Qanda Learning Wizard- Don't let your teacher know this!
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QANDA, an AI-based learning support platform, was developed by Mathpresso Inc., an educational technology business based in Korea. The primary purpose of this application is to facilitate the connection between tutors and students. The tutors assist the students in solving exercises, and the app stores these exercise questions for other students to use as reference. The system use optical character recognition technology to analyze mathematical problems and deliver solutions in a sequential manner.
Jongheun Lee, one of the co-founders, conceived the idea for QANDA during his freshman year of college. During his tutoring sessions for financial gain, Jongheun came to the realization that the geographical location of a student played a significant role in determining the level of education they received. The disparity between affluent and impoverished households will impact the educational caliber of a pupil. Lee observed a pattern in his high school students' inquiries and deduced that these questions originated from specific textbooks that were already being utilized in schools.
JongHeun subsequently made the decision to form a partnership with his former classmate, Yongjae Lee, with the aim of creating a digital platform. This platform would enable students to ask questions and receive answers by utilizing a mobile application to scan and submit their inquiries. Elaborate vocabulary.
Progress in raising capital and notable accomplishments
Mathpresso, Inc. was founded in Seoul, Korea in June 2015. Since its establishment, it has secured Series C funding from notable investors including Google, Yellowdog, GGV Capital, Goodwater Capital, KDB, and SKS Private Equity. SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment have also participated in the funding.
Mathpresso introduced its inaugural product, QANDA, in January 2016. In 2017, QANDA implemented artificial intelligence (AI) powered search functionalities that enable users to swiftly locate answers within a matter of seconds.
In June 2021, QANDA secured $50 million in series C investment. QANDA secured a strategic investment from Google in November 2021. In 2021, QANDA has achieved the top position in education rankings in 20 nations, such as Japan, Vietnam, Indonesia, and Thailand. QANDA has also developed international operations in Thailand and Indonesia.
Mathpresso launched Qanda in Vietnam in November 2019. Since its inception, QANDA has steadily gained popularity as a prominent educational program in our nation, amassing a user base of 5.8 million individuals. Notably, 86% of students nationwide who possess smartphones utilize this app. Qanda is highly proficient in mathematics and has extensive knowledge in the field of educational technology.
As of March 2022, QANDA has successfully addressed over 3.8 billion requests. QANDA boasts a grand total of 56 million registered members and has a monthly active user base (MAU) of 13 million across 50 different countries. Presently, the corporation has a workforce of between 201-500 individuals at its headquarters in Seoul, Korea. Last year, the app was introduced in other regions such as Japan, Vietnam, Indonesia, and Singapore. Currently, it has gained users from over 50 nations. The software now offers support for 7 languages: Korean, English, Spanish, Japanese, Vietnamese, Indonesian, and Thai.
Business Model
Qanda is a worldwide educational assistance platform, as previously said. An advantage of this program is that when a student pays a price to post a question for a tutor to explain, the question will be saved on the web and displayed to future users who search for the same question. Essentially, each question will only require one person to ask it, at a fee to that person, and then all other users will receive the response without any charge. Consequently, the majority of students simply have to use the application and scan the question, after which the application will present the solution along with relevant responses.
Why is it that, despite the abundance of exercises covering a wide range of topics, from natural sciences to social sciences, the likelihood of seeing duplicate questions is extremely low?
This can be attributed to the fact that the present activities and exam study questions for middle and high school programs are identical. General knowledge relies on outdated sources and texts, resulting in a potential discrepancy between the questions and the current information available. Successive cohorts of pupils have undergone similar examinations, with the exception of competitions where professors modify the numerical values and subject matter. Consequently, shortly after the app was released, there was a substantial quantity of tutors and pupils. Currently, Qanda provides a comprehensive collection of questions found in textbooks, workbooks, and exam review materials. Students without resources can access the answer without the need for additional lessons or financial expenditure on tutoring.
Who will constitute Qanda's customer base for paid inquiries? Is it accurate that a student will be charged a fee of 6-7,000 VND for a single exercise question when using a bank card as payment? The individuals who bear the financial burden for Qanda are the parents, rather than the students. Qanda caters to students' demand for homework assistance when they encounter problems they are unable to solve on their own and their parents are unable to explain. It provides a platform for individualized problem-solving with online tutors. Undoubtedly, the Qanda app is the definitive solution. Investing in a product that provides pupils with precise, prompt, and reliable solutions at any location is a necessity that parents will readily pay for.
Curiosity will arise as to why pupils refrain from seeking guidance from both their teachers at school and private tutors. Qanda has addressed the requirement for students to complete homework assignments outside of class. Undoubtedly, one approach is to inquire with teachers at school or in class for more homework. Qanda offers an additional way to assist pupils.
Qanda utilizes AI-powered OCR (optical character recognition) technology to analyze and interpret mathematical issues. Utilizing extensive solution data and a proprietary search engine, QANDA is able to efficiently search and deliver highly accurate solutions to students with the assistance of a team of tutor collaborators. Users inquire about subject workouts (available at no cost) on the Qanda app by capturing an image of the question or selecting a question from the existing photo collection, thus saving time by avoiding the need to manually retype the query. Furthermore, students have the option to engage in one-on-one interactions with tutors (for a price) by submitting questions through tags. They are also granted the freedom to select their preferred teachers or tutors to address their inquiries. Qanda offers supplementary features such as virtual computers for students to solve mathematical problems, a study timer, text translation, and a chat zone.
Qanda generates revenue through two primary channels: one is by displaying advertisements in the form of banners and videos within the app. The second method involves taking commissions from the funds that students deposit for instructors to provide answers to their inquiries. All Qanda transactions are conducted using coins. Utilize Qanda currency to inquire, respond, and engage in a question-and-answer format. Students can purchase coins at the following rates: 6000 coins for 42,000 VND (for 3 questions) or 22,000 coins for 169,000 VND (for 10 questions). Alternatively, they have the option to upgrade to limitless questions. Therefore, a student's bundle containing 1,000 Qanda coins has an approximate value of 6,300-7,000 VND. Nevertheless, when remunerating the tutor with money in exchange for the answer, the tutor only receives coins at a reduced conversion rate of 1,000 coins = 4,000 VND. Tutors are only able to make withdrawals from their coin account once it has accumulated a minimum of 100,000 coins. Additionally, withdrawals can only be made in increments of 50,000 coins, which is equivalent to 200,000 VND. On average, a tutor receives a payment of 2,000 coins per problem, which is equivalent to 8,000 VND. Therefore, the instructor must complete 25 problems in order to reach the minimum withdrawal amount. It is important to mention that the cost of converting coins to cash through withdrawal is quite high. The fee is computed using the following formula: withdrawal fee = 2.7 times the value of 1 dollar converted to VND plus 0.6 percent of the withdrawal value. As an illustration, if an instructor wishes to withdraw 400,000 coins (equal to 1,600,000 VND), they will incur a withdrawal fee of 70k. The disbursement will occur weekly on Wednesdays and will be transferred to the tutor's designated bank account. Qanda will deduct 30% of the tutor's commission and 0.6% of the tutor's withdrawal fee. The $2.7x is the charge for converting coins to Vietnamese Dong (VND). It is imperative for customers to have a clear understanding that the coin's expiration date is set at 30 days. If the coin is not utilized or withdrawn, it will vanish after a period of 30 days, implying that it will not be returned to Qanda's team.
Given the concerns of students and parents over the quality of Qanda tutors' homework answers, it is crucial to understand how Qanda manages and oversees its team of collaborators. Initially, throughout the process of evaluating tutor profiles, those seeking to register as tutors must be enrolled as students in universities that are associated with Qanda. Upon the completion of a 24-hour waiting period, the tutor will select the grade and subject in order to engage in addressing the student's inquiries. As you answer more questions, the tutor's rank will progressively increase and they will earn more coins. More precisely, instructors who actively engage in problem-solving activities will be assessed by students and promoted from the Rookie level to B, A, S, or S+. Upon reaching level S+, the tutor will be awarded 250 coins for every solution. The tutor's grade is determined by the student's rating (ranging from 1 to 5 stars), rather than the number of questions the tutor has answered. Qanda also has this weakness. Tutors' reputation ratings are solely determined by student feedback, which might be slightly detrimental for tutors. It is unavoidable that a student may provide an inaccurate or biased evaluation of the tutor, such as purposefully giving a low rating. This can have a negative impact on the tutor's future job prospects. While tutors do have the option to voice their concerns to Qanda's support system, experienced tutors who have been with Qanda for over a year have found that complaining can be a lengthy process and may not always yield the desired results. In addition, it should be noted that if a student reports a tutor in an unjustifiable manner, the tutor's account will be suspended for a period of 2 weeks to 1 month. If the account is blocked on more than three occasions, the tutor will be permanently "dismissed". Thus, Qanda ought to implement a more impartial approach for managing and evaluating tutors.
Once the student submits a question, the tutor must pay a fee to access and resolve the question within a specified timeframe. If the issue is not resolved within the specified period, an extra payment must be made. Once the answer is published, the tutor The teacher will receive payment in the appropriate denomination and have their deposit returned (each question is valued at approximately 450-5000 coins, equivalent to 2,000-16,000 VND). When responding to inquiries, the tutor is obligated to adhere to specific criteria. These include providing a handwritten or typed response on a white backdrop, utilizing a legible font, ensuring the solution photograph is of high quality, and presenting a comprehensive and original explanation. If the tutor violates any of the aforementioned rules, there is a strong likelihood that the student will file a report, resulting in the suspension of the tutor's account by Qanda administration. This suspension entails a temporary lock on the account, prohibiting the tutor from answering questions and withdrawing coins. In the event that the infringement is repeated on more than four occasions, the tutor's account will be permanently deactivated and all accumulated coins would be forfeited. Tutors may also fear receiving a 1-star rating if they do not report the issue. Qanda allows users to select tutors to ask questions. If a tutor has a poor rating, they will not be able to accumulate a significant number of coins. Tutors must solve exercises accurately and thoroughly for pupils in order to maintain their reputation and avoid financial loss.
The requirement for tutors to make a deposit in order to access and solve problems within a specific time frame (10 minutes) may be implemented by Qanda to guarantee a prompt problem-solving rate for students. Qanda aims to leverage its speedy problem-solving capabilities as a key feature of the app in order to attract a larger student user base, in addition to providing prospects for financial gain.
Qanda achieved a significant milestone within 2 weeks of its launch in Vietnam by attaining the top position on the CH play app store. Currently, it boasts a user base of over 5 million. What facilitated Qanda in accomplishing that?
The initial consideration is the optimal timing for the launch. In March 2019, Qanda was introduced, coinciding with the period when students were diligently preparing for their semester examinations and studying intensively for university admission tests. Qanda shown foresight by launching the program under the captivating headline 'QANDA - Solve Math Correctly in 5 Seconds'. Qanda's efficient math solutions are a result of its advanced technological platform, which utilizes AI recognition technology and enforces tight terms and regulations with problem-solving collaborators. Furthermore, upon its inception, Qanda can be regarded as one of the pioneering AI learning help programs for students, alongside Solvee and Socratic, which both commenced around the same time. Released in late 2019. Qanda addresses the issue of part-time employment for students while also fulfilling students' educational requirements. Moreover, during the late 2019 and early 2020, the COVID-19 epidemic led to a surge in the need for online learning and exam preparation, resulting in a significant growth in the user base of this program. The application's strong point lies in its ability to optimize the User Interface (UI), which effectively attracts users.
As previously stated, QANDA has successfully resolved over 3.8 billion inquiries in the span of three years, which, assuming each question is worth 2,000 VND, amounts to a revenue of 388 million USD (equivalent to 9,000 billion VND) solely from answering questions, not including income from advertising and other services. Mathpresso has achieved an excellent first investment of 105 million USD.
Today, Qanda not only has to prioritize the system for managing conflicts between students and instructors, but also allocate more resources towards enhancing its technology. Increasingly, learning applications such as Qanda are emerging, incorporating advanced technology to offer users a favorable experience at a minimal cost. Thus, Qanda must engage in intense competition within the thriving educational app sector.
The Negative Aspects of Q&A:
Undoubtedly, this notion holds great potential for enhancing educational efficacy among pupils in the digital technology era. Nevertheless, technology also entails numerous hazards. This evokes the image of the superhero Wanda from the Marvel universe. Wanda, although possessing strength and kindness as a witch, is burdened and misuses her power due to her own subconscious influences. Qanda remains unchanged in this case. Application Qanda is familiar to students of all academic levels. With its effortless installation, cost-free usage, uncomplicated operation, and immediate responses, virtually every pupil is familiar with its functionality. The situation becomes problematic when students misuse the app by mindlessly copying answers, resulting in rote learning, frustration, and a lack of critical thinking. This gradually fosters negative habits among pupils. Millennials.
Undeniably, we are unable to prohibit our children from using artificial intelligence technology for educational purposes. Therefore, the pressing concern for the industry lies in finding a harmonious equilibrium between implementing technology and mitigating potential threats.
Qanda Study is a subsidiary of Qanda that was established in early 2021. Its main objective is to offer both online and offline lessons in Qanda Study facilities, as well as livestream courses on the QANDA Class platform for online learning. This company is presently engaged in exploring and advocating for the utilization of technology to individualize the process of learning.
