Helping Higher Education Improve Its Business Model
Each month the James J. Hill Center interviews 1 Million Cup presenters for the Startup Showcase feature in the Pioneer Press. Recently we connected with presenter Vikas Mehrotra. See interview as seen in the Pioneer Press Startup Showcase originally posted on April 21, 2017.
Each year, $30 billion are spent on incoming freshmen scholarships in our country. However, research indicates that several educational institutions are struggling financially and student success is questionable. Student loans continue to increase, and degree attainment rates for 4-year college are around 34 percent.
Far too many educational institutions are on probation or at risk of losing their accreditation. The loss of accreditation is a serious issue for students, institutions and the community. Senior leaders and their respective board members are under tremendous pressure because of an enrollment crisis in higher education. The business case for a quick turnaround is clear. There is a need for comprehensive end-to-end enrollment strategy and data-driven decision making to improve the business health of our universities and institutions.
MANBOAT enhances student success and increases net tuition revenue for institutions. It is an essential tool to close the college attainment rates as the demand and need for skilled talent grows higher than ever before.
Name of company: Virtue Analytics LLC
Website: www.virtueanalytics.com | www.manboat.com
Business Start Date: 2013
Number of Employees: Our team size varies from project to project and consists of full-time and part-time consultants.
Name: Vikas Mehrotra
City you live in: Woodbury
College attended: Massachusetts Institute of Technology and University of Wisconsin-Madison
Q. What led to this point?
A. I have two decades of field experience in business, consulting, analytics with an engineering background. My love for math, consulting and entrepreneurship led me to start Virtue Analytics back in 2013. I have a Master’s of Science degree in Industrial Engineering from the University of Wisconsin, Madison and a second Master’s degree in Engineering Logistics from Massachusetts Institute of Technology. Before starting Virtue Analytics, I worked in strategy & operations at Deloitte Consulting and in category management at Supervalu.
Q. What is your business?
A. Virtue Analytics solves critical business problems using advanced analytical techniques and predictive modeling. We are an emerging Midwest EdTech startup headquartered in Woodbury. We are the world’s first applied intelligent and AI enabled, end-to-end platform that allows educational institutions to increase net tuition revenue and improve student success by optimizing scholarship and admission processes and decisions.
We use advanced machine learning techniques and models to solve critical business problems. Our product platform is called MANBOAT. MANBOAT is an acronym for Merit and Need Based Optimization and Allocation Tool. MANBOAT helps optimize enrollment decisions and improves student outcome. Using our product institutions are able to minimize cost over-runs and reduce student withdrawals.
Q. Where do you go for help when you need it?
A. We rely heavily on our network in the Twin Cities. We recently graduated from the gBeta program and Eric Martell and Adam Choe from Gener8tor were phenomenal. Both 1MC and Gener8tor teams have helped us strengthen our local network immensely. We are also fortunate to have a strong team of advisers who believed in us right from the beginning and have continued to support us through our journey.
Q. What is the origin of the business?
A. A few years ago, I obtained an opportunity to work with an education institution. We were contracted to build predictive models to help their business. While working on the problem, I realized that the enrollment challenge is much bigger and decided to pivot the company from consulting to developing software to solve this challenging problem. We developed a prototype product and shared it with several industry leaders, receiving excellent feedback that gave us enormous confidence. We realized there is a marketplace for our product MANBOAT and went on to build the platform.
Q. What problems does your business solve?
A. The more substantial macro issues in higher education give rise to additional micro problems, which significantly impact a college or a university meeting its strategic goals; issues which we help institutions address strategically and mathematically. Each year post-secondary institutions increase tuition fees by 3 to 5 percent but are still struggling as businesses….READ FULL ARTICLE
You can hear from startups like this one each Wednesday, 9-10 a.m. at the James J. Hill Center during 1 Million Cups St. Paul. The James J. Hill Center is a nonprofit in downtown St. Paul that provides access to business research, educational programming and a place to work. The Hill is open to the public 8AM – 4PM, Monday-Thursday. To keep updated on what startup is presenting next or to apply to present, visit www.jjhill.org.