Hillside Announcements
UConn Students interested in learning more about VC, introductory topics, and how to deal source can register for the course Introduction to Venture Capital. The course can be found in the student administration system as MGMT 4895 - Section 001 and will take place on MW from 12:30PM - 1:45PM in Fall 2021.
EdTech Trends
Overview
Education technology is the combined use of computer hardware and software, and educational theory to facilitate learning. Due to COVID-19, this industry has recently seen a tick in adoption across value chains. With digital learning becoming a necessity as a result of the pandemic, edtech is crucial in aiding the transition to online learning and its relevant resources.
Here are some trends to follow!
E-Learning
Distance learning became the top 2020 education trend due to the rapid spread of COVID-19 and school closures. This led to a rise in the demand for online educational platforms, which are facilitated by eLearning—training delivered electronically. This method of instruction is set to increase retention rates by 25 to 60 percent. The eLearning industry is expected to hit $375 billion by 2026.
Tech-Enabled Immersive Learning
Extended reality (XR) is an umbrella term for augmented reality, virtual reality, and mixed reality. It's one of the biggest edtech trends on watch this year because of low costs and different possible applications of XR. The total value of Augmented Reality (AR) in education alone is expected to reach 5.3 billion by 2023.
Virtual Reality (VR) is a digital experience in which a 3D environment is simulated within a headset. This allows for an immersive experience in which VR device users can transform their educational atmosphere. VR recently entered academics in addition to being used for instructive training purposes for the defense industry, technicians, and field workers.
This spring semester, UConn held a class utilizing VR. The students apart of the “Entrepreneurial Journey” class used both interfaces, Zoom and VR, to join the class. Each student used a Facebook Oculus Headset to join the classroom, present, and collaborate interactively with other students. We expect the integration of technology into the classroom will continue to expand as the demand rises and expenses fall.
Within higher education, VR is used to engage students and promote high learning outcomes by creating interactive learning sessions. With the adoption of such technologies, the challenge of training students and faculty on how to use the technology surfaces. As the technology becomes more accessible and user-friendly, though, we will continue to see an increase in the presence of these technologies in the classroom.
In 2020, the VR market reached close to 20 billion. This was an increase of 79% from spending in 2019. The market is expected to grow at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028.
Artificial Intelligence
AI is a hot topic in the US edtech market. It is predicted that through 2024, AI will become edtech’s primary driver of growth as it will grow by more than 45%. Both learners and educators could benefit from AI. For example, students could get help from AI tutors when teachers are too busy to take care of everyone. AI-driven programs can give both learners and educators helpful feedback. The benefits of AI include adaptive learning, individualized learning, and voice assistance.
Peer to Peer Learning
Peer-to-peer learning supports the active recall of information learned in the classroom. This strategy facilitates a learning environment that allows students to collaboratively learn with their peers. In turn, this enhances the development of students’ soft skills including creativity, analytical reasoning, and persuasion. The different peer-to-peer learning practices are as follows: senior to junior, pairs, or peer study groups. Education technology increases the capability to deliver valuable peer-to-peer learning experiences, even in an online setting.
Accessible Education
As of 2018, there were 258 million children worldwide who were not getting an education. Accessibility to quality education has been improving, though; that number is still down from 378 million in 2000. However, there is still a long way to go to bridge education disparities. Even in Europe and North America, there are millions of out-of-school children. E-learning is aiming to solve this problem.
Venture Capital & EdTech
Let’s take a deeper dive into how VCs are viewing edtech. Venture capitalists funded around $1.7 billion into the edtech market in 2019. These investments entailed 105 deals, a majority of which were large Series C investments. This was a big jump from the $788 million invested in 2018. The pandemic has only increased interest in edtech as investors recognize untapped opportunities in blended learning, lower industry competition, and wider social acceptance of technology in education. The type of edtech solutions that have garnered the most traction from VCs are K-12 education applications, gamified learning applications, and technology learning!
Final Words
This is an exciting time to watch the growth of the edtech sector and the trends that will continue to move the industry forward. Hillside Ventures is here to be a part of the evolution. If you are interested in learning more about Hillside Ventures, an edtech founder looking to raise, or interested in venture capital, feel free to reach out to Rashana Weerasinghe (rashana.weerasinghe@uconn.edu) or Astou Diallo (astou.diallo@uconn.edu). Stay tuned to our newsletter to catch our future posts!
By Astou Diallo & Rashana Weerasinghe, analysts at Hillside Ventures
UConntrepreneurship Highlights:
Bryan Rosenblatt (BUS ‘11) is a principal at Craft Ventures, which just led the $15 million Series A in SnackMagic. SnackMagic enables companies to treat their employees, event attendees, customers, and friends (anywhere in the world) with snacks & beverages of their choice.
Are we missing any exciting #UConntrepreneurship activity? Comment below or email noah.sobel-pressman@uconn.edu or karolina.tarnacki@uconn.edu to be featured in the next newsletter.