Investing in EdTech directly contributes to UN Sustainable Development Goal 4 which aims to make quality education inclusive and equal for all and advance lifelong learning opportunities.
India’s education industry – a fundamental and giant sector that hadn’t seen much innovation for a very long time. Until EdTech started to change that by introducing many necessary technological solutions. Undoubtedly, EdTech’s moment has more than arrived in India seeing that it raised USD 3.3 billion in the first nine months of 2021 as opposed to USD 2.2 billion in 2020. It is projected to grow to $30 billion in the next 10 years.
Not only has the pandemic pushed this growing industry forward but the employable population of India is looking to reskill and upskill remotely. And let’s face it, COVID-19 isn’t going anywhere soon, which means those remaining who didn’t board the e-learning train will have to find their way on to it. Digital learning is the new standard now and this is the era of taking your learning into your hands.
Currently, over 4500 EdTech companies are working in India, as per a recent analysis by RBSA Advisors. It’s clear that this sector is not a rising star anymore but a maturing business that will keep expanding with the growth rate of a blue whale.
What are the key factors that have helped in a faster EdTech adoption? Internet is becoming omnipresent nationwide and smartphones are more accessible now even in rural areas. On top of that, a considerable section of our population’s young professionals is starving for upgrading their skills through online certificate courses and digital training.
Realizing the importance of this, our Indian government has launched several initiatives like SWAYAM, National Academic Depository (NAD), National Digital Library of India (NDL India), E-Shodh Sindhu (eSS) and Virtual Labs among others.
Our learning ecosystem has changed and it’s not going back. With an unprecedented increase in the number of online classrooms and students registering for those virtual classes, e-learning is here to stay long after the pandemic. Keep in mind that the current crisis didn’t introduce any new changes, it only sped them up. This digitization was inevitable anyway because delivering education to a growing population can only be achieved efficiently with technology.
Digitized curriculums and education platforms are not only a ‘must-have’ in today’s time but will continue to be so in the future. Think about it – why would someone need a heavy bag full of textbooks when it can be adapted to a digitized version for the user to consume whenever, wherever with a better educational outcome?
The truth of the moment is that where knowledge was once a valued commodity, attention spans hold a more important place now. Individuals are more willing to trade knowledge for engagement. The channel which provides the content has become just as important as the content or maybe more. Like how when you consume a product, you are paying more for the service charge than the actual product. You can expect the same with future education platforms and content.
Investing in EdTech directly contributes to UN Sustainable Development Goal 4 which aims to make quality education inclusive and equal for all and advance lifelong learning opportunities. Not only that, but education also helps to reduce poverty and inequality, which is the basis of socio-economic development. Funding EdTech will bring economic success for those being educated and for the overall economy.
If you’re looking to invest in EdTech, it’s not only a smart investment but a socially responsible investment. It’s not easy to find products to put your money in that falls into the S category of ESG (environmental, social and governance), and it would make complete sense to grab the opportunities in the EdTech market, given the current circumstances. Especially, since this space easily integrates profit with a purpose for its investor.
Source: Business World