Over the past week I have met with many entrepreneurs. There seems to be a collective disdain for higher education. Many of my conversations asked the basic question: will colleges and universities survive?
My answer to them is that there will be radical innovation that will dramatically change the higher education landscape. I believe that there are educational tools that could deliver better, quicker and cheaper alternatives. These market forces are undeniable! Entrepreneurs are working right now to capitalize on these opportunities. (I am, too!)
The Harvard and Stanford’s of the world don’t need to worry. They’re fine. The large state universities with successful football programs are fine, too. There is no amount of money that alumni will not throw their way to make sure that the games go on. The non-flagship state universities and smaller private schools will have to review their value proposition. If they don’t make some very difficult and meaningful changes, they will be in jeopardy. The for profits are done. Their business model depends on an endless source of financial aid. When that dries up, so will they.