Meatball in a million

The flow of investment is largely immune to fashion. Funding of educational Internet services are no longer as popular as a few years ago. Salman Khan, the founder of a makeshift library of video tutorials free khanacademy.org, vending, even Bill Gates did not make a project and its funding by sponsors. However, the creators managed to combine LinguaLeo multiple elements to create a mechanism for monetization so attractive for the user, and for the investor, recently rated the project a $ 1 million Food for language and mind. Founder LinguaLeo Aynur Abdulnasyrov in 26 years gives the impression of a mature man, on the clarity and consistency of thought - an explicit "techie". After school, he almost went to MIPT, though in the end still chose the HSE. LinguaLeo for it is not the first project: he began with the "Club of speakers» nativespeakers.ru in the business incubator of the HSE, then with a partner launched a project commissioned by the artists for weddings and parties treda.ru. There was also a very bad project professorsclub.ru - an attempt to provide additional employment for college professors. About the latter idea Aynur Abdulnasyrov recalls with a smile, though, but grudgingly - considers design stupidity. "The idea LinguaLeo - then I have called the project LingvoMania - appeared in the second year of work on the" Club of the native speakers', but it seemed too ambitious, "- says Abdulnasyrov. But once the creator of a business incubator HSE Dmitry Repin accidentally introduced him to Alexei Ishchenko - known expert on strategic development, a kind of unique, graduated from eight well-known business schools. A conversation with the Guru proved effective: The new project was launched in three weeks. The mechanism of monetization - not less important component of the project than the idea itself. Aynur Abdulnasyrov initially decided to use the model freemium, when most of the functionality available to users free of charge, but must pay for the use of all resources without restrictions and additional features. However, the transition between the use of free and paid - a painful process, and not to lose customers to it must be approached delicately. Therefore, building a model of the original payment, the creators of the project began its more fine-tuning. Was chosen as "democratic" approach - actively used "help room" so that users themselves have helped create a friendly and fair in their eyes a model of payment. In addition to the recommendations of the users of the resource itself, to find the most successful format of the monetization of the service involved as the visitors profile forums. From the outset, in order to facilitate the parting with the money, receiving payment for their help in learning English was implemented in the form of a game. The symbol of the project, the lion, Leo brings to mind the Tamagotchi, and other Pokemon before you continue training, eating "meatballs." Refreshed, he went to "the jungle" to study media content in English, which are chosen by the user. Each "meatball" - an opportunity to teach you, a new word. Every day, users get 10 "meatballs" for free, but the farther they have to pay. The cost of a "meatball" varies from 75 to 38 cents if you buy in bulk. This model came in an evolutionary way - by changing the mechanics, the share price and the service for free. However, according to Ainura, business in virtual semi already producing about 90 thousand rubles a month, which is sold at a minimum of four thousand meals per day. If sales growth continues, six months later the founder of the service plans to reach the breakeven point, earning about 500 thousand rubles a month. Games component payment mechanism, tracking progress and self-selected content to study done project attractive to users, although they are sometimes criticized for being a lion, in exchange for a fee "meatballs," he gives them is not quite correct translation, using the engine free from Google. But for investors, other factors are important. "Draw on three things: the potential of ideas and market potential of the team and the adequacy of the business model and strategy, - said Aynur Abdulnasyrov. - In our case, the investor brought the quality of the implementation of a beta version and a clear understanding of the development strategy of the project. " Sharply. The project started nicely: typed in the Russian team took off for home on the coast of the Thai island of Koh Chang. The main advantages of this approach - the team focus on the goal, constant communication in the team, the absence of stimuli - traffic jams, calls, domestic trouble, says the creator of the project. The downside was that really cut off from opportunities available in the metropolis, but in the initial phase of the project is not so important, he said. We planned to attract investment from major Russian IT-companies, but the months of waiting and did not lead to anything, and the project arose from a lack of funds. "Many of the planners want to buy start-ups at a price calculated on the current sales, but not by DCF (discounted cash flow model allows the present value of future income from the business -" F. "), as is customary among venture capitalists and even the business angels "- said Aynur Abdulnasyrov. When negotiations reached an impasse, he proposed a strategy to buy without a team project, which is also followed by a refusal. The money ran out, and had to leave the resort. The project was actually frozen: working beta, enough money to support the site and service users. Back in Moscow, the founder of the project took an important strategic decision: to find an investor, he began to walk at all startaperskie "party." "Our conversation began quite abruptly: I previously was not a very pleasant experience and a long fruitless dialogue with the" Strategy ", so I began without ceremony by asking whether they had money, if they're willing to invest if the project is worthy and not Whether just decided to talk on an interesting topic, "- says the victory of the Ainur Abdulnasyrov. Seriousness of intent has been confirmed, and after two hours was a statement of broad agreement. Three days later, the final terms have been fixed. They assumed investment in exchange for a stake in the project and the option to sell an additional package, but not to control, at the end of 2012 under a fixed multiplier. In general, the strategic plan have been fixed targets of the project. Also, according to Ainura Abdulnasyrova, 8% stake in the project are reserved for options to further develop the participants. The total investment amounted to about 6 million rubles-lei - though in the same amount includes "presowing 'costs of equity founders of the project. In addition, LinguaLeo a place at the Technopark "Strogino" where shortly before, and became acquainted with the investor. Sold the share is not disclosed, but it is not difficult to imagine when you consider that the whole project has been assessed, as the Ainur Abdulnasyrov, a $ 1 million, however, received even more than one hundred thousand dollars - not bad for a stagnant market for educational projects.