Nischal Narayan, Founder and Mentor, Nischal’s Smart Learning Solutions, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
Mixed Reality and AI Integration: The introduction of Mixed Reality (MR) lens marked a significant leap in immersive learning experiences. Paired with the widespread adoption of artificial intelligence (AI), these technologies have become integral tools for educators.
AI, in particular, has evolved into a co-pilot for teachers, aiding in lesson planning, personalizing learning experiences, and resolving student queries. It has transformed into a personalized mentor for students, providing answers to questions and enhancing the overall quality of teaching and learning.
Adoption of e-learning content powered by emerging technologies such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR), this shift enhances the interactive and engaging nature of educational materials, providing students with immersive and practical learning experiences.
Evolution of Government Policies – National Education Policy (NEP): A crucial positive trend is the evolution of government policies, notably the National Education Policy (NEP). The NEP emphasizes holistic child development, challenging conventional teaching pedagogy. It promotes interactive, child-centric methods and integrates 21st-century skills into the curriculum. Mandatory inclusion of coding, robotics, and financial literacy highlights a forward-looking approach to education, aligning it with the demands of the modern world.
My year-end analysis of 2023: Social and Mental Health Issues Among Students: Despite the technological advancements, concerns persist regarding the social and mental well-being of students. The aftermath of lockdowns has resulted in social problems among children, with many experiencing challenges in readjusting to the school environment. Increased social awkwardness and mental health issues pose serious challenges, requiring attention and support systems to ensure the holistic development of students.
Shortened Attention Spans and Nanolearning: A noteworthy concern is the observable decline in the attention spans of students. The rise of nanolearning, where content is delivered in bite-sized formats, reflects an attempt to address this issue. However, it presents a challenge for educators to create engaging and compelling lessons within shorter timeframes. Teachers must adapt to this shift by employing innovative teaching methods, dividing sessions into smaller, interactive segments, and ensuring that each minute contributes meaningfully to the learning experience.
Success stories from 2023: In the transformative year of 2023, our company achieved remarkable milestones, surpassing expectations both in terms of performance metrics and broader impact. The standout achievements can be categorized into key areas:
Financial Performance: Our company experienced an extraordinary 4x growth in the fiscal year 2023-24, marking a phenomenal 300% increase compared to the previous fiscal year. This substantial growth is not merely a numerical feat but a testament to our team’s dedication, strategic initiatives, and the market’s embrace of our offerings.
Strategic Collaborations and Nationwide Presence: A pivotal aspect of our success lies in forging collaborations with state governments, allowing us to extend our reach across the country. Our partnerships with government schools and private institutions have been instrumental in bringing quality education to diverse regions. This expansion has not only contributed to our financial success but has also played a significant role in fulfilling our commitment to making education accessible to a wider audience.
Innovative Product Development: Our commitment to innovation was exemplified through the launch of a groundbreaking AI-enabled AR app – Nischal’s Lens. This technology integrates computer vision, enabling users to scan objects and receive contextual information. The app, boasting a vast library of VR content and 3D e-books developed in collaboration with renowned animation studios worldwide, immerses learners in a virtual world for subjects like math, science, and social sciences. This innovation reflects our dedication to providing cutting-edge and immersive learning experiences.
Establishment of Academies and Schools: Venturing beyond traditional educational models, we introduced after-school learning centers – Nischals Academies in Hyderabad and Dubai. These academies offer specialized courses in math and science, creating a niche ecosystem for students seeking additional enrichment. Furthermore, our long-cherished dream of establishing our own schools became a reality. We established our schools under the brand names – Nischals International School in Bangalore and laid the foundation for a world-class institution in Hyderabad slated for launch in 2024 and Nischals Public School in Kurnool which is the best-in-segment for tier-2 and tier-3 cities. Our schools embody futuristic curriculum, highly trained educators and holistic child development with a variety of extra-curricular activities and programs.
International Expansion: To amplify our impact globally, we successfully launched our first center in Dubai, marking the initiation of our international expansion plans. With eyes set on the Middle East and Europe, we aim to bring our innovative educational approaches to a broader audience, contributing to the global advancement of education.
In essence, 2023 has been a year of exceptional growth, strategic partnerships, groundbreaking innovations, and the realization of long-standing aspirations. Beyond the figures, these achievements underscore our commitment to revolutionizing education and making a lasting impact on the learning journey of students worldwide.
Learnings and realizations from 2023: As a student, my personal experiences became the catalyst for the inception of my company. These experiences prompted extensive research and the development of pioneering products aimed at revolutionizing the education system and making a meaningful impact.
At the age of 15, I noticed my friends struggling to understand math concepts & facing a phobia due to the chalk-and-talk, theoretical teaching approach. Recognizing the need for hands-on learning, I designed India’s first math lab, laying the foundation for child-centric solutions. Reflecting on my own student experiences, I recognized the obstacles faced and, to this day, prioritize innovation by considering the child’s perspective – their expectations, challenges, and requirements.
After years of research I established my company – Nischal’s Smart Learning Solutions. This commitment to keeping the child as the central stakeholder in the education ecosystem has been a guiding principle in our ongoing endeavors. Partnering with government schools has been a strategic choice for our organization, driven by the stark reality that over 98% of these institutions face significant challenges in establishing labs.
The constraints, ranging from spatial limitations to financial and operational hurdles, have resulted in a widespread absence of essential laboratories in government schools. Recognizing the critical need for hands-on learning experiences, we have chosen to collaborate with these schools to bridge the gap and bring innovative educational solutions to students who may otherwise lack access to essential resources.
One pivotal insight that significantly shifted my perspective was the realization that teachers, whom I initially perceived as resistant to change, are remarkably adaptive. Witnessing how a particular innovation simplifies their job and enhances the quality of education, I’ve come to understand that teachers are not only accepting of change but are also 100% flexible once they see the positive impact.
This shift in perspective has influenced our approach to introducing new ideas and innovations, emphasizing their practical benefits to educators and the overall learning environment.
Some advice: In reflecting on the edtech landscape and my experiences within the industry, I would offer some advice to entrepreneurs and peers considering entry. Edtech has witnessed a surge in attention in recent years, yet it stands out as an industry with unique challenges. Unlike sectors such as fintech, medtech, agritech, or martech, the number of edtech unicorns globally is notably lower, and profitability is a rarity. Education is inherently complex, requiring a nuanced approach.
My foremost suggestion is that entering this space should be driven by a genuine passion for education and a commitment to making a positive impact. Unlike businesses primarily motivated by profits or numbers, success in edtech is deeply intertwined with social impact and purpose. Edtech ventures must be purpose-driven, addressing specific problems within the education ecosystem.
Scaling up can be challenging due to the industry’s fragmentation; although it boasts a substantial overall size, individual market shares are often small, with numerous local players. It’s a highly personalized and region-centric domain, making it difficult for outsiders to gain traction. Over 20,000 registered companies operate in this space, illustrating the complexity and competitiveness.
Success in edtech is not achieved through a one-size-fits-all strategy. Copy-pasting solutions doesn’t work; instead, a nuanced, relationship-driven approach is crucial. Schools and educational institutions often prefer local vendors due to the personalized and regional nature of education.
Edtech is more than just a business; it’s a social endeavor. Those entering the industry must approach it with a clear understanding of the specific problem they aim to solve, coupled with a genuine passion for education. The road may be challenging, but the potential for positive impact is immense for those who are committed to the cause.
My Mantra for 2024: Maintain steadfast determination, persistence, and focus as we strive to create a lasting impact and make a difference.
My personal favorites from 2023
Campaign I liked in 2023: The Cadbury Bournvita “FaithNotForce” campaign – The ad effectively conveys the message that parents should not force their children into predefined roles and careers but rather allow them the freedom to choose and pursue what they are genuinely passionate about. It resonates with the universal experience of societal pressure in decision-making and encourages a shift towards decision-making based on individual interests and passions.
A book I liked in 2023: In the early stages of my entrepreneurial journey within the education industry, ‘Education in Emerging India’ by Ravi S. Samuel proved to be a transformative read. The book delves into the historical roots of the Indian education system, highlighting the impact of Sir Thomas Babington Macaulay’s policies. The book critically examines how colonial influences, particularly decisions made during Macaulay’s tenure, have shaped the current education landscape, providing essential insights for understanding the challenges and opportunities in the sector. Additionally, ‘Zero to One’ by Peter Thiel, from a more general entrepreneurial perspective gave innovative insights on creating unique value, fostering innovation, and challenging conventional thinking inspired me to approach my entrepreneurial endeavors with a fresh perspective. Both books, in their distinct ways, have been instrumental in shaping my understanding of the education industry and entrepreneurial landscape, making them essential reads for anyone seeking profound insights and strategic wisdom in these domains.
A show/movie that I liked in 2023: As a devoted fan of racing, “Gran Turismo” stood out in 2023 with its depiction of the racing world, combining my love for the sport with an inspiring narrative. The show’s celebration of speed, skill, and the indomitable spirit of competition made it a truly exhilarating experience for any racing enthusiast.
My 2023 hobby-career connection: My passion for chess and go-karting has significantly influenced my career. Engaging in chess has fortified my willpower, enhanced my focus, and sharpened my cognitive abilities. These benefits were instrumental during my Chartered Accountancy (CA) preparation, where strategic thinking and mental acuity are paramount.
Similarly, go-karting has played a crucial role by demanding intense focus and mental agility. The fast-paced nature of go-kart racing has honed my reflexes and decision-making skills, contributing to an overall improvement in my professional life. Both hobbies have proven to be more than leisure activities, serving as valuable tools for personal and career development.