Educational Innovations; 3 Ways Technology Reshaped the Education Business
If you are an aspiring entrepreneur with a keen interest in the education business, you might already have well explored the internet for queries related to educational innovations like the following:
- Can education be a business?
- Is education a business or service?
- Is education a business today?
- What is the business of education?
- Is education a profitable business?
As you know the education business is booming and there’s no denying the profitability of an education business in today’s time. However, it is important to consider an innovative business model and develop a foolproof business plan accordingly, i.e. you might not be able to afford to open and run a school and college, but you can surely help schools and colleges do more business and take your cut.
Since Micro Business Hero discusses micro-businesses mostly, and there are several micro business ideas in the education niche. This article will discuss how innovation in education and technology is reshaping the educational business landscape, and how more and more micro-business entrepreneurs are finding opportunities and offering innovative solutions through technology.
Let’s explore how educational innovations have reshaped the industry and how it is going to impact the future of education business.
Educational Innovations & the Technology
The world has witnessed massive changes in the field of education as a result of technological innovations and hundreds of regional as well as international educational startups have emerged on the scene.
Of course, these educational innovations and inventions are meant to assist learners as well as the trainers and teachers and make their lives easier. But most importantly, these innovations are reshaping the landscape of the education business.
Education is now a more profitable business niche than ever before and the profitability is more likely to grow steadily in the future. Though there are many ways technology is contributing to the growth of education and training-related businesses, this article will focus on the three major game-changers that contributed greatly to reshaping the landscape of the education business over the last decade.
1- Online Learning Lead by Artificial Intelligence
Though online education has become a household matter after the Covid19 pandemic, the concept has been there for long before. Online portals like Coursera, Udemy, and many others have been there for quite a while, offering certificate courses as well as degree programs from renowned institutions as well as training programs from most sought-after experts.
These portals are the result of innovations in artificial intelligence, whereby a huge portion of reviews and ratings of students’ work is automated that allowing teachers, trainers, and institutions to offer the course to a bigger population. And of course, as the online study saves travel time & cost, and offers flexible study hours, people working on a full-time job also benefit from the courses which they otherwise would not be able to pursue.
2- Education Business Conducted through Mobile
With easily accessible mobile internet and the availability of low-cost smartphones, people who cannot afford a computer can also benefit from online learning. This has geared the development of mobile apps and platforms that assist in finding local tutors, trainers, and coaches in a matter of seconds. Mobile-friendly websites allow users to have an almost similar experience as they would have on a desktop or a laptop.
Finding the best local teachers and tutors has never been that easy. Learning specific skills is just a few taps away now. Thanks to mobile app technologies, the innovation in mobile broadband technology, and amazing new technologies that have made smartphones available to a greater population.
3- Secure Digital Payments
The state-of-the-art, secure and robust digital payment methods have revolutionized the way business was conducted. And, this very important aspect has greatly contributed to the growth of not just the educational businesses, but almost all industries.
Moreover, innovative procedures have played a vital role in nurturing the education business online. For instance, the portals that connect tutors with students act as third parties to hold payments until the business is completed between the two parties.
The Bottom Line
Education is a vital sector of any economy and technology and educational innovation are making it accessible to more and more people. This is why more investors are considering investing in education startups.