Global EdTech market is expected to grow at 17% per year to reach $252 Billion by 2020; as a result many entrepreneurs are trying to grab a piece of this pie. In an age when startup entrepreneurs routinely try to come up with a next big idea which can revolutionize this space, they often forget that the fundamentals of great companies have almost remained the same for hundreds of years.
Each startup in EdTech space today promises to transform education, beat the competition and ultimately change the way knowledge is imparted. While the intent is praiseworthy, companies have struggled or are still struggling due to low adoption, financial sustainability, multiple gatekeepers involved in transition to digital learning (teachers, institutions, policy makers, etc.) and a market cluttered with solutions. Hence, in order to succeed in this highly competitive industry, it is recommended to know the following 6 things.
2. Clear Understanding of the Demand Gap for EdTech Products
The education sector is a complex marketplace. An EdTech product should appeal to the decision makers – principals, school administrators & policy makers as well as students and their parents. The product offering should be adaptable to the needs of the end user. Many EdTech companies find it difficult to identify their purchaser, and so cannot find a way into definite education system.
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