In one of the most unprecedented events in recent history, a global pandemic has caused vertical disruption to business, with the education sector at the forefront. However, despite the disruptions, ed-tech is one of the few industries that has seen tremendous growth as students of all ages adapt to online learning.
However, now that the pandemic has abated, it is vital for ed-tech startups that have emerged victorious from the crisis to continue their growth momentum in the post-pandemic world. To sustain this, they are adapting to hybrid teaching models alongside other business and operational model changes. However, to thrive in the new world order, it is important to be a forward-looking organization in every aspect.
On that note, here are some tips for keeping your ed-tech startup afloat in the post-pandemic era.
Flexibility is key
In a dynamic environment, flexibility is critical. Be open to new ideas and technologies, and put innovation at the heart of your strategy. In order to stay competitive, it is important to develop the ability to adapt in these challenging times. Don’t give up on your passion just because an idea doesn’t work. Instead, lean in and stick to the goal. Rather than adding to infrastructure, building soft assets such as deriving value from customer insights can do wonders.
Emotional leadership wins over employees
Simply put, emotional leadership is the ability to understand the needs and desires of others and approach them from a positive perspective. Having compassionate leaders who can see beyond their problems will make an organization better prepared for the future. Employees today cannot be attracted to an organization based on salary alone. Instead, they want empathetic leaders and a flexible environment that offers work-life balance. Inspiring leadership is critical to business, especially when it comes to rebuilding communities after a pandemic and motivating employees to return to work.
The digital-first model is the need of the hour
A digital-first approach is the key to success in the 21st century where technology is central. Digital-first means understanding how technology can be used to reduce risk and improve operational efficiency through automation. A social media strategy with clearly defined objectives aligned with the overall business strategy also builds a strong business model. The benefits of an online presence include reducing costs and improving the overall experience through adequate customer support, connecting with your target audience. A strong infrastructure with enhanced security is essential to survive and thrive today.
Budgeting is fundamental.
Lighting your targets with a budget keeps you laser focused on the end goal and prevents unnecessary spending. The aim is to deliver personalized content in bite-sized chunks. Therefore, the costs must be aligned with these factors to avoid business disruption. Adjusting the budget to match your priorities is the best approach to running a business. This is all the more critical for damage control after an outbreak. Interrupting inactive parts of the business process at the right time helps keep the core business running.
Creating a value model goes a long way
In addition to incorporating creative learning content, thinking beyond the textbook is critical today. You can use technology to create a compelling and engaging learning experience. For example, consider gamification as a tool to help your startup stand out and prepare students for the experience.
Be goal oriented
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a tool to help you identify what is working and what isn’t in your business. Conducting a SWOT analysis can help you get back on track after the Covid-19 pandemic has taken a toll on your company’s operations. Focus on short-term goals and extend your journey for the best possible outcome now.
If you have concrete plans to run the business, you can raise additional funding. As students are the heart of ed-tech, make sure they’re getting what they deserve and more. Good sales reps are important, but so is onboarding good teachers. Building a comprehensive training module using AI/ML can do wonders for providing real-time data analytics for personalized advisors.
Last word
As the industry prepares to reach a $30 billion valuation in the coming decades, there are plenty of ways to ensure your ed-tech startup doesn’t end up dead. One way is to ensure that the learning content and platform are user-friendly. Another way to make a successful business is to know what works for innovation rather than following trends.
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