Romy Johnson is one of the youngest and successful entrepreneurs, educationalists and businessmen from India. His business is based in Canada and India. He is the CEO, founder and owner of Cool Gurus, British India Academy and Xaare.
- Seek opinions from Students and Teachers
Just like for any other product, you need to perform market research before committing to the EdTech industry. In other words, you need to know what consumers are looking for to create an EdTech product or service and make it profitable. Without it serving the students or if it can’t be implemented in a classroom then it is likely to fail.
- Invest time and money on an EdTech that has a purpose
Most of the EdTech entrepreneurs have no experience in the education field. You aspire to be an EdTech entrepreneur who needs to have known that you should not aim at replacing teachers and students but you have to serve at aiding them with better connectivity, material, and interactivity.
- Have a realistic pricing
Do not overprice your EdTech product. At first, you need to look at increasing your customer base. Keep the pricing low and as the demand increases you can plan on increasing the pricing to a certain percentage.
- Don’t be frustrated to start small
EdTech entrepreneurs like to have thousands of students within the first month of the launch of a product. This cannot be achieved as new business needs wide exposure which comes gradually over time and also to create quality and unique lessons on your portal that require time as well. Offer a budget-friendly product that will bring in customers gradually over time.
- Stay updated with Trends of EdTech
Today the EdTech industry is growing at a fast pace. For your business to succeed, it needs to be easily accessible and innovative. One can attend seminars and read articles to increase the chances of creating a product.
- Smartly advertise your product
Advertising in the right places is more important than the money spent on it. Find web pages and magazines that prominent insiders and educators read
- Network with EdTech community
Networking is invaluable for entrepreneurs. It opens doors to meeting new investors and influential entrepreneurs who could guide for finding success just like them.
- Be consistent at following your goals
It is vital for a business to become big and successful. Many start strong and fail to keep the pace going or follow through and ultimately close down. If the goal of an EdTech product is to improve the vocabulary of a student, then it should do that more effectively over time. The advertisers and educators have to be skilled enough to offer the results expected by students.