Preston Silverman on Building out a Marketplace in Education - at YC Edtech Night

TL;DR

Raise Me founder and CEO discusses their platform that allows students to accrue scholarships and grants throughout high school, creating a more transparent and empowering system for college funding.

Transcript

hello everyone good evening thanks for having me really excited to be here so I'm founder and CEO of raise me we're focused on expanding access to higher education by rethinking the way that students access scholarships and grant funding for college we think this is really important because since the recession over eighty percent of jobs that have ... Read More

Key Insights

• 💼 Expanding access to higher education is crucial due to the rising cost of education and the increasing demand for college degrees in the job market.
• 💡 Currently, in the US, over $100 billion is awarded annually in scholarships and grants, but this money is not awarded until after students have already decided on college, leading some students to believe college is not a viable option.
• 💵 The premise behind Raise.me is to allow students to accrue scholarships and grants throughout high school based on their progress and talents, creating a more transparent and empowering system for students to afford college.
• 🎉 Raise.me awarded nearly $1.5 billion in scholarships and grants last year to students across the country, showing the success and impact of the platform.
• 🌍 Before starting Raise.me, the CEO worked in a strategy consulting firm but desired more direct impact, leading to a teaching position in India, which inspired the idea for Raise.me.
• 💰 Funding for Raise.me was initially difficult, but they received a grant from the Gates Foundation and eventually gained traction, leading to investments from mission-driven investors.
• ⚒️ In the early days of Raise.me, the CEO focused on customer interviews, prototyping, marketing, and pitching colleges and universities. As the company grew, the CEO's role shifted to setting vision and strategy, team building, and fundraising.
• 🎓 The biggest barrier facing students, apart from financial aid, is the lack of guidance, mentorship, and support in making decisions about college and career paths. Raise.me aims to provide support in these areas.
• 🏢 In five years, Raise.me hopes to become a platform that supports every student in the US (and potentially beyond) on their college and career journey by providing scholarships, grants, guidance, and support.

Questions & Answers

Q: What is the basic premise behind Raise Me?

The basic premise behind Raise Me is to enable students to accrue scholarships and grants based on their individual progress and development throughout high school, creating a more transparent and empowering system for college funding.

Q: Why is it important to rethink the way students access scholarships and grants for college?

It is important to rethink this process because since the recession, the cost of education has been rising dramatically, making it more difficult for students to afford higher education. By enabling students to accrue funding throughout high school, Raise Me aims to provide them with access to funds earlier, increasing their confidence in pursuing college and career goals.

Q: How does Raise Me help students in their college application decisions?

Raise Me allows students to accrue scholarship and grant money throughout high school, giving them access to these funds before they have to make college application decisions. This allows students to be more confident in pursuing their college ambitions and makes college a more viable path for them.

Q: How has Raise Me performed since its launch?

Raise Me has seen significant growth since its launch, having just finished its fourth school year. Last year, they awarded nearly a billion and a half dollars in scholarships and grants through the platform to students all over the country. The platform has been successful in expanding access to higher education funding.

Summary & Key Takeaways

• Raise Me is focused on expanding access to higher education by rethinking the way students access scholarships and grant funding for college.

• The platform enables students to accrue scholarship and grant money based on their individual progress and development throughout high school.

• By awarding over a billion dollars in scholarships and grants through their platform, Raise Me aims to make college more affordable and empower students to pursue their college and career goals.