Summary
Highlights
The Superleap podcast, focusing on sales and marketing, introduces its 5th episode about foreign education. The guests are Mr. M. Kumar from Upgrad, Mr. Sumit Jain from Yocket, and Mr. Saurabh Gohil from Amber, all prominent figures in the education and study abroad industry.
Mr. M. Kumar, co-founder and MD of Upgrad, shares his lifelong career in education. He explains Upgrad's focus on online higher education and lifelong learning, emphasizing the need for constant skill upgrading. Upgrad aims to build something meaningful to help people in their career journeys.
Mr. Sumit Jain, co-founder of Yocket, details his entrepreneurial journey starting with a college review website called 'Stupid Sh*t'. This evolved into Yocket, which helps students with the complex application process for MS programs abroad, providing tools and community support.
Mr. Saurabh Gohil, co-founder and CEO of Amber, recounts his path from working at housing.com to starting Amber. Initially a side hustle helping friends find accommodation abroad, Amber grew into a long-term accommodation booking platform for students, simplifying the process.
Mayank Kumar clarifies that Upgrad considers itself a higher education company, not 'EdTech' or a 'startup.' He emphasizes that outcomes, not technology, are paramount and that a company is only a startup while discovering its business model and product-market fit.
The panelists discuss the drivers of foreign education: increasing income levels and aspirations in India, a shortage of high-quality education seats domestically, declining college enrollment in Western countries, and reduced government funding for education abroad. Sumit Jain adds that the primary motivations for students are better career opportunities, ROI, quality of life, and migration, supported by easier access to funding and information.
The cost of foreign education can range from 10-15 lakhs to over 1 crore per year, depending on the course and location. Education fees account for 50-60% of the total cost, with other expenses covering living, travel, and food. Loans are widely available and crucial for Indian students, as many aim to settle abroad after their studies.
A significant concern is the presence of unreliable agents who send students to unsuitable institutions, leading to dangerous outcomes. There's a call for legitimate and outcome-focused players in the ecosystem to maintain quality. The conversation also touches on how changes in post-study work visas and geopolitical factors can influence student decisions, though the overall demand remains high.
Amber leverages the strong network effects within the student community, utilizing social media groups and word-of-mouth for growth. Yocket emphasizes a consultative sales approach, focusing on explaining the complex application process and profile building to students. Upgrad scales its sales and marketing with physical counseling centers and channel partners, recognizing the long-term, high-stakes nature of the decision and the need to engage multiple stakeholders.
Geopolitical events, such as government changes, racial violence, and wars, can influence student decisions to study abroad. However, the panelists note that students often demonstrate resilience, holding onto offers even during crises like the pandemic. Economic factors like inflation and cost of living are also significant concerns for budget-conscious students.
The panelists predict continued growth in the foreign education sector, driven by India's rising GDP and disposable income. There will be increased quality consciousness among parents, and a broadening of study abroad options beyond traditional degrees to include vocational training. They also foresee a trend of more students returning to India for work due to growing opportunities, transforming the 'brain drain' into a 'talent capital' for the world.