Prittle Prattle in conversation with Mr Anand Bhushan, CEO Educrack
We started working on EduCrack in 2020 with a belief that anyone who is willing to gain knowledge should never be left behind irrespective of their geographical and socio-economic condition. After developing the courses and content and building robust and cutting-edge systems over the last 18 month , EduCrack is now ready to serve the student by dissemination of knowledge , as in an actual classroom setting using Ai and ML and cutting edge technology backed by dedicated Educators and quality content.
Why did Educrack decline INR 20 Crore funding? EduCrack believes in the power as well as quality of education. We believe that no amount of money will ever be able to give EduCrack the culture and operational strength what our current value system, inherited from our legacy of Lexicon Group of Educational institutes is able to provide. Also, there would be an element of aligning to an external agency involved which would inflate the costs and eat up valuable time both of which can be used to create something new for the student. . Accepting an investor may also result in a dilution of the original focus because the investor comes with their own expectations.
Why do you term it a valuation game? In today’s start-ups, the valuation model of business, is fairly set in. It means that profits will happen at some point of time in the future. Valuation is based on present value of future cash flows, not on the ability of the organisation to generate sustainable profits . To remain and prosper in valuation game, most of the time, sustainability becomes the sacrificial lamb. Cost of acquisition skyrockets-as this is mainly what, that will bring in the valuation. Alas without sustainability and optimum profits it is like a building of cards. This is one of the reasons, why EduCrack has decided not to go in for the valuation game .
Could you explain more about delivering quality education? Delivering quality education in our kind of business has two crucial aspects. One, the focus has to be on what the student needs to crack the exams, not what would keep him engaged. The second is how to provide this content so that the student remains engaged in grasping knowledge. Therefore, the Knowledge Content, Knowledge Delivery-Educator, Knowledge Medium-Technology all become very important. EduCrack is making efforts to excel in all three quality parameters.
What, according to you, seems like the biggest scam or mishap in the education business? Keeping the student happy now seems to be more important than testing him in a tough manner. For competitive exams, the job of a teacher is to prepare the student for the worst case scenario. Failure to understand this leads to inadequate preparation on the part of the student. The freebies being offered as a bait for the student to join in is another mishap, as what is actually required by the students is buried by the number of freebies on offer, which takes centre stage.
What, according to you, should the industry practice to maintain ethics in business. It is imperative that a teacher prepares honestly for the subject , delivers flawlessly, technology is optimised, the Organisation should have transparent terms and should be able to make optimum profits so as , not to fall in the trap of entertaining students instead of entertraining them.