the future of education · the edugrowth survey indicates that there is a ready and waiting supply...
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Shaping the future of education | The Australian EdTech Market Census 2017 EduGrowth conducted the Australian EdTech Market Census in 2017. With the data collected through that Census, EduGrowth and Deloitte have collated the findings into the insights and related commentary found in this report.
Shaping the future of education | The Australian EdTech Market Census 2017
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1. Executive summary 04
2. The Australian EdTech market: a major economic opportunity 06
3. What does the Australian EdTech market look like today? 08
4. Atrickytrio:findingcustomers, investment and talent 10
5. Education providers seek tailored solutions toimprovetheirserviceoffering 14
6. Cuttingedgetechnology underthespotlight 16
7. Investorslookfortraction,team and potential market 18
8. Where to from here? 19
9. Appendix with additional survey results 20
Contents
Shaping the future of education | The Australian EdTech Market Census 2017
1ThefoundingpartnersofEduGrowthareNavitasVentures,DeakinUniversity,MonashUniversity,Charles SturtUniversity,LaTrobeUniversityandGriffithUniversity
TheinauguralAustralianEdTechMarketCensus paints a picture of a diverse and thrivingsectorwithstrongpotentialtogrow.Based on respondents’ stated monthly revenuesandnumberoflearnersthesurveyshows that the sector already has revenues ofupwardsof$1billionperannumandsignificanttractionwithmorethan3millionlearnersusingtheirplatformsandsolutions.ThisisparticularlyhearteninginlightofthefactthatEdTechisacriticalenablerforourthirdbiggestexport;internationaleducation.Technologyasadifferentiatorcangiveustheedgeoverglobalcompetitorstorealiseourinternationaleducationgrowthaspirationsandscaletomeettheensuingdemand.
WiththeglobalEdTechmarketforecasttogrowto$252billionby20201 it is also encouragingtoseethat46%ofrespondents’already have customers outside Australia and 22%ofrespondents’haveplanstoexpandoverseas.Inaglobaleconomycharacterisedbyrapideconomicrestructuringandchange,theAustralianEdTechmarkethasanimportantandsignificantroletoplayinjobcreation.TheEduGrowthsurveyshowsstrongforecastjobsgrowthintheEdTechsectorwith60%oforganisationslookingtohireinthenextsixmonthsand10%ofthoselookingtohiresixormoreemployeesinthenext six months.
Most of our EdTech start-ups are located in thepopulous‘EastCoast’primarily,because,inthefastmovingtechsector,proximityanddensityarecriticaltoathrivingstart-upindustry. Start-up ecosystems typically need accesstotalent,funding,clients,technologyresearch,incubatorsandotherstart-upmentors.However,thesurveyalsoshowsthat63%ofAustralianEdTechstart-upshavenocapitalinvestmentand29%seeraisinginvestmentasoneoftheirmajorchallengesin 2017.
Attheendofthissurveythen,ifthereisonecalltoactionitisthatuniversities,policymakersandbusinessesallhaveasignificantroletoplayinensuringthatournascentand necessary EdTech sector continues to prosperandgrow.Policymakerstodefinesettingsthatattractcapitalinvestmentintohigh-potentialstart-ups,andfacilitatethe acceleration and commercialisation ofearly-stageinnovations.Universitiestodeveloptheresearchandbuildthepipelineof workers necessary to fuel the start-ups andwhereverpossibletohelpnurtureandincubatestart-ups.And,likewise,businessestohelpnurtureanddeveloptalent,investinhigh-potentialventuresandhelpincubateand commercialise innovative ventures.
Ready to spark the future of education?
Executive summary
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Shaping the future of education | The Australian EdTech Market Census 2017
TheinauguralEduGrowthAustralianEdTechCensusfindingsinthisreportdemonstrate that Australia has a fast growinganddiverseEdTechindustry.
EduGrowthwouldliketotakethisopportunity to sincerely thank all the participantsthattookpartinthesurvey,theirfoundingmembersandtheentireEduGrowthcommunity.Eachandeveryparticipant’s involvement ensures that we canilluminatethekeytrends,insightsandfindingsacrossanumberoftopics.
The census focused on education technologystart-upswithinAustraliawho arecurrentlyrunninganEdTechcompany, and also on individuals and teams with an idea for an EdTech start-up that they plan to launch in the next 6 to 12 months. Ithadastrongresponsewithatotal157respondents–bringingtolifewhat’shappeningandwhat’spossibleacross the sector.
It is estimated3 that Australia has approximately 350EdTechorganisationsservicingtheentireeducationecosystem,givingthesamplesize of127start-uprespondents(runninganEdTechstart-upasopposedtohavinganideaforanEdTechstart-up)aconfidencelevelof95%withaconfidenceintervalof7.
EduGrowthlaunchedin2016withtheaimofdrivinginnovationandtechnologyuse across the education sector. It was establishedbyeducationprovidersanduniversities2whobelievethatAustraliahasthemarketleadingexpertiseandcollectiveambitiontobecomeaworldleaderinthebusinessofeducationtechnology.
Atitscore,EduGrowthisanationalnot-for-profitpeakbodywhoseobjectiveistoacceleratethegrowthoftechstart-ups andencouragethedevelopmentofproducts and services for the education sector. Conscious that the Australian EdTechmarketalreadyhasavibrantandthrivingcommunityoftechstart-ups,EduGrowthlaunchedtheAustralianEdTechMarketCensustomaptheemerging landscape,tracktheon-goingevolution and performance of the Australian EdTech marketandbetterinformfounders,investors,educationprovidersandgovernmentsonwaystomoreeffectively andefficientlyfosterinnovationgo
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2IBISCapitalandEdTechXGlobal(2016)2016/2017GlobalEdTechIndustryReportA Map for the Future of Education 3 https://www.austrade.gov.au/edtech/australian-education-technology-report-2017.pdf
Surveycontext,purpose,methodology andsamplesize
81% of the respondents are running an EdTech start-up
19% of the respondents have an idea for EdTech start-up
157 respondents
Shaping the future of education | The Australian EdTech Market Census 2017
4https://www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics-connected-continent-ii-2015-300315.pdf5AustralianComputerSocietyandDeloitteAccessEconomics(2017)“Australia’s Digital Pulse Policy prioties to fuel Australia’s digital workforce boom”,pg.1.6AVCAL(2016)“VentureCapitalfundinghitsrecordhigh”,https://www.avcal.com.au/news/2016/venture-capital-funding-hits-record-high,accessed3rdAugust2017.7 Frost & Sullivan (2017) Australian Edutech Market—Key Trends, Technologies, and Opportunities 2016-2022. 8IBISCapitalandEdTechXGlobal(2016)2016/2017GlobalEdTechIndustryReportA Map for the Future of Education9http://www.abs.gov.au/AUSSTATS/[email protected]/DetailsPage/5368.0.55.0042016?OpenDocument10https://internationaleducation.gov.au/research/research-papers/Documents/ValueInternationalEd.pdf
What role does the Australian EdTech marketplay?ThecontributionofdigitaltechnologiestotheAustralianeconomyisforecasttobe$139billionby2020,when itwillequateto7%ofAustralia’sGDP.4
TechnologicalprogressisafundamentaldriverofproductivitygrowthandincreasedlivingstandardsinAustralia.NeweconomicmodellingfindsthatAustraliansarebetteroffby$4,663peryear(inAustraliandollars,in2016)asaresultofdigitaltechnologyuptake,whichincreasestheproductivityofworkersandbusinesses,improvesthequalityofproductsandservices,andreducescosts.Thebenefitisequivalenttoa6.6%increaseinAustralia’sgrossdomesticproduct(GDP)per capita over the previous decade.5 The Australian EdTech market is one of the keyenablersunderpinningtechnologicalprogressinAustralia.Thekeyistocontinueto attract investors overall – to drive further progress,innovationanddevelopment.
The Australian EdTech market offers a wide range of opportunities for investors
TheEduGrowthsurveyshowsthat63% ofEdTechorganisationsinAustralia havenocapitalinvestmentand29%seeraisinginvestmentasoneoftheirmajorchallengesin2017.Venturecapital(VC)hasexperiencedaresurgenceinrecentyears.
AccordingtotheAustralianPrivateEquityandVentureCapitalAssociation,AustralianVCfirmsraisedarecord$568millionfrom superannuation funds and other institutions last year.6 With interest rates stillcomparativelylowglobally,andsomehigh-profilestart-upsachievingeye-wateringvaluations,investorsarebeingdrawntothe potential lucrative returns in the tech sectorandarelookingforrobustandviableinvestment opportunities.
Seekingsuccess?TheEduGrowthsurveyindicatesthatthereisareadyandwaitingsupplyofEdTechstart-upssearchingfor investors. With the domestic market opportunityforecasttogrowto $1.7 billion by 20227, there are opportunities to invest and to help realise the major economic opportunity in education. When you consider the relative ease with which EdTech productscanbeextendedandscaledtoreachmajorglobalmarketsandthattheglobalEdTechmarketisforecasttogrow to $252 billion by 20208 it’s clear that these opportunities have the potential to have far reachingimpact,influenceandreach.
The Australian EdTech market: a major economic opportunity 2
A thriving Australian EdTech market is a critical enabler for our third biggest export
International education was estimated to contribute$21.8 billion to Australia’s export earnings in 2015–169makingitAustralia’sthirdlargestexport.Inthis context,internationaleducationisdefinedastheexpenditurecontributedbyinternationalstudentsstudyingatschools,vocationaleducationandtraining(VET)providers,highereducationprovidersandthosestudyingEnglishLanguageIntensiveCoursesforOverseasStudents(ELICOS).International education currently supports over130,000jobsincitiesandregionsthroughoutAustralia.10
Despitethesesuccesses,wehaveonlyskimmedthesurfaceofthepotentialglobalopportunitiesthatcanbeharnessedandleveragedacrossthesector.DeloitteAccessEconomicsestimatesthatby2025therewillmorethan1billionstudentsactivelyseekingeducationandskills,andhasidentifiedinternationaleducationasoneoffivekeysectors that can drive the next wave of Australia’seconomicgrowthand continued prosperity.11
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TheAustralianEdTechmarket:amajoreconomicopportunity
WhatroledoestheAustralianEdTechmarketplay?ThecontributionofdigitaltechnologiestotheAustralianeconomyisforecasttobe$139billionby2020,whenitwillequateto7%ofAustralia’sGDP4.
TechnologicalprogressisafundamentaldriverofproductivitygrowthandincreasedlivingstandardsinAustralia.NeweconomicmodellingfindsthatAustraliansarebetteroffbyA$4663peryear(in2016dollars)asaresultofdigitaltechnologyuptake,whichincreasestheproductivityofworkersandbusinesses,improvesthequalityofproductsandservices,andreducescosts.Thebenefitisequivalenttoa6.6%increaseinAustralia’sgrossdomesticproduct(GDP)percapitaoverthepreviousdecade.5TheAustralianEdTechmarketisoneofthekeyenablersunderpinningtechnologicalprogressinAustralia.Thekeyistocontinuetoattractinvestorsoverall–todrivefurtherprogress,innovationanddevelopment.
TheAustralianEdTechmarketoffersawiderangeofopportunitiesforinvestors
TheEduGrowthsurveyshowsthat63%ofEdTechorganisationsinAustraliahavenocapitalinvestmentand29%seeraisinginvestmentasoneoftheirmajorchallengesin2017.
Venturecapital(VC)hasexperiencedaresurgenceinrecentyears.AccordingtotheAustralianPrivateEquityandVentureCapitalAssociation,AustralianVCfirmsraisedarecord$568millionfromsuperannuationfundsandotherinstitutionslastyear.6Withinterestratesstillcomparativelylowglobally,andsomehigh-profilestart-upsachievingeye-wateringvaluations,investorsarebeingdrawntothepotentiallucrativereturnsinthetechsectorandarelookingforrobustandviableinvestmentopportunities.
Seekingsuccess?TheEduGrowthsurveyindicatesthatthereisareadyandwaitingsupplyofEdTechstart-upssearchingforinvestors.Withthedomesticmarketopportunityforecasttogrowto$1.7bnby20227thereareopportunitiestoinvestandtohelprealisethemajoreconomicopportunityineducation.WhenyouconsidertherelativeeasewithwhichEdTechproductscanbeextendedandscaledtoreachmajorglobalmarketsandthattheglobalEdTechmarketisforecasttogrowto$252bnby20208it’sclearthattheseopportunitieshavethepotentialtohavefarreachingimpact,influenceandreach.
AthrivingAustralianEdTechmarketisacriticalenablerforourthirdbiggestexportInternationaleducationwasestimatedtocontribute$21.8billiontoAustralia’sexportearningsin2015–169makingitAustralia’sthirdlargestexport.Inthiscontextinternationaleducationisdefinedastheexpenditurecontributedbyinternationalstudentsstudyingatschools,vocationaleducationandtraining(VET)providers,highereducationprovidersandthosestudyingEnglishLanguageIntensiveCoursesforOverseasStudents(ELICOS).Internationaleducationcurrentlysupportsover130,000jobsincitiesandregionsthroughoutAustralia.10
Despitethesesuccesses,wehaveonlyskimmedthesurfaceofthepotentialglobalopportunitesthatcanbeharnessedandleveragedacrossthesector.DeloitteAccessEconomicsestimatesthatby2025therewillmorethe1billionstudentsactivelyseekingeducationandskills, andhasidentifiedinternationaleducationasoneoffivekeysectorsthatcandrivethenextwaveofAustralia’seconomicgrowthandcontinuedprosperity.11
4https://www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics-connected-continent-ii-2015-300315.pdf5AustralianComputerSocietyandDeloitteAccessEconomics(2017)“Australia’sDigitalPulsePolicypriotiestofuelAustralia’sdigitalworkforceboom”,pg.1.6AVCAL(2016)“VentureCapitalfundinghitsrecordhigh”,https://www.avcal.com.au/news/2016/venture-capital-funding-hits-record-high,accessed3rdAugust2017.7Frost&Sullivan(2017)AustralianEdutechMarket—KeyTrends,Technologies,andOpportunities2016-2022.8IBISCapitalandEdTechXGlobal(2016)2016/2017GlobalEdTechIndustryReportAMapfortheFutureofEducation9http://www.abs.gov.au/AUSSTATS/[email protected]/DetailsPage/5368.0.55.0042016?OpenDocument
10https://internationaleducation.gov.au/research/research-papers/Documents/ValueInternationalEd.pdf 11DeloitteAccessEconomicsandEduWorld(2016)“GrowthandopportunityinAustralianInternationalEducationAreportforAustrade”p.2-3
29% seeraisinginvestmentasoneoftheirbiggestchallengesin2017
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Shaping the future of education | The Australian EdTech Market Census 2017
The Australian EdTech market is making a significant contribution to job creation
Inaglobaleconomycharacterisedbyrapideconomicrestructuringandchange,theAustralian EdTech market has an important andsignificantroletoplayinjobcreation.
The outlook for the employment of InformationandCommunicationTechnology(ICT)workerscontinuestobepositiveandDeloitteAccessEconomicsforecaststhatthenumberofICTworkerswillincreasefromaround640,800in2016toaround721,900 in2022,atanaverageannualgrowthrate of2.0%.12
Thisisindirectcontrasttojobswithintheprimaryindustryandmanufacturingsectors,whicharerapidlydisappearing.TheCommitteeforEconomicDevelopmentofAustralia(CEDA:2015)13 estimates that“withintwodecades,morethan40%ofAustralianjobsthatexisttodaymaydisappearastechnologyreshapes entireindustries.”
TheEduGrowthsurveyshowsstrongforecastjobsgrowthintheEdTechsectorwith60%oforganisationslookingtohireinthenextsixmonthsand10%ofthoselookingtohiresixor more employees in the next six months.
Thesheersizeoftheglobalmarketandthe nature of the opportunities that exist areenormous,asisthechallengeposedbycurrentandemergingcompetitors.Providerswillneedtohaveamuchgreatercapacityandtenacityfordeliveringandmeetingtherequirements,oranunderstandingoftheiruniquevalueand how they can work with others to form a compellingofferingthatmeetsthedefined
targetmarket.Technologyisacriticalenabler,andifAustralianeducationinstitutions are to achieve the required scale,qualityanddifferentiationofservice.For Australian education to maintain itscompetitiveedge,weneedastrongAustralian EdTech sector tailored to the uniqueattributesofoursystemandinstitutions that will help providers differentiateandscale.
Technology as a critical differentiator: the time is now
The Australian International Education Roadmap 2025 highlights the role of technology as a game changer that could give Australia the edge in realising our international education growth aspirations.
“Usingthepoweroftechnologyneedstobeatthecoreofhowthesectorworks,enablingnotjustdeliverythroughonlinechannelsintheborderlessspace,butimprovingprovideroperationsandunderstandingofstudentexperience.Atitsmostbasiclevelthisisabouttechnicalproficiencyandefficiencyinenablingoperations,butattheotherendofthespectrumitisharnessingthedatageneratedfromonlinedelivery–trackingkeystrokepatternsbystudentstounderstandhowtheylearn,identifyingindividualsatriskofnon-completion,andultimatelyusingthe dataavailabletoimproveofferings.
Providersneedtounderstandbest-practiceuseoftechnologyinlearningdelivery,andconsiderthisagainsttheirownaspirationsandcapacitytodeveloptheircompetencyandsystems–toplacetechnologyattheheartofhowtheyimprovetheirserviceoffering–andembraceratherthanresisttechnologicalchange.Governmentmustalsoimproveitsunderstandingofthesectorofbest-practiceinitiativesintechnologyapplicationtolearning,andtoourownpromotionalandmarketingactivitiesinthesector–toshowcaseandbuildareputationoftechnologicalinnovation.”
12 AustralianComputerSocietyandDeloitteAccessEconomics(2017)“Australia’s Digital Pulse Policy prioties to fuel Australia’s digital workforce boom”,pg.27
13http://www.ceda.com.au/2015/06/16/five-million-Aussie-jobs-gone-in-10-to-15-years
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157responsesoutofatotal157respondents
None17%
1 to 550%
6 to 107%
11 to 202%
21 to 501%
No Response23%
Companies looking to hire in the next 6 month -number of hiresCompanies looking to hire in the next 6 months
- number of hires
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157responsesoutofatotal157respondents
None17%
1 to 550%
6 to 107%
11 to 202%
21 to 501%
No Response23%
Companies looking to hire in the next 6 month -number of hires
Shaping the future of education | The Australian EdTech Market Census 2017
data shows17thatVETsectorhasthenexthighestspendwiththetotaloperatingrevenueforgovernment-fundedVocationalEducationandTraininginthe2015reportingyearat9.8billion.Government-fundedisbroadlydefinedasallactivitydeliveredbygovernmentprovidersandgovernment-fundedactivitydeliveredbycommunity education providers and other registeredproviders.
Matching overall revenue spend and focus the EdTech survey shows that the highest percentage of EdTech organisations are focused on secondary schools and universities
Mirroringtheproportionalspendoneachsegmentoftheeducationsector,the EdTech market survey shows that secondary schools and universities have thehighestproportionofAustralianEdTechorganisationsfocusedoncreatingproductsandservicesthattargetthem.
AccordingtotheAustralianBureauofStatistics (ABS)14,governmentoperatingexpensesatalllevelsofgovernmentacross primary and secondary schools was approximately$43.3billionin2014-2015,whichequatedto51.1%totalgovernmentexpenditure on education. In addition to governmentspend,independentschoolrevenuescontributedafurther$5.5billionin 2014-201515,sothattotaloperatingrevenue for primary and secondary school education in 2014-2015 was approximately $49.5billion–makingschoolsthehighestoperatingrevenuesbyeducationsegment.
Afterschools,universitieshavethenexthighestoperatingrevenues.UniversitiesAustralia16indicatedthattotaloperatingrevenue for Australian universities in 2014 was$27.1billion,primarilysourcedfromgovernmentgrants,studentfeesandcontributions.AndtheNationalCentreforVocationalEducationResearch(NCVER)
What does the Australian EdTech market look like today? 3
14http://www.abs.gov.au/ausstats/[email protected]/mf/5518.0.55.00115http://isca.edu.au/about-independent-schools/the-school-funding-partnership/ 16UniversitiesAustralia(2015)“HigherEducationandResearchFactsandFigures”17https://www.ncver.edu.au/data/data/infographics/vet-finance-2015-infographic/
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10.5%
10.5%
16.1%
23.8%
32.9%
37.8%
42.7%
46.9%
Other
Language Learning
Early Childhood
Corporate
Vocational
Primary School
University
Secondary School
SectorFocus
Thetotal ismorethan100%assomerespondentsfocusedonmorethanone sector
143 responses out of a total 157 respondents
Sector Focus
Shaping the future of education | The Australian EdTech Market Census 2017
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SA6%
WA4%
QLD10%
NSW37%
ACT1%
VIC16%TAS
1%
OVERSEAS
2%
CompanyLocations
Noresponse
24%
127responsesoutofatotal127respondentsrunninganEdTechstart-up
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Zero32%
Under 10%16%
11% to 30%8%
31% to 50%2%
51% to 75%7%
over 75%13%
No response22%
OverseasCustomers
127responsesoutofatotal127respondentsrunninganEdTechstart-up
Overseas Customers
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Zero32%
Under 10%16%
11% to 30%8%
31% to 50%2%
51% to 75%7%
over 75%13%
No response22%
OverseasCustomers
127responsesoutofatotal127respondentsrunninganEdTechstart-up
Australian EdTech organisations are thinking global; 46% have customers outside Australia
Itishearteningthentoseefromthesurveythat58%ofAustralianEdtechorganisationshavecustomersoutsideAustralia.GiventherelativelysmalldomesticmarketavailabletoAustralianEdTechorganisationsitisimportantthattheyhavetheabilitytounlockthegrowthavailabletotheminoverseas markets.
OneofthefactorsthatInvestorslookforwhenassessingtheinvestmentopportunityisevidenceofalargepotentialmarketandaninternationalstrategyisoftencriticalforAustralianEdTechOrganisationstobeabletodemonstratesufficientpotentialforscale.
The emerging rivals for Australia’s EdTech ‘Silicon Valley’ are all in the East Coast
64%ofsurveyrespondentsarelocatedinAustralia’sEastCoast.Inthefastmovingtech sector proximity and density are critical toathrivingstart-upindustry,becausestart-up ecosystems typically need access totalent,funding,clients,technologyresearch,incubatorsandotherstart-upmentors.It’snotsurprisingthenthattheEastCoastisemergingasthe‘SiliconValley’forAustralia,SydneyandMelbournearethelargestcitiesbypopulationandarguablySydneyisAustralia’sfinancialhub,withmanynotableglobaltechnologycompaniesAustralian headquarters located in the city,suchasGoogle,Facebook,Dropbox,SurveyMonkeyandBuzzFeed.Universities, ofcourse,alsoplayacriticalroleinathrivingstart-up ecosystem in terms of talent and research development and the East Coast’shighconcentrationofuniversitiesand,inparticular,universitieswithastrongfocusontechnology,helptogenerateandperpetuate the tech start-up community.
Lastyear’sStart-upMustersurvey18 of more than 600 start-up founders found that top skills forfoundingmemberswerestronglytiedtoprofessionaluniversity-levelqualificationsandthat university educated founders were more likelytofoundingstart-upsinsomeofthemostcutting-edgespecialistfieldslikeMedTech,EdTech and FinTech.
In2012,FortunenamedSydneyinthelistofthe20bestplacestolaunchabusiness19,however,thereportalsoindicatedthatentrepreneursfromAustraliafacesignificantchallengesinfluencingoverseasmarketsandraise59%lesscapitalthantheirSiliconValleycounterparts.
18StartupMuster(2016)“AnnualReport”19http://fortune.com/2012/11/27/20-best-places-in-the-world-to-launch-a-business/
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Company Locations
Shaping the future of education | The Australian EdTech Market Census 2017
Atrickytrio:findingcustomers, investment and talent4
Biggest challenges faced by Australian EdTechs
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Findingtalent
23%
Findingmentors&supervisors
13%
Findinginvestment
28%
Findinglikemindedstart-ups&founders
3%
Regulation&government
10%
Expandinginternationally
22%
Othere.g.design,marketing,technology
6%
BiggestchallengesfacedbyAustralianEdTechs
Findingcustomers
34%
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127responsesoutofatotal127respondentsrunninganEdTechstart-up
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Findingtalent
23%
Findingmentors&supervisors
13%
Findinginvestment
28%
Findinglikemindedstart-ups&founders
3%
Regulation&government
10%
Expandinginternationally
22%
Othere.g.design,marketing,technology
6%
BiggestchallengesfacedbyAustralianEdTechs
Findingcustomers
34%
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127responsesoutofatotal127respondentsrunninganEdTechstart-up
GrokLearningisanexampleofasuccessfulAustralianEdTech‘boot-strappingstart-up’andinthewordsofGrokLearningChiefOperatingOfficerTaraMurphy,“whenyouareaboot-strappingstart-up,thechallenge iscash,cash,cash!”
AustralianEdTechorganisationslistedfindingcustomers,investmentandtalentastheirthreebiggestchallenges.ThefollowingcasestudiesgivegreaterinsightintothechallengesfacingEdTechorganisationsas theygrapplewithbalancingthedevelopmentofcuttingedgesproductsandservices,acquiringcustomersandfundingandsustainingoperations.
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Shaping the future of education | The Australian EdTech Market Census 2017
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Grok Learning under the innovation spotlight
Case study interview with COO and co-founder Tara Murphy Grok Learning was founded in 2013 by Tara Murphy, James Curran, Tim Dawborn and Nicky Ringland. At this time Tara Murphy was a senior lecturer in Astrophysics at the University of Sydney, James was an associate professor in the school of IT and Tim and Nicky were computer science PhD candidates at the University.
Grok provide online courses and online platforms to learn and teach programming in the classroom for universities and high schools. Grok now have about 39,000 students using their courses and platforms across 1800 schools and a further 6000 university students across 4 universities. They also have contracts with the Australian Government Department of Education and Training and the Queensland Department of Education. Their primary target audience is universities and high schools, but they do have courses and programs that go down to years three and four.
What have been the key challenges?
Forthempersonallyasfoundersithasbeenthecommercialrealityofrunningabusinesswherethebuckstopswiththem.Inauniversityenvironmentthereisalwaysthesafetynetofanemployertoprovidemarketingsupport,mediasupportandtopayemployees. In the start-up world the reality is there is no safety net.
Foraboot-strappingstart-upthekeychallengeiscash,cash,andcash!Revenuecomesinspurtsandasastart-upyouhavetoweatherthesepeaksandtroughsinordertomaintainoperationsandgrow.
Beginnings – what inspired Grok Learning’s founders?
Backin2013theco-foundershadbeendoingalotofoutreachandtheydevelopedasystemattheUniversityofSydneytoprovide aplatformforstudentswhomighttryingtolearntocodeontheirown,outsideuniversitytimeorinregionallyremotesettings. Theplatformusesintelligentfeedbackmechanismstoprovidepersonalisedlearning,targetedattheindividuallearner.
NickyandTimwerebothextremelypassionateaboutteachingandoutreachandwantedtoexpandthereachoftheplatformbeyondtheuniversitytomakeitsustainable,reachmorestudentsandcreateinterestingjobsforthemselves,andothers.
Thefounderstooka‘bootstrapping’approachtothecreationofGrokLearning,investingtheirownmoneyandtimefromtheoutset. Noinvestmenthasbeensoughtorreceivedfromexternalinvestorsandtheteamhavebeensuccessfulinachievingsolidgrowthwithrevenuesdoublingyear-on-yearforthelasttwoyears.
Shaping the future of education | The Australian EdTech Market Census 2017
Key learnings
OneofthekeylearningsandkeyadvantagesforGrokLearninghasbeenthedualstrengthsthattheteamhaveineducationandcomputerscience.TimDawbornastheChiefTechnologyOfficerandJamesCurranashissupervisorarebothcomputerscientistswithexpertiseinlanguagetechnology.
Theteamwereabletoapplythelearningsthattheyhadfromtheiracademicenvironmenttotheplatformstheyweredevelopingandastheyresearchedandlearntmoreaboutthelearningplatformspacetheydiscoveredthatlotsofplayersfellintotwobrackets;typicallytheywereeitherteachersorsoftwaredevelopers.Havingexpertiseinteachingandcomputersciencewasadefiniteadvantage.
AnotherkeylearningforGrokLearningwasthattheyhadtobeveryseriousaboutsecurityandprivacy.Withtheirbackgroundsinacademiaandcomputersciencetheywerealreadywellgroundedintheimportanceofsecurityandprivacyinacademicandonlineenvironments,buttheirfederalandstategovernmentclientsmeantthattheyneededtobeabletodemonstrateextremelyhighlevelsofprivacy,securityandscalabilityandtheyneededtobeabletoensureallstudentdataishostedinAustralia.
TaraMurphy,GrokLearning’sChiefOperatingOfficeriskeentopointouttootherstheincrediblesourceoftalentthatexistsinthestudentsinouruniversities;theirrecentlyacquiredtechnicalandbusinessskills,ideasandenthusiasmareapotentsourceforstart-ups.
AstheChiefExecutiveofUniversitiesAustraliapointedoutinarecentarticle,“manystudentsnowwanttostarttheirownbusinessesandcareers–ratherthanworkforsomeoneelse.”TarapointsoutthatmanyoftheteammembersatGrokLearning havegivenuphighersalariestoworkonsomethingthatispersonallymeaningfulandthathasbeenenormouslybeneficial.
Social impact
IthasbeenveryimportanttoJamesCurranandTaraMurphytofoundacompanyandhavetheautonomytocreateprojectsthatarepurelyaboutsocialimpact,inadditiontotheactivitiesthataremorerevenuegeneratinginnature.Althoughallcoursesontheirplatformshaveanelementofsocialimpact,theirCambodianChildrensFundisparticularlyimportant,becauseit isentirelynot-for-profitandclosetotheirhearts.
ItisthefirsteverfreeSTEMprogramforcodingforchildreninCambodia!Asastart-upitisoftendifficulttoprovidealltheperksthata largeorganisationcanprovide,buttheyareabletoattracttalentbasedonthenatureoftheworkandtheimpactthattheycanhave.
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GO1 under the innovation spotlight
Case study interview with CEO and co-founder Andrew Barnes GO1 was founded in 2015 by Andrew Barnes, Vu Tran, Chris Eigeland and Chris Hood. At the time, Andrew Barnes was an economist and Rhodes Scholar working on his masters of education technology at Oxford University. Barnes had previously started a web agency in 2005 while at a Brisbane high-school with his co-founders Vu Tran (now a medical doctor), Chris Eigeland (a lawyer) and Chris Hood (an engineer). Having started their ventures with a professional services type business model the founders saw an opportunity to exit the web agency to launch GO1 with an increased potential market reach via the creation of a two-sided platform for training solutions.
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GO1 is a marketplace of training options connecting employers and training providers. GO1 also helps organisations to identify what their training needs are using information related to their type of business, geographic location, size and scale to identify their specific compliance training requirements and the like. One of their key value propositions is a single platform for training provision across the organisation. To this end the platform can aggregate across other online training providers, such as Lynda.com. Today GO1 has 75 employees and 500,000 users on the platform. Their target market is organisations with 200 -1500 FTEs, but the platform can easily cater to much smaller and larger organisations. Their largest customer, to date, has over 100,000 FTEs and the smallest has 4 or5 FTEs.
What have been the key challenges?
Oneoftheirbiggestchallengeshasbeenthetwo-sidedplatformchallenge;trainingproviderswantlotsofemployersonboardbefore theyjoinandcustomerswantlotsofprovidersonboard!Sointheearlydaystheyhadtogetreallycreativeanduseavarietyofmeasurestobuildtheproviderbase,includingpayingproviderstojoin,makingtheonboardingprocessaseasyaspossiblebytakingonthetasksthemselves,andusingthetractioncreatedbyabigcorporatesigninguptotheplatformasanopportunitytogettheorganisation’strainingproviderstosignup.
ScalinginternationallyhasalsopresentedchallengestoscalingaconsistentcultureacrosscontinentsandtimezonesinthePhilippines,Vietnam,AustraliaandtheUSA.Theirsolutionhasbeentoensurestrongcross-pollinationbetweenofficesviastaffmovementbetweenthedifferentoffices.Theorganisationrentsaccommodationineachlocationthatcanbeusedbyvisitingandsecondedstaff.
Beginnings – what inspired GO1’s Founders?
Eachfounderhadtheirownindividualeducationandworkplacetrainingexperienceswheretheuniqueneedforamarketplaceoftrainingsolutionsstartedtoemerge.VuTraninhisGPtrainingexperiencedthepainthatmedicalprofessionalsexperiencewhentheyarerequiredtocompletecompliancetraining,suchasadoptingnewhand-washingtechnique,andarethenrequiredtofindacomputerwiththecorrectsoftware,completethetraining,printitoutandrecorditsomewhereelseagain.LikewiseChrisEigelandinhistimeattheUnitedNationsexperiencedthepainofprocessduplicationandfragmentationintheUNtrainingrequirementsofdifferentserviceproviders. Astheysharedtheirexperiences,theideacrystallizedandGO1wasborn.
Havingidentifiedaclearbusinessneedtheywerequicktosuccessfullysecureinvestmentfromarangeofhighprofileinvestors.Notably theAmericanseedacceleratorY-Combinator(bestknownfortheirinvestmentsinthelikesofAirBnBandDropbox)selectedGO1intotheirSummer2015program.OtherprominentinvestorsincludeOxfordUniversity,SharkTank’sSteveBaxterandTankStreamVentures.
Key learnings Barnesthinksthatthecombinationofskillsandexperiencesiscriticallyimportant,akeylearningfortheteamhasbeentheneedtodeeplyunderstandtechnologyandeducationasitrelatestotrainingneeds.EdTechisanexcitingnexusbetweeneducationandtechnologyandthefoundershavediscoveredthattheiruniquecombinationofeducation,trainingplatformsandtechnologysolutionsexpertiseandexperiencehasbeencriticaltotheirsuccess.EachofthefoundersworkedontrainingplatformsolutionspriortoestablishingGO1,eachhadtheirownexperienceusingtrainingsolutions,BarnesstudiededucationtechnologyandimportantlyChrisHoodastheirCTO istheirtechguruwiththedeepcomputerscienceexperienceandexpertiserequiredtodeliverthetechnicalsolutiontothebusinessneed.Evenwiththisuniquecombinationofskillsandexperiencestheteamareawareoftheneedtoconsciouslytesttheirownbiases andassumptions.It’salsobeenimportantforGO1tofindpeerstobenchmarktheirprogress,especiallyinthebeginning.Itwasdifficult togaugetheirsuccesswithoutrelevantmetrics,suchasopenrates,NPS,andaccountrevenue,etc.
Social impact
ThesocialimpactdeliveredbytheprovisionofaneffectiveeducationandtrainingplatformwasandisamotivatingfactorfortheGO1founders.ThesocialimpactfactorasadriverandmotivatingforcebehindthecreationandongoinggrowthofEdTechstart-upsisacommonthemethatwefindoccursrepeatedlyincasestudiesoforganisationsacrossthesector.
Shaping the future of education | The Australian EdTech Market Census 2017
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Differentiation and fit are a high priority for Australian education providers
WhensourcinganEdTechsolutioneducationproviders want solutions that are tailored to the unique needs of their institution. Whilst someinthetechnologysectormightarguethat process improvement is often achieved byadaptinginstitutionalprocessestofittheirhighlyoptimisedtechnologysolution,this is not always the case. All too frequently EdTech providers want education providers toadoptagenericsolutionthatisatbest ill-suited to the – environment and to the Australian education system – they are happy tochargeapremiumfortheconsultingservices to adapt the product. Australia has beenatthereceivingendofthisnot-so-greatarrangementfrommanyaglobaltechnologyvendorlookingtogrowtheir market.Asaresult,thereisarealopportunityforhomegrownEdTechorganisationstoprovide solutions tailored to the market and the institution.
Ofcoursetheotherkeyfactorforaneducation provider is how this solution is goingtohelpthemdifferentiateandgrow.Arguably,thisisabouthavingcuttingedgetechnologythatdemonstrablyhelpsimprovetheiroffer.It’simportanttoaskrobustquestions around: How can they use virtual realitytoshowcaseworldleadingapproachestoarchitecturaldesigncoursesortoproducethebestsurgeonsintheworld?HowcantheyuseArtificialIntelligencebeusedtoimproveresearch outcomes?
Havinganunderstandingofcuttingedgetechnologies,thepotentialapplicationsofthosetechnologiesforeducationprovidersandexamplesoftheirusebyAustralianeducation providers is critical.
Education providers seek tailored solutions toimprovetheirserviceoffering5
The key solutions education providers seek are related to online and customised learning, digital student experience and process automation
What do education providers seek from EdTech solutions?
1. Improved learning outcomes
Unsurprisinglyimprovedlearningoutcomesarehighlysoughtafterbyeducationproviders from schools and universities throughtovocationaleducationprovidersandcorporates.Perhapsthemostexcitingdevelopments in EdTech in this space are customisedlearning,whichusestechnology totargetthespecificlearningneedsof the student.
2. Enhanced student experience
With the rapid evolution and pervasive nature of consumer devices and applications studentexpectationsarerising.Inthecurrentgloballycompetitiveenvironmentwiththedownwardspressureonbudgets,thisiscreatingtheimperativeforadigitalstudentexperience from education providers that bothdelightsandoptimisestheiroperationalefficiency.ArtificialIntelligenceisalreadybeingusedinthisarenatocreatemoremeaningfulexperiences.
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3. Optimised service delivery
Astechnologyadvancesandeducationprovidersseektogrowandimproveefficiencyandmakedatadrivendecisions,thereisanincreasedfocusontechnologytransformation to optimise service delivery.
4. Improved employability and employment outcomes
Formanyeducationprovidersemployabilityand employment outcomes are a critical measure of success. EdTech solutions are increasinglybeingusedtoprovideplatformsand solutions that match and link students and employers.
In addition to this research universities also seek use EdTech to improve:
5. Improved research outcomes
Research,innovationandtechnologyareinextricablylinked.Tobeagloballeaderin research requires access to world class technologiesandresearchplatforms.Itiscritical for research universities that they enableimprovedresearchoutcomesvia theappropriateleadingedgetechnology.
6. Optimised research administration
For a research university it is also critical that researchersbeabletofocustheireffortson their research. Hence researchers and the professionalstaffwhosupportthemneedtobeabletoreducetheburdenofresearchadministrationbyoptimisingresearchadministrationviaeffectiveresearchadministration systems.
The key start-up themes identified by the EdTech organisations are Software-as-a-Service and online courses
Althoughit’snotpossiblefromthestart-upthemes and survey data to work out exactly whatisbeingprovided,it’sreasonabletosurmise that Saas and online courses will most likelybeaddressingsomeofthekeysolutionsthateducationprovidersseek,intheformofonlineandcustomizedlearning,digitalstudentexperience and process automation.
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3%
10%
11%
16%
20%
25%
26%
31%
39%
Hardware
Other
Marketplace
Licensing fees
App
B2C (Business to Consumer)
B2B (Business to Business)
Online courses
Software as a Service (Saas)
Startupthemes
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Thetotal ismorethan100%assomerespondentsfocusedonmorethanone sector
Start-up Themes
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Cuttingedgetechnology underthespotlight
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Artificial Intelligence (AI) definition: Artificial Intelligence (which is sometimes referred to as Cognitive Technologies) augments human decision making. Key features include:
• Ability to continuously learn and improve performance based on feedback
• Automation of repetitive and human intensive decision processes, which involves the movement of workflow automation towards intelligent automation
• Discerning the meaning of expressions based on context
• Generating hypotheses and apply rules to make decisions
• Inference of relationships between unrelated concepts to make sense of a situation
• Recognising and understanding handwriting, voice and image recognition to ingest and process data.
In addition to the above, AI includes a range of other aspects including Machine Learning, Natural Language Processing, Speech Recognition and Robotics. For example, machine learning refers to computers with the ability to learn from being exposed to new data without being explicitly programmed and Natural Language Processing refers to computer understanding and manipulation of the human language to react to stylised requests and interact with people through dialog.
Example: Deakin University and IBM Watson. An interesting example of the use of artificial intelligence in an Australian University is the partnership between Deakin University and IBM to use IBM Watson to improve student experience on campus. Watson is accessible to Deakin students through the student portal DeakinSync, where they can ask Watson questions and get tailored answers. Watson uses the Deakin website and other sources of information to answer questions and of course it learns from previous questions.20
What are the potential applications of AI for education providers?
1. Improved efficiencies in research – Cognitive insights and the growth of sophisticated data will enable greater quality of research.
2. Interacting with AI to gain insights in classes – Using AI analytics will enable students to gain deeper insights into how to solve business problems, making them better equipped for employment.
3. Customised learning – Adaptive learning technologies can instantly provide study assistance to students who struggle, and more advanced materials for those who master content quickly. Provision of personalisation at scale.
4. AI combined with AR/VR – AI could be combined with AR/VR for truly immersive experiences for students by utilising complex data to construct realistic environments and simulated agents that react to user actions.
Artificial Intelligence
20 https://blogs.deakin.edu.au/deakinlife/2016/03/09/interact-with-watson/
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Shaping the future of education | The Australian EdTech Market Census 2017
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AR/VR (Augmented Reality and Virtual Reality) definition: Augmented Reality overlays contextual information on the immediate physical environments users see before their eyes, thus blending digital components and experiences with real life. Virtual Reality makes it possible for users to immerse themselves in manufactured surroundings that depict actual places or imaginary worlds.
Example: National Institute for Experimental Arts UNSW: The 3D Visualisation Aesthetics Lab at the University of New South Wales National Institute for Experimental Arts has harnessed the data from a high resolution scan of a breast cancer cell to construct a virtual world using technology from the gaming industry. Scientists are now able to observe the virtual interaction of therapeutic drugs as they penetrate the membranes of the cells they interact with.21
It has the potential to help cancer researchers to see their data in a different way, which can in turn lead them to design better monotherapies.
What are the potential applications of AR/VR for education providers?
1. AR in enhancing the learning experience – AR’s is already being used in fields as diverse as medicine, architecture and law to recreate a virtual world of the body, cells, buildings and case scenarios to enhance their learning.
2. AR enabling learning without scarcity issues – AR renders lack of physical resources unimportant.Forexample,ARcanbeusedtostudythehumanheartintheabsenceofaphysical human heart.
3. VR in experiential teaching–VRcanbeusedtopracticeinrelevantsimulatedscenarios,forexamplesimulatedworkenvironments for pilots or construction workers.
4. VR for training without physical limitations –VRcanbeusedtopracticewithout the limitations of safety issues etc.
Gamification definition: Gamification is the process of implementing game mechanics into a non-game context to drive user engagement. The idea of gamification is to provide an incentive to participate and in most cases to achieve certain goals, by playing on the natural tendencies of people to compete with each other, and to be recognised for their achievements by a community. It leverages certain features of games such as points, achievement badges, leader boards and real-time feedback to incentivise people to participate and adopt certain behaviours.
Example 1: Kaggle is an example of a gamification platform used to crowd-source research. The platform hosts predictive modelling and analytics competitions in which companies and researchers post data and statisticians and data miners compete to produce the best models for predicting and describing the data. Kaggle was acquired by Google in March 2017.22
Example 2: Grok Learning (see vignette case study) run regular coding competitions on their online learning platform to encourage challenge based learning that supports formal curriculum based learning courses. Competitions are aimed at primary, secondary and university students.
What are the potential applications of gamification for education providers?
1. Integration with AR/VR – The best applications of gamification in the future might include AR or VR software to produce advanced immersive learning experiences.
2. Collaborative learning – Shift from individuals towards learning in groups with the focus on students teaching and learning from each other.
3. Challenge-based learning – Students no longer follow strict curriculum, but learn by participating in various challenges and competing with their peers.
4. Crowdsourced research – Crowdsourcing, which has elements of game principles, could be applied more widely to research. Potential for rapid scientific breakthroughs.
Augmented Reality and Virtual Reality
Gamification
21 http://www.smh.com.au/technology/sci-tech/virtual-reality-trip-inside-cancer-cells-can-help-design-better-chemotherapy-drugs-20160815-gqsr9l.html22 http://www.afr.com/technology/google-buys-australias-kaggle-20170308-gutzx3
Shaping the future of education | The Australian EdTech Market Census 2017
Shaping the future of education | The Australian EdTech Market Census 2017
Investors know that capability is key
Agreatideaisimportant,butinvestorsknowthatastrongandwell-roundedteam,experiencedineducationandtechnologyis critical to turn that idea into a successful EdTech venture. The product or service must meet market and technical due-diligencemeasures.
Investorslookfortraction, team and potential market7
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Monthlyrevenuepercompany
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26%
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3%
8%
24%
0 $1 to $5000 $5001 to $15,000
$15,001 to $30,000 $30,001 to $50,000 $50,0001 to $100,000
$100,000 to $250,000 $250,000 and over No Response
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Monthly revenue per company
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26%
6%3%5%6%
3%
8%
24%
0 $1 to $5000 $5001 to $15,000
$15,001 to $30,000 $30,001 to $50,000 $50,0001 to $100,000
$100,000 to $250,000 $250,000 and over No Response
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24.4%
1.6%
0.0%
1.6%
7.9%
7.1%
11.8%
4.7%
9.4%
31.5%
No Response
1,000,000 and over
500,001 to 1,000,000
101,000 to 500,000
25,001 to 100,000
5001 to 25,000
1001 to 5000
501 to 1000
101 to 500
Under 100
Numberoflearnerspermonth
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Number of learners per month
Traction in the market
Investors want to see solid product-to-marketfitdemonstratedbyclassroom,schoolorinstitutionadoption.Ultimatelythey want to see evidence of this traction in themarketintheformofrevenue,users,andpilotprogramsinrelevanteducationinstitutionsorcorporates.TheEduGrowthsurvey indicates that the majority of EdTech organisationsinAustraliacandemonstratetraction in the form of traction and revenues.
Point of difference and evidence of a large potential market is needed
Thebusinesscaseforaninvestorrestsandfallsontheforecastrevenuegrowth;whyinvestifthereisnoreturn?So,ifanEdTechorganisationisgoingtosecurecapitalinvestmenttheyneedtobeabletoprovideevidenceofthesizeoftheirpotentialmarket.Tobeinthebestpositiontheorganisationwillneedtohaveastrongunderstandingof,andabilitytocommunicate,theirpointofdifferencefromanyestablishedprovidersortheirabilitytocreateamarket.
Shaping the future of education | The Australian EdTech Market Census 2017
Riley BachelorCEO of EduGrowthMobile:+61420438649 Email:[email protected]
RileyBatchelor,theCEOofEduGrowth,isaserialtechentrepreneur,investorandstart-up adviser. Riley was the local partner and founderofGeneralAssemblyAsiaPacific.ThroughajointventurewiththeUS-baseddigitalskillseducationstart-up,heopenedGeneralAssemblyinSydneyin2012,laterexpandingittoMelbourne,SingaporeandHongKong.Rileyispassionateaboutchanginglivesthrougheducationandimprovingeducationmodelsthroughtechnology.HeisalsotheChairmanofventure-capital-backedTidyMe,aSydney-basedhomeservicesstart-up,andadvisertoagrowinggroupofneweducationtechnologyventures.
It’s clear that the future of education is somethingthatwillneedtobepoweredbyinnovation,collaborationandtransformation.
Theentireeducationsectorisundergoingsignificantchangeanddevelopment.Fromdigitaltransformationtoanenhancedstudentexperience,theuseofroboticsto anincreasingunderstandingofanalytics–bothlocallyandgloballywe’reseeinginnovationmovefrontandcentrestage.
It’s critical that across all sectors – from governmenttobusinesses,thecommunity tostart-upsandmore–weallworktogether to ensure that education excellence continues to thrive.
Educationcanbeseentobefuelled by the past, shaped by the present and inspired by the future.Inanincreasinglyglobalisedandconnectedworld,educationistheheartofeconomicperformance–enhancingcompetitivenessandimprovingthelives ofeverysingleperson.
What role will you play?
Ready to learn more? Get in touch with the team.
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Where to from here? 8
Colette RogersDeloitte Partner Mobile:+61416121172 Email:[email protected]
ColetteleadsDeloitte’snationaleducationpractice,andhasworkedwitheducationdepartments and education providers on a rangeofstrategictransformationinitiatives.Colettespecialisesintertiaryeducation,leadingthedevelopmentofuniversityandVETproviderstrategiesandchangeprogramsinresponsetopolicyshifts,externalchangedriversandinternalchallenges.Colette’sworkhasconsideredtheroleofdigitalandanalyticsinsupportingthetransformationofteachingandlearning,aswellassupportservices.Inthisregard,shehasalsoledprojectstoreshapetheoperatingmodelsofUniversitiesandVETprovidersthroughstrategicrealignmentandoperationalefficiencyandeffectiveness.
Christine AxtonDeloitte Director Mobile:+61438547932Email:[email protected]
ChristineisaDirectorinMonitorDeloitte’sStrategypractice,sheisanexpertineducation, digitaltechnologiesandinnovation,currentlyadvisingclientsonhowtoestablishinnovationprograms,acceleratedigitaldelivery,anddeliveronstrategicobjectivesthroughcustomer-centreddesignanddigitalenablement.Her expertise and experience also includes technologyandmarketduediligenceworkfortechsectorVCsandmarketsizingandforecastingofnewandexistingbusinessserviceareasfortechnologysectorclients.Shehasworkedwithstart-ups,incubatorsandtheboardsandseniorexecutivesoftechnologyvendorsandeducationprovidersacrossNorthAmerica,EuropeandAsia-Pacific.
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Appendix with additional survey results9
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6 and over years9%
3 to 5 years21%
1 to 2 years25%
Less than 1 year24%
No Response21%
Company Age
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Just me22%
239%
313%
42%
5 and over2%
No Response22%
Number of co-founders
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None17%
1 to 541%
6 to 1017%
11 to 259%
26 to 502%
51 to 1505%
No Response9%
Number of employees
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No Response17%
25% and over a month
22%
11% to 25% a month
15%
6% to 10% a month19%
2% to 5% a month11%
Under 2% a month16%
Expected revenue growth over the next 6 month
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No Response17%
25% and over a month
22%
11% to 25% a month
15%
6% to 10% a month19%
2% to 5% a month11%
Under 2% a month16%
Expected revenue growth over the next 6 month
127responsesoutofatotal127respondentsrunninganEdTechstart-up
Company age Number of co-founders
Number of employeesExpected revenue growth over the next 6 months
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$1,000,001 to $2,500,0001%
$100,001 to $250,0002%
$2,500,000 and over6%
$250,001 to $500,0006%
$500,001 to $1,000,0004%
None54%
Under $100,00017%
No Response10%
Capital Raised
157responsesoutofatotal157respondents
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59%
50%
42% 40%
32%
24%
16%
6%3%
Finding more
customers
Expanding within
Australia
Raising capital
Expanding outside of Australia
Launching more
products or services
Finding product
market fit
Launching my idea
Other Sell or float the
company
Nearfuturefocus
Appendix – page 18
Thetotal ismorethan100%asrespondentswereabletopickmorethanonecategory
143responsesoutofatotal157respondents
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10%
22%
22%
26%
28%
31%
44%
50%
Other
Accelerators
Online or offline courses
Grants
Capital Investment
Co-working spaces
Mentoring
Events and meetups
Mostbeneficialsupport
143responsesoutofatotal157respondents
Appendix – page 18
Thetotal ismorethan100%asrespondentswereabletopickmorethanonecategory
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$1,000,001 to $2,500,0001%
$100,001 to $250,0002%
$2,500,000 and over6%
$250,001 to $500,0006%
$500,001 to $1,000,0004%
None54%
Under $100,00017%
No Response10%
Capital Raised
157responsesoutofatotal157respondents
Capital raised
Near future focus
Most beneficial support
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