EdTech is a tough riddle to crack in a country like India. Indian education is highly regulated and it is very difficult to bring a positive change into the traditional education system and mindsets of the people around.
In India, EdTech startups have seen success but only in a few segments that include test preparations, professional courses and learning management systems. The majority of EdTech segments such as preschool education, higher education are still treading on thin ice.
A lot of factors are responsible for the low success rate of EdTech startups. Here are a few which have been observed by experts in the education startups over the years.
- A product with the right business model.
Most entrepreneurs in EdTech startup industry fail to build right kind of product and deliver core solutions to fill the gaps in the education field. Every other day we see a new startup in this space providing the same products with no differentiating element from the existing lot and there will always be someone out there providing these services for free. In EdTech industry, it takes some time to get your product, pricing model and strategies right. But one should not be delivering something for cheaper will just to acquire more users.
- Have patience of the job.
Don’t expect a quick growth in this industry. Building a large, successful education company can take almost 15-20 years. It will be a grave mistake to raise venture capital funds before figuring out the right model as the growth curve, here, is not like that of IT companies. Survival is the key. If you launch a startup in this sector, be here for the right reasons, figure out things and be patient; you will taste success.
- Who are your real users?
Users don’t keep you sustained but paying users. The numbers from the initial traction do not reflect the real growth of EdTech startup or any startup for that matter. You cannot draw an upward growth curve based on your first set of customers. It is the next set of customers which is central. They have faith in you yet are sceptical. If you are able to assure them and deliver right, you are heading in the right direction. Also, feedback from the users should be taken note of as it can help you refine your model further.
So, if you are thinking to step into this industry, it’s important to find your niche, stick to it and be patient. With right planning and strategies, you can surely become a successful entrepreneur in EdTech industry, alive and kicking.