EdTech is a growing business. As seen during COVID – 19 pandemic, traditional educational systems can’t handle modern challenges. So creating software that can provide the solution to those challenges can be a very profitable business. Startups have a wide area to develop their ideas, make difference and provide a better learning experience.
Before you start software development
One question first comes to mind of every EdTech startup owner: Is my niche profitable? Is my idea good enough to succeed? The answer is fairly simple. Does your idea provide the solution to a particular problem? Can you make better software than your competition? If the answer to both of these questions is „Yes”, then by all means go ahead. Of course, you are still a long way from becoming a billionaire but you are on the right track.
Understand your competition
After generating an idea in your mind, the first thing to do in every business, not just ed-tech, is to do competition research. Startups are at the bottom of the business food chain so there is a lot to find out about those who have already succeeded. Use social networks and software developed for competition research to gather as many pieces of information as you can. Do a SWOT analysis to assess the competition’s strengths and weaknesses and exploit them. Research everything you can about companies that target the same audience.
Understand your market
Of course, you can’t succeed if nobody buys your software. Do market research on what people and companies need most. Is your software good enough to cover their needs? Define your target audience, you cannot please everybody. Discover trends and find out if are people willing to pay for your product and how much are they willing. All of this can help you find a unique selling point that will make you stand out from other software development companies.
You cannot succeed alone. You need a team of experienced professionals to cover all fields of business enterprise. Maybe you are good at software development but that doesn’t make you good at marketing or handling people. Find someone among your friends who has the skills you need, attend conferences, join groups on LinkedIn, and be a part of the community and you will find enough people with knowledge to help you succeed.
Educate yourself in ways of conducting business and who you need to start growing. If you don’t find someone to fill the gap in your team who shares your passion for education and technology, consider outsourcing that role.
Create a business model for your EdTech startup
When your startup gathered professionals who are passionate enough, it is time to build a business model. How do you want to monetize your ed-tech software? Do you plan to sell it to educational institutions or make some rapid charge to the market to get as bigger a share as you can?
A scalable business model in EdTech is key to success. You need to be prepared to meet an increase in demand. That is where the expert in economy from your teams comes to play. Discover what other startups did at the beginning, see if it fits your idea, and do better. Get an estimate for your MVP.