Opportunity Belief

1)      I believe that an opportunity for providing higher education for a more cost-effective and reasonable price exists.

2)      Currently thousands of students with the ability, but without substantial financial backing, find the idea of paying of thousands off in student loans to attend a good institution for college or grad school so daunting, that they often back out and opt for non-traditional training. This group of underserved youth is ever-expanding as college tuition, especially for the ivy-league and other prestigious institutions, is getting ridiculous. In some cases, tuition topples $80,000 a year, an amount that is insurmountable for most people. The unmet need for students who have great grades and ability, but cannot afford a college education is significant. Students between 17-25 are all effected by this unmet need, as a college education is not enough. Many entry level positions for competitive jobs require years of experience and some sort of technical training post-grad. Not only do students have to worry about paying off college loans, but for the majority of cases they also have to worry about grad school. These astronomical prices for education have not existed to this extent. In the past, it was normal for people to make a decent living whether they attended college or not. Nowadays a college and grad school education is almost always required for any entry level job that also pays well. In addition, college and post-grad tuition was nearly 1/3 of what it is now, especially for private institutions. In order to mitigate this crisis, many public institutions have remained staunch in their beliefs and have been able to keep tuition down as well as maximize educational opportunities. In addition, private colleges like NYU have been making strides like making medical school free, in order to meet the shortage of doctors. While these efforts help alleviate the problem, this unmet need for quality education is definitely very prevalent throughout the country. So an opportunity to provide quality education at a reasonable price for college and post-grad, in places that don’t have public funding could be crucial for millions of students.

3)      Nidhi Kavi (Medical Student at Mount Sinai in New York)

4)      What is the exact nature of the need?

The need to provide a more cost-effective education for undergrad and post-grad is necessary. Although I went to Stony Brook a SUNY University, I still had to take out loans because I had no financial backing from my family. As a first generation college student who did well in HS I received some grants and loans, but it was nowhere near the amount I needed for school, or living in Long Island. It certainly wasn’t enough for medical school. I was so proud of the day I got accepted into Mt. Sinai, but the cost of attendance and living in New York City has put a tremendous financial burden on me, one that I believe I will be paying for years.

When did you become aware of the need?

I think when I was eating boxed macaroni 4-5 times and week and having no money for gas, was when I realized there was a real problem with the education system. There is such a shortage of physicians and I believe the primary reason why is how much money it takes to become one.

How are you currently addressing the need?

I hope when I finally become a doctor to sell old books, and even offer training at a much more affordable price then what is going on now. In terms of my own situation, I work as a tutor on the side to help pay off my loans and am focusing on my end goal. A lot of my loans won’t kick in until I am out of medical school, so I will have time to pay them off. Even though it will take me years, I have already worked so hard, I definitely want to continue to study and become a doctor.

Are you satisfied with this solution?

I think more people need to start offering post-grad training for a reuced price compared to bigger institutions. This training needs to consist of both academic and hands-on opportunities in order to motivate students to actually be able to pursue their dreams.

5)      After interviewing someone who was aware of this unmet need and wished she had had an opportunity to complete her studies in a more cost-effective manner, I definitely felt as though this was a valiant cause. To open affordable technical and educational training for a range of different professions across the country, publically funded and prioritized over private institutions by investors and the government could provide a breakthrough in education. After interviewing Nidhi, I was surprised to hear about her alternative approach to education. While she appreciated the well-rounded education she received, she wished that she could’ve gone from high school straight to learning about and focusing on what she wanted to do in the future. Although taking alternative classes in college had an intended purpose, they also had repercussions such as a lot of extra money and time. So maybe the answer is to open more 2 year programs focusing on a particular discipline, so that an individual can learn what they need to for their field right out of HS and not spend what they would for a full 4 years of college.

6) Aditya Dave (Junior at Carnegie Mellon)

     What is the exact nature of the need?

I believe we need more affordable education, especially for STEM majors who are most likely going to have to pursue further training after college. Although, my parents are helping me out with fees, a lot of my friends have loans that are only going to keep racking up once they go to grad school.

When did you become aware of the need?

Initially when I began applying to colleges in high school, I was shocked to find out that the average for many top universities was at least $70,000 per year. I knew a lot of my friends who had the same, or even better, scores but opted for SUNY colleges because they just couldn’t afford private education. Although I do get why there is such a large discrepancy between private and public schools, $70,000 per year is insane and something definitely needs to be done to lower the cost of education.

How are you currently addressing this need?

As a student right now I can’t do much in terms of changing the system, but I’ll definitely be more inclined to vote for politicians and public figures that support the initiative of a more affordable education for all.

How satisfied are you with this solution?

I know change is going to take some time, but I we have to keep trying. As I said, my parents are helping me out for undergrad, but I know I’m going to be in the same hole as my friends when I go to grad school for a masters.

Reflection:

After talking with someone who currently attends a private college, I am appreciative of the public education I’m receiving at UF. I’m getting a great education, while paying 1/5^th of his tuition. Despite this, there are many people across the country that don’t have access to or don’t qualify to attend these public institutions. There are only a few states that have top public universities, and to get in-state tuition an individual must be from that state. In addition, schools like UNC-Chapel Hill grant nearly 80% of their seats to an incoming freshman class from NC. So, while I do believe that there are systems in place for a high quality and affordable education, there needs to be more and they need to be made more accessible. When speaking with Aditya, I was surprised to hear just how much his parents needed to help him. He even said with a full time job, he couldn’t even cover his cost-of-living. After both my interviews, I realized that this is a serious issue that could be a big opportunity for investors in the future.

6)      Ishani Dave (Senior at Irvington High School, New York)

What is the exact nature of the need?

I really think providing more affordable education is key for the progress of the country. Many kids like me are going to college, and hope to become professionals in a field, but don’t believe they’ll ever get there because the price is so steep. I want to be a dentist like my mom; however, in my area, unless I attend a SUNY school for undergrad and post-grad, every other option will cost me close to $80,000 per year. I have applied for scholarships, but I doubt they will be substantial enough to let me attend a private college. Although private school is not significant for undergrad, going to Cornell for dental school, rather than SUNY Oswego definitely makes a difference in terms of opportunities and pay after graduation.

When did you become aware of this need?

I became aware of this need when filling out my applications for college. As I started going through my list, I began to realize that a lot of the schools I wanted to attend were just impossible to pay for. For instance, if I was to go to NYU, which has one of the best dental schools in the country, after 8 years I would end up paying over $600,000.

How are you currently addressing this need?

I think it would be wiser for me and my family, if I attended a SUNY college for undergrad and looked for private or good public schools for dental school. In this way, at least I would save some money in undergrad and then only have to take on serious loans for dental school.

How satisfied are you with this solution?

I’m happy with wherever I end up for college, but definitely wished there were more opportunities to attend a good undergrad school besides shelling out thousands of dollars. Even when a lot of people begin working, their first few years are solely consumed to paying off student loans and sustaining themselves. There definitely needs to be a change in the system.

Reflection:

Following my interview, with someone currently applying to college, I completely understand her concerns because I thought the same thing a couple years ago. When you work so hard in high school and a lot of your friends start attending ivy-league and other private schools in the northeast, you think this is where you should go as well. Being from New York, a lot of good public schools are far from home and even if you choose to attend good public colleges like UF, you would be considered out-of-state and have to pay nearly as much as a private education. After talking with Ishani I was surprised to hear the amount she would have to pay if she went to NYU for undergrad and dental school. It only reconfirmed my belief that an opportunity exists for a more affordable education system.

7)  My opportunity belief definitely changed between the outset and after my customer interactions. Initially, I thought creating more publically funded, high-quality, education systems that were accessible to the majority was the way to go moving forward. However, upon reflection creating this amount of change could take decades and lobbying from politicians and investors. Not only would there be no guarantee that this could be accomplished, but it was cause the problem at hand-(astronomical prices for college and post-grad education)-to remain for years to come. An alternative approach to this issue could be to create 2 year vocational schools, like other countries. A lot of college is taking general education requirements and other classes that may not having anything to do with what you want to do going forward. Establishing schools that will train you for grad school in a 2 year format, by solely focusing on your interests will mean less time and money spent. This may make education more affordable for the majority of people and opening this line of vocational training could be a great opportunity for any investor. Although, this too would take some time, I feel as though it is a more achievable goal then opening more public institutions across the country. After evaluation, I do think my new opportunity is more accurate then when I started. I believe that entrepreneurs should adapt their opportunities based on customer feedback if it makes socio-economic sense. If the general consensus is an adapted view of what you pitched, you should definitely modify your product. This is because the customers are who are going to endorse it and purchase your product in the future, so listening to their opinions is crucial. A tradeoff does exist between staying firm and adapting your views, but you must identify which option will make more socio-economic sense in the long run.