Several important education-related trends have arisen over the past two years. Seizing the opportunity to capitalize on these developments is essential for young people to remain competitive in the marketplace of innovation and ideas.
1) Much of today’s EdTech spending stems from parents’ fear of learning loss which was accelerated because of remote learning and interrupted education due to the COVID-19 pandemic.
Virtual schooling allowed parents an intimate glimpse into the state of our current education system. The realization that it’s completely inadequate and hasn’t changed since their own time in school, forced many parents to take matters into their own hands, and supplement traditional schooling with external resources.
2) Teachers are demoralized, burned out and underpaid. Increasingly, they’re also quitting, creating opportunities for EdTech companies to snap them up. Although detrimental to the cause of educating the next generation, their treatment in the workplace on multiple fronts is unsustainable. For EdTech companies, on the other hand, this development is a huge boon. There's now a uniquely qualified talent pool understands the gaps and issues firsthand and has a true passion for supporting students.
3) The sale of educational products directly to consumers was already gradually increasing but exploded as a viable business model over the past two years. Before, there was only one path to success in education technology -- selling directly to schools and universities. Now there’s an entirely new opportunity to sell directly to consumers -- parents and students -- and a growing body of best practices for founders to learn from as they build. It’s clear the demand for instructional technology, tools and services will only continue to grow.
4) The pandemic forced a recalculation from governments, worldwide, that have been underspending on education for decades. The U.S. government set aside approximately $190 billion under the Elementary and Secondary School Emergency Relief (ESSER) aid package (as much as $2,800 has been per student). This is a huge opportunity for companies focused on selling to districts and schools, as it will provide resources for trials leading into full-scale deployments once value has been proven. District supervisors and school principals who previously expressed little interest in what service providers had to offer are now seeking products and solutions to upgrade their systems.
There are two main types of companies that should thrive in this environment: those providing services for the administrators and those interfacing directly with the students to improve end-user experience.
5) The population in underdeveloped nations continues to expand. To accommodate a growing market, global private investment in learning technology suppliers totaled $18.7 billion in 2019.
Fueled by ever-increasing digitization, the worldwide EdTech market is a broad and fast-growing industry with a large runway throughout the business lifecycle, from early-stage startups through middle-market businesses to publicly traded corporations. It continues to attract a great deal of interest from industry veterans as well as regular investors.
These trends are motivating Tomestic to tackle the challenges that exist in the education marketplace by employing cutting-edge technology to transform the pursuit of knowledge. We’re determined to disrupt an environment that isn’t keeping abreast of what’s required to address the rapidly changing needs of learners and equip them to compete in an increasingly complex world. We believe in scholastic singularity -- the knowledge Tomestic will be the primary non-linear learning tool for global human consumption by 2030.