EdTech companies are bringing innovation to the traditional classroom teaching paradigm. It is bringing the education sector up to par with the other industries. In recent years, we found out that classroom teaching can be enhanced by mixing innovative tech with it.
The market is ripe for new edtech brands, and here’s how you can go about starting one.
Validate your idea
Before rushing to start an edtech startup, you need to ask yourself whether it actually solves a problem or fulfills a need in the market. According to CBS Insights, 42% of startups fail solely because they aren’t addressing a real need.
So, how do you know you actually have a valid idea? You talk to your potential customers. When you directly connect with them, you will know for sure if they think there is a need for your product. And if not, you’ll know exactly why they don’t want it and what they require instead.
Approach interviews with users very carefully. Create a proper checklist to understand them and not just pitch your idea to them. Focus more on listening to what they have to say instead of you talking. Do not dismiss whatever they are saying right away. Instead of asking yes or no questions, ask open-ended questions.
Unique value proposition
Your unique value proposition (UVP) is why users should choose you, not your competitors. Your UVP needs to tell people why you’re different and what value your product delivers for users.
To come up with a good UVP, you can focus on something that will be valuable for your target customers. It can be performance, special features, functionality, different pricing, etc. Understanding the quality that makes your company special in the industry also helps you in marketing.
Pick a business model
A business model jots down your goals, how you will accomplish them, and how it can be a profitable company. While picking a business model, you can set up the main assumptions for your product and how it can provide value.
Now, the business model should be such that it will bring you long-term as well as short-term gains. Moreover, it is not possible that you will right away start generating revenue. Therefore, the business model needs to sustain itself through tough times. For a sustainable business model, you need to set up reasonable timelines for all the goals.
Create an MVP
A minimum viable product or proof of concept will give you a basic ready-to-function model. Also, an MVP can be created on a smaller budget, and you can deploy that and start earning out of it. Usually, a proof of concept has the most tricky but crucial elements of the product. So, you can test out a primary version of your model in real-time.
Here, swanky features or design is not the point. The point is to create a functional model. An MVP will be created on a shorter timeline and with lesser funds. It is also important for investors as they can trust you more with proof of concept.
So, these are some pointers on how you can start working on your edtech startup. What are some of the pointers you have found useful in your journey?