The phrase, “edtech”, short for education technology, is all the rage right now.
Don’t trust me? Spend five minutes on Twitter and then get back to me.
In the US alone, the education technology industry raised $2.2 Billion in 2020, only a wee bit behind China’s $10.2 billion. Examples of top competitors in the highly populated space are Udacity, Chegg, Guild Education, Kahoot!, and Masterclass. These companies cover everything from software that helps companies manage their employee education benefits to MOOCs (Mass Open Online Courses).
Despite being in a global pandemic for two years now, there’s been some good that’s come about from an increased reliance on technology and distanced learning. This time and radical shift in thinking has allowed schools and programs such as Synthesis, Sora, and Prisma to gain traction. Prior to COVID-19, there was the belief that students needed to be in-person at physical schools to learn and get the best education. That’s been proven wrong. Now, these online schools have been able to give students more freedom in what they learn, how they learn, and the pace at which they learn — it’s individualized.
It’s about creating a love of learning.
It’s about empowering students so that they can go on to be successful at whatever they choose to do moving forward in their lives.
If this sounds interesting, stick around for the next few weeks as I jump into some of the top competitors and where the industry is going moving forward.
*This is a part of the myMBA program I’m doing where we have to analyze businesses!