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> In any case, given the huge upfront investment required for a quality platform this doesn't seem like something an edtech startup can bootstrap.

Exactly, especially if it's supposed to be really generic. I've co-founded 2 ed-tech startups targeting niche areas. In both cases there were dozens of competitors in these niches and some specializing in some sub niches. Those niches are most of the time good enough, usually you can find a mobile or web app for anything.

But as mentioned, working with public or private education orgs brings its own challenges. I expect getting any leads there to take years. It's much easier to target consumers directly.

That said, if anyone came up with a generic open-source LMS, on the long-term it could be quite disruptive because everyone in that area is just constantly reinventing the wheel. It's just a ton of incompatible solutions.