The State of EdTech in 2023

 

Volume 20

The new year has certainly kicked into gear in this ever-changing world of EdTech. If EdTech had its big moment in 2021, it lost its 15 minutes of fame in 2022 and we seem to be picking up the pieces in 2023. U.S. EdTech VC funding in 2022 was down 37% year-over-year. We also may be experiencing a lack of funds available to public schools due to a decline in enrollment (1 million students!). On top of this all, a recession is looming, and layoffs and tightening of budgets are becoming more and more common. Despite these challenges, EdTech growth goals either seem to remain the same or in many cases become even more aggressive.

So with less funds, capacity, and buying power of schools, what do you do? What do you prioritize to achieve your goals? And by prioritizing certain things over others, do you unintentionally sacrifice long-term growth for the sake of short-term growth?

In rock climbing, there’s something called ‘climbing on site,’ which is basically climbing a mountain without studying the terrain or coming up with a specific plan (and the most daring do this solo, AKA without ropes). This type of climbing is revered as the gold standard. The only way to survive is to be comfortable with the unknown and completely tune into your instincts and your environment.

Although we’re all not in life or death situations like this, there is something to be said about just going for something by deeply listening to your gut and what the industry is signaling. And if you don’t fully achieve what you set out to – that’s ok. What’s more important in the long-run is reflecting and learning from your actions, so you can course-correct next time. Famous solo climber Marc-André Leclerc reflected on his many accomplishments and he actually ended up preferring the journey to the end goal: “Achievement doesn’t change your life like you think it might but what you’re left with is the journey that got you to that point, and if you have this big journey where you had to figure a lot of stuff out, you’re left with so much more of a story. And that’s what I find is the most important.”

What’s most important to you? And how can you look back at this time and ensure that you don’t let limitations get in the way of what you may already know you need to do?

 
 
 

Free Download: 2023 EdTech Marketer’s Planner

Download this FREE Planner to help you create timely and valuable campaign plans and content for educators, parents, and education administrators in 2023.

We’re on social media every day and one of the best part of our jobs is getting to listen to educators. Please take the time to listen and engage with them.

This section was so popular last issue that we’re bringing it back! Here’s a list of job openings from our clients and friends.