“EdTech is a sector very high on impact. It will be very high on value creation, but we have to get the right mix.”
These words from Ronnie Screwvala, as shared with The Economic Times, resonate deeply with the essence of what the EdTech sector represents.
In my opinion, the multilingual, geographically vast landscape of India, coupled with an increasing population of young minds hungry for quality education and global skill sets, presents an immense market for innovators passionate about education. Training to pass various entrance tests or getting routine academic lessons to support customary schooling is not EdTech. That’s zero innovation.
Ronnie rightly emphasizes that raising money shouldn’t be the primary focus. While post-COVID-19 there has been a deluge of funding chasing anyone in the online education space, we must recognize that simplistic online education or gap fillers won’t suffice.
To truly make an impact, we need to shift the paradigm from academic knowledge to actionable skills. Tech founders must collaborate with global thinkers to bridge this gap and transform degree holders into ready, skilled professionals. Equally, it is frustrating to see founders spend quality time on structuring their investments to save tax and stay out of regulatory frameworks, instead of focusing on meaningful value creation.
Consider the case of Estonia, a small Baltic nation often hailed as the poster child for digital innovation in education. Through initiatives like the “e-Estonia” project, the country has embraced technology to revolutionize its education system. Startups like “Estonian Schoolbag” have introduced digital learning platforms, enabling personalized and interactive education experiences for students. This example underscores the transformative power of startups in driving paradigm change in education on a global scale.
India’s context is unique, and the journey toward educational transformation must begin from scratch and identify the real need. Investors play a crucial role here; they need to keep founders grounded and focused. Your long-term goal cannot be quarterly results. That’s not value creation.
Let’s move beyond the hype and prioritize innovation, collaboration, and a steadfast commitment to transforming education for the betterment of society.