What entrepreneurial CEOs in the EdTech sector must think?

Education system creates hope, and it should never aim at creating mere hypes. Over a period, several changes have occurred in different sectors of economy including the education system. Education sector unlike any other sector has witnessed disruptive transition in its evolution.

From the Indian perspective based on the age old ‘Guru-Shishya’ (Teacher-student) system to online learning, we can witness today. India being the second largest population in the world with nearly 600 million and above people between the ages 5 to 24, it is here where the education industry plays an important role. 

This education sector is growing and shows no signs of slowing down. As innovators work on ideas in creating the next disruptor in the EdTech world, investors are on the lookout for what they think might click with students. Several tech start-ups have started to add impetus to the education sector by creating products that provide creative and innovative solutions to common problems faced by various stakeholders in the education domain.

These entrepreneurs have initiated in creating innovative products, at the same time have simultaneously emerged with several radical solutions. This has led to the creation of an entirely new knowledge economy. Thus, CEOs engaged in the EdTech sector need to ponder over the opportunities available for innovation and entrepreneurship and participate in accelerating the knowledge economy. Are you one of these CEOs?

What entrepreneurial CEOs must think?

In a fast-changing world, the global economic scenarios are evolving at higher rates. Each economy is racing towards being a knowledge intensive and knowledge driven economy. The education sector becomes the pivotal point of progress and thus, the tirade to identify the emerging opportunities in the education sector by start-ups. 

1. 1. The question is are these incumbent CEOs familiarised with the importance of innovation and creative thinking in a VUCA world? 
   2. Are they ready in creating edupreneurs by learning from the insights and experiences of achievers and failures in this field? 
   3. How engaged are they in capturing the changing trends in the field of education market and in crafting strategies to stay competitive? 

Start thinking now and crafting your responses, as the above introspection leads to yet another imbroglio.

Enquiry leads to introspection

1. How to identify the possible opportunities in the field of education to start new ventures? 
2. What are various means and ways in creating high growth start-ups in the education sector?
3. How can we encourage pre-service and in- service teachers to solve a broad range of societal problems entrepreneurially? 
4. Why there is a need to adopt an innovative entrepreneurial mindset?

What select CEOs in the education sector think?

On discussing with the incumbents, the riddle became even more complex with each query leading to the next level of response in the form of a query.

CEOS think:

1. What is the future of edupreneurship in a knowledge driven economy? 
2. Is it just an outburst reaction to the pandemic and over presence of new age start-ups in the digital platform?
3. Which idea is the centre stone in creating the new age edupreneurship?
4. What king od challenges may be envisaged in times to come?
5. Which kind of skills should pre-service or in-service teachers possess to emerge as successful edupreneurs?

Discussions

It is considered that role of EdTech and technology shall follow blended learning. There will be an extensive use of critical thinking, problem solving and changing mindset. We must understand that education precedes technology offering different pedagogies for different learners. The attitude of teachers about technology and the role of pandemic in acceleration of technology has been the key driver. The system is doing away rote learning and promoting self-learning with added skills.

The future is bright with several start-ups showing their presence in the EdTech space. In this new age we really need teachers to be an entrepreneur, and one of them with key leadership skills takes over as a CEO. In fact, teachers are already innovators with a high level of creativity, as they can teach years old syllabi to new classes with newer methods and approach. CEOs think that in EdTech space, critical focus should be on consumer and teacher. One must give space for innovation, since the augmented and virtual reality has changed the entire service scenario. This disruption is creating unlimited opportunities for entrepreneurship in the EdTech sector. Are CEOs geared to hunt?

Written by Prof. (Dr.) Manoj Joshi.
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