EdTech has a dirty little secret, namely, the biggest names don’t actually care if you learn anything. So says Gagan Biyani, CEO and Co-founder at Maven.

In a LinkedIn post, he said: “As co-founder of Udemy, it is something I reckon with every day…Duolingo - EdTech’s only decacorn, worth $14 billion. Brilliant app, addictive product, and great for motivation. But let’s be honest: most users can’t hold a basic conversation in their chosen language. It’s a game, not an education.”

He added: “Masterclass - it’s called “edutainment” for a reason. Great brand and team. But not useful for serious learning. Udemy/Coursera opened access to millions, but video courses have a fatal flaw: they only work for the most motivated. 4-10% completion rates! I still get DMs about their positive impact, but still average person doesn’t view them as mainstream solutions to education.”

“Kajabi/Teachable nailed creator monetization. But many (not all) creators don’t prioritize outcomes - just sales. Too many $5,000 “get rich quick” courses with spammy marketing. There are gems, of course, but still not enough quality for mainstream acceptance. Then there’s University of Phoenix, the worst offender. It proved you could tap federal student loans, deliver poor outcomes, and keep billions in revenue.”

Ironically, Biyani argues, the best education models - coding bootcamps like App Academy, BloomTech, General Assembly, Galvanize - succeeded in driving real outcomes. But, alas, they didn’t quite reach scale. In large part due to unfair (and immoral, he believes) practices by the “higher education cartel”.

He continued: “Here’s the thing: everyone in this space starts with good intentions. I know the teams at Duolingo, Udemy, and others. They care. But the incentives of EdTech 1.0 pushed everyone toward engagement and monetization instead of real learning. Public investors eventually caught on. Consumer growth stalled, B2B slowed, and valuations dropped. Coursera/Udemy are each ~$700 million (!!) in annual revenue, but trade at 1.5-2.5x multiples (!!). It is a hard time in EdTech.”

Biyani believes that it’s time for EdTech 2.0. and the next generation needs to deliver real learning outcomes and high engagement.

“There’s a slew of companies trying - of course I believe Maven is one of them,” he commented. “To build multiple $10 billion+ companies in education, we need to care deeply about whether people actually learn. American competitiveness is literally reliant on rebuilding our education system. AI is about to trigger the largest upskilling need in modern history.”

“The opportunity is massive - and this time, we can get it right. It may not seem like it, but I’m optimistic. Out from the ashes of EdTech 1.0 will rise EdTech 2.0. The new generation is going to deliver value, and make people believe again.”

RTIH AI in Retail Awards

Our sister title, Retail Technology Innovation Hub, is proud to announce the launch of the first edition of the RTIH AI in Retail Awards.

This is now open for entries. Deadline for submissions is Friday, 5th December. It’s free to enter and you can do so across multiple categories.

Check out categories and entry forms here.

As we witness a digital transformation revolution across all channels, AI tools are reshaping the omnichannel game, from personalising customer experiences to optimising inventory, uncovering insights into consumer behaviour, and enhancing the human element of retailers' businesses.

With 2025 set to be the year when AI and especially gen AI shake off the ‘heavily hyped’ tag and become embedded in retail business processes, our newly launched awards celebrate global technology innovation in a fast moving omnichannel world and the resulting benefits for retailers, shoppers and employees.

Our 2025 winners will be those companies who not only recognise the potential of AI, but also make it usable in everyday work - resulting in more efficiency and innovation in all areas.

Winners will be announced at an evening event at The Barbican in Central London on Thursday, 29th January. This will kick off with a drinks reception in the stunning Conservatory, followed by a three course meal, and awards ceremony in the Garden Room.

Featured