Changing face of Indian Education- Rise of Edtech
Education technology, or Ed-tech as it is popularly called, uses technological advancements for new forms of learning. Education has always been associated with books and classroom teaching. It was not so long ago that the concept of e-learning was introduced which applied basic technology and used modes like e-books and tablets to eliminate the hassles of offline chalkboard teaching.
India’s most celebrated Ed-tech startup, Byju’s, raised an undisclosed amount in March from Belgian family office Verlinvest, just three months after closing its last round.
Entry of Ed tech start-ups
Ed tech start-ups offer on the go study material in apps and on their websites. Through this, they are able to update their books with notifications to the users making sure the students have the latest material to study from.
Because every student signs up individually, they have their own profile on the website that tracks their performance, analyses their weak and strong points and presents course materials and test questions accordingly. This real time updating feature of ed tech tuitions ensures the student is capable enough to answer even difficult questions.
In conversation with the Former CEO, National Skill Development Corporation, Mr. Dilip Chenoy, said about the changing Edtech space,” The EdTech products are very institution specific. So, whether you are in a Higher Education space, school Education space, Pedagogy, Training, you have to actually work with that individual Education. Government as a buyer is not there other than smart school initiatives or other initiatives. The scene is very different in the private sector. You have to go and engage with them in one on one basis.”
The number of Entrepreneurs in the EdTech space is significantly higher due to the diversity in the Edtech space.
Indian parents offer as much as money as possible for their children to excel but even then, this technology is easy on the pockets. Because this market is new, it is still difficult for people to accept such untraditional form of teaching. But over the years, due to increase in the public’s access to internet, India has shifted its focus from offline to online portals.
The effect of technology on education is such that financing of Ed Tech start ups went up from $944 million in 2013 to $1.5 billion in 2014 showing an increase of 71%. In just the second quarter of 2015, the market saw a jump of 96% to $2.3 billion compared to the previous year’s quarters. With more advancement in technology, impact on education will be tremendous taking learning to the next level.