Education Technology i.e. EdTech is a commonly used term that is used to define such platforms which enhance and eases learning via Information Technology (IT), the internet, and Artificial Intelligence (AI). EdTech was introduced in the late 1900s but has gained momentum only in the late 2000s. However, EdTech has gained the status of a technology that future generations will need. Covid caused a lot of schools and universities to shut down, causing the students to seek their need for learning via the internet.
EdTech has advanced itself tremendously. It has various branches and models which nearly cater to all the educating needs of today's world. It ranges from a freemium model to a B2b model, which not only educates students of all age groups but also aids corporates to train their employees on a regular basis.
Several platforms have been able to provide education to young minds during the time of Covid. Since Covid resulted in the closure of schools and institutions many platforms collaborated with them, so that students do not have to waste their time waiting for the pandemic to end to continue their education. Institutions are embracing this new technology to add it to their permanent curriculum. Nonetheless, EdTech has a long way to go, it is still servicing only to a certain set of individuals, and is yet to benefit others. Therefore, it can be easily derived that EdTech has only started to spread its wings, and has a huge potential to transform the entire education industry. As EdTech gains momentum, so does the competition. Here are a few tips and tricks to build a flourishing EdTech business:
- Customize according to the students: The beauty of engaging with technology is that it can be molded to suit our needs. An EdTech platform might be able to provide a technology that can be customized according to the students. It is the responsibility of the new education system to minimize errors and provide special attention to students with the help of technology. With the help of AI, customizing the experience for every pupil is now possible. For eg- Any course or a lesson can move at the pace that each student is comfortable with. AI can determine a pattern of a student, based on how they test and participate in the classrooms, which can be difficult to determine in a physical classroom. Customizations such as these aid in improving the quality of education one receives via an EdTech platform.
- Time relevant business strategy: Technological advancements have radically changed the limited means and mindset individuals used to have before the 2010s. Moreover, technology has grown tenfold in the last decade. Therefore, a businessman needs to keep a check on their technology and change with the tide. The biggest disaster which an EdTech business can face is obsolescence. . Staying up-to-date with the technology advancements will help avoid the same. For eg: If you have a B2B model of EdTech (one which collaborates with companies and helps keep their employees abreast with new learnings), any collaborating company can have the privilege of searching for talent from the platform's database. The same can be upgraded later to provide courses that can be curated according to the company's needs and requirements. A reputed Indian EdTech company after providing online live teaching services, acquired and expanded in order to teach coding to their young students, as they perceived it to be the future of young education. This company analysed and predicted the future skill demand among young students and broadened itself into a new category while minimising competition at the same time. Therefore, you need to be watchful of the fast-moving technology and services that your competition might be offering.
- Choose your niche: Any business requires a USP to thrive and more importantly to set it apart from the others. It can either be a bunch of USPs or only one which differentiates your company from others. You will find many business models of EdTech in today's world like freemium, b2b, subscription, marketplace models. You can either find a new market or make a new model to cater to a special market. For eg: a learning disability platform can teach people who are going through certain disabilities and teach them according to their requirements. Or a platform for a differently abled person who is in need for a special means of study. A company can also try to make it easier for students to attend their workshops or meetings with their teachers. Since, teachers are going through a transition too, there might still be some inefficiency when it comes to staying organised. We all have 24 hours in the day, and the only way for the teachers to pay special attention to their pupils is by time management. This feat might be achieved by availing an automated scheduling software, which schedules appointments amongst students and teachers. Appointo - an appointment scheduling tool enables automated appointment scheduling where students can choose and schedule one on one sessions with their instructors without any back and forth discussion to find mutual availabilities.
- Increase connectivity: Another way of increasing revenue and users is to connect with a larger target audience rather than making it available only to a select few. It is imperative that EdTech is perceived to be a commonly used form of educating oneself in the remotest areas of the country, and if you can, the world. Making your service available for the people who need it the most can lead to an increase in users and therefore revenue. Some challenges that you may face in the beginning are reluctance or mistrust in the service, low internet connectivity, or even difficulties in navigation when using the platform. This can be overcome by showing positive results of your previous and loyal users to your potential ones. Another way to introduce this service can be via conducting workshops on how to use the platform while giving them free advice on their day to day problems. For eg: a free workshop for all farmers on how to use fertilizers in an effective manner is bound to raise interest among the farming fraternity and ultimately increase the potential target audience. Anything that increases your potential users revenue via your service will increase yours in the future.
- Capital: This might have entered the list a little late, but it is as important that an EdTech business have a regular inflow of money in order for them to undertake any changes as mentioned above. Software and individuals curating them, undergo a lot of training and hard-work, therefore, any upgrade requires capital. There are several ways of raising capital like bootstrapping, availing loans, seeking angel investment, or if possible, crowd funding. Ensure your financials are in order or seek help from professional financial advisors. Owing to the industry's growth, many venture capitalists and funding institutions have and are supporting the EdTech business
A business that can make things easier and productive for their users has the potential to be successful. Now, the world is going through a transition from offline to online. We hope to have left you with an idea to flourish your EdTech business!
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