“Develop a passion for learning. If you do, you will never cease to grow” – Anthony J. D’Angelo
The introduction of technology in the education sector has made it easier for educators to fuel a passion for learning in the masses. A rapid increase in the growth of internet connectivity coupled with lucrative data rates has acted as catalysts for the growth of the education industry.
EdTech is considered to be one of the richest and fastest growing industries, as shown by the fact that the EdTech market crossed $17.7 billion in 2017. An industry that has combined the benefits of education and technology is bound to prosper while setting up some trends and opportunities along the way which we will discuss below:
E-learning is one of the most demanding and competitive segments within the Indian edtech ecosystem. Many EdTech startups offering online courses are cropping up all over the nation. From classroom curriculum that covers the yearly syllabus to course material for competitive exams like GATE, CAT, UPSC; there is an app-based and web-based education solution for everything. E-learning as a trend is also rapidly gaining momentum in formal classroom training where teachers take help of online course materials for a more impactful and visual learning experience. Remember reading about photosynthesis in your textbooks? Imagine what it would be like if you could understand it by a simple visual depicting everything in detail instead of cramming it for hours! That’s what e-learning does for you!
Vocational Skills & Training
According to the Centre for Monitoring Indian Economy (CMIE), there are 31 million unemployed people who are looking for jobs. What these people lack is the availability of relevant skill sets that can help them secure a job which takes care of their basic needs. To make job-ready candidates, the edtech ecosystem can invest in vocational training courses like sales, marketing, teaching, IT and networking, which offer the technical know-how to allow users to land an entry-level job. Education startups thus can not only provide personalised industry and vocational training courses, but they can set themselves a class apart by offering hands-on training courses as well. With the growing popularity of virtual reality (VR), opportunities for virtual labs and simulation studies are indeed there but are still largely unexplored. To derive meaningful benefits from vocational skills and training, startups need to work with both industry and academia.
No one can ignore the importance of formal education and professional degrees, they are an irreplaceable part of an individual’s education, and also make a person eligible for the job market. Students need to have the right attitude and skills to get the jobs they desire. However, if a person wishes to grow in one’s career, one always needs to update their skillset. This is where competency-based learning comes into the picture. Courses which focus on upgrading professional skills (Like Python, R, SAS for the potential data scientists) have become a new trend in the education startup space, and it is here to stay. There are already a number of online startups that offer students and professionals alike with courses that will complement their profile. Some of these even help students with their job placements.
Language & Communication Skills
Developing effective communication skills are a prerequisite for not only leading a more fulfilling life but they also directly impact your professional and academic growth as well. Whether you seek admission to a college, go for a job interview, or meet someone new, your communication skills always define your personality, and have the power to either make or break it. As a result, language and communication training provides a very lucrative opportunity in the education startup space. There are education startups which not only help students in clearing competitive exams, but they also help them in clearing their interviews of CAT, UPSC, IAS, etc., thus further paving their way for a successful career.
Language offers another excellent opportunity when it comes to the education startup sector. With a high frequency of students and professionals alike going overseas for higher education every year, there is an increasing need for people to learn new languages. Often tied down with busy schedules, people find it tough to devote time to formal language classes. Thus, online language learning will prove a worthwhile opportunity in the education industry.
The education sector is vast and is expanding with each passing day. It is an industry that is not only global in scope, but is also rapidly evolving with a vast pool of financial resources. When setting up an education startup one specifically needs to focus on factors like geographies, needs, and demographics. With all its dimensions, when focused on services like high-quality content, robust technology, mobile-friendliness, an investment in education startup can prove to be very lucrative. Like any other industry, education comes with its own set of challenges, however, it also has the potential to make a positive difference in the community.
[Top Featured Image – Innovation-village.com]