8 Tips on How to Scale your Edtech Company
Almost anyone today can start a business.
Becoming an edtech entrepreneur is easy. You find a problem plaguing education and develop a solution using technology. The trick to success, however, is in scaling your edtech company so that it becomes a viable and vital tool that helps students and teachers.
Social media and tech guru Neil Patel advises that “A scalable business can adapt to a larger workload without compromising performance or losing revenue. Can your business with $0 in annual revenue grow to a million dollar company? If it’s scalable, then yes.”
Even if you are cofident that your edtech company is scalable, the most critical question remains: How do you scale your edtech company?
Try these strategies:
- Ask good questions and give honest answers. Check your motive for scaling your edtech company. Edtech is cool, and making a million dollars would be even cooler, but why are you doing edtech in the first place? If your goal is to solve a problem that exists, you’re on the right track. Know what you’re doing, who you’re doing it for, and why it matters.
- Look for angel investors. If you believe in your startup, the chances are good that you can get others to believe in it as well. Investors recognize that tech startups can become the next big thing, making everyone plenty of money. Angel investors often prefer new companies, and they have the patience to wait for their investments to grow, unlike venture capitalists who invest in businesses that have more certainty in being successful.
- Keep it simple. It’s easy to make anything overly complex, but complexity doesn’t market well, and it’s often not scalable. Simplicity is the key to scalability because it allows for nimbleness and flexibility.
- Make sure every employee is involved. It takes a village when scaling up an edtech company. The formal organizational chart is less important than the ideas your employees generate, as well as their willingness to tackle challenging projects and roll up their sleeves to get the job done.
- Design for students and teachers; sell to school districts. Scale up by earning trust among school districts that use your product. District leaders talk to each other about what works and what doesn’t; they trust each other’s recommendations. Getting district referrals can be a slow process, sometimes taking years, but if you stay the course, you’ll gain momentum.
- Remain current. Don’t let new technology pass you by while you’re working on your edtech product. Use new technology and stay on top of trends like blockchain technology to help your edtech startup remain relevant and be scalable.
- Find your niche. Knowing your target market may be the most important aspect of scaling up. Begin with a tightly-focused niche and allow your product to expand to include other niches.
- Seek partnerships in education. Educators don’t want to do business with vendors; they want to build relationships. You are more likely to scale up if you focus on connections with your edtech users.
Scaling up your edtech company will take skill, intuition, and passion for solving current education problems. These eight strategies may give you the boost you need in scaling up.