This interview is a great discussion about the various experiments going on in the world of higher education and how online learning is playing out there. Sramana Mitra: Let’s introduce our audience to yourself as well as to what you’re doing at Sloan vis-à-vis executive education. Peter Hirst: I’m the Director of the Executive Education
Sramana Mitra: You were able to build a minimum viable product, start monetizing it right away, and then, scale it from there. Katya Andresen: Not right away. Most of the overnight successes have a five to seven years lag. Sramana Mitra: That’s my point. How do you finance five to seven years of development? Katya
Sramana Mitra: The concern is that it is complicated and expensive to build these programs. Then, if everybody wants everything for free, how do these businesses sustain themselves? That’s the real question that I’m extremely worried about. Katya Andresen: I think no one ever jumps to the opportunity to pay for something, right? If it
Sramana Mitra: You’ve taken seven years to build $17 million in revenue. That’s not a timeline that fits in the venture capital framework. The venture capitalists are looking to build hundred million dollar companies in seven years. This is what I’ve been really concerned about. For a long time, venture capitalists basically just decided not
Sramana Mitra: I’m very interested in the business model. That’s one of the issues that we’re seeing in the Edtech industry. The business models are weak. Katya Andresen: I agree with you. It can be really hard to monetize a social network. That is not our model. Our model is that we have consumers –
Sramana Mitra: I’d like to double-click down on some of these use cases and examples. Why don’t we pick three or four different scenarios, which are really interesting ways in which your customers and users are using the products. Katya Andresen: I’ll give you a couple of relevant examples. We have a product coming out
Sramana Mitra: Is there any other major trend in online education that you are observing that is worth discussing? Kurt Kirstein: We’ve talked about online education from an academic perspective. The one thing that I’m also seeing is that online education is now being utilized more and more for corporate training. We’ve done online corporate training
Sramana Mitra: This discussion is interesting in terms of paradigms of how online learning is going to progress. This is the paradigm that is going to be desirable across the board. It also helps people engage better when you have a combination of self service which offers flexibility and then you have the interactive session which