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The process of science and technology driving the transformation of the education industry is called “EdTech.”
In the development of education, unified and large-scale seems to be one of the main characteristics of education. However, with the advent of the era of science and technology, unified education has produced huge defects in the cultivation of talents. The “talent” produced in the educational assembly line has been difficult to survive in a society with increasingly fierce competition. And can the penetration of science and technology solve the pain points of education now?
The significance of educational technology
With the development of global technology and economy, the passive situation of “educational choice of people” is also facing tremendous changes. The unification of education itself is the embarrassment of education. At the moment, technology is exactly one line of code to fix this flaw.
The application of technology can bring huge information technology resources to school education. Online learning, hands-on projects and other technical means and information resources can enable students to have more opportunities for independent learning outside the classroom.
In addition, the integration of technology and education such as artificial intelligence can also encourage teachers to update their educational concepts, improve teaching methods, and optimize educational teaching and management processes to fully modernize education.
Undoubtedly, the new technology will redefine traditional school functions and teacher roles, and establish new ways of teaching and learning.
There is a global interest in EdTech
After realizing the huge driving force of technology for education, it has sprung up around the world. The focus of attention for EdTech. $8.15 billion, This is the total investment of educational investors in education technology companies in the first 10 months of 2017.
In the past, education was simple: a classroom, a blackboard, a teacher, and a number of tables. Today, students can practice English online, upload homework through the portal, and learn chemistry in a 3D immersive environment – this is the rise of educational technology.
There is no place where the rapid rise of the educational technology industry can be compared to Asia. According to Goldman Sachs Group, the global investment accepted by China Education Technology Corporation in 2016 has risen to 1.2 billion US dollars – an in-depth analysis of this data, we will find that this is more than three times the total amount of financing in 2014, can be further expected, China’s educational technology industry will grow at an annual rate of 20%. By 2020, the entire Asia Pacific region is also expected to account for 54% of the global education technology market.
Basic elements to accelerate the pace of Asian educational technology
Purchase purchase Desire
The Asian education system is the largest in the world. There are more than 600 million registered students in 12-year schools in Asia, an order of magnitude different from the United States.
The huge population base brings demographic dividends to education.The strong desire to invest in children’s future and the pressure to be accepted by prestigious schools have led people to spend on educational services. money. IBIS Capital predicts that by 2020, the Chinese tutoring market will rise from $50 billion to $90 billion.
In this education-centered environment, Asia is becoming more globally minded, especially in China. The number of English learning and education platforms is growing: 300 million people in China are learning English.
The Taiwan-based Tutor Group (renamed iTutorGroup in 2016) is the world’s largest English school education platform, with a total number of students who can compete with the University of California at Berkeley and the University of Georgia. At the same time, VIPKID provides video English tutoring for students aged 5 to 12, focusing on the early childhood education market (this market is also poised for implementation due to the implementation of China’s new two-child policy).
Strong government support
The Chinese government has a goal: its thirteen-year five-year plan is fully realized The modernization of the Chinese education system means that the minimum national policy is conducive to achieving this goal.
In 2015 alone, China’s investment in educational technology startups reached a record $1.07 billion. The total investment in education technology is expected to reach 30 billion by 2020. Dollar.
In India, the future education policy places great emphasis on digitalization. The government has been pursuing national projects such as “Digital India” and “Skill India” to promote digital technology.
When technological innovation meets nationals with technical capabilities
In fact, Asia does have an advantage, but if many people do not have access to one of the catalysts of technology, the Internet, then this advantage is almost meaningless.
But this situation is changing rapidly. China has just passed the threshold of 50% recently. More precisely, 53.1% of its total population has now come online, which is equivalent to 7.31. The number of Chinese netizens is expected to rise further in the next few years.
The education technology industry is keen to innovate and set off a cross-border trend in the industry.
Net Dragon is a Chinese mobile game developer giant and one of the many companies that are committed to the Asian education technology market and realize the “gamification” of education. It acquired the global education technology companies “Promethean World” and “JumpStart”, which is a provider of K-12 educational products.
The successful collision between education and technology is full of possibilities. In the next five years, more and more teachers will be able to access valuable online resources through their mobile devices to improve classroom teaching and learning and their own professional development.
In addition, there are more things to learn about how to break the digital divide and introduce various methods to use technology in an offline environment. This is a very real problem in many parts of the world. .
Influx of capital
Most investors are paying close attention to the development of Asian educational technology and taking action, This is not surprising. For example, Mark Zuckerberg’s investment fund is prioritizing education technology as an investment.
In China, from Xiaomi to Baidu, technology giants are trying to find a way into the changing educational technology competition.
Tencent heavily invested in China’s first billion-dollar education technology unicorn company “Yuanfudao”, while Alibaba Group was the first round of iTutorGroup’s 2015 round of financing of US$200 million. One of the investors.
Because China’s educational technology industry has demonstrated a special ability to create unicorn companies, we can expect investors to increase their interest, the size of financing in the first 10 months of 2017 Seven of the 16 companies with more than $100 million are in China.
The long sales cycle is where the education technology industry differs from other industries. A product that better changes the student’s education may take years to test, sell, and improve.
But with the continuous injection of funds, and people gradually accept education technology, it is not difficult to see the rising trend of the education technology industry.
This article was compiled from an article in the January 2018 issue of the TechCrunch website.