4 tips on how to make your EdTech a success
Learnmatch CEO Alfred Hofer is an old hand in the startup business and also knows the EdTech sector like the back of his hand. He knows what it means to build startups and lead them to success. Such people are needed for the small but fine EdTech market in Austria: pioneers who can inspire other EdTechs and from whose wealth of experience one can learn a lot. From this wealth of experience, he shared with us his recipe for launching EdTech startups. The result:
Alfred Hofer’s tips for a successful start in the EdTech market:
- Think global
Global multipliability of the product is basically important, if possible. Don’t focus on the Austrian market alone if that is possible. If you free yourself from these restrictions, you automatically move into other scaling possibilities.
Of course, this increases the complexity enormously in some cases. You have different legal frameworks and many local conditions that you have to consider – and of course many competitors. In the B2B sector, global action is also very complex in terms of marketing and sales and requires a certain amount of experience. But digital is of course ideal for rapid international scaling.
- Test, test, test – and find the so-called product – market – fit
You have a good idea and think the world has been waiting for it? Before you actually go to market with a perfectly finished EdTech product, test with a prototype (the MVP) whether the market exists and whether the interest is really as great as you think. The market will quickly give you feedback on whether you are solving a problem with your EdTech and/or whether there are people interested in it. Of course, you may even be too innovative and too early with your e-learning solution. You will only find all this out if you test it beforehand. A step-by-step development – based on the collected data and information – is a continuous process.
- The leadership team is one of the keys to success – as is the entire team
After all, you have to run a company with him. A good team, among other factors, is always a potential plus with potential investors. They usually take a close look at who you are. Are you fresh out of college or do you have previous experience? What is the background like? Can the team deliver on what the business plan promises? The core team should be convincing that they have the potential to run a fast-growing company if necessary. Of course, it is also difficult to get appropriately qualified employees – this is a very big challenge for operations.
- Don’t hide!
Every international EdTech company started small and even big companies “only boil with water”. Be self-confident and believe in the EdTech you lead. We Austrians tend to be too modest in this respect.
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