Heading one of the most promising and growing EdTech companies, Romy Johson has made a remarkable stride in a short time through his entrepreneurship skills. His companies Cool Gurus, British academy and Xaare are among the most online searched for IELTS training in India and abroad
Romy Johnson shared a few tips on how he made it in the EdTech industry. If you are dreaming to start an EdTech company and become successful these tips will help you do that.
- Go global quickly or rethink how you are growing
Pure tech startup ventures including gaming and app-based services think about going global as they start their business but in the education sector this is different. Some take years to realize that they have to go global to grow. If your EdTech based venture is more than 5 years old and has not yet spread internationally then you have to rethink your growth plan.
- Push the business to 10x and more with breakthrough models
Breakthrough models give insight into the organizational structure or business model that allows empowering metrics that matter to 10X more. The cost will become 10X less, the process will be 10X effective, and the time taken will be 10X less.
- Understand the path to the market
Extreme markets or unserved markets lead to innovation. You have to start in these markets rather than in mass markets to be successful.
- Take account of competition
Both traditional and conventional education companies do not take competition into account. Knowing who is around you and differing from them is important to be highlighted in a market.
- Have a plan and focus on it
You need to set milestones, understand the spending, be well-capitalized and have teams of appropriate sizes.