3 min read

Opportunity evolving from market trends

By Leiv Kåre Johannessen on May 31, 2022 8:00:17 PM

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.

Topics: technology learning resources oflline remote learning market trends market potential
1 min read

Successful launching

By Leiv Kåre Johannessen on Sep 16, 2021 2:15:25 PM

TERP started rolling out the post-chasm MVP on August 31st. It was a massive release containing 7,452 lines of code. In comparison, a typical launch has a few hundred lines of code. The launching has multiple effects and implications. From a business point of view, we can start scaling sales.

After monitoring our web service more than two weeks after the launch, we know it is stable. We experienced few bugs and addressed those we found immediately. Our tech team did a fantastic job!

User experience
This launch contains infrastructure that paves the way for new features and a better user experience. Now they can use a single sign-in and switch easily between our apps. Soon they will have access to a new version of TERP Classroom, making it easier to utilize abooks at schools, universities, and other learning programs.

The new version of TERP Classroom automize many of the operations currently handled manually by our customer success team. This automation removes the most significant bottleneck in the sales funnel, allowing us to start scaling our sales team.

Topics: TERP technology Sales scaling post chasm MVP
1 min read

Alpha release of AR simulation

By Leiv Kåre Johannessen on Jun 15, 2021 11:36:07 AM

TERP has released an alpha version of AR (Augmented Reality) simulation. The technology allows students to conduct simulation cases at home on their living room tables using their smartphones. Our first cases are on ship handling. We believe it will be a game-changer making abooks even more differentiated from the competition.

AR simulation is not a part of the post-chasm MVP TERP releases in August but a taste of new technologies the company will include in Abooks 2.0, which is the name we use for the new generation of abooks. Still, we aim to have a beta version ready by the start of the new school year.

HubSpot Video
Topics: Blended learning TERP Augmented reality AR technology Abooks learning resources Ship simulation
2 min read

Strategic shift to market penetration

By Leiv Kåre Johannessen on Apr 21, 2021 4:32:56 PM

TERP started shifting our strategic focus from product development to market penetration in March this year. We are on track to launching the post-chasm MVP* in June, as planned. This release represents a transition to a market strategy where our primary focus is market penetration.

Topics: TERP investment technology scaling postchasmmvp marketpenetration
2 min read

Corona challenges

By Leiv Kåre Johannessen on May 25, 2020 7:00:00 AM

Even though the corona pandemic represents an opportunity for TERP, we have faced some short-term challenges. We canceled all international travels on March 4th and stopped traveling domestically one week later. At the same time, we closed our offices and started working from home.

As we are a distributed organization, the shift to working from home was smooth. However, not being able to visit customers became a challenge both in terms of sales sales and implementation.

After the lockdown, the implementation of Abooks with new customers was even more challenging as the schools had no prior setup to efficiently communicate with students remotely. The lockdown also
had economic consequences as our customers had no personnel available to process our invoices. However, we have compensated
for the delayed payments by reducing costs and renegotiating the terms for our loans. Now schools and universities are re-opening.

The lockdown in March effectively stopped all maritime education
in the Philippines as they had no contingency plan. According to the signals we have received, it looks like the next semester will start in August, two months later than planned. We expect that the delay forms a
new standard where the semesters that used to begin in June and November move to August and January. If so, we will only have revenue from one semester in 2020 as we will deliver our products and services for the second semester at the beginning of 2021. On the other side, the delay will enable us to prepare more content and develop more features supporting distance learning, contributing to higher revenue next semester. Besides this, the corona situation provides us with a surge of new customers. It is too early to conclude if these factors will compensate for the “lost” semester in 2020, but the issue is technical. The overall picture is that the company will be in a much better position despite that the revenue in 2020 might not be as high as previously estimated.

An immense challenge we are facing is the software development capacity. To satisfy the early majority long-term, we have to develop additional features to build a whole product. We have to at least triple the development capacity to deliver according to our tech roadmap. The first step was to acquire the training app company InfoGym. We have integrated their tech team into ours, and we have a setup that allows us to build a larger and more cost-efficient development team. We make ourselves independent of consultants and expect to double the number of development hours we get out of each US dollar invested.

The acquisition of InfoGym brought us much closer to having
what the organization needs, but we might have to strengthen our organization even more. The market is moving very fast due to the current situation, and certainly much quicker than we anticipated when we completed the last funding round. It may be in both the company's and shareholders' interest to acquire additional funding to take full advantage of this unique window of opportunity.

Topics: Blended learning technology challenges Corona
1 min read

Crossing the chasm

By Leiv Kåre Johannessen on May 11, 2020 7:00:00 AM

The corona situation has given us a once-in-a-lifetime opportunity to cross the chasm from the early adopters to the early majority. In other words, we have the chance to evolve from being an enticing solution for innovators to becoming a recognized standard in the mainstream market. Most technology companies never manage to cross the chasm.

It is a chasm because early adopters and the early majority are very different from each other. While early adopters are visionary innovators who test new technologies to make a potential leap and separating themselves from competitors, the early majority are pragmatic. They want proven solutions tested in the market. Preferably a solution provided by the market leader.

Crossing the chasm is not possible unless we define a small beachhead market we can dominate fast. Our beachhead market is maritime education in Southeast Asia (Philippines, Malaysia, Singapore, and Vietnam). There are 110 maritime schools and universities in this market. When we get 33 of these schools as customers, we will become the undisputed market leader with a 30 % market share. As we already have 18; we just need 15 more before we have crossed the chasm.

Besides defining a small market, the key to crossing the chasm is to develop a whole product. Our core product is the web-service enabling customers to create a-books. Along with our content, this forms our generic product. The early majority, however, expects more. They want a complete solution that is easy to implement and that fits seamlessly into their operations. We have to build that solution over the next 12 months.

Topics: Blended learning TERP technology Corona distance learning crossing the chasm diffusion

TERP acquires InfoGym

By Leiv Kåre Johannessen on Mar 30, 2020 7:00:00 AM

TERP acquires the training app company InfoGym. We know InfoGym very well as both companies are a part of the Leap tech community outside Haugesund. The transaction gives us a much more robust technical team.

The agreement makes investor Harald Mowinckel Troye one of TERP's largest shareholders. Mowinckel Troye is one of the initiators of the Tripod investor community in Bergen.

The InfoGym agreement gives us access to technology we might otherwise have had to develop ourselves. Besides, the expertise in InfoGym will provide us with more efficient technology development. The potential synergies are significant. Within a year, we expect to get twice as much development out of every dollar invested.

Topics: TERP technology InfoGym

2 million NOK investment from Validé Invest

By Leiv Kåre Johannessen on Feb 11, 2020 7:00:00 AM

Validè Invest has made a 2 million NOK follow-up investment in TERP, making the investment fund our largest investor. During the last year, TERP has increased the equity by 11 million NOK.

- TERP has a strong founder team, an exciting business idea, and a great growth potential, says Valide's director of investments, Johannes Løyning. - They have proven their ability through sales and market positioning in the Philippines. The company's solution can disrupt the publishing industry.

Topics: investor information TERP Valide investment Disruptive technology publishing