Here is an example of a personal investment thesis that I created to share with venture capital firms. In this example, I provide my personal perspective on the edtech sector. For details on how I build this thesis check out my blog (https://goo.gl/CU4Qid). Note: Some of the confidential information has been redacted for privacy.

1. Earnest Sweat | 2016
Prospective Venture Capitalist
xxxx@gmail.com
555-555-5555
Exploring the Edtech Industry
Investment Thesis &
Opportunities

2. EDTECH
The Big Idea
The internet’s ability to provide access to information to larger audiences coupled with rise in
user generated data creates an opportunity for customized educational products that align with
the needs of the digital native students & the workforce.
The way individuals learn has
changed because technology is
redefining how we learn, obtain
skills, & get credentialed.
Classrooms are not a barrier as tech
enables new ways to communicate
& collaborate.
Education is still a key to
mobility and has a positive impact
on earnings & unemployment rates.
Advanced degrees garner an
average of $1,730 weekly earnings
& sport a low unemployment of
1.5%.
Increase in computing power
will eliminate jobs that can be
automated & there will be a need for
a workforce with new skills. History
shows tech does eliminate jobs, but
it also creates new & better jobs to
replace them.
Source: Forbes; Bureau of Labor Statistics; Medium.

3. EDTECH
This Thesis is Predicated on 6 Assertions
• The increase in student loan debt has created a large barrier for current & future
workforce participants to pursue traditional educational resources.
• Individuals are more accustomed to learning concepts and skills online thanks to
the access to credible resources on the internet.
• Increase of contract work professionals that managed their own hours and need
to constantly adjust their skill sets to meet the needs of remote employers.
• Large educational institutions are slow moving and their educational options
generally do not reflect the ever changing needs and trends of the job market.
• Spread of mobile and social media has given rise to large amounts of user-
generated data on educational achievements and previous roles.
• This aggregate data can be highly revealing to how some can continually evolve
their skill set that appeals to employers.
Therefore, there is a
tremendous investment
opportunity in early-stage
startups addressing
education, career building,
and workforce training.

4. EDTECH
Education Remains an Opportunity in Ever-changing Job Market
The relationship between educational attainment & unemployment rates with the emergence of new roles thanks
to computing power, suggests the education sector is at a technological tipping point.

5. EDTECH
Thesis Definition
This thesis defines edtech as intersections of user-generated customized tools, data analytics platforms, &
specific marketplaces that provide users access to information to obtain a skill or knowledge.
Technologies that abide by this definition may be learning
tools, data analytic platforms, marketplaces, and tech-enabled
professional development solutions that address the fast
paced needs of the 21st century learner. For instance, Guild
Education has built a lifelong learning platform that offers
classes,programs and degrees for working adults, with a path
for them to move forward in their education and career.

6. Access to educational resources is 1of 3
fundamental drivers of this thesis. There is an
emergence of barriers like rising college costs &
proliferation of stale courses.
The $1.3 trillion in student debt limits aspiring
students & current employees from obtaining
more traditional credentials.
However, learners are able to participate in
MOOCs, online courses, and career accelerators
to acquire complex skills from university
alternatives.
EDTECH
Online Resources Provide Alternatives to Expensive Universities
Source: Student Loan Hero; Bureau of Labor Statistics.

7. EDTECH
Edtech Solutions should Align with New Job Market Needs
Source: Business Insider; Fast Company.
User-generated data & changes in job market
are creating new needs. There are a record 5.8M
jobs available in the U.S., but hiring has not
followed suit. This trend points toward a gap in
what employers want & what employees
“appear” to offer. Additionally, 82% of millennials
are optimistic about the future of freelancing.
This opens the opportunity for data analytics
platforms that recommend optimal courses, tools
that provide transparency in employee capabilities,
& marketplaces that match talent to roles.

8. EDTECH
Value Proposition
The value proposition of this thesis can be defined by actionable analytics, wherein data offers
guidance on optimal educational content, skill acquisition, employee or freelancer placement.
As an example, Quero Education
has built a marketplace for
students to identify & connect
with their ideal (based on
interests & financial
circumstances) for-profit college.
While Supergleu serves current
college students through its
mobile app that prompts
student comments on news
relevant to potential employers.
Lastly, Gild has created a
predictive analytics tool for
company recruiters to hire the
optimal candidates. The
platform uses user-generated
data from popular sites.

9. 1. Universities have been slow to
adapt their course offerings to
reflect the constantly changing
needs of the global job market.
EDTECH
Investment Conclusion
2. Despite more data generate from
the population, companies have
been unable to leverage the
information to find the optimal
employees or address the skills gap.
I believe that the success of edtech startups will be a function of
their analytic capabilities, as opposed to the originality of their
content or access to online learning providers. The excess of digital
educational content causes the general market to be crowded with
competition.
Yet the user retention strategies to create continued career
learning and analytic value propositions remain integral, and a
function of an expressive founder’s execution. These factors should
be evaluated thoroughly during due-diligence for early-stage edtech
startups.
These two conditions (on the right) present a tremendous
opportunity in education technology.
Key Market Conditions

10. Quero Education, ALEX, Supergleu, Guild
Education & Gild
Startups of Interest

11. Significant Achievements & Opportunities: The
startup is growing 5x year over year. The team totals
more than 100 employees & the net profit margins are
30%.
Some colleges suffer from oversupply due to
mismatch of info that exists for the students. Almost
3M student spots are open each year. Just 14% of
Brazilian adults have college degrees & there’s a lot of
room for growth.
EDTECH
Quero Education
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Overview: Marketplace helps students compare their higher education
options and apply. Students can find their ideal college program and save
tuition in partner colleges. http://quero.education/
Total Financing: Have raised $800K in total over 2 rounds. The latest was a
$120K Seed, August 2016, led by Y Combinator.
Traction: Have 600 partner private colleges. Since August 2015, the startup
has matched 70K students with college programs, which totals to 1.6% of
college admissions in Brazil. The startup has generated $7M in revenue
during this period.
Founder: Bernardo de Pádua (CEO, Co-Founder, xxxx@quero.education).
Software Developer, Instituto Tecnologio de Aeronáutica Computer Engineering.
Source: Crunchbase; TechCrunch; Company Website.

12. Significant Achievements & Opportunities: During
pilot, students requested comparisons to courses from
schools & 1 student purchased a course from a class
comparison.
In a world where technology has enabled us to
maximize space in a car or apartments, ALEX’s
marketplace has potential to address the inefficient
college enrollment process. The solution will give
individuals the opportunity to enroll in physical courses,
on their terms.
EDTECH
ALEX
Investment Conclusion: This information is sufficient
to prompt informal due-diligence.
Overview: Anyone’s Learning Experience (ALEX) is a marketplace for
continuing professional education courses from across universities.
Higher Education, one course at a time.
Total Financing: Currently not fundraising but will begin in the 1st
Quarter 2017.
Traction: Completed first pilot in September with Benjamin Franklin
Technical Institute in Boston. Team near closing second pilot with an
NYC college. Pipeline of potential customers includes 3 other
universities.
Founder: Sergio Marrero (CEO, Co-Founder,
xxxx@anyoneslearning.com). Serial Entrepreneur, Teach For America
Corporate, Education Pioneers, Deloitte Consulting, & Harvard MBA.
Can make personal intro to CEOSource: Crunchbase; Company Website.

13. Significant Achievements & Opportunities: Supergleu’s
pilot with Teach For America displayed 6x improvement in
student response rates to recruiters. In May 2016 it was
revealed that the startup would be participating in 500
Startup's 17th batch.
Millennials & Gen Z are diverse & attached to their phones.
The product addresses their desire to communicate in bite
size content & leverage storytelling from mobile video to
inspire & hire young employees.
EDTECH
Supergleu
Overview: Supergleu is a daily conversation app that prompts
college students to connect & comment on industry news they care
about. Supergleu helps college students & employers connect
through conversation. www.supergleu.com/
Total Financing: Have raised $125K in seed capital (May 2016).
Investors include 500 Startups & Camelback Ventures.
Traction: Since inception, Supergleu has conducted a successful
pilot program which generated $40K in revenue & includes 9
school partnerships.
Founder: Bryan Lattimore (CEO, Co-Founder,
xxxx@supergleu.com). McKinsey & Co., Digital Strategist, &
Wharton MBA.
Source: Crunchbase; TechCrunch, Company Materials, Company Website.
Investment Conclusion: This information is sufficient to
prompt informal due-diligence.
Can make personal intro to CEO

14. Significant Achievements & Opportunities:
Included in the White House’s EQUIP equip
program. The startup has also closed a college
credit partnership with Chipotle thanks to the
federal grants & existing programming.
Less than 20% of students acquire a degree on
time. Reasons include poor-planning or work
schedules. This platform meets the need of this
large segment & provides corporate partners
with an employee perk to promote.
EDTECH
Guild Education
Overview: Guild's lifelong learning platform offers classes, programs and degrees
for working adults moving forward in their education and career. Guild offers these
adults support from start to finish. https://www.guildeducation.com/
Total Financing: Have raised $10.5M over 2 rounds. The latest round ($8.5M Series
A in August 2016) was led by Redpoint and included Cowboy Ventures & Social
Capital.
Traction: Company offers a variety of online classes, programs & more than 30
degrees from top-ranked universities, including Colorado State University’s Global
Campus, Bellevue University & Western Governors University.
Founder: Rachel Carlson (CEO, Co-Founder, xxxxxx@guildeducation.com). Serial
Entrepreneur, The Parthenon Group, White House, & Stanford MBA.
Source: Crunchbase; TechCrunch, Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.

15. Significant Achievements & Opportunities:
Has customers in industries ranging from travel
to social media, healthcare, and financial
services. Gild has been recognized as an
innovator in Hiring with Big 50 Award.
The machine learning recruitment product will
enable employers to make more informed
decisions on hires given the increase in info. The
product will identify personality traits from
applicants’ self expression on paper & online.
EDTECH
Gild
Overview: Uses data science, consumer-friendly technologies, & predictive
analytics to bring intelligence to entire hiring process. Using data from sites like
Quora, LinkedIn, & Facebook to show the candidate’s profile. www.gild.com
Total Financing: Have raised $25.9M over 4 rounds. The latest round ($13.5M
Series B in June 2014) was led by Menlo Ventures & included Correlation Ventures &
Sapphire Ventures.
Traction: Company features corporate clients including Facebook, Progressive,
Fitbit, Travel Advisor, & HBO. In July 2015, the company announced that it has
surpassed over 1,200 customers across a wide array of industries.
Founder: Sheeroy Desai (CEO, Co-Founder, xxxxx@gild.com). Sapient, Cambridge
Technology Group, MIT BS Electronic Engineering.
Source: Crunchbase; BBC.Com, Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.

16. Thesis Couture
Non-Edtech Startups

17. Significant Achievements & Opportunities:
Team is confident they will oversubscribe the
first product offering (1.5K units).
The startup has created a patent-pending
internal architecture of core components to
replace the century-old parts & processes used
in painful high heels. The $40B has not been
disrupted in 100 years. The team has
concentrated on its target customer through
discovery efforts.
EDTECH
Thesis Couture
Overview: The team is designing world’s first performance driven, high
fashion footwear brand by using structural engineering principles,
advanced material science, and a keen focus on human factors.
http://thesiscouture.com/
Total Financing: Have raised $1.5M in seed round (July 2015). The
notable investors include Menlo Ventures, BBG Ventures, & Carlyle
Group.
Traction: From organic press, the Thesis Couture has been able to
garner considerable interest on their site. They have attracted 75K
visitors to their website (including 20K repeat visitors). 2.5K visitors
have pre-registered to place orders.
Founder: Dolly Singh (CEO, Founder, xxx@thesiscouture.com).
Oculus, SpaceX, & UCLA BA.
Source: Crunchbase; Company Materials. Company Website.
Investment Conclusion: This information is
sufficient to prompt informal due-diligence.
Can make personal intro to CEO

18. Affordable College
Frontier Investment Opportunity

19. Significant Achievements & Opportunities: In early
2016, the startup graduated from the Boston-based
edtech accelerator, LearnLaunch.
The data analytics technology would have huge
implications on cost savings for students (since an
average of 13 credits fail to transfer to 4-year colleges)
and community college enrollment continues to fall.
EDTECH
Affordable College
Overview: Affordable College provides community college students a
clear path to an affordable bachelor’s degree by bringing together
community colleges and universities in a transfer student marketplace.
http://www.affordablecollege.org/
Disruptive Potential: More than 10M students enroll at community
college each year with the goal of transferring to a 4-year college after
two years at CC. The startup’s platform would guide students to enroll in
the optimal junior college.
Product Features: The mobile & desktop app has a machine learning
component that uses crowd-sourced & partner school data to
determine which courses & community colleges have the most
transferrable credits based on the user’s goals.
Founder: Sean O’Brien (CEO, Founder, xxx@affordablecollege.org).
Director of Strategic Partnerships in Higher Education, & Princeton
BA.
Source: Crunchbase; Company Website.
Although it is too nascent a technology to be
investable at the moment, Affordable College’s future
remains promising.
Can make personal intro to CEO

20. EDTECH
Conclusion
The future of Edtech is at an exciting point. I hope our paths intersect in the future to build
companies that change the way every student or employee learns in the next 30 years.
LinkedIn
For more context on my academic
and professional experience, please
check out my profile here.
Medium
I have written about my Edtech
investment thesis & provided advice
for founders. Check out
#ReadingEarnest here.
Twitter
I have microblogged & shared
articles on events impacting the
Edtech sector. To stay informed
please follow me here.