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Vinay Mehendi
Vinay Mehendi, PhD focuses on customer engagement, alternative data, technographics, and CRM data management. he was listed as Top 20 B2B Marketer by Ruth Stevens in 2020. He is a Clemson graduate.
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EdTech means “education technology.” It uses computers, educational systems, and computer programs to provide knowledge and training to employees and students. EdTech is a broad field, and it encompasses hardware and software programs used in “distance learning,” “remote learning,” or “online education,” but also several learning theories and increasing research into the most effective means of teaching people new skills.
The education sector has experienced a profound transformation during and after Covid-19 spread worldwide. With technology coming to the vanguard of imparting education during the pandemic, the Indian edtech space noticed too much action in 2021. With consistent fund flows and the resultant M&As, edtech startups raised $4.7 Bn and appeared as the third most-funded sector in 2021.
In the first half of 2021, edTech funding was incredibly substantial for multiple reasons, with a monumental change in the regional mix where china was down, given the regulatory uncertainty. The US and Europe exceeded their 2020 investment levels in the first half of 2021. India exhibited strong momentum, and critical markets such as Korea, Canada, France, Australia, and others settled new records domestically. We saw the most powerful half-year of EdTech funding ever!
There is a vast market for the education sector to grow and leverage, as 36% of India’s population is youthful and learning. Factors like wider availability of broadband internet, flexible learning modules, and deeper penetration by mobile devices drive the edtech market. Bite-size learning modules, live training, augmented reality (AR), and gamification make learning interactive. The online education offerings from classes 1 to 12 are projected to grow 6.3 times in 2022 to form a $ 1.7 Bn market.
Since many believe online education does not substitute traditional learning because there is a lack of interaction with instructors and peers and low completion rates of online certification courses, there is no need to have multiple models. Physical classroom learning can regain momentum, but EdTech is improbable to fade in near future or beyond.
Gamification will help a lot when it comes to teaching strategies. Several organizations have already started experimenting with VR and AR technologies to make their courses more engaging and interactive. Therefore, even if conventional physical classes resume, online education will likely retain its shine!
There is a lot of negativity around edtech startups. The deployment of funds from the Venture Capital (VC) industry may be low in India, and globally but, the importance of edtech startups will remain the same.
There are two main types Edtech companies:
1. Business-to-customer (B2C) focused: Companies like Udemy and Coursera, mostly serve customers and are well-known in this area. While they also serve Business-to-business (B2B) customers, their main emphasis is on individual learners.
2. Business-to-business (B2B) focused: These companies have around 100 or more employees, that specialize in technology, education, and teaching to businesses. For example, Pluralsight.com, is specifically designed for corporate clients. There are other B2B players like Nuvepro, which operate as a learning and development platform for businesses.
EdTech companies are always looking for solutions that can help them engage their audience better with their content. These companies will definitely be interested in taking your help, in case you offer a solution that:
• Increases the audience’s interaction with the content.
• Decreases the bounce rate.
• Helps EdTech firms to complete the coursework that students/trainees have taken.
• Support them in completing the Massive Open Online Courses (MOOCs) that students/trainees have taken.
EdTech companies also want help getting more customers and audiences of the segment they belong to! If EdTech companies are targeting students at the university level, they will require assistance from companies for:
• Getting more students.
• Easier onboarding for them.
• Engaging and retaining the students.
These are the three solutions that these tech companies are using, and this is where they will need your help. If you are selling any of these, along with a good communication copy, you can quickly get your first meeting.
There are different types of Edtech customers in the US markets at tech platforms. Some only focus on B2C, which serves the student community or retail customers, such as Udemy or Simplilearn. On the other hand, many at tech platforms serve corporate industries or B2B clients. You must decide what you want to serve, B2B or B2C? If you serve B2B and only want to target companies with high revenue, the number of accounts will significantly reduce.
The location, technology intelligence, investment by location, contact list of decision-makers, and touchpoints help build relationships with these companies. You can eliminate the standard fields and combine data & intelligence to customize your lead generation & campaign messaging. You can also research their available product, analyze it thoroughly, check for discrepancies, remove outliers, and check their intent to engage and technology usage.
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