BUSINESS MODEL

VIDEO SUBMISSION – SBC ROUND 2: BUSINESS MODEL INNOVATION

Our innovative AI-enabled applications empower English learners to effortlessly absorb new knowledge, translating it to their native language when needed, and reinforcing learning through engaging vocabulary games.

Our unique value proposition lies in delivering authentic content that enhances English proficiency and expands horizons, achieving remarkable results in 95% less time and with double the efficiency.

Moreover, we have a transformative social impact by offering free access to underprivileged students and equipping global workers with the skills necessary to secure decent jobs, thus mitigating the risk of job displacement caused by AI.

1. About eJOY

The whole eJOY ecosystem makes learning enjoyable and on demand, which helps people to renovate their English skills and more importantly, get improvements in their career progression, which is in line with goal 4 and goal 8 of the SDGs.

2. Overview Business Model Canvas

Based on the persona and the needs of our customer segment, eJOY is developed with the value proposition: Integrating AI and hightech into a learning platform in order to make it FAST, CONVENIENT, DATA-DRIVEN, which will potentially increase English involvement in users’ lives. Due to the results we have conducted, eJOY is now saving 95% of time for looking up new words and reading English documents, as well as doubling the efficiency of the researching process.

With the advancements in technology, we are now able to make effective English learning methods accessible and enjoyable to users worldwide, regardless of their socioeconomic background.

3. Customer Segment

eJOY’s customers are students, officers who need to upgrade their skills like doing research, reading from thought leaders, learning online international courses, but their English skills limit their opportunities. eJOY’s customers are diverse in terms of age, nationality, and profession. eJOY’s customer segments are not limited by age ranges, geographical locations, but they have a common pain point: They face difficulty with English involvement in their daily routine, including entertainment, necessities and especially their jobs.

4. Value Proposition

5. Our Product Prototype

• eJOY Extension

• eJOY Epic

🔎 Understand news, documents with AI Dictionary:

• Detect and explain difficult phrases and idioms with AI

• Speed up your reading comprehension with AI Explanation

• Look up and translate all specialized vocabulary

• Look up all information of words: Collocation, Slang, Synonym, Word Family and more

6. Channels & Customer Relationship

7. Our social impacts

Ms Thanh Hong – she wants to become an accountant in a multinational corporation. However, at that time, she was working as an administrative officer for English language center and she lacked the confidence to interview in English. She started using eJOY to learn accounting courses in English on Coursera and to supplement her accounting vocabulary. Additionally, she used eJOY to study English communication skills and job interview techniques. With thorough preparation, she applied to a Korean company and successfully secured the position with a doubled income level.

Tran Viet Hoang, a diligent visually impaired student, studied grammar extensively but had no ability to communicate in English. Hoang had the opportunity to receive a full scholarship from Fulbright, but English became a major barrier. Despite receiving support from various language centers, the results were ineffective and he felt pressured. However, when introduced to eJOY, he could self-study without feeling overwhelmed, dedicating 12 hours a day. After three months of studying the basic course, Hoang could understand and speak English with fairly clear pronunciation. After one year, he achieved an IELTS score of 6.5 and received a 100% Fulbright scholarship.

8. Cost Structure

To facilitate the growth, upkeep, and improvement of our digital products, serving both profit-oriented operations and social impact creation, our primary expenditure is allocated towards app development, R&D and cloud servers, constituting 35%, 35% and 9% of our total expenses, respectively.

9. Key Activities

Social activities complement profit-oriented activities: We prioritize social impacts by listening to adult learners with limited English skills who fear being replaced by AI and automation. Their feedback helps us address obstacles related to English proficiency and create motivating features. Over time, their fear diminishes, and they become interested in the English language. This beneficiary input enables us to develop valuable features, leading to a new stable revenue stream.

 

10. Key Partners

 

11. Revenue Stream

• Profitability

As we have developed one product with the capacity to serve millions of users simultaneously, the cost per user diminishes significantly as the user base expands. This achievement enables us to attain economies of scale, maximizing our economic efficiency.

Operating on a subscription model, we offer various paid plans tailored to different use cases. Each plan includes options for monthly, quarterly, or annual payment. To gauge the willingness of our customers to pay for our AI dictionary product, we conducted a survey, presenting them with the pricing options of $2 per month or $15 per year. The survey yielded results beyond our expectations, with 43% expressing a high willingness to pay and 70% indicating a willingness to pay.

• Methods to lock in customers and create sustainable incoming streams of income 

Drawing insights from the SBC course and observing the achievements of influential companies like Amazon, Notion, and Evernote, our primary approach to retaining customers and replicating successful revenue models is to actively listen to our customers’ pain points and continually innovate new features that address their needs. From our initial inception to the present, we have evolved beyond a vocabulary learning app and expanded into a comprehensive ecosystem that caters not only to English learning but also to the upskilling requirements of adult learners.

The valuable insights gained from the SBC course have enabled us to undergo a transformative journey and adopt innovative business models. As a result, we have successfully surpassed our break-even points. Our revenue has been consistently increasing, aligning with the growth of our user base. The more users we acquire, the higher our revenue rises. This is attributed not only to the loyalty of our existing users who continue to engage and pay for our services but also the continuous influx of new users every month. 

At present, we are achieving a revenue surplus of 20% over our expenses, signifying a healthy profit margin. Our revenue streams have attained stability, stemming from various countries across the globe. Notably, Vietnam stands as our primary revenue contributor, followed closely by Chinese-speaking countries, occupying the second position.

12. Our Campaign

 

13. Key Lesson Learned

By understanding and empathizing with the needs, thoughts, emotions, and behaviors of its target users, eJOY has crafted a comprehensive solution that directly tackles these challenges. But we also know that, “success” is a word of short-term. To be irremovable, we have to be constantly changing and innovating, to respond to our customers’ needs. That’s why the empathy canvas is something we need during the development of eJOY as a crucial tool for ongoing improvement and innovation.

Empathy is an ongoing process and it requires genuine care and effort to truly understand and connect with your customers. By continually empathizing with language learners and staying attuned to their evolving needs, eJOY can adapt and enhance its offerings to ensure a consistently user-centric learning experience.

The SBC Course has also helped us to realize a thing: To win the game, the answer is not to be the best, the most outstanding, the most AI-integrated product of the universe, but to be the best fit to our customers. Sometimes, the customers themselves also neglect their problems, and the mission of eJOY is to announce to them the solutions they need.