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Interesting article! If you're thinking about targeting consumers in edtech, there's a lot of good advice in here. My company mainly sells to medical students,
by amitmathew 9y ago
Interesting article! If you're thinking about targeting consumers in edtech, there's a lot of good advice in here. My company mainly sells to medical students, which are a highly incentivized group of consumers, so we can avoid some of the pitfalls mentioned in the article. However, most of the action in edtech is focused on selling to institutions because that's where the money is. The good news is institutions are more willing than ever to try out new technologies if you can convince them you can impact recruitment, retention, graduation rates, etc. Of course, that's easier said than done. Not many startups can wait around for 5 years to do a comprehensive research study. And you get all the classic problems of selling to institutions (and magnified in education): slow sales cycles, multiple decision-makers, politics, etc.
I think an interesting problem in edtech today is there are a lot of "startups" that fit in that dangerous area between a small business and a high-growth startup. You'll find dozens of companies that help improve mathematical skills, create STEM games, or build products for improving reading and writing comprehension. A lot of these companies might grow to be multi-million dollar companies over several years, but they won't fit that "classic" startup growth curve. Since venture money is flowing relatively well (and a few VCs focus specifically on edtech), a lot of these companies get funded. But there's a dilemma for these entrepreneurs: what do you do when you realize that your company is growing 2x each year (which is great!), but not at 10x where your investors want you.