Since our previous funding round, TERP has evolved a lot, having 30 employees and a much stronger presence in South-East Asia. The potential is more extensive than first anticipated, having identified a huge unserved market of 3 billion learners and a total value of $36 billion. A set of learning and technology trends defines this potential.
Focus shift within training and education
Training and education are changing. Before, teachers and professors were in focus. They shared their wisdom attempting to transfer some of it to their students. Now, learning programs center around the learners. Before, you got access to learning resources by enrolling in a school and a university. Now, learning resources are commodities.
Teachers used to be at the center of learning programs. Now they are becoming facilitators putting the learners at the center of learning environments.
Learning technologies lag behind
Learning technologies should reflect the new learning trend. However, technologies supporting learning programs still center around the learning institutions and their teachers. The core features are still very much about giving access to learning resources.
More remote learning setups
We see a shift towards more remote learning setups supported by technology. The pandemic accelerated this trend, and even conservative teachers that used to resist, are now utilizing modern technology in their daily work.
Smartphones are a public domain
Smartphones are a public domain, even in rural areas. About 60 % of the population worldwide has access to the internet. Apparently, learning technologies are well placed to grow globally.
About 60 % of the worldwide population has access to the internet, and smartphones are a public domain. However, most do not have internet sufficient to utilize advanced learning technologies fully.
Most of the world lack reliable internet
Even if 60 % of the worldwide population has access internet, the part having access to reliable internet is much lower. Most advanced learning technologies are European or American, customized to the local infrastructure. These solutions rely on continuous cloud connection, shutting them out of most potential markets worldwide.
Huge unserved market
An addressable market of three billion learners lacks access to reliable internet. With an annual value of $12 per learner, this represents a huge unserved market of $36 billion.
Countries without sufficient internet infrastructure represent a huge unserved market worth $36 billion.
What is needed to serve this market?
We believe learning technologies addressing the $36 billion market must meet the following three requirements:
- Center around the learner
- Facilitate a learning environment
- Work offline
The TERP solution meets all three of these requirements.
TERP builds technological infrastructure with distributed data following the learner from school to university to an employer, etc. The learner is in the center and gradually gains more sophisticated learning data through education and professional careers. This approach gives more powerful AI (Artificial Intelligence) and larger market potential.
Facilitating a learning environment is more than giving access to learning resources. The second step is to enable communication among everyone involved. When building the TERP solution, we take it one step further to provide adaptive nudging powered by AI. The ambition is to empower learners to improve their learning strategies and teachers to improve teaching by identifying knowledge gaps.
As the $36 billion markets do not have access to reliable internet, any learning technology addressing this market needs to work offline. TERP addressed this challenge when we entered the Philippine market in 2018, and it has been our most vital selling point since. We build distributed technology where processing takes place locally on smartphones, enabling the learners to study offline 99 % of the time.