There are reasons why these MOOC’s are so popular. The price tag of university and college studies in the USA has seriously inflated over the past three decades, to be precise by 1210 percent.
Of course, this is not due to inflation, and by now, the American student debt is higher than $1 trillion. The best response to this specific situation? MOOC!
The expression MOOC was first formulated only a few years ago, in 2008, so this playing field is most certainly an extremely young arena, but it is good to observe that this line of business itself is controlled by organizations developed by the best professors and serious experts in their industry.
To give you an example, Sebastian Thrun is a Stanford lecturer, Vice President at Google, part of the team that created the autonomous car, and a founder of Udacity, one of the substantial competitors in the MOOC sector today.
Besides Udacity, there are two more MOOC platforms worth mentioning: edX (developed by MIT and Harvard), and Coursera ( launched by Daphne Kohler and Andrew Ng, both professors at Stanford University).
Right now, Coursera actually has in excess of 3 million registered users, and more than half of these users signed up for one class at least one time, and the platform has already received more than $22 million in investment funds.
Maybe not all subject can be covered by MOOC but you can choose from many subjects. Recently I found information about good online MBA programs that do not require the GMAT.
At the same time, I thought about following an MOOC for MBA related subjects, but I didn’t find much, to be honest with you. So I guess I will choose the MBA program. Anyway, MOOC’s are awesome, take a look at this infographic:
For quite a while obtaining funds has been a serious issue for both Coursera and Udacity, but not really for edX because it is financed by Stanford University itself. MIT and Harvard are making an investment of $60 million in the development of this system.
For competitors such as Coursera and Udacity, the most important strategy for monetizing their platforms has been establishing job relationships and assignments between university students and business employers, and occasionally diploma certification as well.
But early this year, everything began to be different when both Coursera and Udacity started to work with Universities on providing fee-based training courses for actual credit. These study courses are not really high-level classes, mainly basic courses such as algebra.
These classes are enormous and students are not experiencing any direct student/teacher interaction, but they make quite a lot of sense. You will understand that it is far more efficient to compensate one excellent professor to create one course for tens of thousands of students, than to hire 200 lecturers to present that very same course for large groups, generally not in the most desirable quality feasible.
An enormous myth, frequently related to MOOCs, is that these online training courses are not as demanding as the classes at a real university in a traditional setting, but this cannot be more incorrect.
Every student who has attended these classes knows that they are extremely difficult. You really can follow no more than just a few of these MOOCs at the same time, simply because you can only carry out a so many assignments, and read no more than a specific number of articles and books in a particular time frame, and so on, and you need to work hard to accomplish the course load.
The biggest problem with MOOCs, so they say, is that nowadays only extremely self-motivated students can complete them, and only about ten percent of applicants actually complete the courses.
Yet in my view, this is really nothing we should worry about, because the world has been shaped and changed precisely by self-motivated people. In fact, these are exactly the men and women we ought to be investing in.