Problem of aplenty!
The EdTech market is saturated and overcrowded today. This is not just in India. It is a worldwide (or at least in developed countries) phenomenon! India deserves a mention here. Due to its enormous number of EdTech companies. And their accompanying platforms (apps, brick-and-mortar institutes, etc.). Out of all these companies, Byju’s has garnered negative publicity in the last couple of months.
So, what exactly is the problem at Byju’s?
Byju’s is a classic example of ambition taking sky-high precedence over the means of achieving it with blatant disregard for the latter! Byju Ravindranath and his co-founder/s might have had noble ambitions when starting their educational app in 2011. But the dream and the accompanying story just turned sour somewhere down the line. And now it isn’t pleasant.
Just look at Byju’s valuation. As of 2022, from a valuation of US$ 22 billion, it fell to US$ $200 million in January 2024! And currently it is ZERO. In April 2023, the company claimed to have over 150 million registered students. So, what exactly went wrong?
Unbridled ambition/s and unlimited funds!
When any company gets enormous funds, its ambitions get even enormous! And trust me, this bubble burst will not just be limited to Byju’s. Many others will follow suit if they do not mend their ways. However, several companies are trying to make a difference in education. And a real difference at that!
Technology should always be a boon, not a bane!
Many people, just like me, would have thought that technology would help make education easier in every way. For example, true and correct learning by the students of even the most difficult concepts, like entrepreneurship. It will make education affordable and accessible even to the poorest. Thus creating the real ambassadors of the future!
Unfortunately, none of the above things are happening
For starters, every educational corporation is in the market to make money. Otherwise, the corporations cannot sustain themselves. One might ask, “What is the solution for this?” If the true purpose of education is achieved, the corporations will be on the road to profitability, which they will attain sooner or later!
The distance between online and offline has blurred to nearly ZERO
This is true in every sector and aspect of life. And when the educational product Byju’s or any other EdTech company offers costs more than even the school fees, who can afford it? Even after all the scholarships given after the entrance exam! A good educational product should be like this. Even without attending school, that should provide the student who uses it with the required knowledge. And a school diploma. Then that would be like a combo of the icing and the cake! Right?
Just provide the best knowledge on the EdTech app
Get the best teachers in their respective subjects. Let them share their knowledge, tips, and tricks to master even the most difficult concepts. And make the app super-affordable. Follow the model of ‘robbing Peter to pay Tom’. Or to make it clearer, charge those who can afford the app. And for those who cannot afford it, accept what they can offer (of course, after making sure they really cannot)!
I know this is easier said than done! But at least an attempt can be made. With all the advances in AI and other technologies, this is doable. Let us hope for the best.