How to Break into the European Edtech Market
Are you interested in breaking into one of the biggest edtech markets in the world? Europe presents a rather appealing option. They spend approximately $1 trillion on education each year for their 110 million students. Most teachers and students are eager to uncover more digital products that can help them to improve the current academic system. Edtech companies that can provide real solutions to their most pressing problems could find a fair amount of success in the European market.
You might be ready to prepare your company for the major change required to break into the European edtech market. Take a look at a few of these suggestions to help you get your company off the ground.
One of the primary issues for edtech companies who want to break into the European market is securing funding. While some companies are making an investment in European edtech, the levels don’t quite compare to the investments found in North America. Some experts place the funding at a level ten times less than the investments found in North America. This can be a substantial problem when it comes to the overall creation of a platform that can serve an entire continent’s school system.
Before you make an attempt to break into the market, you will have to secure funding from somewhere. Begin searching for angel investors or solicit one-time donations from professional relationships you acquired over the years.
Understand Purchasing Procedures
Who is going to actually purchase your edtech when the platform is finished? This is one of the most confusing questions for entrepreneurs to answer. Without knowing who the sales pitch is really for, you may not be able to craft a compelling argument for schools to purchase your edtech. A portion of the problem stems from the fact that the purchasing process will vary in each country. Familiarize yourself with the customs and chain of command for each European country you are attempting to work with. This fragmentation across borders is a part of the reason why edtech hasn’t taken off as quickly in Europe as it has in North America.
Serve Local Areas
Europe can be a challenging market for edtech entrepreneurs because they have so many languages. This means that you will need to modify your platform several times in order to accommodate all of the communication barriers your customers will face. Make sure that you craft the language accurately with a lot of cultural sensitivity. Your advertising and marketing materials should be in a local dialect to ensure that your consumers recognize you as a trustworthy brand.
Breaking into the European edtech market comes with a lot of unique challenges that many engineers don’t consider upfront. When you know what barriers you are likely to face, you can begin making a plan for how to overcome them. Take a look at some of these obstacles you may have to move past to create a successful presence for your edtech company in the European market.