COVID-19 becomes a big problem for the whole world and also changing the way of our living. Read about the importance of EdTech startup growth.
EdTech has been evolving for the last 15-20 years in a meaningful way. But the COVID-19 pandemic has altered the structure of the world completely. In the past couple of months, the international lockdown has affected our social behaviors and continues to do so, even after the lockdown ended. People and businesses now realize that they can perform their daily functions without getting out of the house using the right technology. Pivot to digital classrooms is one of the significant changes taken place during the pandemic. This has opened up new possibilities for people and businesses to take advantage of this age of innovation.
The question most people ask is:
How has pandemic changed the face of edtech?
The coronavirus pandemic has changed education at every level, from early childhood education to adult learning and career development. According to research conducted by dealroom.co, the epidemic has accelerated the adoption of digital technology in education, with global EdTech investment on track to grow by 15% in 2020. It has completely changed the structure of knowledge and will continue to do so in the post-pandemic world. But how? In this article, we will discover how the pandemic has lead to EdTech startup growth.
Online learning is reinvented as a necessity.
To reduce the COVID-19 cases, many countries have implemented restrictive measures to reduce huge crowds gathering. Schools were the most affected and had to reduce their classes or close entirely. You can only imagine the impact when almost 1.6 billion people could not use their classrooms. If school closures are extended for a long period, there is a significant potential for loss of human resources and diminished economic opportunities in the long-term.
Fortunately, the closure of schools did not entirely pause education, but rather it changed it. To reduce the impact of closures, schools have been searching for alternative ways to access quality education. On the side of homeschooling, students and children are currently remotely educated worldwide, using technology such as online courses, video classes, and electronic textbooks. Online learning is no longer a trend but a necessity that is here to stay in the future.
Emerging Virtual Technologies
When the pandemic hit the world, there has been a phenomenal rise in the demand for education software. With the physical closure of schools, parents and students require effective e-learning solutions, especially in the pandemic world.
Even schools are buying memberships for their students to learn additional skills on websites like Coursera. Recently, Coursera announced that it had raised $130 million from its investors. Moreover, Udemy reportedly raised other fundings worth $3 billion valuations to reach more learners. This data proves that there is still untapped potential for new EdTech startups. This is mainly due to people’s realization that they don’t have to pay 1000’s dollars to get valuable education when they can get the same quality of education at a much cheaper rate. Despite the emerging technologies, investment in EdTech has been significantly low. There are still massive amounts of untapped opportunities for newbies in the industry.
The acceptance of online learning through the use of technology will accelerate like never before. A significant transition to online platforms will take place shortly, and there will be no offline universities providing degrees to students. Technology will pave its way to an increasingly individualized and diversified form of learning. The future is virtual, and its a perfect time for businesses to invest in this growing industry!
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