Report on Innovation

In
EDUCATION INDUSTRY

SUBMITTED TO- SUBMITTED BY-

Prof.Srinivas Sarthak Chadha C049
Shivani Bang C055
 INNOVATION

Definition
The process of translating an idea or invention into a good or service that creates value or for
which customers will pay.

To be called an innovation, an idea must be replicable at an economical cost and must satisfy a
specific need. Innovation involves deliberate application of information, imagination and initiative
in deriving greater or different values from resources, and includes all processes by which new
ideas are generated and converted into useful products. In business, innovation often results
when ideas are applied by the company in order to further satisfy the needs and expectations of
the customers.

In a social context, innovation helps create new methods for alliance creation, joint venturing,
flexible work hours, and creation of buyers' purchasing power. Innovations are divided into two
broad categories:
· Evolutionary innovations (continuous or dynamic evolutionary innovation) that are brought
about by many incremental advances in technology or processes and
· Revolutionary innovations (also called discontinuous innovations) which are often
disruptive and new.

Process

The Four-Step innovation process is straightforward and widely used. It changes according to
the specific needs of the organization, as each business is slightly different in the way it needs
to develop new ideas. This general outline is a great starting point, and offers an excellent way
to drive consistent innovation within the company.
 1. Step One – Observe Problems
You can learn a lot in business by watching your customers. What is it that gives your
customers trouble? Is there something specific that you can see which is a significant problem
for a majority of your target market? If so, solving that problem is an obvious opportunity for your
company. One of the big points to keep in mind when innovating new ideas is the access that
you have to a specific market. Rather than having to track down a new market to sell on your
new product or service, it would be better to develop something new that can be sold to the
same market.

2. Step Two – Develop the Solutions

Now that you have a good idea of the problems that are being faced by your market, the next
step is to actually find solutions to those problems. Of course, this is really where you have to
get down to business, as it likely won’t be easy to solve problems that have not yet been solved
by others.

3. Step Three – Try It Out

Once you have a solution or solutions to the problem at hand, the next step is testing. Instead of
trying to figure out the absolutely perfect solution to the problem before you develop a product,
the better plan would be to put together a first version which can be tested out for you by a
portion of the market.

4. Step Four – Implementation

With all of the homework and preparation done, it is time to hit the market and see how
successful you have been in solving a problem. Of course, just because you have now
implemented your concept and the product is on the market, you still don’t have to put a stop to
your development process.
The four-step process assumes that rather than having to break into a new market, it is usually
easier to develop something new that can be sold to your existing market.

SOURCES OF INNOVATION:
 Unexpected
 Incongruity
 Market Structure
 Necessity
 Demographics
 Changing perception
 New Knowledge
KEY ELEMENTS
Innovation requires collaboration, ideation, implementation and value creation. Community
developers actively engaged in innovation illustrated each of these elements during breakout
sessions.

 Collaboration
Teamwork is essential to getting things done. In todays global and digital 24/7 world,
challenges are more complex; it's becoming increasingly important to bring more,
diverse minds to the table and to break down silos. Collaboration is one type of group
activity familiar to community development. There is no shortage of initiatives intended to
be collaborative.
 Ideation
Fresh, new ideas help your organization stand out. With intense competition for
resources, organizations must differentiate in order to survive.
 Implementation
What good are new ideas if they are not put to use? Organizations must engage the best
people to champion their ideas and keep those great ideas moving forward.
There is no shortage of conversations on how technology is changing lives and how
technological innovations are being implemented at lightning speed.
 Value Creation
You don't have innovation if your new ideas aren't creating value. Organizations must
implement ideas and programs identified as most effective in delivering value to
stakeholders. The failure rate of established companies has skyrocketed during the past
year. However, there are companies still experiencing monumental success despite the
economic downturn.
EDUCATION INDUSTRY

INTRODUCTION
India holds an important place in the global education industry. India has one of the largest
networks of higher education institutions in the world. However, there is still a lot of potential for
further development in the education system.
Moreover, the aim of the government to raise its current gross enrolment ratio to 30 per cent by
2020 will also boost the growth of the distance education in India.

MARKET SIZE
India has the world’s largest population of about 500 million in the age bracket of 5-24 years and
this provides a great opportunity for the education sector. The education sector in India is
estimated at US$ 91.7 billion in FY18 and is expected to reach US$ 101.1 billion in FY19.
Number of colleges and universities in India reached 39,050 and 903, respectively in 2017-18.
India had 36.64 million students enrolled in higher education in 2017-18. Gross Enrolment Ratio
in higher education reached 25.8 per cent in 2017-18.

SERVICES
The Educational Services sector comprises establishments that provide instruction and training
in a wide variety of subjects. This instruction and training is provided by specialized
establishments, such as schools, colleges, universities, and training centers. These
establishments may be privately owned and operated for profit or not for profit, or they may be
publicly owned and operated. They may also offer food and/or accommodation services to their
students.
Educational services are usually delivered by teachers or instructors that explain, tell,
demonstrate, supervise, and direct learning. Instruction is imparted in diverse settings, such as
educational institutions, the workplace, or the home, and through diverse means, such as
correspondence, television, the Internet, or other electronic and distance-learning methods.

GLOBAL LEADERS

 DonorsChoose
 Udemy
 Khan Academy
 Kaltura
 Andela
 Panorama Education
 ForClass
 AltSchool

FINANCIALS
The education industry revenue has grown at a CAGR of 15% over the FY13 – FY17 period.
Concurrently, the annual revenue growth rate has remained over 10% in the same period. The
institutions generate the largest share of their revenues from fees and government grants (in
case of government aided institutions); other sources of earnings include income from
endowment funds, funds from private companies for conducting research and consultancy
assignments. On the other hand, the key heads of expenses include employee costs (~30-35%
of revenue), depreciation (~12% of revenue), SG&A costs (~22% of revenue) and interest costs
(~6% of revenues). Over the FY12-FY17 period, EBITDA margin has trended downwards from
32% to 28% (which has remained steady for the last two years), while PAT margin has
generally remained steady at around 10%

INNOVATIONS IN EDUCATION INDUSTRY

1. Flash notes
Remember the days of doodling on the side of your spiral notebook while you tried to take copious
notes from your boring biology teacher? Would you be more motivated if you knew that your notes
would not only give you an edge on the exam, but could also earn you a bit of cash? Flash notes
allows students to upload their lecture notes and sell them to other students who need more help
or resources. The rating system allows the best note takers to get more business and the general
pool of knowledge expands as students continue to share their work with one another.
2. Lore (Classroom as Community)
The new startup is using a Facebook type platform- riding the wave of what works- and tailoring
it for education. This social network allows professors and students to communicate, follow one
another, and discuss class work and lectures.

3. Study Blue
Imagine your smartphone as your primary source for study materials. This company has created
an app that allows students to organize their coursework, store notes and flashcards, and share
their materials with other students.

4. Chrome books
Despite the rising popularity of tablets, Google’s Chrome book may snatch the competition in
the lower grade school classrooms. The laptops have a few distinct advantages over the apple
iPad:
-They are less expensive
-One-button-push easy setup

VALUE OF EDUCATION

Education is the foundation of our economy. What (and how) we learn in school determines who
we become as individuals and our success throughout our lives. It informs how we solve
problems, how we work with others, and how we look at the world around us. In today’s
innovation economy, education becomes even more important for developing the next
generation of innovators and creative thinkers.

However, there is a significant gap between the potential of modern education and what many
students are actually learning. The adoption and exploration of innovative ideas in education is
often slow. Instead, many educators still cling to old and increasingly ineffective methods of
teaching. But as the great poet William Butler Yeats once said: Education should not be the
filling of a pail, but the lighting of a fire.
Using innovative teaching methods to better serve students and to teach them about the
benefits of innovative thinking, does so much more than just “fill the pail.” It ignites a passion for
learning and provides students with the tools they need to succeed in the innovation economy.

Let’s look at some of the ways that innovation can improve education.

Benefits of Technology in the Classroom

There’s quite a bit of evidence that technology, when used in the right way, helps
Students learn. One study, for example, showed that a medical school class with iPads scored
23% higher on exams than classes without this device. Technology, such as tablets, isn’t only
useful for absorbing knowledge; it helps with communication as well. Teachers and
administrators use such devices to send materials and information to students and parents.
Students hand in homework and term papers online and can access educational applications
and programs to further assist with learning.
Here are some of the clear benefits of using technology in the classroom:
 It makes learning interesting and engaging, especially for younger generations
Raised on the latest technology.
 It allows for faster and more efficient delivery of lessons, both in the classroom and at
home.
 It reduces the need for textbooks and other printed material, lowering long-term costs
incurred by schools and students.
 It makes collaboration easier. Students, teachers, and parents can communicate and
collaborate more effectively.
 It helps to build technology-based skills, allowing students to learn, early on, to embrace
and take advantage of the tools technology offers.

Finding Innovative Applications of Technology

While technology, in and of itself, does not always spur innovation in the classroom,
There are countless innovative ways to use technology to better teach and engage
Students.
Here are some examples:
 Robots in the Classroom – South Korean schools have experimented with robot
teachers. This makes lessons more interesting and entertaining for kids and enables
teachers from anywhere in the world to be “present” in the classroom.
 Mobile Technology – Smartphones and other mobile devices are increasingly used in
education. Mobile apps let teachers conduct digital polls, enhance verbal and
presentation skills, and incorporate technological skills with core competency lessons.
 3D Learning – Kids enjoy 3D games and movies, so why not use this technology to help
them learn? GEMS Modern Academy in Dubai does just this, providing students with a
3D lab that offers interactive multimedia presentations.
 Assisting Special Needs Students – Assistive technology is especially useful for students
with learning disabilities. For example, phonetic spelling software helps dyslexic students
and others with reading problems to convert words tithe correct spelling.
Innovations in Teaching Methods
When we think of innovation nowadays, we usually think of technology. However, in
A field such as education, it’s just as important to focus on innovations in areas such
As child psychology, learning theories, and teaching methods. This is particularly true
At a time when many educators believe that the U.S. education system is failing.
There are quite a few areas where innovations in education will help improve the
System for everyone.

 Focus on STEM – It’s important for educators to prepare students for the future by
empowering them with the foundational skills they need to succeed later in life. This
includes focusing on STEM (science, technology, engineering, and math), where the
United States is currently ranked 31st in the world. Addressing the Needs of Individual
Students – Another longstanding problem in education is the one-size-fits-all approach.
It’s well known that everyone has different styles of learning. Some students are visual
learners, while others are verbal or auditory learners. Technology allows teachers to
individualize lesson plans to different students and their unique styles of learning.

 Practical Education and Soft Skills – One criticism of education is that it’s impractical
and doesn’t prepare students for living in the real world. When it comes to actually
teaching students how to become innovative thinkers, they need to learn leadership
skills, to be encouraged to think creatively, and to be taught independent thinking and
learning. Innovative classrooms are beginning to place more emphasis on the soft skills
needed to thrive in today’s world.

Analytics in Education
Big data and analytics now dominate the world of business, but analytics can also have a major
impact on education. Data can help educators better understand their students; needs and more
easily identify areas for improvement. Just as businesses use analytics to assess the results of
marketing campaigns or to obtain information about their audience, educators can use data to
determine the effectiveness of teaching methods and get a more granular view of who their
students are and what they need to be successful. Data helps to take the guesswork out of
educational innovation. Learning analytics can also help schools measure the effectiveness and
performance of teachers.

The Future of Education

Technology and other changes in society demand innovation in education. While many schools
face challenges such as underfunding, unengaged students, and outdated curriculums,
innovation offers a path forward. Innovation isn’t just important for businesses. In many ways,
education stands to benefit the most from both utilizing and teaching innovation in the
classroom. By exploring new and better ways to educate students and also teaching the skills
students need to become innovators themselves, today’s educators can have a tremendous
impact on the future of our world.

IDEAS FOR INNOVATION IN EDUCATION INDUSTRY

 Customised Modules of various specialization moving from General to Specific field.
(Student Centered)
Availability : Online Modules
Process: Enroll and choose your areas. (From General to Specific) Modules will open up
accordingly and you can clear them after clearing tests. If test fails then you get
suggestions on how to go about.
Add-Ons: Adding prerequisites and mandatory courses as you move for your
customised modules.
 Skype and Video Conferencing for lectures (Unbundle Learning)
Availability: Online Apps
Process: You can register with specific field of lectures and corporates as per availability
can fix a video call where they can brief you and take your douts.
Add-Ons: You can record and share those lectures.
 Real Time Student data tracking using IOT
REFERENCES
1. https://www.forbes.com/sites/shamahyder/2014/12/29/12-companies-transforming-
education-to-watch-next-year/#3af12d281596
2. https://www.ibef.org/industry/education-presentation
3. http://www.careratings.com/upload/NewsFiles/Studies/Overview%20of%20the%20Indian
%20Education%20Industry%20June%202018.pdf
4. https://philmckinney.com/innovation-classroom-education-needs-innovative/