Startup to Unicorn: The BYJU’s Journey.
INTRODUCTION: Little did Byju’s Raveendran know when he started teaching his friends at the terrace of their home what the future had in store for him.
Byju Raveendran parents although been a teacher never pressurized Byju to excel at academics.
STARTUP JOURNEY: With such liberal parents, Byju became a great sportsperson during his student life, having expertise in Football, Cricket, Badminton and Table Tennis.
Byju scored a 100 percentile in CAT Exam two consecutive times to ensure that it did not happen by luck, which gave him recognition.
His teaching centres shifted to auditoriums and stadiums; he organized workshops for around 20000 students.
In 2011, with the support of his friends at IIM, he launched a company named “Think and Learn”, whose prime aim was to revolutionize the way of approach of students for education, which finally led to the birth of an Interactive student-friendly learning app named BYJU’s in 2015.
STRATEGIES: BYJU’s app had three main lookouts for making the learning material appealing, namely content, media and technology.
CONTENT: Discussing all of these separately, BYJU’s content is one of India’s best content made up of a beautiful team with more than 15 years of experience.
The experienced team predominantly creates preliminary research on a given concept and develops an extensive knowledge map.
Once the preliminary research and related works are done, they relate it to real-world metaphors so that the students feel connected and make the concepts enjoyable.
MEDIA: Since Entertainment is one of the basic needs, the developers made Entertainment one of the most critical factors; the developers greatly emphasized it.
The videos are made through script and green screen, after which the editing team of BYJU’s adds animation, special effects and virtual objects to make it appealing.
With the use of data science to provide customized learning experiences.
There is an “Exhaustive Learning Graphics” technique – once the BYJU’s platform successfully establishes a learner’s style.
TECHNOLOGY: Before the pandemic (COVID-19) happened, BYJU’s enjoyed monopoly, but when the lockdown restrictions were imposed on attending schools and colleges, there came a vast student base who joined the ed-tech industry as student customers, which increased the competition with also an increase in the customer base.
The catalyst factors behind the success of BYJU’s App are the personalized way of learning, interactive class, easy to use platforms, Entertainment and student-friendly education.
The competitive strategy of BYJU’s was to make learning consistent with curiosity, interactive and dialogue-based education.
With young kids joining BYJU’s, they brought on-board teachers. This movie tried to satisfy the students’ needs and make the process easy for the kids.
By covers every form of learning, including theory and practical, with both written and audiovisuals into play.
SWOT ANALYSIS: To understand the concept of BYJU’s more efficiently, SWOT Analysis can be a very efficient way of analysis: To discuss the Strength, Weaknesses, Opportunities and Threats.
STRENGTH AND WEAKNESS: BYJU’s strengths are the quality products and services, i.e. a combination of Video lessons, tools that create a student-friendly tool to customize learning, the global recognition, in essence, the funding from Mark Zuckerberg and his wife’s philanthropic organization “Chan-Zuckerberg” and the wide range of products.
The few weaknesses or drawbacks are the critical, cost-effective model and the lower number of enrolments in the United States.
OPPORTUNITIES AND THREATS: To discuss the threat it’s the emerging threats like Data privacy and threats like the easily imitated business model and the competition in the current market and the opportunities are the growing opportunities in India, Professional Courses and also the approach to reach out to semi-urban areas.
CONCLUSION: To conclude, The Story of BYJU’s Byju is indeed an inspiring story for many entrepreneurs, and with the acquisition of Aakash educational services and White Hat Jr. coding platform, Byju’s is set to become an all-round giant in the field of online education.