With the unprecedented growth in the tech startups in the country, foreign investors are looking at this as a potential investment ground. The Indian startup scene has been magnetic lately and they are the investment of the moment.With all that is going on in this fromt, Edutech Startups are no exception to this wave and the Edutech Startup space has also witnessed growth like never before. Be it providing tutorials, teaching in schools, corporate sector or some informal education section, the tech startups are bringing transformation in all spheres.
However promising this situation might look, we can never ignore the challenges that lay ahead of us.When it comes in developing low cost teaching aids, edu tech startups seek to provide solution. In the business of creating entertaining education, the numbers of startups are increasing. Thus the business is no more easy.
We have tried to enlist few of the major challenges that lay ahead of this otherwise promising Industry.
More and more edutech startups are flooding the market everyday thanks to the increase in online access by edutech start ups. Today, India the forth highest number of edutech startup. This means the industry now involves competition. Hence, the existing or new comers in this industry have competition and competitors standing as the first challenge.
Low on Fundings
Funds are the most essential for any organisation and moreso for the Startups. To penetrate and make place in this competitive industry, a start up necessarily needs to have financial backup. High investments are required initially to establish the business. So, capital is another major drawback for this industry.
Slow Moving Education Industry
With too many stakeholders the Education Industry looks like a slow moving industry. Startups may come up with innovative academic tools but the education industry has number of intermediates like teachers, parents, local government or high school instructors, who might not accept all suggested education ideas proposed by the startup. This too limits the space of edutech startups to grow.
Don’t Have Excess Money In Their Budgets
The cut throat budgets on whic our Education Industry sustain is another major challenge that the Edutech Startups face. Edutech startups make money when their proposed academic ideas are opted by education institutes. In most cases, even schools and colleges realize the benefit of these new innovative teaching ideas by the start up. But most of them lack the money to purchase these start up schemes. This is a major stand back that does not allow the startup to gain profit
Academia Is More About Theory And Less About Action
The Education industry today relies more on the theoretical aspect of Education rather than inculcating the practical knowledge. The old school teaching systems many a times clashes with the innovative methods the startups propose for the education system. This creates a barrier between the education industry and edutech start up. Resultantly, it is a challenge that the startups need to overcome in order to make space in the academic industry.
The future for the Edutech Industry looks promising if the challenges are handled properly. And as we all know the education system of a nation is what decides the progress, it would be a great thing to look at innovative ways of imparting the same.