3 Ways Edtech Company Can Catch Up to China
China has big plans, and they don’t include the United States.
The nation wants to lead the world in innovative technology, and it’s already on track to assume this position in supercomputing in 2020. China also intends to take the lead in edtech. As a result, the Chinese have already rolled out innovative initiatives such as national e-learning programs and automated learning and grading in selected classrooms.
If the United States – or any other country – wants to remain relevant in the edtech arena, they will have to commit to dynamic change soon.
The Chinese are excited about edtech. In fact, they’re so jazzed that last year’s GET conference in Beijing was one of the largest ever, having doubled participation from the year before. AS you might expect, there were many lessons to be learned from the event.
Listen to your influencers
Recently criticized for its excessive entertainment value, tech titan Tencent changed its direction in response to a howling consumer base.
Tiger moms and government agencies complained so much about Tencent that the company lost $190 billion in market value. It wasn’t until the company began taking care of communities and the people in them that it began to recover its losses.
Consumers expect large corporation like Tencent to help people improve their lives. Edtech companies that look out for the greater good are more likely to be successful.
Expand your buyership
Companies are in business to help others, but their main goal is to make money. Without money, they can’t help anyone. Edtech startups need money to build a product, market it, and sell it to interested parties.
In 2018 more than half the money form edtech venture capitalists went to Chinese edtech companies. China took in more money than any other country, even when combining investments worldwide. In addition, China is home to some of the wealthiest edtech startups like the $3 billion tutoring company VIPKids, which teaches English in an online format.
The Chinese edtech market is ready to sell to interested buyers, and these companies believe that a buyer is a buyer. They do not hesitate to sell to countries that might not be considered friendly to the Chinese.
Edtech companies from anywhere in the world must be willing to do the same.
Focus on holistic education
Technological singularity won’t wipe out the human race. We’ll do it to ourselves if we don’t place an emphasis on developing emotionally intelligent students capable of creative problem-solving and showing empathy.
Acquiring knowledge and skills is only part of getting an education. Children need instruction in more than core subject; they need to learn the communication and collaboration skills necessary for working globally. Schools must teach the whole child, developing social and behavioral skills and inspiring creativity through technical programs like STEAM instruction.
The Chinese aggressively pursue learning, letting nothing get in the way of their education.
China’s insatiable thirst for knowledge is driving the edtech market. Until we make education the priority that it is China, we will continue to lag in edtech innovation.