The following article has been inspired by the thoughts of Mr. Mayank Srivastava. He is the Founder of Experts’ Global, one of the world’s leading EdTech firms in the field of GMAT prep and MBA admission consulting.
Today, technology’s influence can be felt in parts of our lives and the education sector has not escaped. In fact, there is a specific term for the utilization of technology in education-Education Technology. Education Technology is also often called EduTech or EdTech. We have already seen many entrepreneurial ventures that have produced quite a few successful EdTech solutions. Yet, the field is still very much in its youth and, over the coming decade, we are sure to see many more EdTech startups spring up. If one pays close attention, one will note that there are certain key principles that all successful EdTech firms have in common….
They Understand Their Niche
All EdTech entrepreneurs need to understand where, in the education industry, their niche lies. No one technological solution can be broad enough to serve the entire industry, so it is vital for them to understand exactly what problem they intend to offer a solution to.
They Have Internal Clarity
In a successful EdTech startup, all of the co-founders will have a clear sense of their broad roles, degree of involvement, and equity shares. They must also be clear on the guiding vision of the company. If such clarity is not maintained, from the earliest, these issues will cause serious difficulties.
They Ensure High-Quality Content
Some tech-entrepreneurs, who establish EdTech firms, do so without understanding the necessity of high-quality academic content. Without such content, the technological proficiency of the firm’s products will not matter. Educational content is the lynchpin of any EdTech firm and it must be to-quality for the firm to succeed.
They Ensure a Reliable Technology Team
Educators and academics who establish EdTech firms, with the intention of disseminating their knowledge to a bigger audience, often make the opposite mistake. They fail to consider the importance of having a reliable technology team. Technology is key to the functioning of any EdTech firm. Whether as a hired vendor, a technology partner, on an in-house team a successful EdTech firm will always have a stable technology team.
They Choose “progress” over “perfection”
Successful EdTech firms understand that their products will not be “perfect” at the onset. So; they are comfortable going-to-market early, with a simple product. They then add new features to the product, through regular updates. This is the proper way to handle technology products.
They Know to Beta Test
Internal testing cannot catch all bugs. That is why successful EdTech firms always put their products through beta testing. Beta testing catches the bugs that the internal testing team missed and provides a good sense of how the users will respond to the product.
They Market for “Critical Volume”
Successful EdTech firms market for “critical volume”, which is the number of licenses sold that will provides sustainable momentum to sales. They also know to spread their budget across multiple streams and to keep revisiting and adapting their sales plans.
They Value Feedback
The successful firms make it easy for the users to provide feedback and report problems. They do so by providing reporting and feedback options, at all key places in the software. These firms also make sure to warmly acknowledge all feedback, to the user. This builds a good rapport with the users and encourages them to spread a positive message, about the product.
They Target Being “Profitable” Over Securing Funding
Successful EdTech firms understand that they should not just chase funding. Rather, they need to focus on establishing a profitable venture. This will be enough to attract investment.