BIG IdeaBounce 2024 | 14 Finalists Dazzle In SharkTank Contest

Team MeetYourClass

School Affiliation: Michigan Ross

Description: MeetYourClass helps colleges form community by revolutionizing the way incoming students meet and find resources.

Problem:

The core problem MYC addresses is twofold: For universities, there’s a significant challenge in creating a cohesive, engaging community among students, particularly before they arrive on campus. Traditional engagement methods like outdated platforms and university-managed forums often fall short, especially in resonating with Gen-Z students who are digital natives. These students face their own set of issues: social isolation, information overload, and the intimidating transition to university life, which are exacerbated by existing platforms that are either too generic or not student-centric.

The problem’s significance is further highlighted by its impact on university operations. Ineffective strategies for student engagement can negatively affect retention and enrollment rates, as students are more likely to seek environments where they feel a strong sense of community and support. Moreover, universities often struggle with the lack of appropriate tools to understand and respond to the evolving needs and preferences of their students, hindering their ability to make informed decisions to enhance the overall student experience.

Compounding these challenges, a survey conducted by MeetYourClass across more than 350 colleges, with 7,500 student responses, revealed a concerning trend: approximately 20-25% of students felt that their universities did not support them adequately in their transition to college life, particularly in providing resources for making social connections. This data suggests a significant portion of the student body feels disconnected from their campus community, indicating a widespread issue that affects a substantial number of students across various institutions.

Solution:

MeetYourClass offers an innovative solution that directly addresses the problem of student disconnection and engagement in higher education. Our approach centers around a “social media ecosystem” that leverages platforms where Gen-Z students are already active (Instagram, Facebook, TikTok), creating a natural and familiar environment for them to engage with their university community. This ecosystem acts as a funnel, directing students to our platform which offers higher functionality tailored to their needs.

Our platform stands out by offering features that go beyond typical social media interactions. These include a roommate finder, community groups, and resources specific to university life, all designed to facilitate easier and more meaningful connections among students.

For universities, our platform not only helps in attracting and retaining students but also offers valuable data-driven insights into student behavior and preferences. Who’s engaging the most? What are they engaging on? What are the social trends in the class? What are the most common questions students are asking? These and other similar questions can be answered with our access to social data. This information is critical for universities to tailor their services and improve the overall campus experience.

In summary, MeetYourClass adeptly addresses the significant gap in current student engagement strategies. By blending a familiar social media approach with enhanced functionalities specific to university life, our solution effectively fosters a more connected, engaged, and supportive university community.

Market:

MeetYourClass operates in a substantial and expanding market within the higher education sector. Our Total Addressable Market encompasses the colleges and universities in the U.S. With an estimated 4,500 such institutions and an average target contract size of $50,000 per institution annually, our TAM is approximately $225 million. Especially post-COVID, this market is not only sizable but also growing, as more educational institutions recognize the need for innovative engagement and community-building solutions.

Our Serviceable Addressable Market narrows down to U.S. colleges, specifically targeting institutions that are seeking to enhance their student engagement but may not have the same recognition as larger, ‘name brand’ universities. This segment, comprising about 3,500 colleges and maintaining our average annual contract size goal, places our SAM at around $175 million. These institutions represent a dynamic and responsive market, more likely to adopt new technologies to improve student experiences.

Focusing on our Serviceable Obtainable Market, MeetYourClass targets smaller institutions with fewer than 5,000 undergraduates. These colleges, typically more adaptable and in need of building that ‘collegiate-feel’, are our ideal customers. We engage directly with Enrollment Directors, key in decision-making for student engagement strategies, to showcase how our platform can significantly enhance enrollment outcomes and student experience.

Once we establish our platform across these institutions, our strategy involves horizontally expanding our services within a given university. This expansion enhances the value we provide to both students and universities, and revenue we can generate.

Competition:

MeetYourClass differentiates itself from competitors with its innovative approach to student engagement and community building in higher education. Our solution uniquely combines integration with popular social networks, customization for individual university needs, and a keen alignment with Gen-Z culture, setting us apart in a crowded market.

Integration with Social Media: Unlike competitors such as Zeemee or traditional university platforms, MYC is not a standalone system. We integrate seamlessly with platforms like Instagram, Facebook, and TikTok, aligning with the digital habits of Gen-Z students. This integration reduces friction for students, removing the barrier of adopting a new app and allowing them to engage with their university community in a familiar online space.

Customization for Universities: We offer a level of customization that goes beyond the capabilities of generic social media platforms or one-size-fits-all solutions. MYC enables universities to tailor the platform to fit their unique community dynamics and needs. We empower universities to make informed decisions to enhance the student experience and boost retention rates.

Alignment with Gen-Z Culture: Our platform is specifically designed to resonate with the lifestyle and preferences of Gen-Z students. By recognizing and embracing the importance of digital interactions and experiences for this generation, MYC provides a space that is not only familiar but also engaging, addressing common issues like social isolation and information overload.

In essence, MYC stands out by harmoniously blending social media integration with tailored solutions for universities, creating a unique and effective platform for modern student engagement in higher education.

Value Creation:

MeetYourClass presents a sustainable business model with significant potential for revenue generation and measurable social impact in the higher education sector. Our model hinges on a dual-revenue stream: a B2B approach through customizable contracts with universities and a B2C model involving a freemium approach complemented by targeted advertising and affiliate marketing. This structure ensures a stable and scalable income source while enhancing user engagement on the platform.

The sustainability of MYC is not just financial; it extends to creating substantial social value. Our platform addresses critical student needs by reducing social isolation and aiding mental well-being, particularly among incoming freshmen and transfer students. By fostering a sense of community and belonging, MYC plays a vital role in enhancing the overall university experience for students. We have grown to over 220,000 users across 350 different schools.

MeetYourClass has garnered significant recognition, being named one of the most disruptive business school startups of 2023 by Poets&Quants and featured on the Startup Hot List of Fall 2023 by Renaissance Ventures. This acclaim stems from the impactful difference we’ve made in students’ lives, not only at our home base, the University of Michigan, but across the hundreds of other colleges we have expanded to.

MeetYourClass is built for long-term sustainability, combining financial viability with a strong commitment to improving the higher education landscape. Our business model not only ensures profitability but also contributes to the broader educational and social goals, making MYC a value-driven enterprise in the truest sense.

The Team:

Blake Mischley, CEO, Computer Science, Class of 2025; Jonah Liss, COO, Business Administration, Class of 2025; Kaleb Schmottlach, Computer Engineering, Class of 2025; Jon Millar, Molecular Cellular and Developmental Biology, Class of 2025