Summer Is the Time for Ed-Tech Startup Strategizing
My schedule this year has often felt like this: Eat, work on startup, work at other job, stress about startup, REPEAT. Mix in some train and air travel, and it's complete.
The 2014-2015 school year is coming to an end. Students are preparing to take final exams and parents are worrying about what kids will do with their free time. Meanwhile, teachers are receiving a much needed respite, after completing an exhausting sprint of exam prep, grading, and testing.
At my startup, we're also embracing a summer break. We are closing the loop with the last few teachers we worked with this spring, our invoices are mailed, and our accountant is reconciling the budget numbers. This is the time that some real strategic planning can be accomplished.
Myself, my advisors, and our new managing partner are taking a moment to sit back and analyze how far EdConnective has come and how the venture can make it to the next milestones. Over the last year, I shared countless conversations with educators and potential stakeholders across the nation, at conferences, on plane flights, in elevators, and on Skype calls. I've promoted the mission of EdConnective across the county, likely thousands of times. Now is the time to see if it was enough. How many deals must be closed and moved through our sales' pipeline, from lead to sale? Are the best growth strategies being utilized? Is a pivot in the business model in our best interest? Should we change our pricing model? Now is our time to figure this out before the new school year hits.
Whether it be categorized as spring cleaning or summer strategizing, the whiteboards, sticky notes, and frequent coffee runs are in full effect for EdConnective. Decisions made now can make or break the company. Five years from now we might think back to this moment and say, "We made it through the storm! Drinks all around!" Or, we might look at our startup autopsy report and say, "This is where we went wrong." This strategic planning time is crucial and we must decide what to shed, what to keep, and what to enhance. There are a hundred directions we could pursue, but only a handful of those will lead to success.
Which direction will we take over the summer? What will our cash reserves and runway allow? We shall see over the next few weeks.
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For more information visit @edconnective on Twitter.