Question
Traditional education institutions can apply the innovative approaches discussed in the book by embracing online education to expand their reach and increase revenues. They can also consider partnering with Big Tech firms to offer a significant portion of a traditional four-year degree at a reduced cost. For instance, they could collaborate with companies like Google to offer joint 2-year STEM degrees, enrolling a large number of students at a lower tuition fee. This could yield substantial revenue for a two-year program. Institutions can also consider recognizing career certificates offered by tech companies as equivalent to a four-year degree in that domain.
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Online education holds tremendous potential as it can scale. Top professors and administrators in the top 10 universities will see classroom sizes expand and revenues rise. Almost everyone else in academia will make less. The most significant disruption could be Big Tech firms partnering with academia to offer 80% of a traditional four-year degree at 50% of the cost. MIT and Google could offer joint 2-year STEM degrees, enrolling 100,00 students at $25,000 per year in tuition, yielding $5 billion for a two-year program. In August 2020, Google began offering courses with career certificates that it and other participating employers will consider equivalent to a four-year degree in that domain.
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