Jennifer Carolan (Reach Capital) - Seeking the Full Potential of Education [ETL Looks Back]
Oct 16, 2024
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Jennifer Carolan, Co-Founder of Reach Capital and former science teacher, shares her journey from education to venture philanthropy. She emphasizes the importance of teacher involvement in EdTech innovation and discusses effective investment strategies. Steve Blank, a serial entrepreneur, adds insights on entrepreneurship's role in reshaping education. Together, they explore technology's impact on personalized learning, addressing equity challenges for low-income students, and the need for a shift from traditional learning models to mastery-based approaches.
Jennifer Carolan emphasizes the necessity of incorporating teachers' insights and experiences into the development of educational technologies to address real classroom needs.
The New School Seed Fund champions a holistic approach to educational innovation, seeking impactful solutions that prioritize critical educational needs over traditional profitability.
Carolan warns of common pitfalls in ed-tech entrepreneurship, stressing the importance of combining educational expertise with technical knowledge within leadership teams for genuine alignment with educational missions.
Deep dives
Journey from Education to Venture Philanthropy
Jennifer Carolyn shares her unique transition from a teacher to managing director of the New School Seed Fund. After teaching U.S. history and differentiating instruction for several years, she felt she had plateaued in her career. Pursuing an MA at Stanford, she became involved in a venture philanthropy fund that combines education expertise with entrepreneurial insight. This experience highlighted her belief in the potential for impactful innovation within the education system, ultimately leading her to co-found the seed fund focused on ed-tech investments.
The Focus on Impact in Education Investments
The New School Seed Fund differentiates itself by prioritizing impact over pure profitability. Rather than adhering strictly to traditional venture capital models, the fund looks to support organizations that fulfill critical educational needs across various sectors, including charter schools, teacher training, and educational technology. They believe that no single solution exists for the complex challenges within the education system. This holistic approach allows them to investigate multiple avenues for improving education, including both non-profit and for-profit organizations.
Technology Adoption Driven by Teachers
Recent years have seen a substantial acceleration in the adoption of new educational technologies within classrooms, largely driven by younger teachers. With a significant portion of teachers under 30 years old, many bring with them a comfort and familiarity with modern technology. This shift has resulted in teachers actively seeking out tech tools that meet their classroom needs, contrasting with previous top-down approaches to technology integration where decisions were often made without input from classroom educators. Additionally, external factors like budget cuts forced schools to pivot to more technology-assisted models, enabling them to meet educational requirements more effectively.
Identifying Key Themes for Ed-Tech Investments
The New School Seed Fund is guided by a set of themes to address significant gaps in K-12 education. One particular focus is on innovations that support underserved populations, such as special education and English language learners. Another emphasis is placed on STEM education tools that enhance teaching effectiveness and student engagement. By proactively seeking out technology solutions that meet the specific challenges voiced by educators, the fund can tailor its investments to have the maximum possible impact on student achievement.
Lessons Learned in Ed-Tech Investing
Jennifer Carolyn reflects on common mistakes made by entrepreneurs in the ed-tech space, emphasizing the importance of having both educational and technical expertise on leadership teams. Many companies overlook the need to create technology that meets both teachers' needs and the administrative oversight expected by school leaders. Additionally, she highlights the value of authentic motivations in founders, which ensures alignment with the mission of improving education. These insights point to a more nuanced understanding of the complex education market, as well as the importance of strong partnerships between educators and tech innovators.
Jennifer Carolan is Co-Founder and Partner at Reach Capital. In 2014, while with the NewSchools Venture Fund, Carolan spoke with Steve Blank about the emergence of EdTech products – before technology was widely used in classrooms and many students had access to their own devices. Pulling from her experience as a science teacher, Carolan shared insights on how we can incorporate the venture model and mindset into education. Her future forward thinking emphasized the importance of involving the teachers who are leading the EdTech revolution.
This episode was originally published on November 5, 2014.
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Stanford eCorner content is produced by the Stanford Technology Ventures Program (STVP), the entrepreneurship center at the Stanford School of Engineering. STVP empowers aspiring entrepreneurs to become global citizens who create and scale responsible innovations.
Support our mission of providing students and educators around the world with free access to Stanford University’s network of entrepreneurial thought leaders: https://stvp.stanford.edu/giving-to-stvp/.
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