Tips for Education Startup in India
Currently, India is seeing a surge in setting up of education startups. Each startup has its own plan to revolutionize the education system thus changing the overhauling the face of education. According, to a KPMG report in 2016, the EdTech industry has a scope of touching the magical figure of 1.96 billion dollars by 2021. How glittery these figures and laudable traits of an EdTech startup may appear still every company needs a clear differentiator in this highly saturated market. Hence, here are some essential tips for entrepreneurs thinking of venturing out in the EdTech space.
- First of all, any entrepreneur should keep in mind is to have a real understanding of the needs of teachers and students. Many EdTech startups create a product which is already being offered in the market and thus fail to survive. Designing a product which satisfies the creators need should not be the role. Rather keeping in mind the current problems faced by modern classrooms should be the idea.
- An EdTech entrepreneur might not have any experience of working in an education field. Hence, the product one is offering should have a clearly defined purpose. An entrepreneur should keep in mind that he is not there to replace the instructors but help students and teachers by improvising the traditional methods.
- With a plethora of novel products available in the EdTech sphere one needs to ensure that a unique offering is what his or her product is all about. Investors are generally interested in such products. Also, without any exclusivity in products, the customers will be also not interested in buying. Hence, a reconnaissance of the different EdTech companies should be on an entrepreneur’s priority list before venturing out with their product.
- The development of an EdTech product requires the application of various skills. Hence, hiring the right talent should be on the checklist. By employing such individuals who have the same zeal as within you, will lead to a culmination in the form of a superb product.
- For those treading out on the arduous journey of entrepreneurship for the first time, networking might prove highly beneficial. Connecting with EdTech industry professionals might lead you to your next funding opportunity. Also, one might learn some invaluable lessons as well from those who have already found success on this path.
- There should be a portion of gross revenue earmarked for advertising in any new business. One should also be vigilant in terms of finding the right space for advertisement. Posting on web pages, magazines can prove instrumental in your product being seen by educators and others alike.
- Listening is a good habit. This also applies to entrepreneurship. always listen to your customers. Try to solve the problems they face with the product. Work upon these problems and remove them in your subsequent offerings. This will help you in two ways. One it will create an everlasting bond with your current customers. And the feedback from customers will help you also working upon the shortcomings in your EdTech product.
- Always stick to your primary motivation behind the startup. Sometimes, situations tend to deviate us from your primary aim. Only this will help you in remaining there for the long haul. Seeking ideas from others is always a good thing but put them to test only after analyzing that do those ideas contribute to the original mission with which you started.
- An entrepreneur needs to be active in social media due to the advantage of high engagement which it delivers. Also, who knows that your next funding opportunity might arise from one of these social sites.
- Last but not least, having a flow of revenue from multiple sources is an advantage certainly. Having only a single source of funding might strangle you in terms of gaining financial help. Therefore, an EdTech startup should always have link-ups with multiple revenue sources as these come handy when the tide is not in your favour.
The above tips are just basic and are required to be followed by every EdTech startup out there. There are many other things as well. I invite you further to add more points in case I missed something crucial.