The golden pitch: EduTech
Every human being needs oxygen to survive in the world. Education is as important as this because it gives people the knowledge and skills they require. It is important to people of all ages and has no limits. Children require education in order for them to learn how to speak and to write. Education gives us a knowledge of the world around us and changes it into something better. It develops in us a perspective of looking at life. It helps us build opinions and have points of view on things in life.
But as the time changes ways and values also change today we have seen innovation in the education field also. With the emergence of new technology every now and then, education also encountered it at some level. Then came Ed-Tech
What is Ed-Tech?
Ed-Tech refers to software designed to enhance teacher-led learning in classrooms and improve students’ education outcomes. Ed-Tech is in the early stages of development but it shows promise as a method of customizing the curriculum for a student’s ability level by introducing and reinforcing new content at a pace that the student can handle. EdTech is a portmanteau of “education” and “technology”.
Why Ed-Tech is important?
Ed-Tech is more than merely changing the education material from books to digital form. In fact, it is enhancing the age-old education system by improving the pedagogy and learning process that ultimately results in enhancing the human race.
The concept of acquiring knowledge at school and applying it in the workplace seems to be obsolete. The reason being that learning is not something to be left behind after completion of school or college but it is a lifelong process. In fact, in this rapidly changing competitive world, irrespective of age, it becomes imperative to keep on updating your skill sets.
And Ed-Tech is making this concept of continuous learning possible. Whether it be updating knowledge and skills for better employability, casual learning for hobbies and personal interest or even reskilling for a career change, Edtech is at the disposal.
What Ed-Tech Holds for Start-ups?
Ed-Tech is getting enormous. Enormous not only in terms of influence on education but also in terms of money.
The global EdTech and e-learning market is projected to grow at 5.08 per cent CAGR by 2022 making the total worth a whopping $243 billion. Yes, that’s $243 billion.
Observing this massive growth, even the investors are lured to fund EdTech startups. The global EdTech Investment in 2017 reached skyrocketing $9.5 billion funding 813 EdTech companies. In 2018 EdTech shattered its previous records with $8.24 billion in investment in the first half itself, funding a total of 437 companies.
EdTech companies seem to fit in the shoes of the Uber and Airbnb, to be the next unicorn startups. China-based education startup Yuanfudao is reported to raise a whopping $250 million from Tencent.
Even the Indian EdTech giant BYJU is in talks to raise $200-300 million in funding from General Atlantic and Temasek Holdings.
The reason for this exponential growth? High demand for EdTech products.
The number of K-12 students in Asia is 600 million. An average family in Asia spends 40 per cent of the total income on education-related product and service.
As per the report by KPMG, in India alone, 280 million students are expected to enrol in schools by 2021. This means that there will be high demand for primary and secondary online supplemental education.
But it’s not just the students, even working professionals consist of a large amount of user base. These professionals have surged the demand for reskilling and online certificate category.
There’s an unfathomable pool of opportunity in the market. If there’s a good time to penetrate – it’s now.