Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.
1. What’s the history of NTOK? How and where did you begin?
AK: Having a keen interest in education I couldn't ignore the fact, that this crucial industry has a huge fundamental problem – it is way too conservative. So at first I decided to help education move from offline to online and founded tutor-ninja.com – online tutoring company.
Yet, it wasn't enough. The main issue was a scale – it makes too much time to build a company big enough to make any significant impact on the industry. And then I discovered for myself the Blockchain. I quickly understood that it is the solution for fast scaling and changing the industry.
2. Who are the founders and key team members?
Andrew Kravets, CEO and Co-founder
Max Shekhovtsov, CFO and Co-founder
Alexey Borisov, CTO
Natalya Asenova, Head of Sales and Marketing
Anton Mishin, Head of Business Development
3. What problem are you solving? Who are you solving it for?
AK: The main problems are distance and limits. It might be hard to find a tutor you need with a price you can afford. Living in Korea you might want to learn from Harvard graduates, for example. And being a Harvard graduate you might want to teach students from Korea.
4. What is your solution to this problem?
AK: We are building an ecosystem where students will be able to learn anything, anywhere, anytime from anyone. We will both build a community and create a platform for comfortable and efficient studies online.
5. Why is your industry ripe for disruption?
AK: First of all, the share of online education is less than 5% and we are eager to change that, to create the most modern and innovative ecosystem for both students and tutors. Another thing to be considered is pricing strategy on the market. Often tutors get only 20-40% of what students pay. This mostly happens because offline schools have a lot of unnecessary expenses like office rent, sales force, etc. We won't have that in our ecosystem, which will allow us to set a low flat fee of $2 per lesson in tokens.
6. What’s the future of your industry?
Prediction #1: Share of online in education will grow to 50-80%.
Prediction #2: Role of traditional institutions (public school, universities) will gradually decline, while on-demand education will become increasingly important.
Prediction #3: There will be a huge interest in professional education.