Esperanza has been advocating the need to innovate how we teach and learn since its establishment in 2018. Recently it has been conducting a study to look into the education technology (EdTech) market developments and in what ways Hong Kong could develop itself as an education innovation and technology hub in the Greater Bay Area of China. Last November, we published an interim report on the global EdTech markets.
We have completed a draft report with a SWOT analysis of Hong Kong and recommendations on the way forward. You are invited to share your views on the recommendations at this online workshop on 29 March. We have also invited the Zurich based Jacobs Foundation to share how they work with VCs, universities and startups to unlock the social value of EdTech as a catalyst of learning innovation.
The event will be conducted in English and Cantonese (for breakout discussions).
Mar 29, 2022
4:00 PM - 6:15 PM (GMT+8)
EdTech refers to the applications of technology to make teaching and learning more effective and inclusive, from early childhood education to workforce development and lifelong learning. EdTech is an enabler of e-learning, online learning and technology education. Whilst the education system will take years to evolve, technology can be a catalyst of change. If implemented effectively, EdTech can induce fundamental changes to how teaching and learning are conducted. EdTech can also drive innovation in various industries in the digital economy, and hence is essential to ensuring the competitiveness and sustainable development of every society.
Covid-19 has accelerated the growth of EdTech in the last two years and created new market opportunities globally. The EdTech market was valued at US$ 254.80 billion in 2021 and is expected to reach US$ 605.40 billion by 2027, growing at a CAGR of 15.52%. EdTech Venture Capital reached 3 times the pre-pandemic investment levels in 2021, accelerating startups around the world with over US$20 billion of funding.
Learning is now extending well beyond schools and the first twenty odd years of a person's life. Technology has made learning possible, anytime, anywhere and with anyone. The African proverb "it takes a village to raise a child' has taken on a new meaning with the world becoming the classroom.
We should be thinking of "learning for life ecosystems" with different players in the public, quasi-public, academic and private sectors, locally and internationally. An effective, system-wide change strategy (UNESCO 2012) requires the following elements:
Having regard to the Theory of Change and the views collected in the study, Esperanza has come up with a set of recommendations grouped under 6 categories: goal setting, ecosystem development, capacity building, funding support, facilitating uptake of EdTech solutions and closer collaboration with GBA and other Mainland authorities. Workshop participants will receive an advance copy of the draft report.
The work of the Jacobs Foundation is a good example of how an ecosystem approach could create impactful and sustainable changes in teaching and learning. The Foundation has invested CHF 40 million to unlock the impact of EdTech globally through three major mutually reinforcing initiatives:
Learning EdTech Impact Funds (LEIF): A total of CHF 30 million is deployed through leading EdTech Venture Capital (VC) funds (e.g. Brighteye Ventures, Learn Capital, Rethink Education and Sparkmind.vc) to promote the use of evidence in EdTech among investors and portfolio companies.
Connecting the EdTech Research EcoSystem (CERES): Housed at University of California Irvine (UCI), CERES will spearhead pioneering, robust and open science structured around strategic learning and data sharing partnerships with EdTech companies and Education Foundations
Investing in Research and Systems Transformation (EdFIRST): The Foundation spearheads a fledgling alliance of leading foundations funding EdTech ventures and research to advance the industry's focus on evidence based impact.