The global Ed-Tech market is currently at a value of $ 74.2 billion. It's forecast to grow further at a CAGR of 14.5% until 2031 to a market size of $ 288.4 billion. Both business and educational institutions are driving this rapid growth due to the rising adoption of various educational technologies for learning, training, learner support, and more. Below, we'll look at some of the EdTech startups and technologies that are revolutionizing the EdTech space.
The EdTech Startups
Ed-Tech is a booming industry driven by huge interest from the global startup market. As of 2 January 2023, there are over 30 Ed-Tech Unicorns, collectively valued at $89 billion. While there are many more exciting Ed-Tech startups to investigate, here are some of the ones that deserve to be known:
● Mate Academy: "20% theory, 80% practice, and 100% online" is the motto of Mate Academy. This innovative Ukrainian-based ed-tech startup uses an innovative model where courses are free until the learner secures employment. Students can opt to pay upfront or exchange 12% of their first job's income for the first three years through its Income Share Agreement. The academy mainly teaches IT and programming-related courses, like front-end/full-stack development or Web/UX design.
● ClassDojo: Offers a platform for teachers and families to collaborate to support the social and emotional well-being of students. It provides various tools for teachers, students, and parents/guardians to communicate and form a community. For example, it offers a feed for sharing photos and videos from the school day and an instant messaging tool that can translate into over 35 languages.
● Multiverse.io: Multiverse is committed to providing an alternative to university and corporate training via a professional apprenticeship platform. Both employers and apprentices use the tool to find talent and career paths, respectively. What differentiates Multiverse from freelancing platforms is that its services include applied learning and coaching that prepares and supports apprenticeships for interviews and real-world challenges.
● Paper: Paper is an online tutoring platform. By working with individual school districts, Paper gives students access to 24/7/365 tutoring. Tutoring occurs 1:1 and is facilitated through instant messaging, whiteboards, and other educational tools. Students can also upload their work for review by tutors or improve their skills via the gamified, video-based infotainment platform.
New Technologies and Potential for Education
As the name suggests, this involves using technology to deliver highly personalized educational experiences to students. With the help of AI (artificial intelligence) and ML (machine learning), these tools can learn and understand each student individually. This includes their various strengths and weaknesses, learning styles, study behaviors, etc.
Because it's largely automated, it can help deliver these personalized educational experiences at scale, which is not feasible in a traditional school setting. It also allows educators to address each student's needs for targeted lesson plans, assignments, or even assessments to improve weaknesses, highlight strengths, and improve critical areas.
In language learning, for example, lessons can be customized to incorporate topics that are of most interest to each learner, which will improve their uptake.
Virtual reality (VR) and augmented reality (AR)
As any experienced educator will tell you, hands-on experience, immersion, and play are key factors that help make education more effective. However, conventional methods, like school trips and real-life interactions, can be risky, expensive, and inaccessible to some students.
VR and AR technologies can bring these experiences right into the classroom in a safe and low-risk way. At the same time, they can make some experiences that would not be possible or feasible otherwise, think underwater exploration, international trips, going to space, etc.
The convergence of VR/AR technologies with the metaverse will further expand the realm of possibilities. For example, entirely virtual attendance programs or long-term, immersive educational experiences. Some campuses could become partly or fully digital.
Microlearning and nano learning
The basic concept of microlearning and nano learning is not revolutionary and doesn't require any high tech. It simply involves breaking down entire subjects into subtopics or even individual concepts or lessons. However, technology can drastically improve how microlearning education is conceived and delivered.
By using AI and ML, micro lessons can be chosen and delivered on a custom basis, depending on a student's individual level, progress, or needs. The outcomes can also be used to improve future microlessons. This method of delivering education also allows for assessing each student's skills and knowledge down to a microscopic level.
Hybrid learning is not a new field, but it is experiencing rapid growth and increased adoption at a phenomenal rate. Hybrid learning is simply the combination of traditional and online modes of learning/education.
Schools, and particularly universities, have been slowly incorporating digital and hybrid learning models into their everyday activities. However, the challenges associated with COVID have again accelerated the adoption of these technologies and methods.
Hybrid learning is utilized in many instances to make education more accessible. However, today, it's also being used to augment in-class teaching, provide student support, and provide an always-on platform to access educational resources and materials.
The future of education, and billions of students worldwide, looks brighter than ever. Innovative Ed-Tech startups are emerging to make education more accessible, affordable, effective, and personalized as ever before. Rallied by success stories like that of Duolingo, many startups are not only in it to make a quick buck but to create supportive communities of social good that look after students' emotional needs as much as their educational ones.
Topic: Edtech Startups