Education first: balancing a quality education with technology and business success

With the disruption of the pandemic, technology’s tentacles have left few sectors untouched. Technological progress in EdTech has been notable, and inbound investment has soared.

In H1 2021, investments in EdTech companies increased to $10 billion via 568 EdTech funding rounds. The comparable number a decade earlier was just $500 million of venture capital, which speaks volumes about how far the sector has come.  

The shock of the pandemic disrupted learning globally, with a seismic, almost overnight shift to more technology adoption to support education continuity, and the rise of India as an EdTech powerhouse.

As with any sector being disrupted by technology, capital – and a lot of it – is required. For entrepreneurs accepting growth capital, it is a natural inclination to pursue expansion strategies, and leverage their technologies on a journey towards an ‘exit’ at an increased/optimal company valuation. 

But this can be an easy misstep, and EdTech businesses should be careful not to get carried away obsessing about technology and chasing growth, and instead remain focused on what arguably should be their true purpose – crafting a more effective education, and helping more students learn better, whilst having an enjoyable experience

EdTech is genuinely different from other technology sub-sectors, as it requires a unique, value-based approach – one which prioritises education quality.   

EdTechs have never had a better opportunity to demonstrate the value they add to the pursuit of quality education.  Globally, they are leveraging brilliant and innovative technologies – from AI to gamification techniques – to drive forward education. They have a core role to play in shaping the future of education, and like digital transformation in other industries, there are many rewards to be reaped. 

EdTechs are the key to increasing education’s online reach, raising awareness of education inequality, and collaborating with governments at their invitation for the benefit of the education sector. Throwing off the shackles of classroom-only learning, technology is changing perspectives on where learning takes place, and promoting a culture of education beyond the physical walls of traditional institutions.   

However, a challenge for the sector is proving the value of their technologies and how they have a positive, ongoing learning impact in harmony with traditional educational systems. EdTechs must give educators confidence to embrace and adopt new technologies in the long-term. 

Whilst the focus of EdTech’s impact is often on student learning, teachers are also an important stakeholder regarding their impact on learning outcomes, and many teachers are embracing the idea of technology-enhanced learning. 

According to data from Teacher Tapp, 65% of teachers reported feeling more confident with EdTech than before the pandemic, and over 75% said they believe remote or hybrid learning models will be permanently adopted into the educational system. Great teachers are already demonstrating they can generate new ideas and transform lives, irrespective of whether classrooms are physical or virtual, and learners will benefit from the flexibility to pick and choose their learning modality. 

The inevitable drive towards omnichannel implementation in education, therefore, is more about what is offered, than how to recruit new students. Education is an experience, not a physical product.  

As the EdTech revolution continues and companies compete for market share, it is easy to overlook that teaching is one of the most purpose-driven careers. EdTechs need to be aligned with this purpose to continue genuinely impacting education positively. 

For EdTech companies seeking longevity, staying focused on education quality and empowering individual learners will be vital to balance long-term success and remaining a positive, transformative force. Companies whose operations go beyond headline technology – who genuinely remain mission-driven and add educational value to students – will reap their rewards. 

Whilst educators’ main purpose should always be to provide a quality education, EdTech also promotes inclusivity, access to education and education equality. The benefits of uniting education with technology, data and connectivity all contribute to learning for all. EdTechs who want to lead in the space should not forget this bottom-up principle. 

EdTech companies who successfully grasp the balance between technology and delivering a quality education will be rewarded.  

By Manan Khurma, Founder and Chairman of Cuemath