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EdTech

What we can learn from edtech startups’ expansion efforts in Europe

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It’s a story common to all sectors today: investors only want to see ‘uppy-righty’ charts in a pitch. However, edtech growth in the past 18 months has ramped up to such an extent that companies need to be presenting 3x+ growth in annual recurring revenue to even get noticed by their favored funds.

Some companies are able to blast this out of the park — like GoStudent, Ornikar and YouSchool — but others, arguably less suited to the conditions presented by the pandemic, have found it more difficult to present this kind of growth.

One of the most common themes Brighteye sees in young companies is an emphasis on international expansion for growth. To get some additional insight into this trend, we surveyed edtech firms on their expansion plans, priorities and pitfalls. We received 57 responses and supplemented it with interviews of leading companies and investors. Europe is home 49 of the surveyed companies, six are based in the U.S., and three in Asia.

Going international later in the journey or when more funding is available, possibly due to a VC round, seems to make facets of expansion more feasible. Higher budgets also enable entry to several markets nearly simultaneously.

The survey revealed a roughly even split of target customers across companies, institutions and consumers, as well as a good spread of home markets. The largest contingents were from the U.K. and France, with 13 and nine respondents respectively, followed by the U.S. with seven, Norway with five, and Spain, Finland, and Switzerland with four each. About 40% of these firms were yet to foray beyond their home country and the rest had gone international.

International expansion is an interesting and nuanced part of the growth path of an edtech firm. Unlike their neighbors in fintech, it’s assumed that edtech companies need to expand to a number of big markets in order to reach a scale that makes them attractive to VCs. This is less true than it was in early 2020, as digital education and work is now so commonplace that it’s possible to build a billion-dollar edtech in a single, larger European market.

But naturally, nearly every ambitious edtech founder realizes they need to expand overseas to grow at a pace that is attractive to investors. They have good reason to believe that, too: The complexities of selling to schools and universities, for example, are widely documented, so it might seem logical to take your chances and build market share internationally. It follows that some view expansion as a way of diversifying risk — e.g. we are growing nicely in market X, but what if the opportunity in Y is larger and our business begins to decline for some reason in market X?

International expansion sounds good, but what does it mean? We asked a number of organizations this question as part of the survey analysis. The responses were quite broad, and their breadth to an extent reflected their target customer groups and how those customers are reached. If the product is web-based and accessible anywhere, then it’s relatively easy for a company with a good product to reach customers in a large number of markets (50+). The firm can then build teams and wider infrastructure around that traction.

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Source: https://techcrunch.com/2021/09/17/what-we-can-learn-from-edtech-startups-expansion-efforts-in-europe/

EdTech

Rich Search Filters in Gmail (NEW Feature)

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Rich Search Filters in Gmail (NEW Feature) | Shake Up Learning









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Source: https://shakeuplearning.com/blog/rich-search-filters-in-gmail-new-feature/

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EdTech

15 Collaborative Tools for Your Classroom That Are NOT Google

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15 Collaborative Tools for Your Classroom That Are NOT Google | Shake Up Learning









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Source: https://shakeuplearning.com/blog/15-collaborative-tools-for-your-classroom-that-are-not-google/

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Artificial Intelligence

SoftBank-backed Korean edtech startup Riiid acquires Langoo, expands in Japan  

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Riiid, a South Korea-headquartered AI-powered edtech company, acquired its Japanese distribution partner Langoo to expand its Japan footprint. 

The acquisition comes after the company’s latest $175 million Series D round from SoftBank’s Vision Fund 2 in May. Riiid has said it will continue to fuel its global expansion with the funding. 

Langoo, Riiid’s partner in Japan, offers Riiid Tutor, formerly known as Santa, a test prep app for the English-language proficiency test TOEIC in the region. Riiid claims that more than 2.5 million users downloaded the Riiid Tutor app in South Korea and Japan. When it launched in April 2019 in Japan, the Riiid Tutor app took the top ranking in sales among education applications in Android within the first week of its release. 

“The exceptional capacity of Langoo in its local business with Riiid Tutor was the main reason for this acquisition,” said co-founder and CEO of Riiid YJ Jang. “Riiid’s strength is our scalability and ability to apply our technology anywhere, regardless of regions, languages and domains. By leveraging this investment, we will capture broader Japanese market opportunities. This acquisition is the first step in an inorganic strategy to ultimately apply Riiid’s AI technology to the global market and help more learners around the world.” 

Japan is one of the largest education markets and has enormous potential to grow in the Japanese edtech industry that still relies on the conventional in-person education system, a spokesperson at Riiid told TechCrunch. After penetrating the Japanese market, Riiid will gear up to enter other international regions, including Central and East Asia, the spokesperson added. 

The Japanese remote learning industry was estimated at $2.6 billion in 2020, increasing 22.4% year on year, based on a report by Yano Research Institute. 

Riiid plans to shore up marketing, sales and B2B business development in Japan by setting up a Japanese unit via the acquisition. The company expects to address local remote learning and education in the market.

In Japan, Riiid will offer its services, ranging from the TOEIC to English speaking and tutoring services, to broaden its customer base.  

Riiid has been actively penetrating the global market since 2020 after it opened the U.S. arm, Riiid Labs, in Silicon Valley. Riiid also has users in Vietnam and Taiwan, and recently sealed a partnership deal with an India-based AI edtech company, the spokesperson said. It is set to open an R&D center in Canada, the spokesperson added. 

Beyond the TOEIC mobile app, the company launched an ACT prep mobile app with ConnectMe Education in early 2021 in Egypt, Turkey, UAE, Jordan and Saudi Arabia. It also unveiled the GMAT beta version, in partnership with Kaplan, in 2021, aiming at the Korean market first. In the first quarter of 2022, Riiid is scheduled to launch Riiid Classroom, an AI-based solution that offers teachers a formative assessment and learning program. Its key features include individual performance analysis, lecture recommendations based on individual students’ weaknesses, dropout analysis and task management.  

Riiid provides AI-based online education solutions for K-12, post-secondary and corporate training. Founded in 2014, it has approximately 210 employees globally, including South Korea, the U.S, the U.K., Canada, Brazil, and Vietnam. 

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Source: https://techcrunch.com/2021/10/07/softbank-backed-korean-edtech-startup-riiid-acquires-langoo-to-expand-further-to-japan/

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EdTech

Student Engagement Strategies for Pandemic Teaching (Closing Keynote by Jen Giffen) – SULS0130

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Student Engagement Strategies for Pandemic Teaching (Closing Keynote by Jen Giffen) – SULS0130 | Shake Up Learning









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Source: https://shakeuplearning.com/blog/student-engagement-strategies-pandemic-teaching-suls0130/

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