Over the past 10 years, venture funds have invested $37 billion in EdTech projects, $4.5 billion of which fell in the first half of 2020. The education technology sector had never grown at this rate before.
Investments in EdTech are projected to increase to $87 billion over the next 10 years. Yes, this is a window of opportunity that seems unlikely to close any time soon.
The American budget spends more than $200 billion a year on education. More than $15,000 a year is spent on one student. And this amount does not cover the payment for the training itself. First of all, it includes funds for student scholarships (grants for study or research on a particular topic), teachers’ salaries, and administrative costs (maintenance of buildings, libraries, etc.). The longer students do not complete their studies, the more money it lays out of the country’s budget.
In the United States, higher education is fee-based, regardless of whether you are studying at a public university or a private one. If you want to get a diploma, you have to pay. What, then, is the difference between these universities, if both have tuition fees? First of all, the cost of education is much lower in the state, but it does not affect the quality of education. Many US public universities top the list of the best educational institutions in the world. It is more about elitism and status: for example, all 8 Ivy League universities are private.
However, the US Federal Department of Education provides student scholarships and research grants. A scholarship in the United States is a one-time or multiple discounts a university or independent organization provides for certain student achievements. There are many types of scholarships, but they cover only part of the tuition and never cover accommodation and meals. The students themselves must cover these costs.
It is challenging to call American education accessible. Moreover, every year it becomes less accessible. Students need to take out study credits. Debt for study loans exceeded credit card debt. About a third of students in public colleges do not eat enough or have nowhere to live. Because of loans, they can’t afford basic things and are forced to work in low-paid jobs. Colleges train a separate staff to work with these people and help them find clothes, shelter, or provide subsidized meals for them.
These problems are solved with the help of Edtech. Technology is helping to optimize university resources and save America a lot of money. And it’s cool that Edtech provides sophisticated and, most importantly, effective solutions.
MBA (Master of Business Administration) is one of the most popular business education formats. Such programs teach effective company management – new techniques for growth, as well as skills to act in difficult situations.
The MBA training is usually based on the case-studies methodology developed at the Harvard Business School in the early 20th century.
Recent breakthrough – MBA – technologies of augmented and virtual reality (AR and VR). So, you can create holograms of teachers for live lectures. The lecturer can be anywhere in the world, but at the same time virtually attend the lesson and even answer students’ questions in real-time. The technology allows you to combine the advantages of online and offline formats and build contact between the teacher and students. This has a positive effect on student engagement and learning efficiency.
Consequences of remote study and work, and ubiquitous access to the Internet in every home. The desire to receive a quality education service without spending money and time on the road, the possibility of online education anywhere, and the request to match the student with the right one teacher in a one-on-one format, no matter where they are both located. All this creates the most attractive conditions for the development of the industry.