Online learning has exploded in popularity over the last decade. In Covid, the field has found a tremendous force multiplier.
Many founders are now turning to online education for startup ideas. Here’s why: it can be extremely profitable because online courses do not require physical classrooms, startup costs are more affordable, and startup time frames are shorter. The ability to scale fast makes this space very attractive for new ventures.
The education world has made a shift in the last decade from a sage-on-stage model to a guide-on-side model. In the former, teachers lectured to students in an auditorium format. In the latter, kids were assigned YouTube or Khan Academy videos as homework, and they did exercises in class with the teacher assisting as needed.
Now, we’re making another giant paradigm shift at an accelerated pace: kids are at home, teachers are at home, parents are at home. The learning is happening at home, and the teacher is a virtual presence.
As in most paradigm shifts, the best way to consider them is by looking at the opportunities they present.
Throughout the Covid quarantine, I have preserved a daily routine of studying French on DuoLingo. There’s much that I’ve observed in their approach that can be applied to other types of subjects at various levels. For K-12, the most interesting of these is gamification.
Children tend to hang out in groups. One of the key success factors of K-12 gamification could be to tap into this natural tendency and turn these organic affinities into study groups with built-in gamification.
If you can come up with such a paradigm, you can build a kick-ass EdTech company for the Post Covid world.
In general, a lot of paradigm shifts are happening in EdTech. You can build lots of interesting ventures by thinking through new models of imparting education.
If you want to build a venture in the online learning space, take this Udemy course for ideas and inspiration. The course features real-life startup founders. It has an intimate, conversational feel.
Let’s face it. Money is a major issue for every startup. Luckily, nowadays founders can begin on a shoestring budget. The lean startup principle works, as the industry has seen time and again.
Consider bootstrapping in all its glory. It will save you many headaches. These three Udemy courses on bootstrapping should get you going.
Once you’ve bootstrapped to an extent, you’d consider raising funding. Learn:
Here you have it. All seven courses above are chock-full of real-world startup founders’ stories and strategies.
The majority started their ventures with little upfront capital. You’ll learn about ways to bootstrap your online learning business while still managing other aspects of your life.
P.S. We’re looking to partner with community leaders who write blogs, teach and mentor entrepreneurs, and help support startup ecosystems in every corner of the world, no matter how small or how remote. I have written about my own journey building startup ecosystems around the world, and how you can draw from my lessons from the trenches. If you’re interested in partnering with 1Mby1M, please consider joining our ambassador program.