The Indian online learning industry is projected to reach $1.96 Billion in 2022, and it’s expected to grow rapidly from there too. This growth is representative of the opportunities that this industry holds. So, entrepreneurs who are looking to start an edtech startup can consider it as one of the signs to get into the field.
The rapid growth, the willingness of the investors to invest, a lot of scope for innovation, and access to edtech incubators and accelerators are some of the reasons for which entrepreneurs can start their journey in this sector.
Now, before you jump into it, here are some things you need to know before you make the plunge.
The problem you want to solve
It is true that there is a lot of scope in the edtech industry. But that doesn’t mean that there is no competition. It is tough out there for people who are trying to make it in this space. So, before starting, you need to have a clear idea about what type of startup you will be and which problem you will solve.
What do you want to be? Do you want to provide a platform for schools and colleges to take their setup online? Do you want to provide a platform for teachers to interact directly with the students? Or do you want to start a portal where you actually provide courses and certifications? Getting a clear idea about what you’re going to do makes further processes like branding and marketing easy.
Who will be your team?
If you’re starting an edtech startup, then you need to understand the depth of the field from seasoned educators. And you will need to pick a team that has experts from both the tech field and the education industry. You need to be clear about each and everyone’s responsibilities and pick them carefully because an edtech startup is a long game.
How will you be accessible to your users?
Being accessible to your customers is important for any company. Especially with edtech startups, you need to know beforehand how your students can connect with you quickly. Moreover, learners will likely stick with your platform if they can promptly reach you for their queries. Pick the one that best suits your startup needs.
Marketing strategy
EdTech startups are one of the hardest brands to market for. Many times in the industry, the person who will actually make the decision of choosing your platform will not be the one who will be using it. For example, if your startup has various courses for school children, then they will actually be the ones using it. But their parents or guardians will probably make the decision to choose you.
Therefore, the marketing strategy needs to appeal to both the end user as well as the decision-maker. So, marketing isn’t something you can think about on the go for edtech companies. You have to think about it right from the beginning.
So, these are some of the things you need to know before starting an edtech company. What other things should every new entrepreneur in the field know?