This year, Malaysia-based edutech startup ReSkills celebrated its fourth anniversary and made strides towards its long-term goals: Announcing a plan to pursue a NASDAQ listing. This strategic move underscores ReSkills’ commitment to global scaling and adherence to the rigorous standards of international markets.
“The founding team is focused on building ReSkills into a leading unicorn startup in Malaysia, with no immediate plans for an exit. However, we are planning a NASDAQ listing as a key exit strategy to provide our angel investors—who have supported us from the beginning—with a clear and effective route to realise their returns,” explains founder Jin Tan in an email interview with e27.
“Looking beyond the initial exit, our long-term vision is to continue growing and to position ReSkills as a prominent player in the edutech industry. Our goal is to strive towards achieving decacorn status, reflecting a company valued at over US$10 billion. We are committed to maintaining our growth trajectory and reinforcing our leadership position in the market, ensuring that we remain at the forefront of educational innovation well beyond our initial exit.”
As ReSkills moves forward with its plan, Jin Tan reflects upon the early days of the startup and the differences in how they are running it today.
“In our early days, ReSkills focused on setting up our platform and managing operations with a small, agile team. Now, as a growth-stage startup, we have had to scale our systems and processes to support a larger user base. This includes improving our technology, refining our strategic planning, and expanding our team,” Jin Tan explains.
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“We have shifted from handling every detail ourselves to developing more structured processes and specialised roles. While our commitment to providing affordable, high-quality education remains the same, our approach to growth involves careful planning, enhanced customer support, and ongoing innovation to meet the evolving needs of our learners.”
Making education more accessible
Jin Tan’s passion for advancing entrepreneurship and economic growth in Malaysia and his 13 years of experience as a technopreneur, CEO, and venture capitalist inspired him to found ReSkills in 2020.
The online educational platform aims to make comprehensive learning solutions accessible and affordable worldwide, focusing on Professional Growth, Career Development, and Entrepreneurship. Under his leadership, ReSkills has consistently provided learners globally with convenient access to top-tier courses tailored to their needs and career aspirations.
ReSkills is implementing several business models, including a subscription-based model, B2B and institutional partnerships, content licensing, and white-label solutions.
ReSkills operates on a subscription-based model, offering users access to a vast library of live and recorded classes for just US$1 per month, making education affordable and accessible to a broader audience. By focusing on high volume and low margin, they aim to acquire a large global user base while generating substantial revenue through scale.
ReSkills also partners with businesses for corporate training solutions and collaborates with educational institutions to integrate their platform into existing curricula, enhancing revenue and brand visibility. Additionally, they license content to other platforms and offer white-label solutions, creating additional revenue streams and expanding their market reach.
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Partnerships play a key role in the company’s user acquisition strategy. “We have established strategic partnerships with educational institutions, corporations, and government bodies, locally and internationally. These partnerships not only help in acquiring users but also in enhancing the credibility of our platform.”
Apart from that, ReSkills also implement targeted marketing campaigns and referral programmes, to name a few.
“We utilise data-driven marketing strategies to target specific demographics, ensuring that our outreach is both effective and efficient. Our campaigns are tailored to resonate with the needs and aspirations of our potential users,” Jin Tan explains.
“Word-of-mouth remains a powerful tool in our acquisition strategy. We incentivise current users to refer new members by offering referral rewards, discounts and exclusive content, creating a community-driven growth model.”
A future with AI
When asked about some of the company’s upcoming plans, Jin Tan mentioned ReSkills’s commitment to implementing AI technology into its products and services.
“At our June 2024 celebration, we proudly announced our commitment to AI technology, focusing on real-time verbal translation and lip-syncing. This advancement will help ReSkills break down language barriers and make our platform more accessible to a global audience,” he says.
The company’s plan to integrate AI across its platform enhances the learning experience by personalising learning paths, offering customised course recommendations, and adapting content based on user interactions.
According to Jin Tan, AI will also enable dynamic course content creation, ensuring relevance and engagement, while intelligent tutoring tools provide real-time assistance. Additionally, the technology will foster enhanced engagement through interactive, immersive experiences, including virtual simulations and gamified elements.
“We introduced AI-driven features to our platform, significantly improving user experience and learning outcomes. These innovations have positioned ReSkills as a frontrunner in the edutech industry, offering personalised learning pathways that cater to individual needs.”
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Image Credit: ReSkills
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