Why you should be investing in Education Technology in 2021
By 2021, it is expected that the number of digital natives will be over 2 billion. This is a global population who will not so much as have been taught through the traditional method, but rather have learned using technology.
The vast majority of children today are technologically savvy, and with this comes a familiarity with computers and tablets. These children are independent learners and creative thinkers who are constantly creating new ways to overcome obstacles, solve problems and ultimately learn faster.
With this comes an expectation that education will evolve even more to accommodate these learners. The rise of virtual reality (VR) and augmented reality (AR) has already begun to impact the way we learn in schools around the world, from classrooms to libraries.
Education technology is now moving away from being simply a tool for traditional learning; rather it has become a way for students to learn in ways that were impossible before. It’s no longer just about learning facts; education technology is about facilitating action-based learning that allows students to build upon their existing knowledge in order to create something new or solve a problem.
It’s also changing how we learn as adults too — whether you’re looking for a job or trying to improve your skills, education technology can help you achieve your goals faster than ever before. So what do you need to know about investing in education tech? Here’s our beginner’s guide:
What is education technology?
Education technology (or EdTech) refers to any application, product or tool that is used for learning purposes. It’s usually focused on educational purposes but can also be used in training and corporate settings. This includes things like digital curriculum, online learning platforms, assessment tools, education apps and more.
Why should I invest in EdTech?
Education technology is a growing market with high levels of investment. In 2017 alone, $8 billion was invested into the sector worldwide — this is expected to grow to $30 billion in 2020. This growth can be attributed to the fact that education technology has become a necessity in today’s world. Students are no longer just being taught using traditional methods; they need access to the latest technologies in order for them to learn faster and better — which means that investors are interested in investing in education technology companies for their growth potential and innovation.
What are some of the most exciting educational technologies coming soon?
Virtual Reality (VR) : Virtual reality can bring any environment or experience into your classroom. It allows students to explore new worlds without ever leaving their classroom; be it exploring ancient civilisations from thousands of years ago or travelling across the world on a virtual field trip. VR allows students to experience things they may never get the chance to see otherwise — and as an added bonus, i keeps them out of trouble! The possibilities are endless; from bringing historical characters into classrooms through 360-degree videos, to allowing students to study nature by visiting different environments such as jungles or other natural wonders without having ever left their classroom. VR devices like Google Cardboard even allow for students to use their smartphones to immerse themselves in a virtual reality environment.
Augmented Reality (AR) : Augmented reality is a similar technology to virtual reality, but instead of creating an immersive environment for students, augmented reality allows them to overlay information on top of what they see in the real world. This means that students can learn about the environment outside their classroom through their smartphone or any other device with access to the internet; they can identify different landmarks or plants and animals while exploring new environments without ever leaving their classroom.
What about live online classes?
VR isn’t the only way to learn via online classes; others include things like social media and live streaming. Students can watch live classes or interact with their teacher through a variety of platforms including Facebook Live, Twitter and Instagram.
Who are some of the biggest players in EdTech?
EdTech has become a very competitive sector with over 43 million learners across 196 countries using learning technology, yet one company has been dominating this space for quite a few years now. That company is Coursera — it offers more than 2,000 courses from 140 partners including many top universities around the world such as Stanford University and Columbia University. Coursera started out as an online learning platform that offered free massive open online courses (MOOCS) but it’s gone far beyond this now — with free courses being available at all levels across all subject matter, it has become a powerhouse in the education technology market. Coursera is currently valued at $800 million thanks to investors like Kleiner Perkins Caufield & Byers (KPCB), New Enterprise Associates (NEA) and Learn Capital.
About the Author
I am an educator have over 3 years of experience in product management, technology leadership, startups, angel investing and Edtech. I’m the Founder an EdTech startup Cudy Technologies (www.cudy.co) to help teachers teach better and students learn better using videos and interactive activities. If you are a teacher or student, signup for free at https://cudy.co/sg/register to start teaching and learning better today!
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