Let’s read this article to know How EdTech Startups are Revolutionizing Education?
Rise of EdTech in the world
The Covid pandemic has made serious interruptions in our daily lives. Most of organizations and associations are compelled to follow protocols, such as social distancing, remote working and virtual solutions to overcome any issues.
Additionally, schools and other instructive foundations in such sectors had to close their gates an extended period of time. Educational institute staff has to observe the latest measures including wearing masks, using sanitizers and recording temperatures, disinfecting hands, and so on and so forth.
Such measures are fundamental yet harsh for the learning-deprived in Southeast Asia, where the populations is almost 700 million. Young individuals make at least 25.7 percent of that number and they fall in the five-to-19-year-old school-going age section.
As EdTech in Southeast Asia became the need of the hour in the current given situation, there are many other factors that contribute to its further development.
When a child starts school, their love of learning may be negatively influenced by large class sizes, lack of individual attention, and teaching styles contrary to their best learning style. With nearly one million interactive exercises designed by educational experts, children using kids-friendly e-learning apps are set up for success and love for learning before their first day in school. Such platforms help set up a strong foundation before traditional learning methods go back to normal.
Use of Artificial Intelligence
In large classrooms, lack of time and resources make it impossible for teachers to track each student’s learning process to determine individual difficulties. Individualized education improves skills, mastery and increases confidence in students. The use of A.I can ensure that students are able to get the attention they need whilst also making sure that teachers and lecturers are not overburdened.
Connect Students with Teachers and Study Partners Virtually
Once a student leaves the classroom, they are on their own to do the homework. Parents or tutors might not be available to assist the students at all times. That’s where EdTech platforms come in. These not only have a range of accessible video lectures but also have the facility of live individual tutoring as well as group study options. Parents and guardians are kept updated with the results of their children in far better way than traditional learning methods.
Giving Schools the Necessary Resources to Implement such Methods
Making schools equipped with resources needed to carry out virtual learning will yield the best results. Students all across the school will be able to benefit from EdTech. Furthermore, a combination or mixture of online and face to face classes can also be another option. In this case, most of the theoretical work can be taught using online methods whereas lab work and other on field training can be done via traditional learning methods.
It is a matter of debate to find out whether virtual education was implemented in the current situation in a rush. However, the rise of Edtech in Southeast Asia and Continuous education training have the potential to revolutionize education.
Are Edtech Startups Making an Impact to the Education Sector?
India is transforming and the major reason behind this transformation is because the way our country is leveraging the technology to re-create and revolutionalize different sectors.
According to a Mckinsey report, newer digital tools like Cloud Computing, Advanced Genomics and many others could have a combined global economic impact of $550 billion to $1 Trillion a year by 2025.
Several tech startups in India are quietly changing the dynamics of the education landscape of our country.
With our governments resilient push by increasing the digital reach to drive progress and economic growth our education sector is now ripe and ready.
According to Edustars survey, 61% of the companies in India have built mobile and tablet apps in the education space. 54% of them leverage the cloud for their startups while 32% use video technology.
A satisfactory 32% of the edtech startups present in India are earning between Rs. 5 lakhs to Rs. 1 Crore per year and 25% of the startups are earning over Rs. 1 Crore Per Annum.
Zishaan Hayath, Founder of Toppr, an online test preparation platform says that India’s Education sector is the next front that needs to be conquered using technology. He adds that via technology their platform is able to adapt question papers to a personal level.
This way they can figure out the weaknesses of a student based on past performance and serve him or her appropriate content and questions.
Videos have always been the most engaging form of content on the internet space. Most of these edtech startups use technology to compress data so that video streaming or pre-recorded video content can be sent over even at the speed of a 2G Connection.
Online Test Preparation
The segment that has most players involved in the edtech space is the Online Test Preparation. The entrance exams like IIT, IIM, UPSC or Bank Exams are the focus of many edtech startups.
Karan Mohla from IDG Ventures, an investor in a startup called SuperProfs and also one of the business mentors, says that due to startups like SuperProfs a student is not constrained to major hubs of IIT and IIM Coaching. SuperProfs have tied up with 200 Professors across the country to upload their video lectures.
Students post lectures can also get their doubts cleared by booking a slot for a live online session with professors. They ensure to bring the best of the teaching talents from cities like Kota, Chennai, Delhi, Bengaluru, etc.
Vedantu is another growing edtech startup of India, which is disrupting the online tutoring market. Vedantu works as an online marketplace where students and teachers can meet and select one another. They charge Rs. 150 to 250 per hour for coaching students from 6th to 12th standard.
Students can rate teachers, which is visible to the new students to make an informed choice. Although, we feel that Online Education is still in its initial phase, but we see a much larger number of investors, which is total 60 being drawn to edtech space in India than in the same time in 2014, which was 35.
Even globally, as the data from VC investment tracking firm CB Insights suggests that there is a phenomenal 71% increase in the investments to ed tech space from the year 2013 to 2014. Financing grew from $944 million in 2013 to $1.6 billion in 2014.
There is a definite traction for ed tech products in the market, but edtech startups are facing several problems as well.
As per the Edustars Survey, when startups were asked about the challenges faced by them, 50% of the startups said elongated sales cycle as their biggest problem. With 39% stating their biggest issue was user adoption. Lack of awareness was the problem with 32% of the startups.
While the rest pointed out at several issues like unable to attract talented employees, raising funds and difficulty running a for-profit model in the education space.
The majority of startups in India from edtech space are in early stages, but fortunately, most of them are reporting sizable traction, but the overall scenario is positive and both investors and entrepreneurs seem to be thrilled about the potential of the sector.
Watch video | Top 10 Edtech Startups Revolutionizing the Indian Education Ecosystem
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