Edtech or Edutech is simply a portmanteau of education technology which is a full-fledged industry now. Here is the complete guide on what is an ed-tech or edu-tech industry and top money-making business models.
“Edtech = Education + Technology”
| What is an Edtech Industry?
Edtech industry encompasses all kinds of hardware, software, wearables and other electronics and mechanical companies working in the field of education. These companies design and develop hardware and software products for educational institutions and individuals. Technology companies working in the field of education comes under the Edtech industry.
| What Difference Did They Make So Far?
With the boom of handheld consumer electronics, gadgets, wearables, and affordable internet services in the last decade, we people changed the way we used to learn things and get educated. Our kids are using mobile devices, gadgets, and robots to learn in their classrooms. Now education is affordable and available on-demand anytime anywhere. The only thing you need is an internet-enabled device and you are ready to go. I must add, they have changed our lives and made education cheaper and convenient for all.
| Top Money Making Business Models in Edtech Industry:
- Software Products: Software products are one of the top money-making business models in the Edtech industry. There are hundreds of companies that have built applications for K12 to higher education. Byju’s learning app, an Indian Edtech startup is the most successful startups in this segment.
- Online Learning Platforms: Online learning platforms, yes this is the second most successful money-making business model in Edtech Industry. There are thousands of universities and academics are selling their online courses on the online learning platform. Coursera, an American online learning platform recently got funded and is one of the most successful startups in this segment.
- Gadgets: Learning gadgets and robots are third-most promising business models in Edtech Industry. There are several companies designing and developing future robots that are capable of teaching students. Digilent, Anybots, and Boston Dynamics are some of the robotics companies that have built educational robots.
- Consumer Electronics: Consumer electronics, yes I am talking about digital notepads, reading devices, digital pens, and digital boards. Amazon has made its entry with Amazon Kindle.
- Live Streaming Services: Yes, live streaming, podcasting, and webcasting software are also creating their space in this industry. There are thousands of universities and institutions facilitating their students to pursue courses online. Harvard business school is one of the leading university, providing online classes to its students.
| Top 10 Companies in Edtech Industry:
- Byju’s Learning App
- Hanson Robotics
- Neuron Robotics
- Amazon Kindle
- Google Assistant