To all the startup enthusiasts, Ed-Tech startup is a wonderful path to pursue. This is one of the most profitable platforms that renders you with a lot of learnings and good experiences. Education, in countries like ours, plays a vital role in the lives of all the citizens and so, they strive for a good education. People are ready to pay any amount of sum to get quality studies in their lives and thus, this area provides a better scope of growth than the others.
The CoFounders Town brings to you the most helpful tips, you can hunt to get started with your venture.
Perceive the education sector
Education is the most powerful weapon which you can use to change the world.
Though the education sector can be a profitable path and spruce up your experience with every new idea, you try to implement, it is a complex marketplace. Every school in the country has got different needs and as such the Ed-Tech products have to persuade the parents, students, administrators as well as the school boards.
The biggest problem in such companies is that they assume the possible obstacles and requirements of the education system on a prior basis and then accordingly start moulding their product and business model in that direction.
Such companies create such products to solve the preassumed problems that have already been solved and try to reinvent the wheel. Remember, the Ed-Tech creators should never be designing products for their personal reasons.
Focus on figuring out the genuine problems of the modern classroom. Failing to do so, leads to the creation of products that are completely useless, especially as an Ed-Tech entrepreneur.
Go for the right business model
A satisfied customer is the best business strategy of all.
The freemium pricing model can be a good idea but again it goes hand in hand with problems. Ed-Tech companies, at first sight, think of embracing the freemium pricing model as a norm since this is attractive for the new consumers. But at the same time, it can go devastating to the company if the same consumers deny buying the upgrades.
Thus, the Ed-Tech companies badly need to learn the perfect way to sell their product and build strong investor confidence. Besides, the creators have to properly get through the available market plans.
Find out more about tapping your target audience and basing your business model here.
Take note that, you will never see a cent in profit if you go lazy in terms of understanding the pricing and the business models. So plan every step of yours carefully.
Get your mark on the unique products
Think of a product that can bring about a revolution in the world of education. Do you want to get your company’s name carved on that product? Now obviously for that, you need to brainstorm and think of such a product.
If we talk of technology, it should always focus on engaging the students in the classroom. Using it for tests and individual activities is not the best use of educational technology; instead, technology needs to engage and improve the education system in the same way as the great teachers do.
With an increasing number of Ed-Tech companies in the marketplace, the need of the hour is unique ideas. Many new companies die just because they weren’t able to compete with other companies as others had better innovative ideas.
This doesn’t mean that entrepreneurs are not forward thinking but it’s just that, their products sometimes go too similar posing a serious threat to each others’ ventures. New Ed-Tech companies are required to do their homework and ensure that their products aren’t similar to any other company’s product. This is an essential factor if their products desire success.
Predict the future
The future depends on what we do in the present.
As an entrepreneur, you always should focus on being a far-sighted fellow. There’s gonna be many changes in the field of education in the coming future and simply you need to see through the time.
Creating new products will need a connection what is good to have, what teachers want to have and what must be incorporated into the product. When the schools create an instructional plan, they always need the applications to be curated meticulously.
In today’s scenario, they are administrators who plan the whole education curriculum. Besides, what can be expected is that the teachers will be choosing the complete learning management systems along with the apps and content in the near future.
Ed-Tech is going ahead with a very fast pace and thus the competition is rising exponentially. So, just set your mind on the future and you will soon go forward.
There will always be a fear of change. Conquer it!
We have been witnessing a very traditional educational system from our childhood and every staff is happy to follow this system. We all know that this system has got many rudimentary elements that are needed to be eliminated.
Now we also know that a change in this system will not get approvals so easily just because there is a fear among the working school staffs that technology will “steal” their jobs. It is important that the offered solutions target the educators’ needs and are user-friendly.
Simply, a balance is necessary between simplicity and functionality to get a convincing idea. So, just work on these factors and your product will get along very easily with everyone.
Go get a purpose for your venture
Activity without purpose is the drain of your life.
A purpose for an Ed-Tech startup is vital for its reach and growth as a purpose tells the customers, how are they going to get solutions to their problems.
Besides, not all Ed-Tech entrepreneurs have worked in the education field. Therefore, it is important that the product is defined such that it serves a purpose. Moreover, replacing the educators is not an option but instead, the prime focus should be on aiding the students as well as the teachers for doing better work.
So, go get a purpose for your venture and then give your best shot in the market.