On Tuesday the 6th of June, the MyTutor CEO held a live webinar for tutors. We wanted to give you the chance to tell us what you want to hear from us, and for you to put some faces to the names behind the business.
But before we get into everything that was discussed, did you know that…
The most amount of lessons taught by one single tutor is 6,850
To date, almost 3 million lessons have been taught
Over 165,000 students have had 6+ lessons with us
Some impressive stats! We really, really appreciate your hard work and recognise that we couldn’t achieve our mission without you.
We hope this update helps you to feel in the loop, heard & valued.
So who attended from MyTutor?
- Bertie: MyTutor CEO. He co-founded MyTutor 9 years ago.
- Florence: General Manager. She heads up our work with over 1,000 schools.
- Geoff: Chief Product Officer. He has over 20 years of specialist learning experience.
- Georgia: Chief of Staff. You may recognise her, she’s worked closely with tutors since the early days.
And what did they cover?
256 tutors voted to hear about Tutor Earnings & our Fee (79%) and Business Strategy (58%). So we started with the challenges we want to solve and how that affects our strategy. Then we answered your questions in order of popularity.
Bertie opened with our two business objectives:
- To inspire, motivate and support every student to achieve a better future
- To offer university students rewarding work that fits around student life
He then went on to explain the main challenges we want to solve in the education sector.
There are lots of different options available for families and schools. It’s not easy for them to choose where to turn to for help. We’re working to build trust in tuition, in order to bring tutors more clients.
Learning isn’t easy and access is limited by budget. We’re looking for ways to make tuition affordable for parents to stick with for more than a handful of lessons, and available to more students than ever before.
Next the panel gave some updates on some of the things we’re facing as a business right now:
- Florence highlighted the important role we want to play in partnering with schools to support their pupils.
The disadvantage gap among pupils is widening, but the National Tutoring Programme created a shift in the school system by allowing us to prove how valuable tuition is. 35% of teachers now say that tutoring is their priority for pupil premium students.
- Geoff spoke about the acceleration of AI and how it’s transforming learning.
There’s a lot of noise in the media, and Geoff is enthusiastic about the possibilities that AI brings. It can’t replicate the magic of near-peer tutoring, but it can scaffold and supplement tuition. More on that in the Q&A below.
- Bertie concluded with an explanation of the current funding environment, and what that means for MyTutor.
MyTutor is currently pre-profit. We reinvest everything we make back into the business (more on that later).
In the past, we’ve grown through funding from venture capital. This means that we run at a loss, choosing to invest funds and revenue into growing the business (until we’re fully self-sufficient and profitable). This is normal for early-stage companies in difficult problem spaces. Later-stage companies such as Deliveroo and AirBnB have raised billions and only just hit their first milestones towards profitability earlier this year.
Rising inflation affects all of our customers, and means that there are lower levels of venture capital available.
We want to be able to grow & improve MyTutor on our own steam, without relying on external investment. We’re currently focusing on spending more efficiently, so we can continue to grow and provide opportunities for families, schools & tutors long into the future.
