In the last decade, the learning and education space witnessed a sea change across the world led by tech disruptions that challenged the status quo. Classroom-like sessions with pre-recorded tutorials, MOOCs, artificial intelligence led courses and augmented and virtual reality-based learning sessions, the current line of technology-based solutions is aimed at making learning more personalized and effective. The growing acceptance for these solutions has led several entrepreneurs to venture into space and leverage technology to make education ‘accessible’, ‘affordable’, and ‘impactful’.
In the Indian context, fulfillment memories of ed-tech platforms have controlled to result in a terrific shift in the vintage-school strategies. However, all a success tales have innumerable disasters, staying power, endurance, and countless work-hours in its historical past.
We shed light on a few interesting lessons that cannot be missed by entrepreneurs aspiring to explore the education sector.
- Clarity on the Business Model:-
It is often stated that the Business model comes earlier than the Business itself. This approach that one desires to position quite a few thought into how you’ll make cash and who will pay for your products and/or services. Most education-centered startups Fail to define their consumer narrowly, whether it’s for the school or parents of school-going children. Also, the tight definition of patron character, whether they may be primarily based in the foremost metros, Tier 2, or Tier 3 cities, is critical in messaging and targeting.
While for a B2B startup, efforts have to be put in the direction of developing relationships with school and different academic institutes, B2C start-ups to recognition on building agree with the parents, where they feel secure in entrusting their children to your brand.
Also, figuring out the pass-to-marketplace strategy is critical considering academic institutions are a high-quality medium to reach your target market if you are a B2C schooling employer. This apart, it is crucial to recognize the unit economics, of the way the business will form with scale.
- Understanding the Market/Consumer Needs:-
Education and Healthcare are two large sectors which can be crucial for the growth of any society and additionally ends in development. In a pursuit to best the product and generation, maximum entrepreneurs lose sight of the middle enterprise concept, which is knowing the fundamental hassle they’re looking to resolve. Entrepreneurs need to make certain of the product/provider they are building and align it to the needs and capacity of the market/give up-person to make sure a worthwhile undertaking.
- Introduce a Break-through Solution to a Large Problem:-
The current education system is educationally orientated in which Parents trade higher grades over actual gaining knowledge of & improvement of their wards. Entrepreneurs introducing modern solutions that cater to the overall improvement of kids via disruptive technology, must communicate loud and clean and indicate the advantages of the goods and offerings in the direction of the child’s mastering.
Most entrepreneurs work on answers that cater to handiest 1% of the Indian population or the elite inside the cities. It is imperative to appearance beyond a few micro-markets of the advanced cities and caters to a much broader audience that belongs to ‘Bharat’ and not just urban India.
- Establish Brand Awareness and Goodwill:-
Parents are reluctant to trust new brands in K-12, given it deals with their child’s future. Brand building and creating a goodwill with parents or the target audience involves patience, genuine hard work to deliver on the promises made, and a robust brand strategy. Serious efforts must be made to communicate the brand ethos and establish the initial trust in your target audience. Nothing works better than referrals and word-of-mouth publicity.
- Tie-ups is the Key to Growth and Expansion:-
Start-ups have limited resources, and hence, it is important to build strong relationships with partner companies, which have a similar target market. Such tie-ups can compound the growth quickly without putting a strain on the limited resource pool that a startup has.