Why EdTech is a good opportunity to launch a startup?
EdTech is a billion-dollar industry
Even schools have been buying a membership for their students to learn additional skills on websites like Coursera. Recently, Coursera announced that it has raised $130 million in additional funding from its investors. Moreover, Udemy reportedly raised new finance at $3 billion valuations. This data proves that there is sheer potential for new EdTech startups. This is mainly due to the realization by people that they don’t have to pay 1000’s of dollars to get valuable education when they can
EdTech startups attract investors
Finding investors is difficult especially for new businesses. Startups generally have to mitigate risks and overcome numerous hurdles to attract third-party investors. But with EdTech startups, investors are realizing the role technology is playing in education. In fact, today there are established venture funds like newschools.org that only invest in EdTech startups.
EdTech has many undiscovered opportunities
Zoom, a video conferencing company, has experienced a sales boom amid pandemic with more than 300 million daily participants every day, attending the meeting and building virtual classrooms. Zoom is recently expected to rise as high as $1.8 billion this year. Despite having a significant rise in the usage of Zoom, users still experience poor video and audio quality, privacy issues, and problems arising from having no end to end encryption. Moreover, if we look at the specifics, there haven’t been advanced developments in AR/VR apps for education as well. All of this shows that there are massive amounts of undiscovered opportunities in the edtech industry.
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