Coach Vince Lombardi said it best, “The will to win is not nearly so important as the will to prepare to win.”
Most EdTech start-ups have the will to win. They usually have mission-driven teams who have identified problems and built solutions to transform education. They are often dedicated, skilled professionals committed to a double bottom line.
However, finding EdTech start-ups willing to put in the hard work over time required to prepare to win is far more rare. EdTech companies that thrive all have that rare will to prepare. Are you preparing to win?
When working with EdTech companies, we always emphasize the following key lessons and touchstones:
- Education has a defined sales cycle–build your business plan around it.
- Sales, Sales, Sales–your sales and marketing plan has to be specific yet malleable.
- Understand your metrics and benchmarks, and hold everyone accountable. Know exactly have many leads you need to generate by when to drive to your sales goal.
- Avoid spending too much time and money building a product before selling it.
- Know your competition and be clear on why you are better.
- Education is a regulated industry–understand, monitor, and influence the key drivers.
- Protect your IP–understand the importance of patent protection.
- Hire the most lawyers and accountants–don’t skimp.
- Realize your valuation is only a component of an economic deal when taking in capital.
- Be proactive.
- Be prepared to listen.
The bottom line? The future is promised to those who prepare for it. Keeping these concepts and lessons front-of-mind will help your company be prepared. And if you’re looking for a partner to work on optimizing that preparation through your strategic and tactical plan, contact us at Arc today.