Round –Fall-Winter 2020
Project Type –Other
Project Focus –Business Plans, Earned Income, Market Analysis, Technology
Organization Type –Children, Youth & Families, Education
LitLab develops innovative educational tools for children ages 2-10, to democratize education. LitLab's mission is to create connected and interactive learning environments and literacy opportunities for under-resourced children, by deploying books, digital content, and blended solutions for early learners, their caregivers, and educators. Parents who may not be highly educated or fluent in English can engage with the LitLab app to receive texts in their native languages. Parents can monitor their child's engagement with apps, understand how learning objectives fit into expectations for school success, and set academic goals for their child.
10,000+ people across 5 California school districts and nearly 125 classrooms have benefited from LitLab programs. The organization is now extending its success to Texas, providing Kidappolis, its improved, scalable mobile version of LitLab, to targeted Texas communities in support of early literacy and numeracy skills acquisition, development, and acceleration. These tools spark and reinforce early learning and empowerment, while providing schools and family-serving agencies with a plug-and-play content base and supported family experience that continues well beyond direct interactions with constituents.
How can LitLab develop a strategy to engage new corporate partners as revenue sources, including both grants and earned income?
Since its founding in 2014 LitLab has relied on private philanthropy for 95% of its operating budget. With a mission to support all families across the US, the organization knows it needs to expand its offerings and grow its team. To accomplish this, LitLab must diversify its revenue streams. In early 2020, in partnership with a pro-bono consulting firm, LitLab developed a three-year business strategy to expand nationally and launch several earned income streams. LitLab is excited about this plan, but recent feedback suggests one key component is missing: how to integrate corporate engagement/sales into its revenue model.
LitLab would like an ACT project team to help it develop a strategy to engage new corporate partners as revenue sources, including both grants and earned income. The project will have the following elements:
- Identify both philanthropic and revenue generating opportunities surrounding corporate engagement
- Market research and analysis to produce 1-3 top recommended strategies for LItLab to pursue based on revenue and feasibly
- Update LitLab’s current business plan to include the new corporate engagement strategy and financial projections (as well as any additional milestones and capacity needs)
- Develop a "pitch" it can use with potential corporate partners
- If possible, create a list of 15-20 corporate partners it can/should immediately engage
This is a Hybrid project:
- Scope: Larger than a Fast Track, smaller than a Full Team
- Team Size: 3-4 consultants
- Project Duration: 3-4 months
- Estimated Time Contribution: 35-40 hrs total (per consultant)