Blog Prompt #1
Develop a detailed income statement for your venture for two years (at six month intervals). Explicitly state the assumptions that underlie your financial model
Income Statement → service provided: providing the educational games/apps (not the headset or hardware)
- Revenue:
- Licensing fee every time a teacher/ educator downloads the game or app
- Less than a cup of coffee $3.50, one time member download cost of $2.99
- Costs of goods sold:
- Purchase of minimum required equipment for the development (e.g., 1 VR-ready/gaming computer, 1 Oculus Rift, 1 Oculus GO) [approximate total = $3,000 ] one time cost
- Salary of employees directly involved in developing process (e.g., VR game developer, instructional designer)
- Percent commission charged by Oculus store or other partnership platform for selling or distributing the game through them
- Overheads:
- Game engine costs for designing the game (ex. Unity software cost if make over 100k a year) → updates?
- Marketing & sales costs
- Utilities
| Projected for 1 partner: having 10 Oculus GO VR headsets for implementation | |||||||||
| Venture Stage | Number of Downloads | Scheduled
Sessions (happening in LGNC’s yearly 8 public edu events) |
Donations/ Grants |
Revenue
# downloads * cost/app purchase |
CoGS | Overhead | Total Profit | ||
| P
H A S E 1 |
Y
E A R 1 |
6 months | 0 | 0 | $3000 | $3000 | $0 | ||
| 12 months | 10
(beta access) |
8 | $1000 | $0 | $0 | ||||
| Conservative Projection of consumers at-large from the Oculus Store as a result of the Field Testing Research Stage | |||||||||
| Number of Downloads
(projected) |
Scheduled
Sessions |
Donations/ Grants |
Revenue
# downloads * cost/app purchase |
CoGS | Overhead | Total Profit | |||
| P
H A S E 2 |
Y
E A R 2 |
18 months | 30 | 24 | $500 | $89.70 | $31.40 | $0 | $58.30 |
| 24 months | 50 | 150 | $0 | $149.50 | $52.33 | $0 | $97.17 | ||
- 6 months
- Lehigh Valley Watershed (LVW) will continue to build relationships with external organizations
- LVW will rely on donations and personal funding from the PI and Lehigh
- One time costs for equipment
- 12 months
- Partnerships cover working overhead costs
- Gather marketing & customer interest data through sessions with partnerships (not charged)
- LVW will continue to rely on personal funding/donation to carry out these activities
- 18 months
- Continue working with partnerships, market via publishings & communication channels built in Year 1
- Begin implementing on public platforms
- ~35% commission + tax from Oculus store
- 24 months
- Continue monitoring downloads of app/game, examine profits & work on marketing (outside of partnerships)
- Transition completely away from personal funding
Work Plan
Table 2. iVR game design, development and implementation timeline
| Y1 (Aug 20 – July 21) | Y2 (Aug 21 – July 22) | Y3 (Aug 22 – July 23) | Y4 (Aug 23 – July 24) | Y5 (Aug 24 – July 25) | |
| Design and Development | iVR1, | ||||
| Prototype Testing | iVR1 (LGNC) |
||||
| Pilot Testing
(building capacity) |
iVR1 (LGNC)
(professional development with staff) |
||||
| Field Testing | iVR1 (LGNC) | ||||
| Libraries and all sites | iVR1
1 informal STEM centers 1 public libraries |
iVR1, iVR2, iVR3 | iVR1, iVR2, iVR3, iVR4, iVR5 |
Note: Site locations are in parentheses
Blog Prompt #2
Identify two SPECIFIC funding sources for the design phase of your project and two SPECIFIC funding sources for the dissemination (implementation/distribution/commercialization) phase of your project. For each funding source, explain why this is a good fit for your project and what SPECIFIC aspect of your project might the funding source support.
Design Phase (Planning, Research, Prototype-building)→
Funding source #1 Lehigh University Office of Creative Inquiry
Why is it a good fit for our project?
This is a key partnership and the office that our project is working out of and building from the initial idea. The goal of the Office and our project aligns with creating impact locally and globally. Because this is a strong connection that we are already collaborating with, it is a primary funding source for our research stage.
Specific aspect this funding source might support:
This funding source will support the actual design of our project product (i.e. the game) and implement the beta testing; it covers part of the costs of the necessary equipment and software. It may also fund the rental of media equipment to capture the local geography(content) of the Lehigh Watershed.
Funding source #2 Principal Investigator’s personal funds
Why is it a good fit for our project?
This is an initial source of funding for our project at our current stage. However, it is not a planned long term source of funding as it is not sustainable for the venture. Our project of iVR1 is in the process of being completed and the externalities not covered by other funding is covered personally.
Specific aspect this funding source might support:
This funding covers the costs of renting professional camera equipment to take 360 degree HD media of the content needed for the design of the game and covers other unexpected quality control issues.
Dissemination Phase (Implementation, Distribution, Commercialization)→
Funding source #1 National Science Foundation (NSF) AISL (Advancing Informal STEM Learning)
Why is it a good fit for our project?
Our project addresses the target guidelines that this grant program supports; we are working with multiple local STEM centers to create a curriculum for environmental science that is engaging. This program supports the approach that we are taking towards education via cutting edge technology. The following are some excerpts from NSF’s Research on Learning in Formal and Informal Settings (DRL) webpage (https://www.nsf.gov/ehr/drl/about.jsp):
“The Advancing Informal STEM Learning (AISL) program builds on educational research and practice and seeks to increase interest in, engagement with, and understanding of STEM by individuals of all ages and backgrounds through self-directed STEM learning experiences.”
Specific aspect this funding source might support:
The AISL program supports six types of projects. Our venture work is very likely to be funded in the following (1) Pilots and Feasibility Studies, (3) Innovations in Development, and (6) Conferences. This funding allows us to conduct our pilot and field testing after the design and development phase is complete as well as funds toward the end of publishing our work and disseminating the material through large conferences, etc.
Funding source #2 PPL Electric Services Empowering Educators Grants
Why is it a good fit for our project?
In Pennsylvania, PPL participates in the Educational Improvement Tax Credit program, which allows companies to invest in projects that improve education. As an example, PPL’s Empowering Educators grant program provides grants to teachers working to spark an interest in STEM subjects. This is applicable to our project as it is a state based program and our venture focuses on local environmental science and STEM education within the state of Pennsylvania, specifically the Lehigh Valley.
Specific aspect this funding source might support:
This funding might support the cost of buying the equipment such as the iVR headsets for the local STEM centers and public libraries. Also, it may be used to cover transportation costs of the implementation stage with our partners that are based all around the Lehigh Valley since some centers are a large distance away from the university.
PPL’s community involvement regarding volunteer work:
“Employees are generous donors of volunteer time in schools, food banks, youth sports organizations, and many other community settings. PPL encourages employees to volunteer. In fact, the company donates $1,000 to nonprofits if an employee volunteers at least 40 hours in a calendar year. In 2018, employees volunteered more than 20,000 hours.”
As students of a non-profit (Lehigh University), many of us have volunteering work hours in the Lehigh University community. Thus, we might become part of the company’s statistics being receiving $1,000 in donations to support our dissemination stage.
Blog Prompt #3
Identify five specific partnerships that you need to forge to advance your project forward with the ultimate goal of positively impacting at least one million people. Describe exactly how that partnership might help you achieve scale and why that entity might be willing to work with you
Ultimate goal → positively impact at least 1 million people.
Partnership #1 Oculus (from Facebook) https://www.oculus.com
How would it help us achieve scale? Source A
Oculus is an extremely large and far reaching platform to millions of users of cutting edge technology; educators interested in building curriculum utilizing this type of advanced technology and alternative media will be able to conveniently find a model (through our game) to use in their classrooms and spread it through word of mouth of at local school district meetings with other principal educators. School administrations may also learn of it and encourage impact through their open curriculum.
Why would it be willing to work with us?
Oculus receives commission and tax for every purchase made on its platform as well as larger publicity–which in this case will be good press– because it can expand from being an entertainment dominated field to incorporate education as well. This builds up an even larger audience for profit as well as positive impact through supporting alternative learning.
Partnership #2 Immersive Learning Research Network (iLRN) https://immersivelrn.org/
How would it help us achieve scale?
This network connects us to other educators and researchers pursuing similar topics with iVR technology. It has national reach and will help us spread the word of our project through the conferences and publicational podcasts, and etc. that it holds. This can further help to connect us to other partners who may be interested in the same topic we are working on.
Why would it be willing to work with us?
iLRN would be willing to work with us because their goals of creating a larger audience for iVR research connects with our goal of gaining a larger audience for the project. We also hold a membership with the organization.
Partnership #3 Wildlands Conservancy https://www.wildlandspa.org/
How would it help us achieve scale?
They reach many people through their public outreach and youth programs such as the summer camps and eco-tourism activities. If we work with them, we will be able to build a large audience through connecting with visitors to the conservancy in person and advertising the project.
Why would it be willing to work with us?
As a non-profit whose goal is environmental sustainability, the organization would be very willing to work with our project of environmental education with engaging Lehigh Valley residents to interact with their local watershed. This falls in line with their initiatives to build impact on the protection and education of important natural areas and waterways; not to mention, they may receive more interest in STEM education programs through this type of new technology.
Partnership #4 Educators in VR https://educatorsinvr.com/
How would it help us achieve scale? https://educatorsinvr.com/events/international-summit/
“The 2020 Educators in VR International Summit, February 17-22, 2020, was a free, open-to-the public, virtual educational conference featuring 170+ speakers in 150+ events across 5 virtual platforms over 6 days, 24 hours a day. It is considered the largest immersive virtual event of its kind in the world.”
In addition, they run a very active Discord community 24/7.
Why would it be willing to work with us?
Educators in VR is dedicated to providing training programs and workshops for educators, learners, researchers, and anyone interested in creating educational events in VR. The workshops are a combination of free introductory programs and paid workshops. Here are some upcoming social VR examples:
- April 10 – How to Produce a Virtual Conference in AltspaceVR (Free)
- April 14 – Host and Moderator Training 101 in AltspaceVR (Free)
- April 16 – Speaker 101 Training in AltspaceVR (Free)
Partnership #5 PPL Electric Utilities https://www.pplelectric.com/safety-and-community/community-involvement/education.aspx
How would it help us achieve scale?
PPL has a variety of programs to teach electrical safety to children, first responders, contractors and members of the public. In addition, PPL is planning to deliver in-school programming to 100,000 children over five years. As part of PPL’s educational outreach initiatives, including funding STEM school programs, PPL supports high-quality educational opportunities for all students, with a particular emphasis on those in need.
Why would it be willing to work with us?
According to PPL’s core values, their success is tied to the success of the towns and cities they serve. Thus, PPL’s commitment to the local communities may be the reason why they would accept our venture’s partnership proposal.
