Help us bring modern simulations to the classroom
Hubro Education delivers a web-based business simulation which gives students a deep and intuitive understanding of business economics and managerial accounting courses through practical experience.
The campaign is over - what now?
The crowdfunding campaign lead to an a fortunate turn of events for Hubro. Long story short, it has lead to a dialogue with a handful of investors which we hope will fund the upcoming phase of development, commercialization and internationalization.
If you have questions, please contact us at mail(a)hubro.education.
Here you can see our crowdfunding presentation at Technoport!
Hubro Business Simulation
Product development with leading Norwegian universities
We have had the pleasure of collaborating with and pilot-testing at three Norwegian universities: The Norwegian University of Science and Technology (NTNU), The University of Nordland (UiN) and The Norwegian University of Life Sciences (NMBU). This has given us the experience and feedback needed to focus our product development on the needs of our users and customers. We are running our last pilot test of the Hubro Business Simulation at NTNU in march-april 2015.
“We will offer the worlds most efficient digital learning tools for business economics, accounting and management courses within higher education, and become a leading provider globally.”
In January 2013 our team started working with the need for modern learning tools, and a new kind of business simulation. The initiative came from associate professor Tim Torvatn, at the Institute for Industrial Economics and Technology Management at NTNU. Together with him we established the NTNU spin-off company, Hubro Education AS. We have come a long way since then, and in the end of April we will finish our last pilot test. By then 1300 students have tested our simulation and it will be launched in the Nordic market this fall.
Our team has a common drive to move forward towards our goals, to collaborate and to push through tough periods. And by bootstrapping, we have been able to keep our costs down, while still spending our hours prioritizing the company. This has led ut to where we are today: Ready to bring our solution to the market.
You can read more about our team-members and advisors in the side-bar, or by visiting our web-page or blog.
Our story and future milestones
The higher education market
The most accessible markets are those that accept the simulation with english language. Numbers of students are collected from SSB, Eurostat and IES, and financial potential has been deduced from our business model.
Norway - 75 284 annual users - 7,5 million NOK market
Nordic - 367 519 annual users - 36,8 million NOK market
England - 681 833 annual users - 170,5 million NOK market
US - 5 616 126 annual users - 1 404 million NOK market
Selling simulations to higher education
In the Nordics, each course most often have a pre-decided budget of about 15 000 NOK. To lower our entry barrier, we have set a package price of 15 000 NOK for a basic simulation in one course. Further we can add on special content, providing an extended version of the simulation for an additional fee. Hence, by providing a low package-price we can adopt customers at a higher pace, and gain returning and increasing revenue by providing the extended version of the simulation.
In the US and UK, on the other hand, the students pay a licence fee individually. Thus, if a lecturer in these countries wants to use the simulation, he can do so without having to convince his superiors to pay for the simulation.
In short, purchasing norms in the US and UK make these markets far more profitable than the Nordic market.
Edtech: educational technology in the rise
Education is adopting more and more technology, leading to the rise of the educational technology industry, or edtech. Investments in edtech have grown fast recent years, and peaked last year at $1,87 billion in the US. Though the US is leading the development with dedicated incubators, news sources and investment groups, edtech is getting attention in Europe aswell.
Firms like It's Learning, Kahoot! and Sqore are among the best known edtech ventures from the Nordic countries, but Hubro Education aims to join them as the face of Nordic edtech with global ambitions.
Use of funds
By investing in Hubro Education, you will help our development in three areas:
1. Launching the Hubro Business Simulation in the Nordic countries. Following the pilot test at NTNU this spring, we will begin selling the simulation in the Nordic countries. This process will be time consuming, but getting a large group of reference customers will be vital before going global.
2. Preparing for launch in the US. The first steps towards entering the US is finding partners to help us conquer a beachhead market. Our beachhead will be the educational capital of the world, Boston, so this fall we will go there for 3 weeks to partner up with potential agents and other necessary resources.
3. Preparing the Hubro Business Simulation for scaling. Up until now, our focus has been on the experience of the user. However, the simulation must work flawlessly for 100.000 students at once. Developing such infrastructure will be a priority following the pilot test at NTNU.
During the next year we will enter some of the larger educational markets, such as the US and UK. By supporting us in this crowdfunding campaign, you’re funding our first step into these markets, as well as launching the Hubro Business Simulation in the Nordic market!
We hope that you want to be a part of growing both Hubro Education and the Norwegian contribution to the edtech industry. Join us now!