Table of Content
- What is an Edutech company?
- The mode of business of an Edutech company?
- Business models of Edutech companies.
- What is the effect on the business of an Edutech company due to lockdown?
- Discuss the reasons for the increasing business of Edutech companies in the COVID-19 period.
What is an Edutech company?
- Edutech the word comes from two words one is education and other is technology.
- Edutech companies provide a platform where learners enhance their knowledge.
- For gaining knowledge from these platforms there is no requirement to go to any educational institute, one can gain their knowledge in front of a screen only.
- In this digital era that is the smartest way to gain knowledge, Edutech companies also provide flexible study hours. One can study based on their time.
Discuss the modes of business of an Edutech company.
- This Edutech companies provide a basic version of their product as free and encourage learners to buy the premium version with attractive features.
- There are various policies of these companies among them to attract customers.some of them propose three types of account for teachers a free account then upgrade their account and then purchase a course for the entire school.
- They offer free courses for access to learners a service and to improve their distribution channels.
- There are various product of these educational technology companies that can solve directly the administrative problems.
- After experimenting many schools are not only interested in buying the product but also interested in implementing such a new process of gaining knowledge.
Discuss the business models of Edutech companies.
The profit model is the best way to understand the working procedure of any educational technology company, it always gives an idea of which source is better to choose for better profit.
- Startups also take it in mind who else is going to pay after pursuing the course and what is the outcomes.
- Apart from that, one should be known about the educational sector, which is very much important. This always helps to best offering from the company.
- In this type of model, the market size is concisely chosen and the leaders used to go to them try to sell their product, they usually use to go to educational institutes.
- But in this kind of model one has many competitors and takes much time to close a contract.
- in this model at the first company identifies their market from which they can sell their product and after that, they calculate their revenue.
- Here In this type of model companies first, go to the schools and then they try to sell it, after selling teachers are always eager for better solutions.
- Often, teachers can adapt to technological education but it is tough to adapt by the students.
what is the effect on the business of an Edutech company due to lockdown?
Due to lockdown scenario educational institutes goes under lockdown. people are free at this time and as they don’t have much work they try do gather knowledge from online platforms.
- Educational companies took this time as their peak time in business. So, they proposed many existing courses as free or launched many attractive new courses.
- They propose many live sessions where one can clear their doubt regarding course, they started guiding the career of student’s and the list goes on.
- For utilization of lockdown period both the parties learners and companies thinking about the new trial so, in some cases Edutech companies and online educational institutes both go up with their races.
- Educational technology companies also offered some new things like prize money, a trophy for only making the course attractive.
- In this scenario, they not only attract their customers but also able by the customers who else avoid them in the past.
- Millions of children who else not like to do the traditional study system are also started to like this online educational system and as they can learn something new so, parents also support this.
- Byju’s also made the products for a free trial till the end of April, where students of class 1 to 3 can learn math and English free and students from class 4 to 12 can learn math and science.
- Apart from the old learners, there were more than 6 million new students access to this new policy.
- After classes, byju’s also free their content and arrange live classes where students can convey their queries regarding classes.
- It was seen that approximately 50,000 new users subscribed for online learning platforms annually and near about 130,000 have done subscription only in 15 days.
The reasons for the increasing business of Edutech companies.
- According to many experts, a huge number of learners have been increasing in the Edutech platforms due to COVID-19.
- People have more time to utilize, as school going children are not able to go to school they try to learn from online platforms.
- Many people also assume that after this period the economic scenario is going to change so they want to enhance their skills more.
- There has been a massive increase in educational platforms also noticed.
- In February there were only 4000 online platforms are there but at the end of April 6000 educational platforms have increased.
- College students and working professionals also showed great interest in online education in this period.
- Many market players have said that making their courses free for students not only helps them to gain profit in this period also can upgrade their business in the long run.
- Many Edutech companies taking care of both of their revenue and students also. For these reasons only they also providing students notes and doubt clearing sessions.