Despite witnessing a sustained surge in funding and global investor interest in the past few years,
While the allure of investor interest in this nascent and promising market brings substantial valuations and capital, the sector must not lose sight of the fundamental principles of good business. Balancing growth with integrity, accountability, and ethical decision-making is paramount to building a resilient ecosystem that safeguards the interests of all stakeholders and fosters innovation, knowledge dissemination, and holistic growth.
In the edtech industry, placing students at the core of the business and adopting a straightforward framework that other companies can learn from and implement is essential.
1) COMMITMENT TO TEAM EXCELLENCE
To ensure top-notch quality, the edtech industry should maintain dedicated Quality Excellence departments for academic and operations teams. These departments diligently monitor output quality through regular training, induction, and audits. The sector should offer a comprehensive three-level Training and Certification programme (L0/L1/L2) linked to performance evaluations, ensuring team members stay updated with the latest knowledge and skills, paving the way for their career advancement within their respective organisations.
2) PERVADING COST CONSCIOUSNESS
Embedded in the ethos of the edtech industry is a strong sense of cost consciousness. The industry should provide free access to educational content via platforms like YouTube, making it accessible to all. Paid courses should also be priced at affordable rates. Additionally, a dedicated Cost Excellence vertical should optimise every rupee spent by monitoring market rates, renegotiating contracts, and maintaining a frugal approach to expenses. From ride-pooling, room sharing, and tracking marketing spending to embracing a work-from-home/ bring-your-own-device culture, cost consciousness needs to permeate every aspect of operations within the industry.
Also Read: Is this the end of edtech as we know it?
3) AN IMPROVED ORGANISATIONAL SET-UP
In the edtech industry, an alternative approach to building teams must be implemented, empowering a large number of capable freshers and being led by lean top-level management. Rigorous hiring processes ensure the best fit, and recruits undergo extensive training to meet the organisation's expectations. This approach will enable the swift execution of plans and ensure that recognition and compensation are based on individual contributions rather than hierarchical positions. Promising team members are identified and offered growth opportunities, fostering motivation and performance.
4) ENSURING OPERATIONAL EFFICIENCY
The edtech industry must adopt a centralised decentralisation approach for backend operations across multiple categories to maintain quality and control. Avoid hiring new personnel for the same function in each new category, as it aligns differently from their way of working, ensures standardised processes, and enables scaling without bloating teams. Subject Matter Experts (SMEs) work across categories, serving as repositories of best practices that are shared with new team members as needed. This agile approach allows the industry to efficiently onboard new categories while optimising resources.
5) TRANSPARENCY AND RESPONSIBILITY
In the industry, best practices are upheld through regular check-ins, meetings, and engagements with shareholders. They will keep well-informed about crucial financials, performance indicators, and essential metrics that demonstrate the link between protocol and performance. The commitment to transparent communication fosters confidence among shareholders, assuring them that their capital is being utilised responsibly.
6) EMBRACING DIVERSITY AND INCLUSION (D&I)
Incorporating diversity and inclusion practices will be vital to the industry's success. It will bring fresh perspectives that align with India's diverse population, making outreach and programmes more relevant to students across geographies and social strata. This approach will enrich the talent pipeline and create a more inclusive and effective education ecosystem.
