Major Reasons Why EdTech Startups Fail
After India has become the 2nd biggest startup nation globally, opportunities for new businesses are witnessing no stopping. Regular entrants can be seen entering the Indian education industry, working in order to revamp the currently present education market.
Meanwhile, technology and digitalization are other two major pillars that are heavily restructuring the Indian education industry. Enhancing and modifying the current education industry is like a tough riddle which the educators are regularly trying to crack. The future of education industry is all innovation and creativity, highly equipped with technologies for learners of all ages.
But starting and running an EdTech startup is a daunting task that requires great efforts and planning. Just being equipped with the latest technologies can’t assure you success as a brand. There are several factors associated with the failure of EdTech startups in today’s time.
Given below are some essential factors that contribute towards the failure of EdTech startups in India.
Designing a Profitable Business Model
Despite being equipped with the latest technologies, things can be stagnant for your EdTech startup if you are not having an effective and profitable business plan. Usually, business plans act as the key to the future of the business, informing you every now and then about what’s your planned goal and how your journey is going on.
A proper business plan will help you to stand odd, earning quick profits. Never compromise with quality as today’s generation is starving for quality and experience.
Lack of Patience
Success never comes overnight. Everything requires a good amount of time to become fruitful, which is the case with EdTech brands in India. Thus, it's recommended to plan things accordingly and have patience in your attitude. Focus on different technologies that you can utilize in order to provide a quality and personalized learning experience.
Don’t forget that survival is the key. Therefore, if you want to build your career in this sector, remember to cover the journey with the right reasons.
Identifying Potential Users
Targeting and gaining loyal and trustworthy users is one of the daunting tasks, especially when you represent a startup. The successful education brands have been targeting the existing customers, believing that it’s difficult to sustain young customers as compared to the existing ones.
Therefore, focus on the central users that can be your potential target. They usually have faith in the new services but stay a bit skeptical.
If you are able to assure them and deliver right, you are heading in the right direction. Also, feedback from the users should be taken note of as it can help you refine your model further.