3 Methods To Ensure Your Edutech Startup Succeeds
By Bradley Laubscher, August 11, 2021
Edutech is a fast-paced and exciting industry to break into – but how can you make sure your Startup doesn’t fail like so many others?
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Edutech startups are the up-and-coming new-age companies to watch in the industry. While Edutech startups provide quite the spicy variety in the possible amount of services, they each bring innovatively modern ways to provide education to people on a global scale.
Edutech is the art of introducing IT tools into all types of classrooms to create a more appealing, comprehensive and individualized learning experience for its students. Today’s classrooms have moved beyond ancient desktop computers that were once the standard and are now tech-infused with tablets and similar devices. These interactive online courses and robots/computer processes can even take notes and record lectures for ill students or ones who couldn’t make the class that day for whatever reason. This influx of Edutech tools is evolving classrooms in various ways: Edutech programmes make it easy for students to stay interested through more entertaining forms of learning; new devices can create digital classrooms for students, whether they’re physically in school, on the bus or at home. And even machine learning and blockchain tools assist teachers with grading tests and holding students accountable for homework.
It is indeed an exciting time to be a startup in the Edutech Industry and a stimulating space to keep track of, but what are some of the challenges and aspects you should be keenly aware of during this journey?
Let’s break it down:
Stand out – there are a lot of Edutech companies
Edutech companies are booming, and schools worldwide embrace the idea of expanding their classroom with technology. There is a lot of competition in this industry, so how do you make your Edutech startup stand out?
Firstly, build an authentic brand. Building a genuine brand is the core of crafting compelling communication and building meaningful relationships with everyone who comes into contact with your Edutech Startup Company. In this day and age, it’s critical to show who you are and what you stand for through your brand at first glance, and achieving this is not as simple as devising a logo and some attractive packaging. You’ve got to dig deep into the subconscious of what makes your organization unique and tell your story in a way that can be absorbed easily and quickly by the viewer’s minds.
When it comes to the education technology industry, brands struggle to differentiate. People have heard about Edutech companies “improving classroom outcomes”, “saving educators time”, and “engaging with students” over and over again. It’s boring and overdone – so think about how yours does it differently. Share your story about why you started your company in the first place. What is the big dream you hope to achieve? Tug on the emotions because that’s what hooks the consumer’s attention.
Ensure the effectiveness of your Educational Equipment
Educational equipment is necessary to facilitate learning and help children learn their lessons. It can also be used as a supplement to some traditional teaching methods. As a result, schools need to have the appropriate educational equipment and assistance with setting up the technology. Are you set up to easily do this?
For many education professionals, the thought of utilizing technology into the classroom can often be a worry. Teachers are wary of using education technology, not wanting to offer learners new distractions that will hinder their progress. However, if implemented in the right way, educators can use technology to facilitate both teaching and learning inside and outside of the classroom.
Make sure your equipment or systems fulfill all the following goals:
Shifts the Focus in the Classroom
The use of education technology allows learners to take a more active learning approach, creating a learner-focused classroom that makes a more engaged classroom.
Organizes the Course Content
By executing a more refined and organized approach, both teachers and learners can keep up-to-date with the advancement of the course, adapting it as needed.
When it comes to crafting a collaborative classroom, education technology can impact how learners communicate. With collaborative tools (for example, those found in the Google Apps), teachers can encourage learners to share, edit and present their conclusions faster and more efficiently.
Broadens the Horizons
Access to the internet presents a myriad of information on any subject. Displaying learners to different outlooks on their subject matter encourages them to develop their analytical and critical thinking skills.
Expands the Learning Environment
With collaborative support and self-governing study programs, learners can take command of their study program. Learners can make more use of their time by studying on the go while still being connected to their virtual classroom.
Education technology tools that assist teachers in grading and tracking progress are amazing time-savers.
As long as you keep these goals in mind when implementing and designing your Edutech equipment and systems, your product will always be in demand.
Increase your odds for Venture Capital Investment
The higher education industry has been a longtime favorite for VCs, with U.S. education technology startups raising over $2.2 billion across 130 deals, according to the EdSurge Edutech funding database.
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Why is this?
- It’s a niche market. By definition, fewer investors will understand it.
- Revenue generation in Edutech has quirks not present in your run-of-the-mill enterprise SaaS business. As a result, one of the most critical areas of this sector may feel too alien to investors.
- Sales cycles can be long, procurement can be tough to crack, and education market seasonality can complicate everything. If you’re investing in EdTech and the Customer Acquisition Model is unclear, that is considered risky.
- It can be challenging to ascertain the market size.
- There are often two layers of bureaucracy to deal with, the education system’s and the state or federal government, either of which may be the ultimate source of funding. Either way, that’s a LOT of bureaucracy.
- The Educational Field can be slow to adopt new technology. Early adopters go through so many solutions figuring out which ones will make a difference, that they end up experiencing a lot of work fatigue.
- Fatigue, poor adoption, and low utilization can exacerbate churn. This runs true for many businesses, but it’s very common for purchase decision-makers not to be end-users. This is something which Edutech companies must address.
- Startups may run into philosophical misalignment. Probably the most common example is introducing solutions designed to replace rather than augment educators in some way.
What can you do to combat this?
- Gather stats and figures about your target market to reassure the investors you’ve done your homework. Market Research reports will become your best friends.
- Ensure your brand is professionally done and provides total clarity on your goals and aspirations.
- Create a Sales Deck or Workflow presentation to help clear any questions investors might have—the more visually pleasing and accurate, the better.
- Develop a five-year plan that shows a favorable ROI.