DAD: edtech platforms in the world
Asia is excited about the edtech sector, in Europe GoStudent is the most funded start-up in the sector
According to a report by Holoniq, US research institute, education spending in 2019 was $6.1 trillion (6.7% of global GDP), but by 2025 it will be $7.3 trillion.
Studying online lowers costs, increases efficiency, even limiting travel. The value of the edtech market (technology-assisted education) will be close to $404 billion in 2025 (it was $183 billion in 2019) with an average annual growth rate of 16.4%.
Digital schools and the digital divide
Five of the world's leading edtech companies are Chinese (Yuanfudao, Zuoyebang, Vip Kid) or Indian (Byju's, Unacademy), five are US-based (Better Up, Articulate, Course Hero, Handshake, Coursera). Edtech is expanding and, in the European educational context, the Austrian start-up GoStudent stands out. However, in a world where digital skills are necessary, the new digital school risks causing a digital divide who will be able to afford the necessary devices for online education and who will not. Moreover, online learning is not comparable to face-to-face learning for many.
The founders of GoStudent are two 26-year-old Austrian startuppers, Felix Ohswald and Gregor Müller, who have raised over EUR 590 million in four investment rounds.
GoStudent's business expands to twenty-two countries in the field of tutoring (private online tutoring) and connects students and tutors. Some figures?
- 25 is the average age of the tutors
- tutors are selected on the basis of their skills, but also their aptitude for teaching.
- the most popular tutorials are maths (40% of lessons) and English (20%), but also physics
- lesson prices range from 17 to 26 euros, depending on the length of the package course: the more lessons, the cheaper the prices
- the platform currently relies on Zoom, but will soon be technologically independent (also to enhance its own adhoc teaching)
According to the two entrepreneurs, online lessons are profitable for students and parents, who do not have to host a stranger to the family at home and can easily monitor the process.
Translated with www.DeepL.com/Translator
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