Education

What Does an Education Expert & Mentor Do?

Education technology (edtech) mentors play a pivotal role in guiding and supporting startup founders in the edtech industry, combining experience-based expertise in education and technology to provide advice to edtech founders. Edtech mentors typically come from backgrounds as founders of or investors in edtech companies of their own.

What Is an Edtech Startup?

An edtech startup is a company that leverages technology for the purpose of improving education. Edtech companies often provide technology solutions for traditional schools and universities (such as software for online classes), but they also create tools for professional training and development (such as paid courses for continuing education).

Most edtech startups develop specialized solutions such as online learning platforms and edtech software to enhance learning experiences and meet evolving needs in the education industry. Some of the most notable edtech examples include edtech platforms like Udemy, Coursera, and Khan Academy, all of which grew from small startups into hugely influential players in the edtech space.

How Big Is the Edtech Industry?

The edtech industry is currently experiencing remarkable growth and its future looks very promising. According to a market analysis by Grand View Research, the global edtech market is projected to reach upwards of $348 billion in value by 2030, with a projected CAGR (compound annual growth rate) of 13.6% from 2023 to 2030. This explosive growth is fueled by unprecedented demand for online education capabilities.

Much of this rising demand for online learning tools is due to the need for better online skills training for employees. In a report by McKinsey, edtech is named as a crucial enabler for organizations that seek to provide employees with continuous learning opportunities. Appropriate and effective tools for ongoing learning are essential for keeping employees’ critical skills up to date.

What Can an Edtech Mentor Do for You?

Edtech mentors can offer invaluable guidance to aspiring edtech entrepreneurs. Here are some of the key areas where an edtech advisor can support your startup journey:

• Market Knowledge: Edtech mentors have a deep understanding of the industry's current and emerging trends. They can help you stay informed about the latest developments as you navigate the competitive edtech landscape.
• Business Model Refinement: Developing a solid edtech startup business model is essential for the success of your venture. Edtech mentors can provide insights into effective revenue models and help you develop a plan for scalability, enabling you to fine-tune your business model for optimal growth.
• Product Development: Edtech mentors can also guide you as you design and refine your edtech product. A mentor can offer advice on instructional design and user experience to ensure you succeed in creating an engaging and learner-friendly education tool.
• Fundraising Support: Securing funding is a critical step for many edtech startups. An edtech mentor can assist you in exploring different edtech startup funding options, including edtech VCs, edtech startup grants, and more. They can also provide feedback on your pitch deck and show you how to approach investors in the edtech industry.

Starting an education company is not easy. Early-stage edtech startups face many challenges, but with guidance from an experienced edtech mentor, aspiring entrepreneurs can learn how to start an edtech company with relative ease. Mentorcam’s edtech mentors can offer tailored feedback and support to help you fine-tune your edtech startup ideas and increase your chances of success.

Related areas of interest: Marketing, Fundraising, Product Development