Road to Building a Digitally Empowered Education System
Edtech is changing the traditional approach to education. The scope of new learning starts in early childhood and proceeds later in life with professionals hoping to make a comeback or get better at their work or gain some new useful knowledge. Additionally, more schools around the world are utilizing innovation in different approaches to learning: through tablets, PCs and on their cell phones. Teachers are utilizing edtech products to strategize and adjust their lesson designs. Online content is replacing physical reading material, and customized learning gives students the capacity to learn at their own pace and voluntarily.
The development of edtech and the developing tide of investment towards this industry has prompted an endless multiplication of new companies in the education. In the last 5 years, global edtech investments have irrefutably risen and by 2020 it is projected to rise close to $252 billion. So much is happening around the world, innovators are coming up with different ideas to try and address the gap in the education system. The way edtech has developed is fascinating to see. While initially, it went for giving a fun option to learning exercises as far as education-related need, edtech is now upgrading learning and education itself threatening the mere existence of age-old teaching methodologies.
As an evaluator, what is challenging and interesting – and difficult to measure – than growing businesses, is the new models of delivery and learning that these investments are or aren’t cracking. It is highly testing for the eduprenuers. Some of the problems faced by the edupreneurs are as follows:
- The customer and the consumer is not the same for most of the time
- Short sale window
- Extremely long sale cycle
- Many stakeholders
- In APS sector, the willingness to pay for the product is even lower
These problems can sometimes bring the eduprenuer down. However, eduprenuers who look at the big picture and keep innovating depending upon the market needs understand that the gains are far more than the failures. Building a digitally empowered education system is the need of the hour and there is not a single way of doing it. Eduprenuers and education investors need to be patient and willing to take the risk. Investor alongside the government should push edupreneurs to rapid prototype their products to find the product-market fit.
The only factor which remains to be seen now is what shape the sector takes in the future and how it competes against classroom teaching and the rot-based education system prevalent in the country.