Survival Of Edtech In A Post Pandemic World
The ed-tech industry has emerged as the most significant enabler in the educational sector, from primary schools to higher education institutions
The future of education will never be the same. Teachers, students, parents, and school administrators have lived through an excruciating painful phase of the coronavirus pandemic, having witnessed a severe effect on the education system and the ways we teach and learn. As a result, online education suddenly became a standard everywhere, which had previously only been available to a select few. Making education virtual was the only way to ensure seamless learning from elementary schools to colleges.
As the pandemic wanes, hybrid models of education are emerging. Educational institutions are now adopting new methods to make learning more accessible, efficient, inclusive, and intuitive. Hybrid models of education can cater to student needs and support the development of newer skill sets among learners, irrespective of geography. As a result, the ed-tech industry has emerged as the most significant enabler in the educational sector, from primary schools to higher education institutions.
India's education market is anticipated to reach $313 billion by 2030. The opportunity is enormous given that India has the largest population in the world in the age range of 5 to 24, with 580 million people. In addition, India has more students than any other country attending school, with over 280 million doing so in India.
A look at the market size
Investment in India's ed-tech companies went up to $2.2 billion in 2020, further growing to $4.7 billion in 2021. This makes the ed-tech sector the third financially supported segment of Indian start-ups, just behind e-commerce ($10.7 billion) and fintech ($8 billion). India, which currently holds the 46th spot on the Global Innovation Index for 2021, is poised for rapid growth over the next few years. Digital technology can be used with extensive educational changes to impart learning and skill development. This pandemic-accelerated increase is thought to be sustainable. Many parents want their kids to continue learning online even after the outbreak. With this shift in mindset, the ed-tech industry can continue to grow steadily in the future.
Above looks like a rosy picture to many, correct? It is excellent. However, start-ups do face struggles. Many ed-tech companies that came up too fast in the pandemic shut down at a similar speed as soon as the pandemic was over. The majority have the same reason – they failed to follow the "Value Model." For start-ups to sustain and grow post-pandemic, a strategy of the value-driven model must be adhered to and capitalised on to serve students.
The key is understanding that every education company deals with kids. And no matter how wonderful the technology is, human connection is at the heart of learning. We can't ignore the importance of the 'people first' aspect of the learning experience. So, a value-based model that delivers a perfect combination of technology and human intervention with guidance and support is what will drive the future. That is why a hybrid learning model with an intense focus on collaborative learning will be the key.
Here are some ways to help tech start-ups survive in a post-pandemic world:
For every organisation to succeed, a customer-centric, value-driven approach must be at the forefront, and the education sector is no exception. Unfortunately, most firms fail to understand consumers' needs and perish quickly. Delivering foundational knowledge to students is the only goal of education. The same golden rule serves as a model for adhering to the fundamental purpose of education: to flawlessly "deliver" knowledge.
Personalisation is key
Having one classroom with more than 50 kids as a suitable learning environment is long gone. Students want to learn solutions that are catered to their learning paces and styles. Therefore, most innovation should focus on maximizing personalisation. Data and analytics are going to be essential to making this a reality. A well-liked service will be virtual mentorship for one-on-one support and tutoring.
Creating educational opportunities outside of the classroom
Ed-tech businesses must use modern technology to replace outdated systems and procedures. The school experience won't be unbundled or packaged anymore. A future of lifelong learning and cohort-based learning platforms will require tech companies to be more innovative with their content delivery. They should consider how that screen looks and what it tracks, and provides, in addition to simply displaying engaging content. Is it only a repackaged lecture or based on authentic learning concepts?
Incorporating bite-sized design content
Children need bite-sized information from ed-tech companies, so they are not bored and lose interest. But, on the other hand, gen-Z is interested in and enthused by short, straightforward, and well-produced material.
Tapping Early Education
Ed-tech start-ups should concentrate more on innovation in products, methods, and concepts to support young children in starting learning immediately as the value of formative learning and early conceptual comprehension becomes more widely recognized. In addition, children can be taught by utilizing imaginative approaches to boost their participation in the learning process, from legendary concepts to their favourite characters portraying teachers.
A realistic assessment of the advantages and disadvantages of the current sales framework is necessary to accelerate long-term sales growth. For example, businesses, especially start-ups, frequently spread their attention to sales across several projects. Instead, it pays better ROI by concentrating intensely on one segment and expanding from there.
Change is advancing at a rate that exceeds our expectations. Managing this growth and promoting the transition made possible by ed tech will be necessary for change in the education sector. However, the future belongs to those who can innovate while focusing on sustainability, as in other competitive industries. Quality materials, focus, value-driven, portable and active learning, creative ways to engage their students, and the ability to publish and share student creations within the greater community are things that Ed-tech start-ups need to consider in the post-pandemic world to sustain their business.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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