Are Edtech Startups Truly Shaping Indian Education System?

“The only way you survive is you continuously transform into something else. It’s this idea of continuous transformation that makes you an innovation company”.

Ginni Rometty, An American Businessperson

Present stats depict India reaching a Rs 5 Lakh Crore economy ($ 5 trillion) in the coming five years and Rs 10 Lakh Crore($10 trillion) in the next eight years with Education and training sector emerging as one of the major contributors to the economic
Presently about 4000 Edtech Startups are running in India.
India retains its position as the 3rd largest start-up ecosystem in the world with more knowledgeable professionals coming under the Entrepreneurship

In recent years, India has emerged as a rapidly growing economy but has there been a similar achievement attained in education? According to current reports, the revolution made in Information and communication technology has rejuvenated the Indian education system. In India, the rise in educational business took place with the launch of online learning (E-learning) methods (Mobile or Tablets and Video Learning) which completely transformed the traditional processes of teaching. The new approach termed as “Edtech” offers a wide range of learning tools both for students and teachers. According to recent reports, the global market of education technology is expected to grow to $ 41 billion at a CAGR of 18.5% by the year 2022.

Social media revolution, e-publishing, and e-books have altogether metamorphosed the roots of education. According to Prof. S. Sadagopan, Dean, IIIT Bangalore, the digital revolution has impacted every youth and the fundamentals of learning popularly called 4Ls of Learning- Lecture, Library, Laboratory, and Life.

Examples of some pioneering Startups Education companies like College Dekho (2010), Byju’s (2011), Vedantu (2011), Simpli Learn (2012), Nayi Disha (2012), Embibe (2012), School Guru(2012), Testbook (2012), Superprofs (2014), upGrad (2015), Unacademy (2015), are to name a few have gained novel technologies, and are changing teaching styles to improve learning experiences and results. New technologies like AR (Augmented Reality), VR (Virtual Reality), Blockchain and STEM (Science Technology Engineering Maths) Labs have been successful in producing products through Ed-tech startups in India which are of tremendous use in overall learning of mechanisms.

Over the years, despite advances in our education system we haven’t been able to increase ranking in the Global Prosperity Index (104^th position in education, Annual Global Prosperity Index 2018). The lacuna lies in its western origin. Much of India’s present education system doesn’t give freedom to choose the desired career.

However, the rich legacy of ancient India in the learning of science, arts, medicine is outstanding. The knowledge centers at Takshashila, Kanchipura, Nalanda, Odantapuri, Sri Dharyakataka, Kashmira & Vikramshila had a great glory in the past. Many foreign travelers like Fa-Hien (China: 399-412 A.D. Chandragupta II period) and Hiuen Tsang (China: 629-645 A.D. Harshvardhana period) who visited India in the 5th & 7th centuries A.D. had found flourishing universities of the world-wide repute in India. Nalanda University near Rajgir in Bihar was one of the reputed universities of ancient times, owing eminent scholars, large buildings, library, prayer halls, canteens, hostels and other academic centers in its campus. The subjects taught over there were Grammar, Logic, Metaphysics and Ritualistic books.

According to recent reports, India at present spends about 4.6% GDP on education and aspires to spend about 6% in the coming financial years.

With the draft finalized for NEP-2019, and already running Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2016-20 schemes, Pradhan Mantri YUVA Yojana for developing Young Entrepreneurs, NRF (National Research Fund) for overcoming funds for researchers, National Scholarships/ Fellowships and education loan for School, college and University students Modi Government has generated a lot of hopes for a significant improvement in filling the gaps of the present education system in India.

Education Startups have a brilliant future. Revitalization of the higher education system will bring the world-class education system in India and help to reach its aim of turning into a “Knowledge Superpower”. We need to bring excellence in the teaching and evaluation system by introducing the latest technology and make its accessibility to students belonging to small towns and villages. Leadership is required to bring a revolutionary change in every nook and corner for improvising the system, the buzzword to attain in higher education is “Quality”. The linking of Universities with society, business, Startups, and industries are required on an urgent basis. The perpetuation of Private universities in parallel is a good signal of the growing education industry in India which has brought competition and better opportunities for students and researchers. The number of MOUs may be signed for collaborations with Government organizations, Industries for bringing opportunities for entrepreneurship.