Am thinking of a model which will pay students when they learn. I believe this will be best motivation for many. Any thoughts?
That means you'd have to charge twice, once for you and once for giving back
And also legal b.s.
AFAIK gamification works just as strong without real currency
Yes, that is what I am trying to work around. In a revenue model, the student would not have to pay anything. So there will only be a single charge.
Can you elaborate on the legal aspects? AFAIK the legal age to start a bank account in countries is what we need to consider.
Are you thinking about a parent paying and the child getting the financial reward?
All the money that you hold as a reward is going to be contentious, if your not providing it back to bad students, some parents might take you to court for their money back for example or the student might try to make claims against your scoring systems and such... IMHO that's not a nice position to be in...
When I say charge twice I mean, both tuition, you're actual price, plus the rewards you're going to pay out = you're always going to be expensive if not the most expensive service
Plus you'd need to do accounting on the payout if it passes an amount, it might be considered income... not accounting advice.. you'd need to get one in each place you operate... that might make it complicated and even more expensive
Again why not do something that's more virtual point scoring... it might work just as well with fewer complications... you might combine some physical, less monetary prizes if you wish...
@hatkyinc: I agree with the contention part. There will be two models - 1. contest model where best students win an amount based on performance (leaderboard) 2. assured rewards = parents deposit - service fee.
Virtual point scoring works to an extent. But it doesn't give gratification in the long term.
Neither does money
keeping an open mind.
What would be the revenue model?
It would be similar to fantasy sports model.