Education will spread its wings wider in the time to come and will make its presence felt everywhere around the world. Presently, no domain of our lives has been let alone by technology and clearly, technology is making a remarkably huge impact in the field of education as well.
This has led to the evolution of the concept of EdTech and many businesses in this field have been set up, because people have found it worth to invest in such an innovative new concept. A lot of such startups have come to fruition, and are now leading companies for promoting and providing technology in education. Today’s EdTech startups are transforming lives and reinventing businesses.
Across the country, an increasing number of entrepreneurs have been drawn to EdTech and it is attracting unbelievably huge amounts of capital from investors. But, forming and making work an EdTech organization is not as smooth as it seems. EdTech startups face many difficulties, like they find it challenging to enter into schools or other such educational institutions. To be successful, they really need to be vouched by an educational institution, for which they need to prove that they have value. Many such challenges persist and to make the startup progress, all need to be encountered.
EdTech startups should set up strategies to pave their way into the market; they should follow tips by experts, executives and technology specialists, and should also think of new and unique ideas to survive competition, since the number of startups coming into the market is huge. What should be in the DNA of edtech entrepreneurs is the ability to connect and collaborate with educators. Below is a list of some strategies, tips and ideas for EdTech Startups to follow and succeed in this highly competitive world of entrepreneurs:
Get hold of a suitable audience to prove your startup’s concept: For this step, the advice of experts is that you should confine yourself to your nearest university campus and look no further at this stage. College students can best serve you if you need some projects complete, some research work to be done and other preliminary tasks. They can help you test your concept and see if it will satisfy the people of 21st century. These students have just the right amount of necessary skills, experience and innovation to help you out in your early stage.
Keep multiple revenue options open: Revenue is the primary concern of most EdTech startups. They may have many working ideas which could be incorporated in their businesses, but they may not have the sufficient funds to enforce those ideas. This problem usually arises when startups only have a single source of funding, which could be quite restrictive and may not be able to provide constant financial help. To overcome this, EdTech startups should tie up with multiple revenue sources, because technology requires faithful investment, even in the times of risk.
Hire your employees selectively: A startup’s success is majorly dependent on the people who work for it. The people who should be hired to work for a startup, should not only possess the necessary qualifications and skillset, but they should be zealous and should really know how to solve a problem. They should realize that the work culture of a startup is different to that of the set-up corporates and that it’s their responsibility to make the startup grow and succeed. These people should be really willing to work the way the startup demands and should be adjusting to the work needs.
Grasp as much as possible from other entrepreneurs: Get to know about the work styles of other EdTech entrepreneurs by surrounding yourself in their high intensity work environment. Get an exposure to the work styles of as many entrepreneurs as you can, see which ones of them you find easy to adapt to, and develop a refined style which suits you and your business the best. Also, ask the entrepreneurs to share with you their personal experiences, the challenges they face in running a business, the common shortcomings and their solutions.
Never overlook your original mission: Never forget what your original inspiration was. There will be many points of time that will compel you to shift focus, even if in minor ways, but your duty is to stay put to your originally planned goals, only then your startup would derive any meaning and develop on the whole. Seek advices of other people, but always put your own mind to it and whatever inputs you give to your startup, should be focused towards the attainment of a common goal which initially inspired you.
Make adjustments: Throughout the process of running a business, it will be essential to make adjustments. Though you have all your long-term strategies assumed and planned out, it is inevitable to avoid changes that come in the way, when you’re really set to work your business out. With increasing competition and evolving times, the EdTech practices change constantly and adjustment needs to be made, whether it is financial, strategic, moral or a change in the business model.
Keep on learning: A person, be of any status, age or profession should never retire from learning. Knowledge keeps on evolving and is never constant. Your startup practices should be constantly evolving and you can benefit by learning about other experts’ perspectives. There are many sources of learning available online as well. These keep you up to date with the latest trends in educational technology. A lot of tools and products enter into the market almost daily, that you should try to learn about so that they can be of use to your business and help it evolve.
Get regular feedback: The entrepreneurs must give educators a chance to try out various products, app and tools to put questions and suggest feedback to them before the final implementation. The users of your EdTech products put in ample faith in you to provide them with credible services. User feedback becomes a must, especially where startup technology is involved. You can also provide teachers with Professional Development courses which will assist them in using your technology and derive the maximum out of it. You should have regular student and teacher feedback and work to improve end user satisfaction. If users are satisfied then they’ll be encouraged to use your product more and make it succeed.
These tips are basic and should be followed by all EdTech startup organizations, to make their startup a success. If you know more about such ideas, then please share with us. The Comment Box is waiting.