The start-up of EdTech or Educational Technology was quite simple. Computers helped in teaching arithmetic and some grammar to young school students. The concept was elementary. And it happened long before the internet had invaded our home.
With the internet, modern devices and highly sophisticated software available at every nook & corner of even the semi-developed cities in India. Now, the scope of reach of education has widened like never before. The impact of Edtech on education, society in general, is amazing. And this sector as a business opportunity is within the grasp of all aspiring start-ups.
"A picture is worth a Thousand words."
With technology being introduced in the field of education, you would find audios, videos and 3D animation, instead of that Picture. This has made learning far more dynamic and interactive.
To define simply, any technology that supports education is EdTech.
Today, we don't imagine school as only a blackboard, a teacher and some desks. Present day student receives and uploads homework assignments on the school portal. The rise in EdTech start-up has meant that they can practice Mathematics online, understand the Biology images using 3D techniques. Quick and accurate checks help in enhancing the performance of the students. Such has been the rise in educational technology.
The true essence of EdTech lies in using technological advances to improve the education system. It facilitates learning and improves performance by creating and managing appropriate technology tools.
EdTech Start-ups have changed Learning to e-Learning.
When every moment of our daily life is being shaped by technology, then how can education be any different? Technology is making a huge impact in the field of education as well.
Over the past few years, you must have noticed the immense growth of EdTech start-up. The companies which started-up in EdTech, even a few years ago, have gained ground. They have managed to touch unfathomable heights in business.
A leading example is BYJU's, the EdTech and Online Tutoring Firm started up in 2011. In March 2019, it was the world’s most valued EdTech company at $5.4 billion (Rs 37,000 crore), according to Wikipedia.
Due to all these developments, people are finding it worth to invest in this innovative new concept.
EdTech start-ups are transforming lives and reinventing businesses.
To provide more data and numbers:
If you are an aspiring entrepreneur, this data might mean an exciting opportunity for you.
"We, Indians have always had a fixation with education."
Any country’s education needs can be met by the government up to a certain level. Unless innovation is introduced, all systems end up eventually. This is where entrepreneurship comes in. To bring a freshness of ideas into the system. India has a whole industry in education. In waiting for entrepreneurs to take advantage of their opportunities.
In the year 2016, the Indian Education Industry was valued at $100 billion. This is expected to almost double by 2020 to $180 billion. The increase in literacy rate and digital learning would be instrumental in this growth. EdTech itself was estimated at $2 billion. The School segment consists of primary and secondary school education. This forms 52% of the education industry. This segment offers the biggest opportunities for development.
Education, including EdTech, has seen a rise in funding. While 4-5 years ago, the annual investment was approx US$20 million. However, the total funding has seen an extraordinary hike. It has been forecasted as exceeding US$ 180 million for the year 2020.
Viewing this data, you won't be surprised to know that major investors from all over the world are paying close attention to the developments in Indian EdTech start-up scenario. Some have already jumped in the fray. In the private sector, Tata Consultancy Service (TCS) has teamed up with IIM, to give you one example.
The government has also accepted its importance.
Funding for your EdTech start-up may come from both private and government sources. For example Start-Up India. This is a program by the Central Government. It has been set up with the objective to promote start-ups by providing easier bank loans. Another initiative is Atal Innovation Mission or AIM. It seeks to promote entrepreneurship. Then there is the Swayam initiative. A program that is planned to offer about 200 e-courses and another 10,000 e-courses under the AICTE.
Some important foreign players are also entering the market. They are investing to support EdTech start-up. They are Goldman Sachs, Times Internet, Mark Zuckerberg’s investment fund, to name a few.
"Every Path to Success is riddled with Challenges."
Incorporating an EdTech company and making your start-up work may not be as smooth as it seems. You may face many difficulties with your EdTech start-up. For instance, if you are thinking of setting up an institution supporting school education, an endorsement from school may boost your start-up to succeed. But the question is how do you get that necessary endorsement? For that, you may need to prove to them that you would add value to their brand as well.
On the roadway to success, you will find yourself faced with many such challenges and mistakes. And you would need to encounter those.
You must strategise your entrance into the EdTech Start-up market. You would need to team up with some technology specialists. You can choose to collaborate with educators. You may follow tips from experts. Of course, a great way to start will be thinking up a new and unique idea.
Below we suggest some strategies and ideas that you may want to follow to succeed in this highly competitive world of EdTech Start-ups:
"Learning is a Continuous Process."
"Change is inevitable."
"Remember technology cannot Replace teachers."
In this age of internet and technology, many more students have access to the virtual world of learning. Whether it be interactive videos and textbooks, online and classroom discussions, exclusively customised learning modules, and content from some of the best universities. Online learning courses have opened doors to education far wider. EdTech tools can help reduce the stress levels of disadvantaged children or children with a disability. Including EdTech in examinations could massively reduce administrative time. The marking will get quicker and more efficient. In terms of homework, children could work together through collaborative online platforms.
This article has been written by Reema, a Content writer at LegalRaasta. LegalRaasta is a platform that provides all kinds of registeration services for upcoming startups. Whether it is Proprietorship Firm, Partnership Registration, OPC, or LLP and many more.