If you want to work in a meaningful industry and are willing to make an impact on students’ lives, then it’s always a good idea to start an EdTech startup. Well, EdTech is the deployment of technology for imparting education or familiarly referred to as Educational Technology. As the technology has profoundly impacted the day-to-day tasks of the different industries; the education sector has not remained untouched and why not?
EdTech has witnessed a significant boom in the last five years, as the schools start to bring devices and broadband into classrooms, this leads to the increment of the investment. As a matter of fact, EdTech can take quality education to every nook and corner, enable instructors to scale-up by tapping the unexplored sections, and help institutions in making the diffusion of information more efficiently and uniquely to the students.
So, are you ready to start your EdTech startup? But the question is how do you do it? Several entrepreneurs have devised EdTech solutions but the progress is still at a nascent stage and the coming decade is bound to witness frequent attempts at extracting the EdTech potential.
Here are some key factors that every entrepreneur should consider before beginning an EdTech enterprise in order to steer away from the legal system problems.
Identify Your Niche
The first and foremost aid that you should consider before starting an EdTech firm is to determine your “solution statement,” apparently suggesting your’s niche, the exact problem that one is solving. As a matter of the fact that the education sector is boundless, and no technology solution can cater to it all.
In order to get success, you need to work long hours, take risks, and sacrifice many other aspects of your life. You also need to be driven and have the initiative to lead the people in your new business in the right direction.
As soon as you identify your niche, for starting your EdTech solution, the next step is to ensure the high-quality content for your EdTech firm. Not all EdTech entrepreneurs have worked in the education field. It is, therefore, essential for them that the product must be defined, unique and it must serve a purpose.
Irrespective of how cutting-edge the features are, how fancy the software looks, and how intuitively the tool works, content is the critical resource for an EdTech firm, and it needs to be the peak in quality for the firm to succeed!
Commence With a Naive Product
If you are starting an EdTech Firm for the very first time, then you need to ensure that you are commencing with a simple product using your existing strengths and unique ideas in order to get success. Well, the first version of a successful product is never the final version, and there is nothing like a “perfect product” in the competitive markets.
So, it is always advisable to choose “progress over perfection” and go-to-market early with a naive product rather than late with a fancy one. Once you are done with the selection of the product and roll the product out, you will undergo a steep learning curve, and new ideas will automatically come.
Once you are done with the selection of your simple product for your EdTech firm, the next tip is to have a marketing plan in order to attain the critical volume in the competitive market. Well, there will be many changes in the field of education, especially as it is connected with the technology firm.
By having a clear and precise marketing plan along with a dedicated budget to reach what you deem is the “critical volume” will help you in developing your EdTech firm without any legal system problems. Create products that what teachers and students want to have, spread your marketing budget into multiple avenues, keep small milestones, and revisit the sales performance periodically to improvise.
Establish a “Profitable” Rather Than “Fundable” Business entity
Before starting an EdTech firm, it’s always advisable for every aspiring entrepreneur to remember that do not be driven by the noise around “who rose how much?” In fact, start with the inspiration for developing a “profitable enterprise” rather than with the intention of “raising funds.” If there are potential profits, investors will anyway follow you!
Stable Technology Team With Creative Minds
Whether you develop a technology team in-house, share equity with a technology partner, or appoint a vendor, you need to ensure that you are working with a stable and robust technology team. When you work with an innovative and robust team, there are people whose work shares context with yours, which makes it easier for all of you to challenge each other’s ideas and grow together in the process.
Have Your House in Order
To operate your EdTech firm successfully, it is mandatory to all the startups that they should gain clarity among the co-founders on the fundamental aspects of the business. There should be a record of substantial roles and the degree of involvement of each co-founder, the vision of the company, and the respective equity shares in order to steer away from any chaos.
Ensure Rigorous Beta Testing
No matter how stable and robust your testing team is, some bugs are bound to go undiscovered. Once the software is ready and bug-free as per your internal testing, it’s always advisable to start with a beta version where you give your product free to a certain number of real users to gain broad feedback and to catch the undetected bugs.
Value the Feedback
The last tip which all the entrepreneurs need to consider before launching an EdTech firm is to have the access of clear feedback as well as a report-a-problem button at critical places in the software. Value each feedback whether it is positive or negative, and acknowledge warmly to the users because they are going to be your brand ambassadors! Always ask what could improve their experience and allow them to obtain new learning objectives.
Well, believe in what you’re doing, but be willing to take input while maintaining confidence. So, if you are eager to start your EdTech firm without getting indulge in the legal system problems, then make sure that you address each of the essential points discussed above.