The college admissions process is a stressful time for parents and children, and while there is no shortage of services and people offering up their expertise to guide students/parents through it, most of these services come with a big, price tag as evidenced by the recent college admissions scandal that rocked the headlines. An alternative solution to over-priced, college admissions “experts” is MyKlovr, the deep learning college counselor fueled by technology. This platform uses AI and predictive analytics to help students map which colleges to apply to and the platform even offers practical advice on how to pay for it. MyKlovr offers its service directly to employers, which enables companies to provide MyKlovr’s services to employees and their families as an employee benefit. The company is so confident in the ability of its software that it guarantees that students will get into the colleges that are suggested by the platform; if they don’t they are given a money back guarantee that’s underwritten by an insurance company!
AlleyWatch had the pleasure of chatting with CEO and founder Gustavo G. Dolfino to discuss how this edtech platform is using its proprietary technology to level the playing field for college admissions.
Tell us about the product or service that MyKlovr offers.
MyKlovr is the first ever virtual deep learning college counselor. We use predictive analytics, proprietary algorithms, and machine learning, to help students and their parents apply and get admitted to the right college for them. Our algorithms focus on both IQ and EQ.
In addition, if the student does not get admitted into one of the schools in the tier recommended for him/her, we offer a money back guarantee that covers all paid subscriptions. This is made possible through a contractual liability policy issued to us by AXA insurance; the first ever such insurance in the education market, anywhere in the world.
How is MyKlovr different?
MyKlovr is personalized; not a one size fits all solution. We help the student and his/her parents from start to finish; we help them research what college is the best fit for the student, to getting accepted and paying for it.
What market does MyKlovr target and how big is it?
We target the education market. It is $900B worldwide, $80B in the US, and it is growing at 23% year over year.
What is the business model?
Subscription based, predictive recurring revenue, highly scalable, a number of potential exits in the next 3-5 years, no debt, and we own the IP. Essentially, we are data integrators. We distribute via B2B; our product is offered by companies as either an after-tax voluntary benefit – that is not subject to the 30 days per year open enrollment and available for signup 365 per year – or as part of a total rewards benefit strategy. Our product integrates with all available HRMS systems, it’s transparent to users, and provides all the necessary reports and metrics to companies. Additionally, it helps solve a major issuing facing companies today: how to attract and retain talent. The answer is that companies offer our product to their employees, for the benefit of their employees’ families.
What inspired the start of MyKlovr?
The need to level the playing field and make college available and affordable to everyone regardless of socio-economic status.
What are the milestones that you plan to achieve within six months?
Continue to increase distribution and sign up partners that include: benefit marketplaces, PEOs, Benefit Administrators, and Benefit Brokers.
What is the one piece of startup advice that you never got?
Hope is not a strategy.
If you could be put in touch with anyone in the New York community who would it be and why?
Smart money. We have some very high-profile investors, but money for the sake of money is not what we need, and not worth the dilution. We are always on the lookout for strategic partners who can help accelerate our scale.
Why did you launch in New York?
Is there anything going on outside of New York?
What’s your favorite restaurant in the city?
It’s a tough one. I will go with Mr. Chows on 57th.