When we mention startups, a lot of people instantly start thinking about tech-oriented businesses in any other sector that is not education. To imagine that one can build a simple education startup that attracts massive funding from investors seemed unthinkable until Byju Raveendran proved to the world that it’s not.
Today, over 35 million students have enrolled in Byju’s, which is currently the most valuable education technology business in the world. Byju Raveendran’s story is told several and continues to inspire budding entrepreneurs worldwide. This piece takes a spin through some of the most valuable lessons we can pick up from Byju Raveendran’s tech story.
Start With What You Have
Byju Raveendran saw a niche in the education sector when he was still a teenager. Even though he didn’t initially think it would develop into anything big, he stuck by what he loved. Being a math and science brainbox, he always had 11th and 12th graders gravitating towards his teaching whenever exams approached.
After completing his mechanical engineering degree, Byju worked with a Singapore but later quit to pursue what he believed in. He started by helping his friends prepare for their Common Admission Test (CAT) exams which they passed. On realizing that his incisive exam hacks were amassing flaring popularity, Byju decided to apply more structured methods in his teaching.
He started carrying out teaching workshops on weekends and they seemingly attracted more and more students. His game-changer was when his students filled up a 1200 capacity auditorium, and all of them were coming from different cities. He was then compelled to shift his schedule to favor students who didn’t come from Bengaluru. Byju Raveendran then broadened his horizons to nine other cities within India.
The bottom line is that, when you see a gap, make your dent as fast as you can. Most start-up entrepreneurs wait until its too late to launch their businesses. Once you have consolidated all the resources you need ( They don’t have to be big), you should put your idea out there.
Byju Raveendran Believed In Innovation
Byju Raveendran saw a promising business idea and went ahead to revolutionize it at any opportunity he got. He transcended from traveling to cities to broadcasting his much sought-after lessons on satellite. After producing educational video content for a while, he felt he could do more.
His thirst for innovations birthed Byju’s parent company, Think & Learn Company. Being a fledgling start-up company at the time, Think& learn majored in online courses. With the help of some of his most brilliant students, Byju Raveendran transformed his small startup into a billion-dollar worth business. He also diversified his service offering from test preparation to private coaching sessions. In order to customize his teaching services, Byju Raveendran ventured into Mobile App Development.
Byju’s launched its first math and science app in 2015, and different apps for different graded followed. Byju’s app had attracted almost 2 million downloads in a span of three months, and fast forward four years later, the 25 million users pay as high as $200 monthly subscriptions.
Make Sure Your Startup Is Evolving In Order To Stay Ahead Of Competition
In the technological space, competition is imminent. Even though Byju’s is the most decorated education technology businesses, there are similar businesses that rival Byju’s. Benesse Holdings in Japan, for example, boasts of annual sales of almost $3.9 billion making it the biggest education company in Asia. China’s Vedantu and VIP Kid also rival Byju’s.
How does Byju’s staying ahead of such stiff competition? Well, according to Byju Raveendran, its founder, their services are aimed at getting learners excited with what they do. He does this by motivating his employees constantly, an energy which they transfer to their learners. With the help of a knowledge graph, Byju’s content has evolved into more personalized content. Byju’s apps allow students to assess their level of understanding, hence promoting redoing a concept until it sticks.
Raveendran now has his eyes on bigger markets such as the United States and the U.K. In addition, he will be integrating social sciences, languages and educational games into his curriculum.
Byju Raveendran Let His Brand Quality To Speak For Itself
When Byju Raveendran approached Ranjan Pai for startup funding some years back, how much Byju believed in his idea enthralled Ranjan? He demonstrated his vision for revolutionizing the education sector without flinching.
What continues to make Byju’s stand out from a crowded industry is the quality of his brand. Byju Raveendran’s company has attracted worldwide investors such as Tencent and the Chan-Zuckerberg initiative. Byju’s has received $40 million from Tencent and $50 million from Sequoia Capital.
Byju’s success in cracking the business to consumer niche is what continues to attract investors. Convincing parents to spend a big fraction of their salaries on an app is imbuing.