Education System and Educational Technologies

The immense growth of technology over the past couple of decades has changed the way we live life in every aspect. Because of the growth in technology it wasn’t long before technology reached new levels in the education system. The education system has been consistent for many years however that has recently changed with a new group of technology entrepreneurs who introduced a new way of teaching… These entrepreneurs had a vision in which students had a broader option of learning.

Educational technology, which is also known as “EdTech”, alludes to an area of innovation dedicated to the advancement and application of tools such as software, hardware, and processes that are intended to promote education. According to EdTechReview “educational technology is a study and ethical practice for facilitating learning and improving performance by creating, using and managing appropriate technological processes and resources.” In other words, this means utilizing technology-based products and tools to improve how teachers teach and how students learn.

The learning materials in today’s day and age have continued to expand due to the various technological advances. Instructional materials include conventional materials such as blackboards, overhead projectors, televisions, VCRs, and slide projectors. As well as newer material such as the computer, a number of software applications, LCD projectors, camcorders, digital cameras, scanners, and so on.

EdTech is more than just technology and reformatting training manuals and books. It is actually about applying digital technology to convey a new form of learning. A way that harnesses the social reach of the internet, a way that conveys customized learning and training that can naturally adjust to a person’s learning ability and uses data analysis to better understand the most efficient ways for learners to progress.

The purpose of Educational technology, as stated before, is to improve education. It is essential for teachers in schools and even faculty at universities to understand what types of materials are accessible, and how to use them. More importantly aside from the how, teachers need to understand why they should be used, when they should be used, and how to integrate them into the teaching/learning environment in order to meet the ultimate goal of improving education. By using EdTech methods and strategies to enhance the typical classroom experience, funds can be distributed to new educational learning software that can create a unique lesson plan to improve learning outcomes

There are a couple of reasons why EdTech has been predicted to improve the education system; aside from the fact that EdTech has reduced its cost in the education sector it has also raised the bar for democratized access. EdTech is drawing attention because it is becoming a huge growth market. Opportunities lie in 3 sectors:

K-12
Higher education (colleges universities, adult training)
Private industry (the vendors and suppliers who make these apps, learning tech platforms, courses, infrastructure delivery, curriculum, data collection and analysis).

K-12 and higher education are ready to grow, with the hope that educational technology can improve efficiency and lower cost, while also improving and making more measurable outcomes, to which government educational funding is often pegged. Edtech has given many opportunities to create efficiencies. Due to these reasons and many more, Edtech has received the attention of many organizations and individuals whom often invest their time and money in order to allow students to have the opportunity to learn and grow in a way that specified for them.

Educational technology has caught the attention of a number of companies. As of 2018 the top companies playing a major role in educational technology are:

17zuoye a company with an online learning platform for students, teachers and even parents. The name of the company actually means “homework together” in Chinese. The company aims to serve as a nexus for all three groups to enhance the educational experience, primarily on Math and English classes. 17zuoye has raised $200 million to support EdTech.
VIPKID is a company that provides an international learning experience that gives people the opportunity to teach Chinese children from the comfort of their home. The company has raised $500 million for EdTech companies.
Zuoyebang is a platform where students can get answers to school-related problems and supply methods to peers who want assistance. As of 2018 the company has raised approximately $350 million to support educational technologies.

Like many sectors coming up, EdTech’s earliest investors have been venture capitalist and angel investors. A few of these investors are:

NewSchools Venture Fund, a non-profit Venture capital firm, whom focus on k-12 education based in California.
500 Startups has invested in over 25 EdTech start-ups since 2012. They focus on investing in the early stage and unique EdTech companies. To put their investments in perspective, their biggest investment to date was a $6.5million deal with CultureAlley, a language learning platform.
Learn Capital has funded over 24 EdTech companies since 2012, including some of the most highly popular and invested start-ups such as; Coursera, AltSchool, and Udemy. In 2016 Learn Capital made a $7 million deal with Edunav, a class-planning tool for college students.

Indeed, a lot of the conversation about EdTech surrounds its enormous potential for innovators and investors in this industry, and with good reason:

The advancement of a new education and learning world has started with investment in educational technology reaching new heights. By 2020 EdTech is projected to reach 252 billion dollars globally. Just as digitalization has had a transformation impact on the financial service industry, it seems to have its target set around education now.

Despite the talk over EdTech’s abundant entrepreneurial opportunities, something else remains at the heart of the equation: the students themselves. One cannot improve education without focusing on the students. Smart learning software will offer lesson plans tailored to the needs of every student.

Educational technology has the ability to make the field of education accessible to everyone. By leveling the playing field, a rundown school in a poor city can receive the same level of quality and content as a well-funded school in a rich area. This is applied on a global scale not just a schoolboy school basis. Developing nations have the ability to gain access to developed educational institutions in an academic and professional learning setting.

Educational technology is here to stay, countries like India and China are already ahead of the game when it comes to educational technology. Technology literacy is increasingly becoming mandated in k-12 curriculum, which means more stress is placed on curriculum administrators to integrate technology into lesson plan requirements. Even though EdTech has its flaws, like budget limits, teachers resistant to change, and inadequate professional training, companies still continue to invest millions on this niche area. 

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