Induct – New Contract with BI – The first based on sponsorships and ads
Oslo, 9 February 2018: Induct AS has signed an agreement with BI Norwegian Business School (BI). BI is an independent, not-for-profit foundation and the main provider of research based knowledge on business and management disciplines in Norway.
“We see a huge potential in this agreement. It is the first agreement within our new business model, which our new platform will allow us to implement”, says CEO Alf Martin Johansen in Induct.
“This is an opportunity to prove value for future expansion to several courses at BI as well as to other educational institutions. We also explore a new revenue model in this sector, which is very interesting for large scale roll out for our extended Induct platform”, says Johansen.
BI will deploy the Induct solution as part of the course in Strategy, which runs twice annually and involves 150 students each term. A central part of the course is to work on strategic cases based on real-life challenges formulated by Induct’s existing and prospective enterprise clients.
This is not a subscription based business model, but based on sponsorships, ads and other revenues. The average revenue per user (ARPU) for these 6 months will be above NOK 50,- per user per month (USD 7,-), which is very high according to industry standard.
“With Twitter generating USD 1 per user per month and Facebook generating USD 6 per month, it shows you the great potential this new business model has, even though we don’t expect to maintain such a high ARPU during our scaling”, says Johansen.
The Induct platform enables students to collaborate and work on the cases, share documents and discuss topics with their group, faculty or the client – all according to a pre-defined process guiding the students through the various stages of the work.
“We also explore a new revenue model in this sector where the use of the software is financed by Induct clients, who will be provided high strategic value through the collaboration with the students and faculty on our platform”, says Johansen.
This is a contract in the vertical Education, which is one of the five verticals Induct focuses on (Health, Municipalities/cities, Enterprises, Education and Humanitarian sector).
For further information, please contact:
Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
Based on eight years of collaboration with over 250 organizations globally, Induct offers a digital platform that enables efficient management of knowledge based projects and processes. In addition Induct enables the organisations to communicate, collaborate and share knowledge in a secure cloud-based network.
Subscriptions is the main source of income for Induct. Induct has customers in 9 countries
Induct is listed on the Merkur Market list on Oslo Stock Exchange with the ticker INDUCT-ME.