to publish textbooks and students to purchase only the chapters that they will need and use. The website will cover textbooks from a variety of subjects in high school and college, and users will easily be able to find relevant materials by registering their school and courses. User profiles will also enable the site to customize the homepage for each member based not only on subjects studied but also on learning style. All solutions provided on Answer Oracle will come from screened experts, and the site will continually work with schools and educators to improve its services. Pursuing status as a prime spot for advertisers, the Company will market its site to students and experts through word of mouth referrals, networking with schools, teacher seminars and conventions, email marketing, social media, search engine marketing, and the streamlining of (URL removed).
Answer Oracle will be owned and operated by Dean Parham. Mr. Parham received a Bachelor’s degree in Film from Ohio State University and has worked as a Production Coordinator for numerous production companies in New York. He has managed multiple, high-caliber clients at a time, while maintaining professional-quality work in a demanding industry. Mr. Parham’s experience as a Production Coordinator will be a great asset in helping him manage, own, and operate Answer Oracle.
To achieve the Company’s objectives, Answer Oracle is seeking $500,000 in total funding through outside investment.