College education particularly in private universities is becoming more expensive these days. In the U.S., for instance, one needs tens or hundreds of thousands of dollars to support his four-year tertiary education. But this scenario is changing as more affordable options are now available to people around the world.
Fortunately, there are now education startups that play a significant role in solving some problems associated with the traditional instructional methods. They are help make college education more affordable to people eager to obtain knowledge in their chosen fields of study but who lack the financial means. These companies offer various services to both students and institutions. Many of them provide digital learning tools such as study guides, class notes, flash cards as well as tutoring and coaching services. Some even offer free online courses from top universities.
A 1984 study entitled “Bloom’s 2 Sigma Problem” has confirmed the benefits of online and one-on-one mentoring to students. According to researcher and education psychologist Benjamin Bloom, students undergoing or have undergone online mentorship and mastery learning fared better than those in a conventional classroom setting. It is because with this kind of program coupled with the use of technology, instructors can focus more on their students and the students, in turn, learn better as they can move through their course materials at their own pace and time. Also, mentors are able to closely monitor their students and tailor education to their needs.
Funding Stats
As startups in the education sector grow, their funding has also been increasing. Reports claim a 503 percent growth in investment dollars from 2010 to 2014. For the period 2013 to 2014 alone, financing went up from $911 million to $1.5 billion. By 2015, startups gained $1.9 billion in fund. This figure is up 68 percent from the previous quarters.
In terms of deal count, although the number has dropped, the deals have become larger in scope.
The Benefits
Indeed, education startups are doing a valuable job in making learning, notably distance learning, more accessible to people from around the world and from different walks of life. In fact, a study done by the U.S. Department of Education showed that online education is on par with the face-to-face type of education that people are used to.
These companies can be reached through their websites and for people looking for ways to gain education in an affordable manner, they can simply visit these education websites to find out what they offer. You may even find an opportunity to avail of free online courses in line with your field or in another field that you want to get in.
With these startups in place, students can learn in the convenience of their homes and save money as they no longer have to travel to and from the school or buy expensive books and other course materials.
