IndiGlobal Bureau
Student entrepreneurs in India are mostly interested in EdTech. according to a report from investor Campus Fund, entitled State of Student Entrepreneurship in India, edtech had a 12.7% share this year (16.3% last year), healthtech, with a 10% share, and new-age tech startups (including Web 3.0, crypto and Blockchain technologies), with an 8.5% share, formed the next two popular cohorts.
One of the reasons for student founders to be interested in EdTech, say pundits is the realization that India has a huge opportunity and EdTech penetration is just about 5%. While technology adoption during and post pandemic times has been on an upward swing, Tier-1 and 2 cities have to catch up.
Another reason for young entrepreneurs interested in EdTech they are a product of the Indian education system and understand what ails it. No doubt, Edtech is the most popular sector among college founders for the second year in a row.
The education landscape is transforming and EdTech too is evolving. Educational institutions now realize that the way forward is through hybrid learning and even in the smooth function of the institiuitons, technology is inevitable. Post the pandemic, funding EdTech startups has taken a beating the sector has witnessed $3.1 billion in venture funding in 2022 compared with $5.4 billion in 2021, a drop of over 42%, according to Tracxn.
According to Jayanta Baruah, a serial entrepreneur the major challenges EdTech startups face is to ensure satisfactory usability, remember end users aren’t tech savvy. Secondly, teachers, a majority of them have used the ‘chalk and talk’ method find it difficult to use apps and platforms and the student community is not used to AR/VR.
Like every sector, EdTech has its own challenges but the student founders see promise in the sector.