Education needs Entrepreneurs

Let’s look at why we badly need entrepreneurs to improve the state of education

The education sector is easily one of the most overlooked parts of the business world. You will find many startups in the tech industry, the retail industry, the healthcare industry, the finance industry, but only a few startups enter the world of education. This is a great opportunity for any entrepreneurs that are looking for a sector where competition is low, and the potential for success is huge. We need to start working on creating the future of education. Not only will this result in huge profits for the company that manages to innovate in this sector, but it will also result in our society improving.

Education is Decades Behind Other Industries

Almost every part of our society has been transformed in the previous few decades. Go back 50-60 years and the way we worked, the way we lived, the way we communicated – it is all very different from now. However when you look at education, it seems crazy that our schools and universities are still primarily structured the way they were decades ago. Why are we not using new ways to teach to improve results? The worst part is that there is a lot of research in this sector. There are thousands of research papers that have interesting ideas about improving education. Some countries (such as Finland) are incorporating these new findings and becoming better at education, yet most of the world isn’t.

There is a lot of Money to be Made

Unless they are already a multi-millionaire who is looking for their next pet project, money is one of the main motivators for most entrepreneurs. What most people do not realize is that there is a lot of money that can be made in this sector, primarily because schools have deep pools of funding. Public Schools are funded by the government, and convincing them that using your product will improve education is not an impossible task. Private schools also have a lot of funding, since most of them are very expensive to attend. The way of selling is different – you will need corporate sales teams, education specialists, and maybe even lobbyists if you are gunning to become a billion dollar company – but the potential exists to earns millions per client.

The key is to make innovation affordable

The best part about innovating in education is that it is largely a game of ideas. No one is expecting you to spend a 100 million dollars on research and development to come up with new materials or products. Instead you will have to spend money on hiring researchers that can go through all the education based research papers. This is a labor intensive task, and the costs for it are much lower than research and development costs in other industries. To truly succeed you just need to make sure that your ideas and products are affordable. Governments have huge budgets but they also like staying within those budgets. Don’t try to extract as much money as you can from a single school – remember, if you get a contract with a state government or even a big city government that means thousands or hundreds of schools using your products.

Innovations in education can also be sold all over the world. There are many countries that are willing to spend more on education than the western countries. Middle East is a great example. The dropping prices of oil means they cannot depend on oil being their main source of income in the future. Thus they are spending everything they have on developing new talents in their populace. They are willing to spend billions if it means that their children grow up innovative and are able to succeed through new ideas.