PCS Edventures Inc. Shareholder Update: EdventuresLab
Tonight is a special occasion in Eagle, Idaho as we host our first Open House event for the new EdventuresLab that opened Monday and was filled with the sounds of students building robots, programming, and having a great time. If you’re a local PCS supporter, come join ustonight and see what is happening. It’s an important event for PCS as it marks a significant milestone in the PCS business plan – we are nearing the point where we can begin to license and scale these labs around the country.
Earlier this week, our letter from the CEO outlined the PCS business strategy, and the importance of the EdventuresLab concept to its success. Put simply, our world is changing and our students need access to innovative learning environments that can help that change be a positive one. This lab concept serves a growing market need for STEM education, evidenced by the over 200 students enrolled for PCS summer programs.
The goal is 100 EdventuresLabs scaled rapidly over the coming 5 years through partnerships with innovative, entrepreneurial licensees who will take this concept and adapt it to their local community. The business model targets licensees who have the skills and resources to support opening a minimum of ten licensed facilities in 5 years that establish PCS Edventures branding and presence in key communities. In addition to branding and awareness of PCS products, the presence of these sites provides a premium hub for sales and support of PCS programs into local schools.
Basic Business Model Assumptions
Student tuition is $25-$40 per student contact hour for lab use.
At capacity, each lab supports 1,000 contact hours/month in afterschool time slots.
Additional revenue streams are generated from:
PCS retail product sales;
School product sales using the lab as a sales hub;
A high margin, scalable, online monthly subscription fee for students outside of the Lab. (Remember this, as it is important…more later.)
Other programs. The afterschool model above uses 1,000 s.f. of space for roughly 50% of the usable facility time. This leaves a lot of open time for other educational programming, services and additional revenue streams. Again, more on these later.
The EdventuresLab contribution to our domestic business model is scalable, consistent revenues from multiple sources, plus a competitive advantage that can set us apart from all the other players in the growing STEM field.
Last month, we had the pleasure of visiting with a possible licensee who is interested in bringing this concept to Ohio. In two weeks, potential Seattle licensees will be visiting. And in three weeks, we will be announcing this licensing opportunity to the larger educational community at the upcoming International Society for Technology in Education (ISTE®) conference in Atlanta.
We will provide more details on the revenue model and the potential for PCSV growth in future updates and we hope our local supporters will be able to join us tonight in Eagle.
Thanks for supporting PCSV.
All the best,