The EdTech Environment Is Healthier Than Ever, But Can You Make Your Idea Work?
September 03, 2021
Over the past two years, capital has flooded the edtech sector. Take, for example, Duolingo’s nearly $5 billion IPO, which attracted an initial pricing of $102, way over it’s initial target of $85-95. This is a show of just how important edtech services are, and how much of a role they have to play in consumer electronic trends. For the entrepreneur looking at these successes and hoping to find their own niche in the digital tech market, it’s important to know that there’s more to being successful than just having a good idea.
Running a Business
The startup field is absolutely ram-packed. According to USA Today, 2.5 million new business applications were filed through May, as the national labor shortage continues to get more severe. That’s a highly competitive atmosphere for businesses, and one that can make expansion difficult. Expansion is inevitable for a business looking to make a real impact and grow into something more than just a one-person passion project. As a result, you should ensure that your business follows diligent business practices and has something to offer employees. Online business, MBA, and executive education options are increasingly giving business leaders an edge in this hectic scramble. Insurance experts Cerity highlight the use of workers comp and similar products as a way to safeguard the business and help employees feel valued.
Developing Your Idea
Your idea may not be unique. This is the fact of the matter for most startups – their service is going to be similar to several others, and needs to have a defining point to help set it apart from the competition. Developing this identity is a core part of the startup story, and will help you to cogently demonstrate the benefits that your business can bring versus competitors and others with big ideas. Finding your niche, and developing it, will help you to make a clear demarcation between yourself and others in the market. This will help you to attract investment, too.
To really make it big you will hope that your edtech venture can attract investment. There’s plenty to go around – a report for Medium by Reach Capital found that $3.2 billion had been invested into edtech in the first half of 2021 alone, showing the clear interest of investors in this area of the market. This is understandable, given the shifted focus to home learning for many adults and children around the country. Investment is crucial to any business looking to make it big – those multi-million dollar injections will elevate the business and give you a wide range of options for growth. That’s often the most important thing for start-up business in the ever-congested tech sector.
Your edtech idea might well be a worthwhile one – but you need to put in the hard work behind the scenes to help it succeed. Development, growth and exploration of your niche will constitute that hard work and underpin your growth as a business and, ultimately, the impact you have on the edtech scene.
Featured Image: Christina at Wocintechchat dot com, Unsplash.