What’s the faith of EdTech?
It's time to revolutionize education. Dreaming about a significant career in Europe? There is a startup for that. Airbnb almost went bankrupt, why? A pocket guide for your startup.
Hey! 👋
This is Exponential Founder. Twice a month, we share resources & information for aspiring founders, entrepreneurs, and startup enthusiasts.
In today’s post, you’ll find:
Education Technology. What is it & where is it going?
A startup that can help you to pursue the career you want.
Bjoern shares his entrepreneurial advice for aspiring founders.
Guide for your startup.
Airbnb CEO shares the most challenging times at the company.
New job opportunities.
And much more! 😎
“Educating the mind without educating the heart is no education at all.”
- Aristotle
Educational Technology aka EdTech
What Is EdTech?
EdTech (a combination of "education" and "technology") refers to hardware and software designed to enhance teacher-led learning in classrooms and improve students' education outcomes.
The goal of EdTech is to improve student outcomes, enhance individualized education, and reduce the teaching burden on instructors.
EdTech Trends for 2023
Tech-Enabled Immersive Learning – XR, augmented reality, virtual reality.
eLearning – Zoom, online bachelor, etc.
AI-Enabled Adaptive Learning.
Gamification.
🖇 You can find more information about these and other EdTech trends here.
EdTech leading companies in the market
Duolingo – the world’s most popular language learning app.
Coursera – an online learning platform that offers online courses.
Kahoot! – game-based learning platform that makes it easy to create, share and play learning games or trivia quizzes.
Preply – helps to find the best online tutors.
Chegg – helps you to do homework and prepare for exams.
Outschool – an online marketplace of virtual classes for children.
🦄 At this moment, there are 30 EdTech unicorns in the world. Looks like the number is quite low, isn’t it? 🤔
If you want to follow more about the EdTech world, you can check these pages:
Let us know in the comments if you know some great sites to get all the new information about this technology.
Startups are one of the best ways to make an impact in the world, especially in education. This startup is a great example of it. 👇
A startup that helps you to pursue the career you want.
Lendorse financially enables talented students from developing countries to pursue their dream degrees & careers in Europe.
- A quick story of how Lendorse is helping talented people.
William, originally from Ghana and educated in Russia, recognized the need for improved public health education during the COVID-19 pandemic. This motivated him to pursue a Master's degree in Europe, specifically the Masters of Applied Public Health program at the University of Health Sciences in Lithuania. However, the relocation expenses and tuition fees were out of his budget, and he couldn’t turn to his family for financial support. Lendorse provided him the opportunity to fund his current studies through his future salary via an Income Share Agreement, which means he was able to fulfill his dream of studying in Europe and focusing on his studies.
Founder story – Bjoern Christian Wolf
I asked Bjoern a few questions:
How did you come up with the idea for Lendorse?
Both my co-founder, Evgenii, and I pursued our Master's degrees abroad. Evgenii, coming from a developing country, personally faced the challenges of migrating to Europe and financing his education without financial support from his family. It was difficult and nearly impossible to obtain a loan from traditional financial institutions due to the lack of collateral or co-signers. This experience made him reflect on the social injustice faced by millions of talented students from developing countries worldwide who are qualified to study in Europe but struggle to secure financing. We recognized a fundamental gap in the financial and academic systems, where education was perceived as a 'luxury for the privileged’, and we decided that needed to change.
What is Lendorse, and how does it help students?
We truly believe that everyone should have the opportunity to choose their own study & career path, no matter where they’re from. Lendorse offers talented students from developing countries the financial support they need to pursue their academic and career dreams in Europe. We do this through:
(1) An Income Share Agreement, where students fund their current studies through their future salary. Lendorse provides a lumpsum to cover their tuition fees, living expenses, and visa deposits. In return, they share a fixed portion of their future income with us for a fixed period of time.
(2) Exclusive mentoring & career support to help with job placement post-graduation. We recognize that students need more than just finance to be set up for success. We give them tools such as CV optimization, insights into different industries, tangible tips on getting a ‘foot in the door’, and more.
What are current trends in the education sector?
Based on insights from our university partners, recruiters, and employers, as well as our own research, we recognize these trends in the European education sector:
STEM subjects, particularly Engineering, are gaining popularity for Master's degrees in Germany, driven by the promising job prospects and attractive salary potential.
Universities are actively embracing internationalization by promoting study abroad programs, expanding English-taught courses, and attracting talented students from around the world, reflecting the growing importance of social mobility.
Students are seeking more flexible and accessible financing options to alleviate the burden of student debt. Students also want to prioritize their studies and defer payments until after graduation. As a result, we anticipate a significant surge in the adoption of Income Share Agreements across Europe in the next 5-10 years.
What is the perception of Ivy League universities? Is this changing?
There is still a distinct perception of “Ivy League” universities, and it’s mostly associated with its brand, which is influenced by factors like successful alumni, high post-graduation placement rates, salaries of graduates, and the financial cost of the education itself. The allure of this brand attracts top talent, leading to further success and perpetuating its reputation. We’re starting to see more criticism come to light about how expensive education undermines meritocracy and favors elitism. At Lendorse, we firmly believe in providing equal opportunities for all individuals, regardless of their background, to pursue their desired studies and careers.
If you would need to start a startup from zero, where would you start?
Firstly, I’d aim to launch at the intersection of: a passion, a pressing need, and commercial viability. I would lean towards ideas where I possess industry knowledge as a consumer or insider. Having launched multiple startups with Evgenii, my co-founder, we know that a startup, by definition, is a company that thrives on rapid growth, and this is only achievable when you hit the sweet spot of an unmet need and manage to combine some existing resources which allows you to deliver true value innovation. Additionally, I’d be careful of just ‘hopping on the bandwagon’ - the industry itself should be experiencing significant growth. In essence, I’d find what's broken, fix it, and enjoy the journey along the way.
Do you have any tips for young aspiring entrepreneurs?
Firstly, make a steadfast commitment for the long haul. Building a successful venture requires years of experience and a strong network to tilt the odds in your favor. Embrace each failed endeavor as an opportunity for growth and self-improvement - this is what makes good entrepreneurs. Secondly, consider securing a part-time job that grants you ample free time to tinker with your startup without unnecessary stress or financial strain. Alternatively, prioritize early profitability to be able to draw a salary for yourself while being mindful not to sacrifice long-term growth potential. Striking the right balance is key to your success.
📍 You can connect with Bjoern on LinkedIn.
And that’s a wrap about today’s topic, “What’s the faith of EdTech?”
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Below, you’ll see some other opportunities, resources, and startup news that could be interesting for you.
News/Opportunities
🎤 Come and listen to AI Lithuania Hackathon pitches at ISM University!
👨🏫 Turing College becomes the first credited college in Baltics to offer a master's degree in Data Science & Analytics.
🇪🇪 Estonian fintech secures $40 million investment to transform global venture market access.
🇱🇹 Lithuania ranks 2nd in the Shopify Entrepreneurship Index!!
Interesting resources
😮 Did you know that Airbnb almost went bankrupt? Here is the story from the founder.
👨💻 Antanas shares how to use AI tools for HR and recruiting needs.