Edtech is big business
There are a variety of vested interests influencing the technologies we use
Making Markets
The concept of the impact economy – enabling sustainable economic growth through solving societal and environmental challenges – has led to education, along with healthcare and the environment becoming sites of substantial venture capital investment.
Educational technology in particular has become a lucrative space for external investment and market speculation with an exponential increase since the pandemic.
Making new markets for edtech therefore becomes a key part of driving further growth.
“The intentions of financial investors are necessarily not the same as those of educators, governments and students, and yet they are seeking to become central to directing flows of investment in the education arena.”
Keri Facer, Futures in education: Towards an ethical practice
(https://unesdoc.unesco.org/ark:/48223/pf0000375792)
Digital Transformation
Digital transformation – using digital technologies to do existing things differently, or do completely new things, potentially for completely new audiences – is leading to technology being embedded into almost every area of activity within educational institutions.
Digital transformation also fundamentally changes the nature of digital expertise in our institutions. Domain specific digital knowledge becomes embedded across the organisation, and is no longer confined to technical IT departments.
“Multidisciplinary teams, incorporating traditional corporate roles and digital skills, are essential for successful digital institutions”
Greenway, Andrew; Terrett, Ben; Bracken, Mike. Digital Transformation at Scale: Why the Strategy Is Delivery . London Publishing Partnership.
This can post some interesting challenges when processes like procurement do not evolve appropriately.
Supporting Growth
Edtech in particular is being seen as critical to digital transformation and/or growth agendas for institutions.
It can offer the potential to offer new options to existing students, improve the existing student experience, or bring whole new groups of students into educational institutions.
Summary
- Edtech companies have a vested interest in influencing institutions and making markets for edtech.
- Institutions have vested interests in edtech to support digital transformation visions.
