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67 EdTech entrepreneurs globally shared their thoughts
The EdTech COVID-19 Sentiment Survey is an initiative to track how EdTech founders are reacting to the COVID-19 crisis. The goal is to help the EdTech community share data that can be useful on how best to navigate these unpredictable times and make key decisions. Note that 82% of the respondents are companies with less than 50 employees, making the results more relevant for early-stage startups.
Have you seen significant growth in USERS on your platform recently?
Impressively, 1/3 of respondents are growing fast (100+% 🤩) in terms of user adoption, especially B2C and K12 startups. This trend seems natural as many startups in these two verticals are offering free access to their platforms in order to help parents, children and schools cope, and generally speaking people now have more free time to engage with learning activities (i.e. learning a new language, developing a new skills, etc.). The question here is: will these startups experiencing growth be able to monetise it properly when things go back to business as usual? On the other end of the spectrum, B2B (SMBs) startups are the ones suffering the most from the COVID-19 crisis with 43% of respondents actually losing users 😰.
Have you seen significant growth in USAGE on your platform recently?
Almost half of the startups have experienced an increased in usage between 1.5X and 3X 😎. Higher Ed startups dominate the 1.5X and 3X 😎 growth category followed by B2C companies, while K12 startups declared to be seeing the most impressive increase (39% -> 3X+ 🤩). Interestingly, startups serving large companies seem to be growing as well (67% -> 1.5X and 3X 😎), meaning that even in a remote setup, employees are still using learning platforms.
How has COVID-19 impacted your runway?
Generally speaking, 54% of the startups said that runways are negatively impacted. On one hand, B2B - SMBs and K12 startups are the ones that have been the most negatively hit B2C (39%), and on the other hand, Higher Ed and B2C startups have been positively impacted by the current situation. On another note,, startups based in Europe (Western & Eastern EU) declared to be the less impacted on average.
Have you used/applied for government furloughing/employee support schemes?
Surprisingly, more than half of the startups have NOT used furloughing/employee support schemes so far. Only 1/3 of the respondents are using employee mechanisms offered by local governments. K12 and B2B - SMBs startups are leveraging these support schemes, which is especially relevant since their runways are the most negatively impacted.