Imagine K12 hosted their Demo Day for batch #2 today and I was impressed not only with the progress of the teams but with the IK12 program itself. In true lean startup form, ImagineK12 has rapidly incorporated feedback from their first cohort, iterated on their processes and prepared 9 startups to contribute to the edtech movement.
Alan Louie kicked off the event with some statistics about the edu startup space that appropriately engaged this audience, made up largely of edtech investors. Most compelling for me is the reality that the US represents only 3% of the global edu market, which means the real opportunity is in designing and distributing tools to learners on a global scale. As the movement continues to build momentum, it is projected that US spending on education will grow to $789Billion by 2015 (just 3 short years from now.)
Compared to other Demo Days that attract an audience of hundreds of people generally interested in getting in on the startup action, Imagine K12 clearly focused on the quality and caliber of the attendees. This not only creates a more targeted pitching experience for the startups but also deepens ties in broader edtech community. I wanted to stop and meet (or re-connect) with almost every person in the room, as I know they are sincerely committed to funding entrepreneurs striving to solve real problems in the K12 space.
The leap from cohort 1 to cohort 2 was tremendous and seems like it just keeps getting better. The next batch embarks on their journey in July and IK12 is still accepting applications through through this Sunday, May 6th.