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MR. MAGOO..SH TO THE RESCUE!!
(C)2017 Magoosh Inc
Magoosh® started doing just two things: GRE and GMAT Test Prep. THEN it repeated the process with a few more. It has many competitors in its field from Petersen to Princeton Review to Kaplan, but they all do things a little different from Magoosh..
Petersen and Princeton Review both publish test prep books on most of the tests out there. From the GRE to the GMAT to the MCAT, there is a book from both of these companies to help you prepare for it. Magoosh does not bother with any of that, and that enables it to give each student the far better individualized attention they need.
Magoosh was founded by Bhavin Parikh, a graduate student in Business at Berkeley in 2009 as his senior thesis. He was a millennial who saw other millennials all around him. There were always undergraduate and graduate students milling around the campus trying to get into graduate schools throughout the country. Each one had to get through the same main test each time, the GRE. Starting a tutoring program for such an endeavor was a pretty simple idea as there are tutors everywhere doing the same on their own. Those students who were doing the tutoring would eventually graduate their own coursework and move on. The tutoring for that student and any others in the area or those behind would end. Parikh saw a ripe opporutnity to start a compnay. But he wanted to create a pofesisional company not a fly by night one.
After multiple failed attempts at venture capital funding, he was finally successful in his bid for the capital so he could build the platform he wanted that could support the number of clients he foresaw coming through the door in a few years. Berkeley was a natural hub of student need with undergraduate graduates coming from all over the world so growth wouldn’t be a problem.
The company successfully launched in 2009 and is now worth $9.6M as of 2017. So what has Bhavin Parikh wrought for nearly $10 million dollars?
· A video tutorial base that is second to none of dozens of lessons on each topic on the GRE and GMAT, both general and subject test, of course.
· Complete explanations for each possible mistake that could be made in each problem.
· Practice tests that mimic the real one
· 40 Free questions on any mobile device to test whether the program is right for you
· 1.5M student subscribers to his GRE service dying to get into a graduate school of their choice and 236,000 subscribers to his GMAT service dying to go to a business school near you.
· Mobile apps for each test that can be accessed by any smart phone anywhere
Ok, so what makes Magoosh different than the others then? In a word, ACCESS! Students can use books if they choose but why would they when they can simulate the actual exam experience directly on their phone any time they choose? The main difference between them and Peterson and Princeton is being up-to-date with the technology of the millennium. No one tests off books anymore. They test off computers so the preparation must simulate that experience. Magoosh does that better than any of its competitors except Kaplan. And all Kaplan testing is done in a Kaplan center with Kaplan-trained instructors. Magoosh puts the test taker in control of their own time to prepare for their exam. That is what Parikh saw as his advantage being a millennial. He thought the same way they did.
Beyond that is the quality of the test questions. Peterson like the others aims to exactly mimic the real ones while Magoosh aims for a slightly higher quality. The idea behind that is if the student can answer a Magoosh question, they will more than likely be able to answer one on the real test.
The software, of course, also helps with this. The practice tests are self-directing which means that the succeeding problem changes based on your response to the prior question. To have this on a mobile phone is fabulous as your ideas get corrected on the fly.
In the last few years, Magoosh added several new test prep courses such as the GMAT and LSAT and the rest. Why not when you are making as much money as they are on just one product? The company grew as a result, of course. However, none of these are noted on their website so I cannot talk about them as I do not know how they compare with the current basework product.
Have you seen their pricing platform? He is miles under the competition. How he keeps the lights on is beyond this author, but he is growing by leaps and bounds. He has also vastly improved his website in just that last few days. Kudos for that. The prior version was horrible.
In just 7 yearas, Magoosh had grown from 2 to 25 employees.. Such explosive growth had listed it in the top 200 of the fastest growing young companies in the country. They now claim students in 185 counties using their online and mobile platforms, 100M questions answered and 2 M videos watched. That is called leveraging the internet well. From less then $1M in startup funding, CEO Parikh led his company to these heights This is what happens when you pick the right industry in which to start a business and the right area where your clientbase is most likely to be found. The Haas School of Business should be as proud as the Stanford School of Business was when Larry Page and Sergei Brin founded Google out of their dorm room. Berkeley is a hotbed of growing intellect all of whom are headed for greater pastures in some direction. Magoosh simply enables them to be their best on the day when they need it the most and the result is such growth.