Can a focused approach to EdTech unlock its global potential? Amit Patel, Managing Director of Owl Ventures, believes it can and has made it the cornerstone of his firm’s strategy as the world’s largest EdTech-focused venture fund.
In this episode, Amit discusses how Owl Ventures capitalized on key shifts like broadband access and affordable devices to fuel EdTech growth and transform the industry. With a presence spanning from Silicon Valley to Europe, Owl supports companies that create lasting educational impact worldwide. Amit shares how Owl’s commitment to measurable outcomes sets their investments apart, emphasizing the importance of tracking educational efficacy from day one.
Amit also explores the game-changing role of AI in personalized learning, sharing how companies like Amira Learning are using tech to advance literacy and adapt to diverse student needs. From partnering with international leaders to fostering AI-driven solutions, Amit’s insights reveal how a purpose-built, outcome-driven approach is not only scaling EdTech, but also reshaping the future of learning across the globe.
Transcript
Brian Smiga: Hi, this is Brian Smiga from Driving Alpha. Today, I’m here with Amit Patel, the Managing Director at Owl Ventures, the largest education technology venture capital fund in the world. Welcome, Amit.
Amit Patel: Thank you, Brian. I really appreciate you having me today.
Brian Smiga: Since we’re a New York firm, I know you have a New York connection. Let’s start with your time here before we dive into the history and origin story of Owl Ventures.
Amit Patel: Sure, I took a bit of a circuitous path through college. I started at Rice University but took some time off to study film in New York City for about three and a half years. I attended the New York Conservatory for Dramatic Arts and NYU. The best part was meeting my wife, who I’ve now been married to for 14 years.
Brian Smiga: Fun fact—I haven’t mentioned this on LinkedIn, but I was a SAG and Actors’ Equity member in New York right after school. So, you and I are among the few in venture capital with an acting background!
Amit Patel: That’s great to hear! I’m still a proud SAG member myself.
Brian Smiga: Let’s move on to Owl Ventures. You started Owl in 2014, after building a couple of companies and working in education. It’s been a great decade. Can you share a bit of the origin story?
Amit Patel: It’s hard to believe it’s been 10 years; it’s flown by. We recently celebrated our 10-year milestone by opening our London office and hosting an event for our European CEOs and LPs. Reflecting on our journey, a few key trends in the last decade paved the way for Owl’s founding. One major shift was the infrastructure needed to scale edtech companies. In 2010, less than 10% of U.S. K-12 schools had high-speed broadband, but today nearly 100% do. The rise of affordable devices like Chromebooks also made it feasible for schools to implement one-to-one student-device ratios.
Brian Smiga: You must have been excited about those changes. How did you and the founding team align on these growth pillars?
Amit Patel: We were fortunate to have a diverse team with various perspectives. One partner had deep experience in edtech investing, another came from the LP side with insights into firm-building, and I brought an operating background, including time at Success Academy charter schools in New York. We all recognized the convergence of infrastructure, devices, policy shifts, and increasing consumer comfort with technology, which made scaling edtech companies feasible.
Brian Smiga: Your portfolio stands out for its global footprint. How did you build such an international presence early on?
Amit Patel: The need for high-quality education is universal. We realized that local entrepreneurs were best positioned to innovate in their respective markets. Over time, we began seeing promising opportunities not just in the U.S., but also in Asia and Europe. We recently opened an office in London to support our investments there. The talent and leadership entering the edtech space have continued to improve, leading to strong teams building impactful products worldwide.
Brian Smiga: Your approach seems to emphasize outcomes and efficacy. How early do you start thinking about these aspects?
Amit Patel: From day one. It’s crucial to build a focus on outcomes into the culture of a company from the beginning. We brought on Malvika, one of our partners, specifically to help our companies measure and track efficacy. Early-stage companies might start with qualitative feedback, but as they grow, they can conduct more quantitative studies like randomized control trials. Each year, we publish an Education Outcomes Report that highlights how our portfolio companies are performing in this area.
Brian Smiga: Is that report available to the public?
Amit Patel: Yes, it’s on our website. We encourage everyone to check it out to see the impact our companies are making.
Brian Smiga: For edtech entrepreneurs, what do you look for in a startup? How early do you invest, and what key qualities do you evaluate?
Amit Patel: We’re stage-agnostic, so we invest across all stages. We evaluate three main areas: the fundamentals of the business, the people, and the potential for positive outcomes. We look at growth metrics, long-term competitive advantages, and the strength of the team. Finally, we assess the company’s focus on delivering measurable learning outcomes, which is key to their long-term success.
Brian Smiga: Can you give an example of a company that embodies these qualities?
Amit Patel: Sure. Amira Learning is a great example. They focus on improving oral reading fluency in young students, a critical skill for academic success. The team, led by Mark Angel, brought deep experience from Renaissance Learning, and their technology has shown significant positive impacts on student outcomes. Amira Learning now works with thousands of districts across the U.S. and is expanding internationally.
Brian Smiga: Let’s talk about AI in education. Could this be the next big catalyst like the trends you saw in 2014?
Amit Patel: Absolutely. AI has profound potential in education. Many of our portfolio companies have been working with AI since Fund I, utilizing technologies like natural language processing and machine learning. Today, with advancements in generative AI, we can create truly personalized learning experiences that adapt in real time, providing a unique path for each student.
Brian Smiga: That sounds transformative. How do you see AI supporting teachers?
Amit Patel: AI can help by handling repetitive tasks, allowing educators to focus more on one-on-one and small group interactions, which have the greatest impact on student outcomes. We see AI as a tool that can enhance, not replace, the critical role of teachers in the classroom.
Brian Smiga: It’s clear you’re passionate about this. Do you ever get emotional about the outcomes your companies achieve?
Amit Patel: Definitely. Seeing the direct impact on students, like improved reading levels or lives saved through health and safety initiatives, is incredibly rewarding. During the pandemic, we received heartfelt messages from teachers thanking our companies like SplashLearn and Hazel Health for their support. Those moments are truly moving and remind us why we do what we do.
Brian Smiga: For LPs and investors, can edtech deliver both financial returns and meaningful impact?
Amit Patel: Absolutely. We believe edtech can generate strong venture returns while also creating significant social impact. Our portfolio’s success, with multiple IPOs, unicorns, and acquisitions, is a testament to that.
Brian Smiga: Last question—out of your alma mater, NYU, are you the Spike Lee or the Martin Scorsese of edtech?
Amit Patel: That’s a tough one! I’d be honored to be compared to either, but I don’t think I’m quite qualified to claim that title.
Brian Smiga: Thank you so much, Amit. This has been Brian Smiga from Driving Alpha, speaking with Amit Patel of Owl Ventures. Be sure to check out their Education Outcomes Report at owlvc.com. Thanks for joining us.
Amit Patel: Thanks, Brian. It’s been great chatting.