Wednesday, April 16, 2014

HeyMath! - Sailing smoothly with the blue ocean strategy

Online education has become now, a lucrative business now with tons of companies competing each other for niche crowd. Predicting this future, back in year 2000, HeyMath! was started in India by a former Citi Bank vice-president. During this period, online education industry was considered unattractive and futuristic market, with very few competitors. Working for the past 3 years at HeyMath!, I observed how strategy decisions are taken by the founders. The company always follows blue ocean strategies.

About HeyMath!

HeyMath! is an innovative company in online education. The mission of HeyMath! is to create a flat world curriculum by seeking out proven best practices from great teachers across the world. Teachers and students in over 50 countries use the products. The company has strong footprint in India, Singapore, and South Africa.             

Indian teachers are known for their outstanding quantitative abilities and teaching methods. The company’s unique strategy is creating excellent content using skills of these teachers and delivers content to countries where mathematics teachers are below par levels.

The company has found a new space in education. When schools were focusing on empowering teachers by offering free training programs, HeyMath! created a new mode to educate students. Though, new companies were started on seeing the success of HeyMath!, the company with its legacy content rules its market.

HeyMath! has unique work culture and organization structure. Since the business is driven by education content and technology, leaders of the firm are from both verticals. The company is located in the heart of Chennai, a city with a million software developers. Being in India, the company has been able to maintain cost advantage while offering products to other countries.

Maintaining its legacy in mathematics, the company is now expanding to other subjects such as science.  Currently, products of HeyMath! have different pricing models. With the advent of Khan academy that offers free education materials, how HeyMath! is going to position in the market? We need to wait and watch the game. 

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