Taxi and Cab services? Fully Digitalized.
Logistics and Transportation? Fully Digitalized.
eCommerce? Completely Digitalized.
Education? Umm… Innovation in education, is that even possible?
It is therefore called innovation because it requires a lot of conceiving of new ideas and with the advancement of new technologies and an expert business view a bigger scope of innovation is possible in the education system as well.
Following Fintech, the industry has braced itself to be one of the most remunerative businesses today but there’s still 77% of enthusiasm lacking in edtech.
Need motivation to kick-start your own edtech business?
Fret not! Here we navigate you through the businesses of the top edtech giants who brought about a technological revolution in the educational domain.
Top EdTech Giants Ruling the World
Gone are the days when only executive learning was thought as a medium to delve into the educational business.
Today the business scope has gone wider and the tech startups are venturing out in grade K-12 with their out-of-the-box business idea.
Let’s take a look at how the business minds have ventured into the educational field.
Data Society is an online data science-training platform which provides user-friendly and engaging courses for professionals.
There is no scarcity of jobs but of skills.
Here is when Data Society understood the gap and conceived a business idea.
It launched a dedicated platform with the mission to fill in the gap between the 1.5M data jobs and the data-literate applicants.
They revolutionized the science-training programs by involving the teaching of automated tedious cleaning processes, build interactive visualizations, and analyzed the data to make better decisions to the candidates without a background in math or science.
But what made them different?
While most of the educational industries today emphasize on the theoretical knowledge, Data Society turns out to be different by demystifying data science by using the best of the educational practices and the step-by-step instructions.
Moreover, since less number of professors and experts are engaged in building up the online courses; most of the time there is only one professor to develop materials for an educational platform.
But again standing out, Data Society appoints a team of industry experts and educators to build a robust and practical curriculum.
The best of all is, it has created an online learning platform that accommodates several learning styles that fit into the student’s space and not the vice versa.
And this has made all the difference to the Data Society.
MindSumo is basically a learning platform for the college students.
It helps them to develop problem-solving skills, communications, out-of-the-box thinking, creative thinking etc., by feeding them with real-world corporate challenges.
The platform encourages and exposes their students towards such a critical thinking that will accommodate them with ease while addressing the future problems in their career.
The companies such as Ericsson, Caterpillar, and Delta Airlines are some of the companies which post their project and help students learn about the professional problems within the classroom itself.
Wondering how are they unique?
While the main factor that widens the gap between the vacancies and candidates is the skill, MindSumo keenly focuses on the development of the skills with the help of the most practical industrial project experiences, the college students get engaged with their classroom learning while increasing chances and giving air to their employability.
BenchPrep is an enterprise software as a Service digital learning platform.
It closely works with the professional certification courses organizations and assessment companies designed to deliver customized digital exam preparation programs via the web and across the multiple mobile devices.
If you think it serves only a part of the world, you are absolutely wrong!
And this is what makes it different.
It spreads its wings wider and is operational for the millions of people globally. Their mission is to leverage the maximum power of technology, data science, usability engineering and innovative instructional design models and is set to help the learners achieve academic and professional success.
AdmitSee is an online platform featuring the largest searchable database of college and graduate school application files.
The records included here are a student’s academic history, essay, personal background, extracurricular activities, and test scores.
Only the database management is not what AdmitSee restricts itself to, they also provide suggestions related to the admissions and necessary guidance.
The interested college students read the application of the students in a profile similar to the Linkedin profiles and connect with the college students behind them.
The database of AdmitSee contains thousands of profiles which provide millions of data points that allow the team to apply data science to the admission process.
OK got it, but what is the uniqueness that AdmitSee provides?
We live in an era with a lack of symmetry in the information regarding the college admissions.
With an intensive research, it has been found that 30% of the students who pursue higher studies are the first among their families.
Thus, AdmitSee wants to create awareness for the higher studies by providing access to data and peer-driven insights.
Most of the online educational platforms today are restricted to enable the instructors to engage students inside out the classrooms with content, tools, and activities.
TopHat is an all-inclusive teaching platform which helps giant edtech startups the educators to engage with their class, find course content, author course content, and creative interactive assignments.
In the year 2016, the revenue hits were in the more than tens of millions.
How smart is TopHat?
TopHat smartly perceived and saw a gap in the interaction of the students anywhere in the world with educational programs and schools abroad that best match their needs.
This served as their entry-point in the online educational platform.
They created their first cloud-based, BYOD engagement tool in higher education.
This is how they made use of the online tools and build their customer base of instructors, interactive content, and collaboration.
Personalities Behind the Edtech Revolution
While each and every edtech business has different ways to contribute their share of creativity in edtech, there are different edtech startups success stories of different personalities.
Udemy – Dennis Yang
Udemy is a global marketplace for learning and teaching online where students are mastering new skills and achieving their goals by learning from an extensive library of over 55,000 courses taught by expert instructors.
He launched an online learning platform Udemy.com aiming at the professional adults. Dennis thought of Udemy for the purpose to provide a platform for experts of any kind to create courses that can be offered to the public, either at no charge or at some charge.
“At Udemy, we are improving lives through learning.”
Dennis is an entrepreneur who is focused on the intersection of education and technology. He believes in unleashing the human potential by removing all the barriers that come in the way of mobile education.
Coursera – Andrew Ng and Daphne Koller
“Take the world’s best courses online.”
Coursera was founded in 2012 by Stanford University computer science professors Andrew Ng and Daphne Koller. The two professors were highly inspired by their experiences at Stanford which offered them online courses.
After leaving Stanford, they launched Coursera and have expanded their offerings to include Specializations, collections of courses that build skills in a specific subject as well as degrees and a workforce development product for businesses and government organizations.
The course at Coursera lasts for approximately 4 to 10 weeks with 1 – 2 hours of video lectures a week. These courses provide quizzes, weekly exercises, peer-graded assignments, and an eligibility exam or test in most cases.
Udacity – Sebastian Thrun
Sebastian Thrun is an innovator, entrepreneur educator, and computer scientist from Germany. Before launching Udacity, Thrun hoped that at least half a million students will enroll online, after an enrollment of 160,000 students in the predecessor course which was about Artificial Intelligence, but 90,000 students enrolled in the initial two classes.
This boosted Thrun’s confidence and it resulted into Udacity.
Udacity is a for-profit educational organization which offers massive open online courses. It is the outgrowth of free computer science classes offered in 2011 at Stanford University.
While previously the only focus was on offering the university-style courses, it now focuses more on vocational courses for professionals. Each course consists of several units comprising of video lectures with closed captioning, in sync with integrated quizzes to help students understand concepts better and reinforce the concept along with the ideas.
Call it online courses, create mockups, manage educational question-answer portals, offer conceptual K-12 fun learning, or executive learning; make a clone or be unique, but do remember when there isn’t much scope in the system, that’s where the competition is low and your chances of excelling your business is pretty high.
Other than being the only technological industry that has a direct access to have a direct access to schools, college, and universities, edtech startups are the safest bet for the investors.