This document outlines three key ingredients needed for a successful ed tech ecosystem: 1) People with experience in education, technology, and investing; 2) Connectivity through online platforms and infrastructure to reach users; and 3) Dedicated early-stage capital from investors incentivized by both financial returns and social impact. It discusses how the U.S. has led the way in developing these ingredients but there is opportunity to build global ecosystems by optimizing deal flow across borders and diversifying investment sources. A global approach can foster collaboration, maximize potential markets, and develop solutions to educate the 96% of students currently outside the U.S.

1. 3 KEY
INGREDIENTS
FOR AN
ED TECH
ECOSYSTEM
Allison Baum, 13 January 2016

2. INTRODUCTION

3. Early stage venture investors supporting exceptional
entrepreneurs to build global businesses.

4. WHO WE ARE
Allison Baum, Managing Partner, Tokyo, Japan
• Experience in education operations management including: curriculum development,
marketing, teacher training, real estate expansion, hiring, and business development
• Bootstrapped and launched education business in Asia, scaled to US$1mm revenue run rate,
2,000+ students, 60 teachers, 6 employees in nine months
• Institutional sales and trading at Goldman Sachs, 8 years investment experience in public
and private markets
Tytus Michalski, Managing Partner, Hong Kong SAR, China
• 16 years in cross-border investment experience across Hong Kong, Singapore, Tokyo, London,
Canada, and the United States
• Previously Chief investment Officer of PMA Investment Advisors, where he managed both
regional funds and the equity team
• Founding member of PMA, scaled from US$600mln to US$3bln in institutional AUM and sold
in 2006 for US$200mln
Stephen Forte, Managing Partner, Menlo Park, CA, USA
• Tech Strategy at Telerik, US$260mln exit
• Experienced entrepreneur with 5 successful exits
• Mentor at Thiel Foundation, ChinaAccelerator, HAXLR8R
• Founder of Mach5, a Silicon Valley based startup accelerator and co-founder of
AcceleratorHK, Hong Kong’s first startup accelerator

5. WHO WE ARE
Ulili Onovakpuri, Venture Partner, Washington, DC, USA
• Director of Global Programs for Village Capital, Heads Global Accelerator
Programs
• Founder of LifeKIT, mobile health for rural communities
• BA from UC Berkeley, MBA and Health Sector Management Certificate from Duke
Adam Omar Shanti, Venture Partner, Dubai, UAE
• Raised US$400M for innovative projects in Middle East and Europe
• Investment, business expansion and restructuring for SWF
• JD from Marquette University, MBA from London Business School
Riki Yoshinaga, Venture Partner, Japan, Tokyo
• Co-founder of Jenerate Partners, Japan-entry incubator
• Multiple market entry projects in tech and consumer across Asia
• BA from Harvard, previously General Manager K2D Tokyo

6. WHO WE ARE
Name Key roles and Areas of Interest Location
Mikaal Abdulla Co-founder & CEO of 8 Securities, marketing & UX Tokyo
Viresh Bhatia Co-founder & CEO of InstallSheild Software, enterprise tech Chicago / SF
Rachel Chan Co-founder & CEO of InnoFoco, public/private innovation Hong Kong
Sophie Yifan Chan Partner at JMedu, edtech ecosystem building in China Beijing
Steve Denning Management expert, clients include Oracle and Netflix Washington, DC
Pascal Finette Singularity University head of Startup Program Mountain View
Daniel James Gullo Agile and scrum training, clients include PayPal and GE Wilmington
Akira Hirata Market entry for Japan, worked with Skype, eHarmony, Knewton Tokyo
Abhishek Kant India business development, market entry & team management New Delhi
David Kedwards Head of Pearson English Direct Delivery Business Hong Kong
Rafael Sabbagh Agile product development, Brazil market entry Rio de Janeiro
Christopher Scollo Digital media, tech team scaling, UK market entry London

7. OUR GLOBAL APPROACH
7
FRESCO TEAM
FRESCO IMPACT PARTNER
FRESCO PORTFOLIO
• Diverse network provides multiple sources of customers, capital and exits
• Access to local experts scales time and impact while maintaining quality
• Deep relationships ensure connections to the right people at the right time

8. WHY EDUCATION?
WorkConsumer Education Healthcare
Disruption more mature Disruption less
Technology is Already Transforming the Consumer World –
Work, Education and Healthcare are Next

9. 2015 1800

10. TECHNOLOGY’S ROLE IN EDUCATION
ACCESS EFFICIENCY
ENGAGEMENT OUTCOMES

11. WHY EDUCATION?
“We’re here to put a
dent in the universe.
Otherwise, why be
here?”
- Steve Jobs

12. BUT HOW?
“Books will soon be
obsolete in schools…
scholars will soon be
instructed through the
eye. Our school system
will be completely
changed within ten
years.”

13. BUT HOW?
“Books will soon be
obsolete in schools…
scholars will soon be
instructed through the
eye. Our school system
will be completely
changed within ten
years.”
- Thomas Edison, 1913

14. 3 KEY INGREDIENTS
ED TECH
ECOSYSTEM
ED TECH
Ingredients
1. People
2. Connectivity
3. Capital

15. THE RISE OF ED TECH INVESTMENT

16. THE RISE OF ED TECH EXITS

17. • 75% capital invested into edtech in 2014 was U.S.
• 6 most active early stage investors are U.S. based
• 9/10 largest financings in 2014 were in U.S.
• 60 million K-12 students
• B2G or B2B business models
U.S. HAS LED THE WAY

18. 1. PEOPLE

19. 2. CONNECTIVITY

20. 3. DEDICATED EARLY STAGE CAPITAL
ü Incentivized by both returns and impact
ü Sophisticated investment process
ü Network effects
ü Strategic insights from the early stage

21. POP QUIZ
1. What percentage of the world’s K-12 students are in
the U.S.?
2. What country in the world watches the most Youtube
videos every month?
3. In 2015, 4 out of the 5 largest later stage education
financings have been where?
4. How many people learning English in China?

22. POP QUIZ
1. What percentage of the world’s K-12 students are
outside of the U.S.?
2. What country in the world watches the most Youtube
videos every month?
3. In 2015, 4 out of the 5 largest later stage education
financings have been where?
4. How many people learning English in China?
96%

23. POP QUIZ
1. What percentage of the world’s K-12 students are
outside of the U.S.?
2. What country in the world watches the most Youtube
videos every month?
3. In 2015, 4 out of the 5 largest later stage education
financings have been where?
4. How many people learning English in China?
96%
SAUDI ARABIA

24. POP QUIZ
1. What percentage of the world’s K-12 students are
outside of the U.S.?
2. What country in the world watches the most Youtube
videos every month?
3. In 2015, 4 out of the 5 largest later stage education
financings have been where?
4. How many people learning English in China?
96%
SAUDI ARABIA
CHINA

25. POP QUIZ
1. What percentage of the world’s K-12 students are
outside of the U.S.?
2. What country in the world watches the most Youtube
videos every month?
3. In 2015, 4 out of the 5 largest later stage education
financings have been where?
4. How many people learning English in China?
96%
SAUDI ARABIA
CHINA
300 MILLION

26. WHAT’S NEXT?
Education Technology Annual Industry Growth

27. DEVELOPING GLOBAL ECOSYSTEMS
PEOPLE
CONNECTIVITY
CAPITAL

28. ü Optimizing deal flow
ü Deeper insights / competitive analysis
ü Maximizing potential market size
ü Fostering cross-border collaboration
ü Diversified sources of later stage
investment / acquisition
WHY TAKE A GLOBAL APPROACH?

29. DEVELOPING GLOBAL SOLUTIONS

30. JOIN US
“The people that are
crazy enough to think
they can change the
world are the ones
that do.”
- Steve Jobs

31. KEEP IN TOUCH
www.fresco.vc
allison@fresco.vc
@allison_baum