Romy Johnson started his business at a young age while he was in college. He has specific goals and achieved most of them within a year by starting a cloud-based e-learning platform Cool Gurus. He has successfully bridged the gap between students aspiring to speak and write top-notch English like native speakers.
Romy Johnson has some ideas about how to go past the highly competitive EdTech market for new entrepreneurs.
- Prove yourself that your startup content works in your locality
Before planning to go global, make your content available for the audience in the nearest university in your area. This can help you to test the concept and have the right skills to innovate at an early stage.
- Keep various revenue options open
A primary concern for most EdTech startups is to have the required capital. They may have a variety of ideas that could be incorporated in the business but due to lack of capital or funds, they might be held back. This problem arises due to a single source of funding. Tie up with multiple revenue streams to grow your business and this also reduces the risk.
- Be selective at hiring employees
Surround yourself with employees who possess the necessary skillset and qualifications. They need to be enthusiastic about solving problems and fit into the work culture of your startup. The responsibility of making startup success is to be shared between the founders and the employees. So choose appropriate people who are able to adjust to their work needs.
- Do not forget the original mission
The original inspiration that made you start the business needs to be fixed. There will be other inspirations that could add to it, but one inspiration constant to know why you are striving and what for. Seek advice from people on how to achieve goals that came from the inspiration and work on them.
- Adjust to situations
The process of running a business goes through many ups and downs. It is essential to make changes to your planned short term strategies to achieve long term goals. EdTech business requires you to constantly change and adjust to changes in the curriculum and aspects of strategic, financial, and business model oriented changes.
- Do not stop learning
A person of any age, profession, or status should never retire from acquiring knowledge. One should constantly evolve by knowing new things that will benefit the business. There are a lot of sources online to learn about the latest trends in technology related to education. Everyday a multitude of businesses introduces tools and products and a bunch of these upgrade the process of learning in constructive ways.
- Get Feedback constantly
Educators and students need to be given a chance to try out new products, apps, and tools. This will get the business feedback to plan on the final implementation. Feedback from actual users is key when startup EdTech companies introduce their products.