Greensky Credit creates new business model for lending

GreenSky Credit has been operating since 2006. It was in that year that David Zalik, a child prodigy and serial entrepreneur, had an idea that would potentially allow merchants to increase their sales on big-ticket items by billions of dollars each year. Zalik knew from operating a previous e-consulting business that merchants like Home Depot, Benjamin Moore and other sellers of high-end home remodeling, furniture and other items often lost sales due to the simple fact that customers were not competent at assessing the likely price tag on jobs they wanted to do.

The solution Zalik came up with was to facilitate true instant loans at the point of sale. But unlike other forms of retail financing, like in-store financing or installment plans, the loans that Zalik envisioned would be able to be approved at the job site or on a sales call. With this idea in mind, he founded GreenSky Credit in 2006. The model quickly proved itself.

Unlike other fintech startups, GreenSky Credit does not keep any loans on its books. In fact, it doesn’t even really originate loans. The only thing that GreenSky Credit does is line up customers with its partner banks. This incredibly simple model might be easy to write off as being trivial, being an already saturated market or not having a large enough total available market. But Zalik’s genius lay in seeing the huge potential that still existed for high-end loans on niche retail products for customers with excellent credit.

The majority of GreenSky Credit’s customers have excellent FICO scores, usually above 700. This means that the risks that banks incur on these loans tends to be minimal. It also means that from the customer’s perspective, GreenSky can make highly enticing loan offers. Usually, the loan offer that the merchant makes to the customer through the GreenSky interface involved no money down, no payments for a year and zero interest for an introductory period. Zalik says that the vast majority of customers pay back their loans in full before the higher rates and payments kick in.

All told, GreenSky is currently valued at more than $4.5 billion and is murmurring about a possible IPO.

ClassDojo Excels in a New Market

With the ever changing daily technology that we use as a society, it only makes sense to constantly be innovating the technology used to educate our children as well. When most people think about using technology to educate children, they think of using tablets to show the children videos, they think of using e-books in place of textbooks and the think of taking tests on computers.

There are even greater things that can be done to teach the children of today and tomorrow. ClassDojo is one of the leaders in communication platforms aimed at bringing teachers, students and parents closer together. ClassDojo aims to turn every class room into a community, complete with its own culture.

Any school that hasn’t already utilized ClassDojo or a similar communication platform are leagues behind schools that have. ClassDojo allows parents to check in with teachers anytime by using a texting app and vice versa. This allows teachers to better learn about each student’s personal needs and accommodate each student in their own unique way. Parents are also allowed to jump into the classroom anytime they want with live video chat via their children’s tablets.

The educational technology industry has recently recovered from a small rut, and even though the industry is relatively new, the toughest part of the journey is behind them. Through word of mouth and advertising, teachers all over the United States have gotten their hands on such software as ClassDojo. Now the real challenge has arrived for ClassDojo and similar companies all over the country: competing with one another.

ClassDojo says it has excelled above all competition and prospered where similar start-ups have flopped by paying very close attention to the needs of its clients: teachers, students, and parents. ClassDojo is constantly changing its purpose to suit the needs of teachers and parents.

With almost every school in America now having a high-speed internet connection, it will be up to 3rd parties to create resources to implement over the internet to help teach our children. For a company to succeed it has to be more innovative and have better marketing than its competition.

ClassDojo: Improving Classroom Behavior and Generate Real-Time Data

Communicating throughout the school day ensure that parents receive consistent updates of what their children are experiencing and how they are behaving at school. ClassDojo is a tool that engages students and keeps parent updated. It is the easiest way for teachers to encourage their students and motivate positive behaviors while sharing best moments in school with parents. Students love positive energy from both parents and teachers, and they will often strive for Dojo points rewards.

Class Dojo can be used both as a website and as an app that is supported by versatile devices including Android and iOS devices. If you land on the main page, there is nice introductory video and summary of things you can do with ClassDojo. A teacher you can encourage students to track their progress, to parent you can send an announcement, images, and messages, which have read receipt to show who have seen the information.

Teachers use ClassDojo to schedule class activities and let them be known to parents and send photos and video to parent showing off students’ latest participation in class. Teacher customize ClassDojo to fit their classroom and reward students for things like teamwork, completing homework in time, arriving school on time, participating in class discussions or whatever benefits a teacher will like to see and impact in a classroom.

A simple thing like picture speaks thousands word, and a video millions words. Using ClassDojo parent will enjoy magical moments seeing children fully absorbed in classroom task such drawing, painting, reciting a poem, putting a project together or whatever a child is participating at to create excellence.

After an interview with Nottingham Primary School children, it was noted that students love ClassDojo for several reasons. Firstly, it is because they can Change their avatar and get Dojo Points for helping peers in the classroom, answer a question correctly, handle homework, showing to school on time, and the list was endless. One particular girl was very proud of getting Dojo points because when she gets home, she will get a “well done” from her parents. For this reason, she wanted to behave and do well even more.

ClassDojo was founded by Sam Chaudhary and Liam Don in 2011, the company has already raised $21 million which is used to grow their team and exploring more features and content that can be useful to parents, teachers, and students, not only at school but also at home.