It's clear that UK industry is in a period of adjustment post-Brexit. Despite the drop in FDI and disruptions like the global pandemic, there are nonetheless emerging industries where the UK has the potential for global leadership. The education technology (edtech) industry is undoubtedly one of them.
1. UK education pre-Brexit
Prior to the Brexit referendum, the cost of university tuition for students from other member countries was only approximately £9,250 per year. As of August 2021, tuition fees have dramatically increased with some universities charging up to £40,000 a year. The result is a 332% rise as compared to the costs before Brexit, with the tuition fees a welcome boost to the UK economy.
However, the UK education system still needs to adapt to the brand new world of post-Brexit. In our previous article, Robert Oulds suggests a three-pronged approach to transform the UK into an academic powerhouse. Nevertheless, the government must investigate new programmes or consider new ways to reorganise educational spending.
2. Edtech's global impact
The UK now has the chance to leverage Brexit and capitalise on the opportunities present in the edtech industry. According to Science Minister Chris Skidmore, "Brexit will present an opportunity for the UK to develop "global collaboration" around areas such as education technology."
The UK has entered a new era of global collaboration, and to ensure the country takes the lead in education technology, Government must focus on two core areas:
1.Developing the next generation of digital innovators
2.Supporting existing technology businesses and start-up companies
3. Rising through EdTech
The UK government has launched numerous programs for the purpose of expanding edtech in the country, including the National Centre for Computing Education with a £80m investment. This program aims to improve the standard of teaching in the UK by training teachers in computers and technology related courses.
Another powerful education technology program is Educate from University College London. This program supports nearly 300 edtech companies across the country, and focuses on mentoring and consultancy programmes to international universities. By collaborating with universities across the globe, edtech companies in the UK are set to help the country become a leader in global education.
To help existing technology businesses and new digital start-ups, the government offers loans and grants through Innovate UK, in strategic partnership with the British Business Bank. These government programs are aimed at providing full support and encouragement to new digital innovators and entrepreneurs to achieve the goal of becoming the global leader in edtech.
3. Edtech post-Brexit
As of 2021, education technology is one of the fastest growing industries in the world. According to data from Grand View Research, the industry was worth US$89.49 billion in 2020 and is anticipated to expand by 19.9% from 2021 to 2028.
Companies such as New Globe are disrupting and leading the way in developing digital education solutions that herald a new era in education technology. By harnessing the power of modern technology and integrating it into the educational system, tech companies and educational institutions can reach new levels of development and see even better academic outcomes in students.
While the health of many sectors may seem shaky after the pandemic, edtech is one industry where the UK is stepping up and taking the lead. If we want to establish ourselves as a global leader in education technology, we should see more investment on the part of Government and private sector to push the UK to the forefront of the industry.