How To Create an EdTech Solution that Drives ROI?
With the increasing trend and demand for online education caused by Covid-19,Guest Posting many startups and educational institutions are coming up with edTech solutions to obtain market share. However, not all of them earn their original investment back. The primary reason behind this being that some companies are not creating an edTech solution with great value. It is essential that an edTech solution provides meaningful educational material.
In this article, we’ll discuss the steps and considerations for creating an edTech solution. But first, let’s understand the current edTech market scenario.
According to a Market Brief by EdWeek, nearly 15% of schools in the USA will have a set of VR classroom kits by the end of 2021.
A recent report by Dealroom and London & Partners states that with $630 million investment in London-based edTech companies, London holds the top position for edTech investment in Europe.
Gadgets are becoming more sensible, with parents and teachers adopting new approaches to innovation in education technology. This headway in educational technology innovation has boosted the demand and interest in useful edTech mobile and web applications.
Things to know before you create your EdTech Solution What is EdTech?
EdTech or Education Technology is an area of technology that is focused mainly on providing software solutions for the education industry. The aim of this technology is to improve the accessibility of education and to emphasize the streamlining of the learning process.
EdTech companies focus on building solutions that provide the students with a futuristic and immersive learning experience. In 2021, the edTech industry will consist of various educational tools powered by several advanced technologies such as extended reality and IoT.
Impact of Covid-19 on EdTech
The Covid-19 outbreak has significantly disrupted the global economic scenario. Some sectors saw a negative impact, whereas others realized a massive increase in market capital and customer demand. However, the education technology industry was positively affected by the coronavirus pandemic, with a rise of 15% in the year 2020 alone.
The pandemic has made us realize the applicability of the technology in the education sector. EdTech experts believe that the increased accessibility of education has unveiled new learning opportunities for students worldwide. The increased availability has also democratized education for those students who can not afford hefty tuition fees to get a world-class education.
Coursera saw a rise in student enrollment with 10.3 million new registrations in the first thirty days of the Covid-19 pandemic. This is a 644% rise in comparison to the same period the previous year.
As the world has seen the goodness of implementing technology in the education process, they’ll continue to promote edTech, and we’ll see more and more students benefiting from edTech solutions.
“Learning can take place anytime, anywhere.”
Factors to consider before developing your EdTech Solution
However, building software tools and applications for teaching is a very troublesome job. There isn’t any straightforward approach with which you can facilitation define your edTech platform architecture. Therefore you should know the following factors that are related to edTech in 2021.
Schools cannot afford many EdTech tools
Due to the rise in edTech solutions demand, there is a cut-throat rivalry between edTech businesses. Hence, it is essential for you to be sure about the edTech solution benefits that you bring to the table. High-quality educational content is the heart of every edTech solution, but what makes a solution more worthwhile investing into, is how it delivers the content.
Suppose your edTech solution is focused on providing educational institutes with the ability to streamline their processes. In that case, you should make sure that your solution helps the institutions in a manner that they won’t then need to make significant investment in other technology solutions that solve related problems. In simpler terms, your edTech solution should provide unprecedented value for the institution’s money.