EDUTECH MARKET: 5 BIGGEST CHALLENGES THE ED-TECH INDUSTRY IS FACING RIGHT NOW

EduTech Market: The Education sector is the trending sector in the Indian market. The revolution in the field of education has led to the emergence of startups in the market. Many startups have come up with the latest tools and technology over years to make education affordable and accessible. Entrepreneurship might look easy to some but it requires proper planning and execution of ideas.

With the new technology and tools, it is possible these days for an entrepreneur to impart knowledge to the masses. Over the last few years, the education industry has witnessed a considerable growth and startups disrupting the sector. Due to a lot of competition in the market and succeeding for an entrepreneur could be a hard task.

Many new age entrepreneurs are not aware of the challenges that might come up with the time ahead. Here are some of the challenges that an entrepreneur will face at some point of time while establishing or expanding their business.

1. Competition in the market

The education industry has undergone some major changes over past few years. A lot of startups have entered the industry hence making the competition tough for all. Remember since the market is not new and there are already established players in the market. So to carve the niche and get ahead in the competition, Startups must come up with an innovative business model, tools and techniques.

2. Financial support

The advancement in education industry has led to increasing competition, so fetching an investment for your company could be a task for the newbie. The big daddies are already present in the market, hence making it difficult for new startups to establish their base and find investors. So it’s very important for a startup to stand out of the rest to survive the tide.

3. ‘No’ to change

Change is a part and parcel of life, in order to survive in the edutech market we need to adapt the changes and work accordingly. Some customer might go well with your suggested technologies and some might just oppose them. Some old schools and colleges won’t be ready to change and resisting the change. The resistance and fear could be because of the lack of financial resources or how students will react to the technology or the money spent on educators in learning it.

4. Buyers and consumers- There is a difference

• Before selling their product one must be aware of two things:
• Before entering the market, an Edupreneurs must be aware of two things:
  1. Who are the buyers?
  2. Who are the consumers?

The answer to the above question is the authority and management system of the schools and colleges are the buyers and students and teachers are the consumers. So an entrepreneur must understand the difference between the two and plan their marketing strategy accordingly.

5. Conventional methods

Although the education industry is in a phase of transition, some educators or teachers might still feel the importance of blackboard method and don’t want to upgrade their system because of change, fail or just being skeptical about it. If you want to survive and convince your buyers then come up with a solution that may provide solution to one of the pre-existing problems.

Dr. Madhukar Angur, a mentor cum entrepreneur cum investor. Madhukar Angur has been an inspiration for his work in the field of education around the world. Dr. Angur is now looking forward to work towards the biggest challenges faced by the young entrepreneurs in Edtech industry. Dr. Madhukar G Angur is planning to provide financial aid to entrepreneurs struggling to get financers for their business.