The education business in the United States alone is worth 1350 billion dollars. The education industry generates $5.6 trillion in revenue worldwide. Online education is currently the most important engine of growth in the United States. Innovative Edtech ideas are being pursued by innovators, entrepreneurs, and businesses.
The procedure is the same as it is for any other startup: identify a problem and provide a solution. By 2025, the online education business in the United States will be worth $350 billion. A wide range of student difficulties is being addressed by the intelligence-driven education industry. Whether it’s simple to access study materials, online classes, adaptive learning, or gamification, there’s something for everyone.
Before starting this article, first, understand what Edtech is.
As we know, smart gadgets like tablets, smartphones, and even robots that engage in interactive courses, take notes, and record lectures for students who can not attend the classes are now commonplace in today’s classrooms.
In a straightforward manner, Edtech is the method of bringing everything in one roof such as tools into the classroom to ensure learners are making learning more interactive, winning, inclusive, and personalized. The growth in the number of ed-tech tools is evolving classrooms in a multitude of ways. Edtech robots are making it easier for students to stay committed through fun forms of learning. And for this IoT devices are being praised for their potential to establish digital classrooms for students, whether they’re present in the school. We can’t deny the fact that machine learning, big data services, and blockchain tools are supporting teachers with grading tests and holding students accountable for homework.
Let’s talk a bit about the Edtech Statistics shared by Statista and Grandview
- Self-paced eLearning accounted for $46.67 billion in global market share in 2016, and that figure is expected to rise to $243 billion by 2022.
- The global education and training market is estimated to reach $7.3 trillion by 2025 as of August 2020.
- As of August 2020, the worldwide education technology market is expected to reach $404 billion.
- By 2027, EdTech is predicted to increase at a compound annual growth rate (CAGR) of 18.1 percent each year.
- The global education technology industry was predicted to be worth $76.4 billion in 2019.
Due to the rising trend, many business owners are now shifting their focus to start their own Edtech startup. If you are one of them, you are at the right place as we are going to share the top 5 ideas to watch for launching an Edtech Startup. What are you waiting for? Let’s get started, right? Without wasting much time, let’s jump to the ideas.
5 Strategies to watch for launching an Edtech Startup!
Understand Your Niche
As per the reports, the important factor is to consider the solutions that Edtech company will provide to your consumers. For this ensure to think about the possible solutions you can give to your customers with a customer-centric approach. Your niche will be defined by your solution statement as it will assist if you keep in mind that the educational field is vast, and no single product can meet all of your needs.
To be successful, you must work long hours, take risks, and give up many other elements of your life in order to properly prepare a unique product. You must also take the initiative to guide your new company’s employees in the right way. Life is full of risks, hence ensure you are getting a good knowledge of the niche and your business.
Begin With Short Steps or Simple Products
Understand, in the marketplace, there is no such thing as a “Perfect Product.”
If this is your first time producing an EdTech output, you should start small and create from there, relying on your existing capabilities, innovative ideas, and comprehensive market research to succeed. You must also realize that the first version of your product is not necessarily the final version.
With a naive product, you should take a “progress over perfection” strategy and go to market early rather than late. You will learn about the flaws and improvements after your product is on the market. It’s a high learning curve, and every day you’ll receive a new concept. We know that the product engineering services company can be your savior in this case!
Make a fantastic marketing strategy
You’ll need a solid marketing strategy for your EdTech product to succeed. It is because it would be linked to technology, and you will need to monitor along with adapt to various changes every day.
Have a clear and specific marketing plan in place, as well as a budget set aside to reach your target audience. It is important to take help from the IT Consultation services as they will assist you in growing your EdTech company without running any misleading factors. To spread your marketing expenditure across numerous channels, you’ll need a diverse marketing strategy. You should set minor goals for yourself and review your sales performance on a regular basis to see where you can improve.
Best Quality Content
High-quality content is the next stage in ensuring the success of your EdTech project. Not all EdTech founders have prior experience in the field of education. As a result, it is critical for them that the product be clearly defined, distinct, and have a purpose.
No one will know how amazing the features are, how appealing the UI is, or how intuitively the tool works until and until your content is served to the target audience in an easy-to-read and intelligible format.
Product Beta Testing Is Important Here
In a testing environment, no matter how smart and capable your testing team is, some problems will always go undetected. Once the product is finished, it is recommended that a beta version be delivered to real users so that they may test it in a real environment and provide meaningful feedback. Having a QA specialist on staff is an excellent approach to thoroughly test your goods.
Team of Stable Technology Experts with a Creative Mindset
You must have a steady and resilient team whether you are developing the technology with an in-house team, sharing equity with a technology partner, or outsourcing to a vendor. It’s easier for the team to challenge each other’s ideas and grow together when you have inventive and skilled people on board.
Make sure to define roles with a clear vision
To run a successful EdTech company, you must first educate the co-founders on the fundamentals of the company. To avoid chaos, each team member should have clearly defined duties and responsibilities, as well as a clear vision and equity shares.
A Bonus For You!As we have clearly understood the ways through which you can launch your Edtech startup yet there are so many reasons that can decline the success of many startup companies. To understand them, we are mentioning a few of them.
- There is a scarcity of research on the educational ecosystem.
- Transparency and a lack of teacher input
- Irritating emails and cold calling
- The motivations are dissimilar, and the requirements of users are incompatible.
Author’s Bio: Alicia works with the editorial team of A3logics, a leading company offering cloud computing consulting services. Exploring the latest technologies, reading about them, and writing her views have always been her passion. She seeks new opportunities to express her opinions, explore technological advancements, and document the details. You can always find her enjoying books or articles about varied topics or jotting down her ideas in a notebook.