E-Learning
Auto Added by WPeMatico
Auto Added by WPeMatico
Everything is switching from offline to online mode, spurred by the pandemic, and that also has turned around things for the creative economy. Creative professionals continue to look for ways to monetize their talents and knowledge through online education platforms like CLASS101 that bring stable incomes and improve opportunities.
CLASS101, a Seoul-based online education platform, announced today it has closed $25.8 million (30 billion won) Series B funding to accelerate its growth in South Korea, the U.S. and Japan.
The Series B round was led by Goodwater Capital, with additional participation from previous backers Strong Ventures, KT Investment, Mirae Asset Capital and Klim Ventures.
In 2019, the company raised a $10.3 million (12 billion won) Series A round led by SoftBank Ventures Asia along with Mirae Asset Venture Investment, KT Investment, Strong Ventures and SpringCamp.
Co-founder and CEO of CLASS101 Monde Ko told TechCrunch that the company will use the proceeds to focus on hiring more talent, as well as expanding domestic business and overseas markets in the U.S. and Japan.
Ko and four other co-founders established CLASS101 in 2018, which was pivoted from a tutoring service platform that was founded in 2015, Ko said. It has 350 employees now.
“We will keep supporting creators to monetize their talents and we will also allow creators to expand their revenue streams by selling their goods, digital files and more products via our platform,” Ko said.
When asked about what differentiated it from other peers, CLASS101 provides and ships all the necessary tools and material “Class Kit”, Ko said.
The company offers more than 2,000 classes within a raft of categories, with drawing, crafts, photography, cooking, music and more. It also provides about 230 classes in the U.S. and 220 classes in Japan. There are approximately 100,000 registered creators and 3 million registered users as of August 2021.
CLASS101 launched its platform in the U.S. in 2019 and entered Japan last year. The company opened online classes for kids aged under 14 in 2020.
“CLASS101 is a company that combines the advantages of Patreon and YouTube, offering tailored support for creators while fulfilling users’ learning needs,” co-founder and managing partner at Goodwater Capital Eric Kim said, adding that it is the fastest growing company “in an economic phenomenon in which individuals follow their passions and do what they really enjoy while also making a living from it.”
Powered by WPeMatico
A lot of the focus in online education — and, let’s face it, education overall — has been about professional development for knowledge workers, education for K-12 and how best to deliver cost-effective, engaging higher learning to those in college and beyond. But in what might be a sign of the times, today a startup that’s focused on e-learning and the subsequent job market for a completely different end of the spectrum — home services — is announcing some funding to continue building out its business in earnest.
Nana, which runs a free academy to teach people how to fix appliances, and then gives students the option of becoming a part of its own marketplace to connect them to people needing repairs — has picked up $6 million.
The seed round is being led by Shripriya Mahesh of Spero Ventures; Next Play Ventures (ex-LinkedIn CEO Jeff Weiner’s new fund), Lachy Groom, Scott Belsky, Geoff Donaker of Burst Capital and Michael Staton of Learn Capital are among those also participating.
Nana has now raised $10.7 million, with past backers including Alpha Bridge Ventures, Bob Lee and the Uber Syndicate, an investment vehicle to back Uber alums in new ventures. Founder and CEO David Zamir is not actually an Uber alum, but one of his first employees, VP of Engineering Oliver Nicholas is an early Uber engineer and the company has also found a lot of traction of Uber drivers this year, after many found themselves out of work after the chilling effect that the pandemic had on ridesharing.
Nana — full name Nana Technologies (and not to be confused with Nana Technology, tech built for older adults) — is partly a labor/future of work play, partly an educational play, partly a tech/IoT play and partly an ecological play, in the eyes of Zamir, who himself trained as an appliance repairperson, running his own successful business in the Bay Area before pivoting it into a training platform and marketplace.
“There are 5.9 million tons of municipal solid waste [which includes lots of electronics like washing machines, blenders and everything in between] in the U.S.,” he said in an interview, “and only 50% of that is capable of getting recycled. We’re in a vicious cycle with appliances, and it’s partly because there aren’t enough people with the knowledge to repair them. But what if you had the liquidity to do that? We’re talking about creating jobs, but also saving the environment.”
Nana’s proposition starts with free lessons to fix a range of appliances — currently dishwashers, refrigerators, ovens, stoves, washers and dryers — and their typical breakdown/poor performance issues to anyone who wants to know how to repair them. These classes are available to anyone — an individual simply interested in learning how to fix a machine, but more likely someone looking to pick up a skill and then use it to make some money.
Once you take and pass a course — currently remote — you have the option (but not requirement) to register on Nana’s platform to become a repair person who picks up jobs through it to get jobs fixing that particular issue. Nana already has partnerships with major appliance and warranty companies, including GE, Miele, Samsung, Assurant, Cinch and First American Home Warranty, so this is how it gets most of its work in, but it also accepts direct requests from consumers for repair of dishwashers, refrigerators, ovens, stoves, washers and dryers.
Over time, Zamir said, the plan is not just to take in jobs and send out technicians to fix things in an Uber-style dispatch service — but to expand it to fit the kinds of next-generation appliances that are being built today, with IoT diagnostic monitoring and helping also to integrate these appliances into connected homes. It also seems to be slowly expanding into other home services too, alongside appliance repair (which remains its main business).
Nana has to date registered hundreds of technicians in 12 markets across the U.S. and said it expects to expand to 20 markets by the end of 2021.
Nana has an unlikely founder story that speaks to how so much of the tech world is still about hustle and finding opportunities in the margins.
Founder and CEO David Zamir hails from Israel, but unlike many of the transplants you may come across from there to the Bay Area tech world, he’s not a tech guy by education, training or work experience. He used to run clothing stores in Tel Aviv and vaguely liked the idea of being involved in a tech business at some point — Israel loves to call itself “startup nation,” so that bug is bound to bite even those who don’t study computer science or engineering — but he didn’t know what to do or where to begin.
“The clothing business didn’t make much money,” he said. So after a period Zamir and his American wife decided to move to the U.S. and try their luck there.
While initially based on the east coast near her family and wondering about what kind of job to pursue, Zamir spoke with a friend of his in Toronto who was working as an independent tradesperson fixing appliances, and the friend suggested this as an option, at least for a while.
“So I hopped on an airplane to shadow my friend,” he recalled. “The lightbulb went off. I thought, I should do this in San Francisco,” where he had been wanting to move to crack in to the tech world, somehow. “I thought that I’d start with fixing appliances while I figured out how to find my way into tech.”
That turned into more than a temporary income stopgap, of course. After finding that his business was taking off, Zamir saw that technology would be the avenue to growing it.
He was helped in part to build the idea and the business through his grit. Josh Elman, the famous tech investor, complained about a broken dryer back in April, and asked the Twitter hive mind whether he should get a new one or go through the pain of fixing it. Someone flagged the question to Zamir, who reached out and connected Elman with one of Nana’s online teaching technicians. Twelve hours later, Elman’s drier was diagnosed (by Elman), on its way to getting fixed, and Elman signed on as an advisor to the company.
The world of tech is all about building new things and solving problems, with “breaking” being more synonymous with disruption (= “good”) and fearlessness (see: Facebook’s old mantra to its early employees to move fast and break things). But behind that, there is an interesting disconnect between the tech version of “broken” and objects that are actually “broken” in the real world.
Many of us these days find using apps and other digital interfaces second-nature, but most of us would have no idea how to repair or work with much more basic electronic systems. And nor do most of us want to. More often than not, we give up on it, decide it’s not worth fixing and click on Amazon et al. to get a new shiny object.
Looked at on a wider scale, this is actually a big problem.
Electronics can be recycled, but in reality only about half the materials can be usefully reused. Meanwhile, Nana estimates that the appliance repair market is a $4 billion opportunity, with some 80 million appliances in need of being serviced annually in the U.S. But currently there are only some 31,000 trained technicians in the market. Nana estimates that to meet the demand of growing numbers, an additional 28,000 new technicians will be needed by 2025.
At the same time, the move to automation in many skilled labor jobs is putting people out of work: research from the Brookings Institution estimates that some 30 million people will lose their jobs in coming years because of it.
The idea here is that a platform like Nana can help some of those people retrain to fill the gap for appliance technicians, while at the same time extending the life of people’s appliances in a less painful way — putting less stuff into landfill — while at the same time expanding knowledge for anyone who cares for it.
Zamir said that Nana was named after his mother, who raised David as a single parent after his father passed away, a reference to working hard and being practical.
That sentimentality seems to motivate him in a bigger way, too: Zamir himself is a guy with a lot of heart and emotion vested into the concept of his startup. When I told him an anecdote of how our dishwasher broke down earlier this year and both a customer service rep from the maker (Siemens) and a separate repair person advised me to replace it, he got visibly agitated over our video call, as if the subject was something political or significantly more grave than a story about a dishwasher.
“I am not a supporter of what they told you,” he said in an angry voice. “It’s really upsetting me.” (I calmed him down a little, I think, when I told him that I myself uninstalled the broken dishwasher and installed the new one myself, because COVID.)
Zamir said that there are no plans to charge for its academy courses, nor to tie people into signing up with Nana to work once they take the courses. The fact that it provides a lot of inbound jobs attracts enough turnover — between 40% and 60% of those taking courses stay on to work when they took in-person classes, and for now the online figures are between 15% and 35%.
“It’s still early days,” he said, “but we’re finding the take up impressive… Most want to participate in the marketplace.” He says that there are other call-out services where they could register, but the tech that Nana has built makes its system more efficient, and that means better returns.
All of this has played well with those who have become Nana’s investors. People like Jeff Weiner — who in his time as CEO of LinkedIn led the company to acquire Lynda as part of a bigger emphasis on the importance of skills training and education — see the opportunity and need to provide an equivalent platform not just for knowledge workers but those who have more manual jobs, too.
“We are excited by Nana’s vision of providing training, access and opportunity for rewarding, satisfying work while also filling a critical gap in our economy,” said Shripriya Mahesh of Spero Ventures, in a statement. “Nana has created a new, scalable approach to giving people the agency, tools and support systems they need to build new skills and pursue fulfilling work opportunities.”
The round was oversubscribed in the end, and Nana shouldn’t find it too hard to raise again if it sticks to its plan and the market continues to grow as it has. That does not seem to be the motivation for Zamir, though.
“We just think it’s super important to build Nana for the people,” he said.
Powered by WPeMatico
Norwegian company Kahoot originally made its name with a platform that lets educators and students create and share game-based online learning lessons, in the process building up a huge public catalogue of gamified lessons created by its community. Today the startup — now valued at more than $2 billion — is announcing an acquisition to give a boost to another segment of its business: corporate customers.
Kahoot has acquired Danish startup Actimo, which provides a platform for businesses to train and engage with employees. Kahoot said that the purchase is being made with a combination of cash and shares, and works out to a total enterprise value of between $26 million and $33 million for the smaller company, with the sale expected to be completed in October 2020.
It may sound like a modest sum in a tech market where companies are currently and regularly seeing paper valuations in the hundreds of millions at Series A stage, but it also presents a different kind of trajectory both for founders and their investors.
This is actually a strong exit for Actimo, which had raised less than $500,000, according to data from PitchBook. And it puts Actimo under the wing of a company that has been scaling globally fast, finding — like others in the areas of online education and remote working — that the current state of social distancing due to COVID-19 is resulting in a boost to its business.
To give you an idea of the scale and growth of Kahoot, the company says that currently it has over 1 billion “participating players,” on top of some 4.4 billion users in aggregate since first launching the platform in 2013. In the last 12 months, some 200 million games have been played on its platform. In June, when Kahoot announced that it had raised $28 million in funding, it told us that 100 million games had been played.
In light of its growth and the future opportunity — even putting aside the progression of the coronavirus, it looks like remote work and remote learning will at least become a lot more common as a longer-term option — the company has also seen a rise in its valuation. With some of its shares traded on the Merkur Market in Norway, the company currently has a market cap of 18.716 billion Norwegian Krone, which at today’s rates is about $2.08 billion. That figure was $1.4 billion in June.
Kahoot’s targeting of the corporate sector is not new. The company has been building a business in this space for years. It says that in the last 12 months, it logged 2 million sessions across 20 million participating “players” of its corporate training “games,” with some 97% of the Fortune 500 among those users. Customers include the likes of Facebook (for sales training), Oyo (hospitality training and onboarding) and Qualys (for taking polls during a conference), among others.
Critically, while a lot of Kahoot’s audience is in education, it’s corporate that most of the revenues come in — one reason why it’s keen to grow that segment with more services and users.
The aim with Actimo, Kahoot says, is to build out a product set aimed at helping organisations with company culture — which, with many organisations now going on eight months and counting of entire teams working regularly outside of their physical offices, has grown as a priority.
Keeping a team feeling like a team, and an individual feeling more than a transactional regard for an employer, is not a simple thing in the best of times. Now, as we continue to work physically away from each other, it will take even more tools and efforts to get the balance right.
In that context, Actimo’s solution is just one aspect, but potentially an interesting one: it has built a platform where employees can track the training that they have done or need to do, engage with other co-workers, and provide feedback, and employers can use it to generally track and encourage how employees are engaging across the company and its various efforts. It counts some 200 enterprises, including Circle K, Hi3G and Compass Group, among its customers, and has current ARR of $5 million.
For comparison, Kahoot, in its Q2 financials published in August, reported ARR of $25 million, with invoiced revenue for the quarter at $9.6 million, growing some 317% on the same quarter a year before. The company has also raised some $110 million in private funding from the likes of Microsoft and Disney.
As Kahoot looks to find more than just a transient place in a company’s IT and software fabric — transience of attention always being a risk with anything gaming-based — it makes a lot of sense to pick up Actimo and work on ways of coupling the platform with its other corporate work. You can also imagine a time when it might create a similar kind of dashboard for the educational sector.
“We are excited to welcome the Actimo team to be part of the fast-growing Kahoot! family,” said Kahoot CEO, Eilert Hanoa, in a statement. “This acquisition will further extend Kahoot!’s corporate learning offerings, by providing solutions tailored for the frontline segment, as well as to solidify company culture and engagement among remote and distributed teams in companies of all types and sizes. This continues our expressed ambition to also grow through M&A by adding strategic capabilities that we can leverage across our global platform.”
“We are thrilled to join forces with Kahoot! in our mission to develop next-level solutions that connect remote employees and boost employee engagement and productivity,” said Eske Gunge, CEO at Actimo, in a statement. “Being part of Kahoot! and with our experience from working with innovative and ambitious enterprises across industries, we can together set a new standard for corporate learning and engagement.”
Powered by WPeMatico
The Berlin-based startup behind Tandem, an app for practicing a second language, has closed a £4.5 million (~$5.7 million) Series A round of financing to capitalize on growth opportunities it’s seeing as the coronavirus crisis continues to accelerate the switch to digital and online learning.
With many higher education institutions going remote as a result of concerns over virus exposure risks of students mixing on physical campuses, there’s a growing need for technology that helps language students find people to practice with, as Tandem tells it. And while language learning apps make for a very crowded space, with giants like Duolingo and Babbel, Tandem focuses on a different niche: native speaker practice.
As the name suggests, its app does pair matching — connecting users with others who’re trying to learn their own language for mutual practice, by (their choice of) text, phone chat or video call.
The platform also incorporates a more formal learning component by providing access to tutors. But the main thrust is to help learners get better by practicing chatting to a native speaker via the app.
Because of the pandemic push to socially distant learners, that’s a growing digital need, according to Tandem co-founder and CEO Arnd Aschentrup. He says the coronavirus crisis spurred a 200% increase in new users — highlighting a “clear appetite” among consumers for digital language learning.
The team has taken another tranche of funding now so it can scale to meeting this growing global opportunity.
The Series A is led by European VC firm Brighteye Ventures, with Trind Ventures, Rubylight Limited and GPS Ventures also participating. It brings the startup’s total raised to date to £6.8 million.
“Given the accelerated user-uptake and clear market opportunity, we felt that 2020 was the right time to partner with the team at Brighteye to bring Tandem into the mainstream,” says Aschentrup, adding: “We anticipate significant growth opportunities for online learning and social learning in the wake of coronavirus.”
He says two “key trends” have emerged over the past few months: “Firstly, schools and universities providing language courses have either temporarily shut down, or moved almost entirely to remote lessons. Students are therefore relying on additional platforms to learn and practice languages, which is precisely what Tandem offers.
“Secondly, we know that lockdown has enormously limited people’s ability to socialise. Friendships have been harder to maintain, and new connections more difficult to spark. We’re excited about Tandem’s ability to connect people all across the globe despite lockdown. Since coronavirus began, engagement on Tandem’s video chat feature has increased three-fold, and new user signups have increased 200%.”
Tandem had been growing usage prior to COVID-19 — increasing membership from around a million back in 2017 (when we last spoke), to more than 10 million members now, spread across 180 countries.
Aschentrup couches the underlying growth as “strong organic demand,” noting the platform has been profitable since 2019 (hence not taking in more outside funding ’til now). But, with the pandemic curve ball accelerating the switch to remote learning, it’s expecting usage of its platform to keep stepping up.
“We’ve successfully increased our community numbers ten-fold in recent years, profitably and organically,” he tells TechCrunch. “More people than ever value digital learning solutions combined with human connection, and so the time is ripe to introduce Tandem to language learners more widely around the globe. With the team at Brighteye on our side we’re excited to further develop Tandem’s reach and voice over the coming period.”
“We expect increased interest in online learning to sustain well after lockdown lifts. In China — where lockdown sanctions were implemented and lifted earlier — user engagement has remained buoyant.”
“Once people experience the value of learning as part of a like-minded global community, it often becomes a lasting part of their lifestyle,” he adds.
Tandem’s best markets for language learners are China (10%), the U.S. (9%) and Japan (9%) — which combined make up close to a third (27%) of its user base.
While the most popular language pairs (in ranked order of popularity) are:
While the vast majority (94%) of Tandem’s user base is making use of the freemium offering, it monetizes via a subscription product, called Tandem Pro, which it introduced in 2018 to cater to members who “preferred taking a community approach to language learning,” as Aschentrup puts it.
“For $9.99 per month, members can access key features such as: translating unlimited messages, finding Tandem partners nearby or in specific locations — for example ahead of international travels or studying abroad — and having enhanced visibility in the community as a featured Pro member,” he explains.
Aschentrup describes the “community aspect” of Tandem as a key differentiator versus other language learning apps — saying it helps users “develop and maintain cross-cultural friendships.”
“Members are often on opposite sides of the world to each other, yet able to enjoy a window into another culture entirely. Now more than ever, we’re pleased to be facilitating members’ healthy curiosity about other languages, countries and styles of living.”
The new funding will go on developing additional features for the app, and expanding the team across marketing and engineering, per Aschentrup. Currently Tandem has 24 full-time employees — it’s planning to double that to a 50-member team globally, post-Series A.
Commenting in a statement, Alex Spiro, managing partner at Brighteye Ventures, lauded the team’s “innovative and effective strategy” in building a community platform that tackles the language gap by connecting learners with fluent speakers.
“The product has not only proven resilient in this global crisis but has seen impressive growth during the period, and the team is now very well equipped to come out of it stronger and to continue to support loyal language learners that now number in the millions and will number many more in the coming years,” he added.
Powered by WPeMatico
Higher education is being transformed by COVID-19, but it goes beyond universities simply “going remote” to try and cope. The changes afoot are holistic, transformative and a long time coming. These changes will extend to recruiting, training and, ultimately, how employers fundamentally go about finding potential candidates for their organizations. It also will change the very nature of higher education itself.
Before COVID-19, would-be employees would take traditional educational routes to gain employment. High school led to college, which (sometimes) led to grad school. Almost all of this was done in an immersive campus setting where students tried to figure out not only who they were but what they wanted to do and with whom they wanted to do it. This path required enterprises to react specifically to an entrenched educational model that determined how would-be employees would be groomed and trained — be it for a specific skill set or cultural fit — all in an effort to determine who the right person was for them.
This model has grown bloated over the years, and the industry that supports it — projected to register $10 trillion globally by 2030 — has become increasingly vulnerable to the kind of technology-driven change that, over the last decade, has been disrupting old-school industries across the board, from retail to logistics to real estate and more.
“A reckoning is coming for schools and universities,” Scott Galloway, a professor of marketing at the NYU Stern School of Business, told CNN in late May. “We’ve raised prices 1400% but at the same time, if you look at innovation … if you walked into a classroom today it wouldn’t look, smell or feel much different from what it did 40 years ago.”
In a blog post from April, Galloway further projected that COVID-19 would lead to a culling among universities. As with retail, he suggested — where closures skyrocketed from 9,500 stores in 2019 to more than 15,000 in 2020 — there will likely be dozens, if not hundreds, of colleges and universities that simply do not recover from the virus. He also predicted a sustained drop in applications at four-year universities for the first time in decades.
“The blow to the world of higher education was bound to come,” said Roei Deutsch, co-founder and CEO of live video course marketplace Jolt Inc. during a talk on the podcast, Coffee Break. “There is a higher education bubble, something there does not work in terms of cost versus what students receive in return, and you can say that the coronavirus crisis is the beginning of this bubble’s bursting.”
While the virus may hasten an overdue transformation in higher education, it also will create opportunities for startups that create alternatives to traditional higher education. As with many other sectors, though, this will be less about COVID-19 acting as a radical change agent and more about the virus accelerating what was already taking place behind the scenes, primarily within global enterprises.
Over the last decade, enterprise learning and development (L&D) has grown in importance as various technologies proliferated throughout large organizations. The global corporate e-learning market is estimated to grow up to $30 billion at a 13% compound annual growth rate through 2022. This growth was driven in large part by the increased importance of matching workforce capabilities with actual required skill sets.
Learning experience platforms (LXP) and learning management systems (LMS) are core products used by enterprises in L&D. They are used to monitor, track and administer employment learning activities. They usually serve as digitized online catalogs. Learning software is primarily designed to create more personalized learning experiences and help users discover new learning opportunities by combining learning content from different sources, while recommending and delivering them — with the support of AI — across multiple digital touch points, e.g., desktop applications, mobile learning apps and others.
Significantly, these same online education tools have also begun to be adopted by many colleges and universities as they look for ways to cope with COVID-19. This is helping to transform thinking around these applications, tools and platforms. Enterprises, which had already been adopting these tools, are now reconsidering their potential. It does not take a colossal leap of imagination to see what lies ahead.
Instead of building training academies and LMS systems to help continually train people for new or expanded roles within an organization, enterprises will now target the front end of the recruiting funnel where higher education begins. With university life transformed by COVID-19, it has opened up the possibility for enterprises to reassess how they participate in that funnel. The potential for global enterprises to own the university experience is, suddenly, very real.
Imagine leveraging these existing education and training platforms to create hyperspecific curricula for enterprises. A gig economy for professors who have been displaced from shuttered universities could provide the online faculty. They’ll design a curriculum specifically suited to an enterprise’s needs.
These new enterprise-driven, online university systems will vet people for academic excellence and cultural alignment to determine who they want to educate and, ultimately, hire. And all of it will feed them directly into their own systems. These would be university systems not unlike what we see today with, say, The U.S. Naval Academy, where a tuition-free education comes with an obligation to serve for a period of time. Others have speculated that a kind of hybrid, for-profit model that blends universities and global enterprises may also emerge.
“MIT/Google could offer a two-year degree in STEM,” suggested Galloway. “MIT/Google could enroll 100,000 kids at $100,000 in tuition (a bargain), yielding $5 billion a year (two-year program) that would have margins rivaling … MIT and Google. Bocconi/Apple, Carnegie Mellon/Amazon, UCLA/Netflix, Berkeley/Microsoft … you get the idea.”
Higher education is not the only system poised for fundamental transformation. The U.S. staffing and recruiting market, whose total size was already predicted to decrease 21% due to the coronavirus outbreak, could also see changes in how they operate. No longer will enterprises feel obliged to recruit at universities or utilize the tools, platforms and resources necessary to identify recruits coming out of these outdated systems. Now, they’ll have a direct funnel to employees perfectly attuned to their needs. This would be a boon for enterprises that would not only create novel profit centers in their organizations but would also avoid the costly and inefficient process of searching for employees common to most recruiting models today. The savings are not insignificant.
The cost of a bad hire can reach up to 30% of the employee’s first-year earnings, according to the U.S. Department of Labor. Undercover Recruiter looked at misadventures in hiring potentially costing enterprise $240,000 in expenses related to hiring, compensation and retention. One study found that 74% of companies that admit they’ve hired the wrong person lost an average of $14,900 for each bad hire, according to CareerBuilder.
Then there are the ancillary benefits for students — the cost of higher education has been skyrocketing for decades, and student debt has reached unacceptable levels, with diminished earning power associated with degrees. A tipping point is fast approaching: One study demonstrated that a college degree decreases in value as the number of graduates increases. So, in Sub-Saharan Africa (where degrees are relatively rare) a degree will boost earnings by more than 20%. In Scandinavia (where 40% of adults have degrees) that number drops to 9%.
These new, enterprise-specific universities would provide real, tangible ROI on every education investment dollar made. The promise of specific jobs upon graduation with good salaries is doubly important in a shaky economy. As universities continue to price themselves out, they’ll have a tougher time justifying their costs, particularly when juxtaposed against an online educational system that feeds directly into Google, Twitter or Microsoft. It would likely prove irresistible for many students.
The secondary effects of COVID-19 as it relates to higher education are still not clear, but a possible picture is beginning to emerge. Recruiting could have to transform who they target and how (and when) they go about it. A burgeoning industry that has been supporting a steadily increasing appetite from enterprises for digital education and training could be transformed overnight and grow by leaps and bounds. Students could see debt cut in half and have a clear path forward toward employment. Whatever the ultimate landscape is that emerges, the changes in store for universities and colleges will undoubtedly be unpleasant.
“I think we’ve stuck out the mother of all chins and the fist of COVID-19 is coming for us,” Galloway told CNN. “Think of another industry that charges 100K and gets 90-plus points of margin. Other than a pharmaceutical for a drug that cures a rare cancer, maybe, what other product gets that kind of margin? Quite frankly, we’ve had this coming.”
That some kind of change is coming seems clear, but whether a paradigm shift in education is a good thing is less so. Like most industries disrupted by software and technology, tremendous value will flow to millions of consumers as technologies drive market efficiencies. There will be jobs that vanish or are transformed and there will be new jobs that are created to satisfy the new way of doing things. Major global enterprise and tech companies stand to profit the most from this transformation, with more wealth and power flowing into the hands of the FAANGs of the corporate world.
There will also be a reshaping of priorities in higher education as intellectual discovery, cultural appreciation and individual growth — the hallmarks of a campus-based liberal arts education — are replaced by the pursuit of a narrowly defined set of vocational skills and corporate efficiencies. The implications of global enterprises wading into higher ed will change not only how we educate, hire and train people but how we fundamentally think about and value higher education, as well.
Powered by WPeMatico
LinkedIn, the social network for the working world that now has some 450 million members and is in the process of being acquired by Microsoft for $26.2 billion, today took the wraps off its newest efforts to expand its site beyond job hunting and recruitment, its two business mainstays. The company has launched a new site called LinkedIn Learning, an ambitious e-learning portal tailored… Read More
Powered by WPeMatico
DIY Co., the education tech startup led by Vimeo designer and co-founder Zach Klein, has launched a new online learning platform for kids called JAM.com. The company also quietly closed a $4 million round of venture funding led by Learn Capital, joined by Spark Capital, at the end of 2015 to support the development of JAM, Klein told TechCrunch. Courses on DIY’s new site JAM were… Read More
Powered by WPeMatico
VetTechTrek is a nonprofit founded last year with the goal of helping military veterans network with the technology industry. Over the last 12 months they have worked toward this goal by hosting multiple “treks” that brought more than 180 veterans and spouses to meet with veterans who work at more than 60 technology startups in New York, Silicon Valley and Washington, DC.… Read More
Powered by WPeMatico