Change Your Edtech Startup Model Now
The definition of insanity is doing the same thing over and over but expecting different results.
That’s exactly what some edtech entrepreneurs are still doing. They rely on outdated business models that are no longer sustainable or don’t yield the anticipated results. Some entrepreneurs are so committed to their vision to change school culture that they cannot see the forest for the trees. It’s impossible to let go and adopt practices that will work.
It seems like the edtech startups become as bogged down in bureaucracy as the outdated school systems they had once hoped to help. Outside influences and internal challenges prevent entrepreneurs from launching a successful product and maintaining its efficacy in schools.
Outside influences on lean startups
Politics can make strange bedfellows, and schools are constantly in flux due to politics. These pressures come from the federal and state levels, but the local political structure can make or break an edtech entrepreneur’s opportunity.
Many schools still operate on the premise of “that’s the way we’ve always done it.”
Internal challenges for edtech startups
Your business model should allow for diversification within the company. As the CEO, most edtech entrepreneurs can’t do everything themselves. Like those who have gone before you, you’ll need to consider the skills your team needs:
For example, your business model likely includes other who can:
· Be accountable for finances
· Secure funding
· Design and market products
· Plan for data security
· Provide training to educators
· Develop business growth
If your current business model staffing patterns consists solely of you and maybe one other person, you’ll both be wearing a lot of hats. In a lean startup edtech model, that’s okay as long as you remember that you may need to occasionally bring in additional staff.
Overcoming the ‘been there, done that’ mentality
As cliché as it sounds, edtech entrepreneurs have to think outside their boxes. If you’re willing to try the unconventional, you’re halfway there. Just because an idea has never been tried before doesn’t mean it won’t be successful.
One of the more successful unconventional strategies for a sustainable edtech business model is to wait to monetize an idea, first forming a massive user base. Investors take notice when a tremendous fan base exists. As a result, venture capitalists have flocked to companies like Remind who elected to give this approach a try.
This strategy might not work for your company, but another one will. The goal is to be open-minded enough to give it a try. Most edtech entrepreneurs are innovators, but always being on the cutting edge can be exhausting. It’s sometimes easier but often more damaging to fall back on what you already know.
Your edtech startup has to remain relevant. The world around you will always be in flux. Bureaucracies change. New politicians take the place of old ones. Seek first to solve a problem. Listen to your consumer base. Be flexible.