117: Reshaping the Education System through Software with Peter Kraft of EvoLabs

Background on Peter Kraft of EvoLabs:

Peter Kraft is the Founder and President of Evolution Labs. Prior to founding Evolution Labs, Kraft was instrumental in forming and re-envisioning two educational software companies that led the industry in recruitment, enrollment and retention of college students. He co-founded GoalQuest in 2000 and served as its CEO until 2007 when he spearheaded the company’s acquisition by EducationDynamics. Kraft served as President of the enrollment and retention division of EducationDynamics from 2007 to 2009.

Previously, Kraft was the publisher of College Television Network’s Link Magazine, which he conceived and built into the leading print publication targeted to college students. He began his career as general manager in his family's business (a military and aerospace sub-contractor), where he learned from his father and developed expertise in general business operations. A graduate of Ithaca College, Kraft lives on a horse farm in Frenchtown, NJ with his wife and business partner, Tracy Howe, along with their four young children, 11 horses, 4 dogs and two cats. Kraft is an avid and competitive equestrian, competing in the high adult jumper division of nationally rated horse shows.

Time-Stamped Show Notes:

[1:36] Peter Kraft describes his business, Evolution Labs, which is an education technology company. They offer various products and services that allow for better student learning.
[4:58] Evolution Labs offer Social and Emotional Learning, which focuses on the character development of the student.
[6:23] Peter talks about who their clients are, how they make money from their business, and the size of their company.
[10:52] Peter had two previous companies that also did business with schools and universities. He has already sold these companies.
[12:48] Peter already had that entrepreneurial spirit in his younger years. His father and grandfather were entrepreneurs, which molded his mindset and his goal to work in the family business.
[13:45] During his college days, Peter and his roommates organized an illegal gambling business in their college apartment.
[15:42] Peter talks about how he got the idea of starting his first company, which is Link Magazine.
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[41:18] Michael talks more about his personal life. Having a family changed most of his perspective in life.
[20:37] Peter didn’t know anything about publishing and a lot of people were discouraging him about creating a magazine, but he and his business partner pursued the business.
[25:19] His magazine became a big success, which led to a college TV network acquiring them. However, Peter realized that working for someone else was not for him.
[29:48] Peter talked about how he started the idea of creating Goalquest, his second company.
[31:55] The initial idea for GoalQuest was all about goal achievement. However, it didn’t work out, which impelled Peter and Tracy to change the business concept of GoalQuest.
[32:59] Peter discussed the business details of GoalQuest and their role in higher education.
[38:38] Peter and Tracy visited thousands of schools around the country, having meetings with the school authorities about GoalQuest. They didn’t have the money to buy plane tickets so they have to drive across the country to give a presentation.
[45:24] Peter talks about the many struggles and sacrifices they’ve endured just to keep their business running.
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[57:11] After selling GoalQuest, Peter felt he couldn’t continue working in GoalQuest under a new ownership. He gave several examples of why it didn’t work out.
[1:01:19] Peter enumerated some of the most important things they’ve learned about building up and running a business.
[1:16:25] Peter recommends some books that have made a big impact in his life. He also emphasizes on the importance of perseverance and not giving up.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Rosy Crucifixion Trilogy by Henry Miller (it's like literary porn:)
🙌😎 Favorite Amazon.com purchase? Hmmm. I buy a TON of stuff on Amazon. Prob a trampoline for my kids.
🌱💸 Favorite Tool that's GROWN your Business? Honestly… Keynote. It allows us to tell our story in a visually exciting way.
💭💡 BIGGEST Challenge keeping your Business from GROWING? Cash flow in the Education Industry. The more we grow, the more cash flow is a problem for us.

Key Point from the Interview:

“We’ve always felt that our fastest route to success was to keep pushing forward, not turning around and getting day jobs.”

Resources Mentioned:

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