5 min read
The opinions expressed by collaborators are personal.
“ship with your own resources and growing fast is possible”, says Oscar Fuentes, co-founder of Innovation ship Business School (IEBS) , who founded this internet business school in 2009 and that after 11 years has become an Edutech Group , a conglomerate of platforms focused on offering high quality and practical education, which since its creation has grown 35% annually and invoices $ 10 million.
During the third live class “Growth Hacking: Climbing with minimal resources”, organized by and IEBS, through the HomeSchool initiative, Oscar Fuentes assures that crises are times of change and revolution, and in them you can find enormous opportunities for those who are willing to take them. “We live in liquid times, with rapid changes, and those who adapt to the changes will be the ones that survive.”
In 2008, Oscar was involved in the emergence of SeedRocket , founded by Jesús Monleón and Vicente Arias, the first Spanish investment fund, then he discovered that the startups that were emerging needed collaborators who had a profile of knowledge of technology, but the educational offer that existed in the market did not meet those expectations. “There was a lot of fraud,” he says.
It was then that he decided to innovate in a traditional and conservative sector: education. With the idea of reformulating everything that was on the market, he joined with three partners and started his venture that seeks to give his students real and practical skills for life.
Based on the growth of Grupo Edutech, below we list some tips provided by Oscar to apply growth hacking.
1. Use BootStrapping . Oscar and his partners decided to use their own resources to start the business and constantly reinvested the profits to grow, thus achieving 35% annual growth since they started.
2. Leave the backpacks behind. Oscar was a teacher at different universities and did not want to reproduce the same vices in the new digital school he was founding, so more than a teacher he needed a content generator. “We realized that you cannot teach everything that you suppose you are going to use all your life. People need to learn to learn. ”
3. Use technology. From the beginning they used open innovation, artificial intelligence, data, automation. In fact, the purpose of IEBS defines it as “changing the world with education thanks to technology and Artificial Intelligence, turning the student into a client to put him at the center”. Therefore, its metric is: finished students, this has to do with quality, monitoring and personalization.
4. Create your own Moon Shot. In Google, when a project is created, they are given that name that means “shot to the moon” and has to do with betting on the unimaginable and achieving stratospheric success. Oscar invites startups to create their own Moon Shot to achieve great results.
5. Create an event. When they launched IEBS they brought together more than 1,000 people, among the media, influences from the economic and social sphere, to position themselves as pioneers in the Internet school, and they even became pioneers in launching a free webinar in Spain.
6. Grow at your own pace. Oscar says that they grew enormously and at very low costs, and that they had opportunities to grow even faster, through investment fund financing, but he decided not to. “Education is not just any business, it is a great responsibility and the student is at the center of everything,” he recalls. So he decided to grow slowly, and do it well, strengthening each floor of that growth.
7. Stay independent. “ Not having a financial partner or investor allowed us to do what we want. I don't change that for anything!
On a personal level, Oscar recommends that entrepreneurs always keep three premises in mind:
A) Be humble . Keep your feet on the ground. It goes up fast but the drop is even more. Do not forget!.
B) Seek learning . Listen to everyone around you, with your ears wide open.
C) Not being superb. Do not despise anyone because everyone can help you.
Finally Oscar points out that in rapid growth there can also be many dangers. “If they make you an offer to buy your company, you lose the north. If you receive financing from funds, you start working for them and not for your company, ”he warns.
Oscar has gone from having a linear growth mindset to an exponential one, so in 2019 Grupo Edutech grew 50% and by 2021 it plans to grow 100%. “When you think about exponential growth, you do things you didn't do before.”
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