CEO at NewCampus, a modern business school in Asia, shares insights on managing a diverse array of stakeholders in the edtech sector. Drawing parallels with successful Web3 projects like Decentraland and Doodles, edtech founders can gain valuable insights into managing multi-faceted stakeholder ecosystems effectively.
In the world of edtech, each stakeholder group has its own set of expectations and needs. Investors seek returns and growth; buyers seek efficacy and alignment with educational goals; corporate partners demand value and integration capabilities; students and learners desire engaging, accessible learning experiences; and parents want assurance of safe, reliable tools. Balancing these diverse needs requires transparency, communication, and stakeholder engagement.
Decentraland and Doodles stand out in the Web3 space for their community-driven approaches to stakeholder management. Decentraland, a virtual reality platform, distributes land ownership among users through blockchain, empowering them in the platform’s development and governance. Doodles, a colorful NFT project, allows token holders to have a say in the project’s direction, fostering ownership and engagement among stakeholders.
Managing a diverse array of stakeholders in edtech comes with challenges and risks, such as conflicting interests and differing priorities among groups. Trying to please all parties can dilute efforts and resources, potentially slowing down decision-making. A nuanced approach, involving compromise and prioritization, becomes essential for edtech founders to balance diverse and sometimes conflicting demands.
Edtech founders can learn from Web3 projects by investing in decentralized governance, community engagement, transparency, trust, incentivization mechanisms, and flexibility. By involving key stakeholders in governance processes, fostering vibrant communities, embracing transparency, and rewarding participation, founders can enhance stakeholder management strategies for more robust, community-driven educational platforms.
By recognizing the value of each stakeholder group, actively engaging them in platform evolution, and fostering a sense of shared ownership and purpose, edtech founders can build a more inclusive, responsive, and innovative education ecosystem. Integrating principles from the Web3 sector can lead to more effective stakeholder management strategies, ultimately resulting in a more successful and impactful edtech platform.
