Money can't buy happiness. But it can buy a learning experience
Ok so, we know that 90% of startups fail, and 10% of startups fail within the first year, right? Even after receiving a huge amount of funding, there are still no guarantees.
That’s what happened to Edukoya. After snagging $3.5 million in seed funding back in 2021 (yeah, that's really massive for a seed round) – the 'edtech startup for kids' has called it quits.
But why? Well, it's a whole bunch of things. First off, Nigeria's economy is tough. You know, inflation's hitting everyone hard. Even the telcos and satellite TV operators are jacking up their prices. So, for Edukoya, which was already struggling to get people interested, that meant parents were even less likely to pay for their platform.
And that leads to the other big problem: people just weren't adopting it. The online learning platform couldn't get people to switch to online learning. It makes you wonder, doesn't it?
Let me know your thoughts...
– Louis
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