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EdTech is the latest revolution in technological advancement to infiltrate the education industry, and it is the biggest and best yet as well. From online submissions and online examination software, to forging entirely digital learning processes like online lectures and tutorials, EdTech has disrupted one of the most important industries far beyond expectation. In what has felt like little to no time, EdTech has given the education industry a revolutionary regeneration that has sculpted the future of education.
EdTech is a virtual goldmine all around the world, and so it is not at all surprising that it has attracted the attention of countless entrepreneurs eager to dip their toes in new and exciting business opportunities. Because of its vast popularity among entrepreneurs, investors, and the education industry itself, EdTech is becoming more and more difficult a business to successfully break into. However, there are a few key tips that are the perfect stepping stones to entrepreneurial success in EdTech.
1. Do your homework
This seems like the most obvious thing in the world to some, but when you have a great idea it is easy to get excited and forget about doing your research. This applies not only to the market, but to the prospective audience and the necessity for whatever it is you are pitching.
Too often, eager entrepreneurs dive head first into an idea without genuinely thinking it through to begin with. EdTech is not a business you want to make this mistake in. Before investing and spending any money on this big idea, spend your time evaluating its potential value, the necessity for something like it in the market, and how it can assist the prospective buyers (the teachers, in this case). Preparation is your best friend.
2. Ensure your product serves a genuine purpose
Ensure your product has genuine purpose before investing any money into marketing, prototypes, or the like. A great idea is all well and good, but that same great idea is nothing without a purpose to work towards.
The best thing you can do for your product (and for the EdTech consumer market), is to take a step back, go into the field and have genuine, real-time conversations getting to know the individuals you want to cater your product towards. Get a feel for how they receive such an idea, and use that feedback to strengthen your resolve and your business plan going forward.
3.     Create an assister, not a replacer
Educators do not want to invest in any products or programs that are designed to eliminate part or all their job. Do not make the mistake of investing your money and time in developing and marketing a product that is designed to replace something that a teacher does.
For example, do not try to pitch a programme that will research, code, write, and print assessment outlines for the teacher. This is part of the teacher’s job – and an important one at that. Instead, try pitching and programming a system that randomises question order or categorises research for the educator to use. Pitches like this aim only to assist them in doing their job, not doing their job for them.