Local edtech leaders discuss industry, give advice at EntreFEST

Founders of three edtech companies spoke to an audience of entrepreneurs during EntreFEST 2023 June 9, with participants hoping to glean wisdom that could be applied to their own companies. On the panel was William Staib, co-founder and CEO of College Raptor in Iowa City; Riley Eynon-Lynch, a co-founder of Pear Deck in Iowa City; […]

Founders of three edtech companies spoke to an audience of entrepreneurs during EntreFEST 2023 June 9, with participants hoping to glean wisdom that could be applied to their own companies. On the panel was William Staib, co-founder and CEO of College Raptor in Iowa City; Riley Eynon-Lynch, a co-founder of Pear Deck in Iowa City; Andrea Stewart, founder and CEO of Learning Couture in Bettendorf; and Curt Nelson, president and CEO of the Entrepreneurial Development Center (EDC), president of the Iowa Venture Capital Association and manager of the Iowa Seed Fund II. Here were their lightly edited remarks:

Q: What are some observations you have of startups in the edtech space?

Mr: Nelson: You can hopefully get the capital to execute. But getting the capital to execute is a really hard thing. It is harder right now than it’s been in Iowa in the 20 years I've been doing this. I think over the last few years, because of all the funds that got out there, all kinds of products got sold. They came to market, and I think that probably will not last.

Mr. Staib: We have a conflict between making money and doing what’s good. Here I’m struggling with wanting the product to be free. I looked at the world through my foster daughter’s eyes. I wanted this to be something where you really can do good for everybody. But at the same time, we have investors, we’re a for-profit company needing to make money.

Q: How much do relationships matter in this space?

Mr. Eynon-Lynch: Technology platforms like Google and Microsoft have this sort of philanthropic vibe where they care about education and they give all the stuff out for free, but really, it's an advertising company harvesting all our attention. I think it’s important if you want to succeed to jump on one of those particular boats for your own gain, since teachers are struggling to afford basic materials. We spent a lot of time making friends inside Google and inside Microsoft on a personal level. It was very cynical and very effective. You can choose to play the game, and it was helpful.

Q: What resources have you found to be most helpful for you to expand your business?

Ms. Stewart: I'm still in the startup phase. I think the last two years I've read about 30 books a year on entrepreneurialism and edtech. That has been huge. Getting connected with the EDC has been priceless. Just having a company that's experienced, that's able to provide mentorship and direction has been a game changer. I've only been with them for about a year, and I struggled before that because it was just something where I felt like I had to know all the things all the time.  My developers are all contracted. I don't have anybody working full time. I work full time, but not officially on the books. I still have a day job. So I'm working a day job and I'm putting in another 40 plus hours into this business every week, so I don't have enough time. If you could give me time as a resource, that would be fantastic.   Read more from Entrefest: 7 key takeaways with Debi Durham https://corridorbusiness.com/7-key-takeaways-with-debi-durham-at-entrefest/