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One perplexing question that the entrepreneurs or executives need to attend to is “who will purchase the EdTech when the platform is launched?” Without knowing who the sales pitch is for, one will not be able to design a persuasive argument for school organizations to purchase the technology.
FREMONT, CA: According to recent research, Europe spends approximately $1 trillion on education every year for over 110 million students. Consequently, for businesses who are interested in breaking into one of the leading EdTech markets, Europe presents an appealing chance.
Most educators and students are eager to discover digital products to facilitate the improvements to the existing academic system. So, EdTech companies that can offer real solutions to the school organization’s most pressing problems can find a fair amount of success in the European market.
Moreover, businesses need to prepare themselves for the significant transformation required to break into the European EdTech market. Below are a few suggestions that can help companies to get off the ground.
One of the critical issues that EdTech companies who want to get into the European market face is securing funding. While a few businesses are investing in the region’s EdTech, the levels do not relatively compare to the investments found in the United States. Some education experts place the funding at a level ten times less than the investments found in the U.S. The reduced investment can be a considerable problem when it comes to the overall creation of an educational platform that can serve a whole continent’s school system. Before a company makes an effort to break into the market, it will have to secure funding. Therefore, businesses can look for soliciting one-time donations or angel investors from professional relationships acquired over the years.
Be Aware of the Purchasing Procedures
One perplexing question that the entrepreneurs or executives need to attend to is: who will purchase the EdTech when the platform is launched? Without knowing who the sales pitch is for, one will not be able to craft a persuasive argument for school organizations to purchase the technology.
A portion of the issue stems from the fact that the purchasing process will be different in each country. Thus, companies can familiarize themselves with the customs and chain of command for each European country they are attempting to work with. This disintegration across borders is a part of the reason why EdTech has not taken off as quickly in Europe as it has in the U.S.
Serve Local Areas
Furthermore, Europe can be a challenging market for EdTech entrepreneurs because of the diverse range of languages. This occurrence means that businesses will need to alter their platform several times to accommodate all of the communication barriers that users will face. So, enterprises need to craft the language precisely with a lot of cultural sensitivity. Besides, the marketing and advertising materials should be in a local dialect to make sure that the consumers recognize the company as a trustworthy brand.
Cater to the Upcoming Trends
Every industry across all the verticals has been facing changes almost every day owing to technological progressions. And as technology plays a foundational role in the EdTech space, catering to the impending trends will yield fruitful results. For example, one of the significant trends ruling the European EdTech space is the embracing of technological interventions like Artificial Intelligence (AI), Machine Learning, Virtual and Augmented Reality (AR/VR), and the Internet of Things (IoT). Furthermore, increasing demand for data analysis and data-driven solutions has also been observed. Additionally, digitization of educational content and gamification have also emerged as chief trends.
Getting into the European EdTech market comes with a lot of distinctive challenges that many engineers do not consider upfront. Upon knowing what barriers the business is likely to face, it can begin making plans on how to overcome them. It is a necessity for companies to look at the obstacles to move past and create a successful presence of their EdTech company in the market.