The Student Becomes The Founder
As students head back to university there will be some to use the time, not in lecture halls, but to start their new company. It is no surprise that college dorm rooms spark innovation, we only need to look at the likes of Bill Gates, Mark Zuckerberg and Steve Jobs to realise it. However, is there something to be said for the educational environment to spark edtech innovation specifically?
Many edtech startups are inspired by their immediate surroundings. StudySmarter, the winner of EdTechX Super League, began as the founders realised thousands of students were dropping out or failing exams due to lacking structure, efficiency and information overload. Their solution now reaches over 350 universities covering almost 2000 courses. Other examples include OMS and Rescue VR, both created by those who were still studying medicine.
Musemio, named UCL’s most promising startup for 2019, was created while Kaitlin Fritz studied a Masters in Art History. With the support of UCL’s buzzing entrepreneurial hub, incubator, EDUCATE and summer courses, many startups like them have been able to form. In fact, in the last 10 years, 70% of licenses issued by universities have been for startups and small enterprises. There is little risk for universities to support startups, and bringing the opportunity to build alumni support and grow into local economies can strongly outweigh the risk.
With that in mind, it’s no surprise the there are now many widely available resources for students to tap in to. Likewise, there is also a smaller risk for the student also to set up their company while still in education. Zhilin Wang, who founded LearnAh while at Cambridge University, highlighted that the venture carries less risk while being a student as opposed to doing it full time, with particular mention to lack of work salary lost. Moreover, the wealth of free expertise and experience accessible from faculty members often brings further support to the students.
While many turn to organisations with the university to support their endeavours, there are still many who opt out of higher education entirely, attempting to make their mark into the tech ecosystem and create their own company. In a national survey of 16–19 year olds in the US, 42% expect to work for themselves, with or without a college degree. This is four times higher than the actual percentage of those self-employed in America.
With the future workplace becoming more reliant to those rapidly learning new skills, and the edtech sector continuing to grow, these entrepreneurs can go either way…to bring new new innovation specifically to the edtech sector or to bring their skill set to the new world of work.
