NYCEDC Releases Edutech.NYC.2020 Report

New York City Economic Development Corporation released their Edutech.NYC.2020 report giving an in-depth study of NYC’s Edutech industry. The report highlings Edutech’s global growth opportunities and the city’s local competitive advantages.

The emerging Edutech industry applies innovative technology that delivers learner-centric and personalized educational methods. It also provides students with easier access to educational materials, more effective instruction methods and individualized curricula based on student progress, among others.

The report starts by presenting an overview of the US Edutech industry then proceeds to tackle start-up companies’ development. It then goes on to highlight key areas where Edutech providers can benefit from.

Key points include:

- 7.6 % US GDP is spent on education, 2.5% of which is spent by by US educational institutions on Edutech;

- 40% of the world’s top 50 universities are found in the US;

- The US Edutech market was $38.2 billion in 2008;

- $2 trillion is spent on public institutional spending internationally;

- Online and campus learning in the US makes up the $20 billion post-secondary Edutech offerings;

- New York City Department of Education (DOE) has an $11.3 billion 5-year capital plan budget running from 2010 to 2014, on top of their annual budget.

Although the authors admit that the Edutech industry is still in its infancy, and that ideas are still being tested in labs, they are saying that now is the time to invest to get ahead of the competition.

“In order to develop initiatives tailored to the needs of Edutech entrepreneurs, it will be crucial to move quickly to identify and exploit opportunities in the sector,” says the report.

Download NYC’s Edutech Report here.