Campuswire was in a fortuitous spot when colleges and universities across the world shut down on short notice because of the threat of coronavirus. Founded by Tade Oyerinde in 2018, Campuswire is a virtual solution for any teacher who wants to digitize their internal classroom communications, from Q&A time to the lecture itself.
The strategy, for the most part, has worked. Campuswire is now used at more than 300 universities among 200,000 students, Oyerinde tells me.
While Campuswire’s pitch was set to boom overnight, the founder instead saw a bigger challenge approaching: more competition. As professors moved online, lectures moved to Zoom or tools built atop of Zoom. Microsoft Teams and Google Hangouts filled in the gap for classrooms that couldn’t afford fancy licenses. Campuswire’s key monetization strategy, which was selling pro licenses for its online class software, felt threatened by alternatives.
So, after months of iterating, Campuswire has adapted its monetization strategy and today announced that it is launching live courses taught by professors. Instead of solely working with professors to streamline internal class communications, Campuswire will now help teachers produce classes that students can then take for a fee. The tuition revenue will be split between the teacher and Campuswire.
Campuswire courses kick off with an angel investing class taught by Charles Hudson, the founder and general partner of Precursor Ventures. Hudson lectures at Stanford occasionally, and working with Campuswire allows him to teach a broader set of students.
Meanwhile, Campuswire software will be free to use starting in January 2021.
The move marks Campuswire’s further dive into synchronous learning. Campuswire’s model is built on how existing classrooms work in universities and colleges. Classes on Campuswire are capped at 500 to promote conversation, and large lectures are supplemented with teacher assistant (TA) classes to hammer home confusing concepts.
Meanwhile, it’s clear amid the pandemic that asynchronous learning has its perks (students can learn on their own schedule, while educators are able to work more flexible hours). Still, Oyerinde thinks a pre-recorded format is not effective for pedagogy purposes.
Teachers are leaving schools. Will they come to startups next?
“This is kind of the hill we’re going to die on,” he said. “Real, lasting learning has to be synchronous for the majority of people.”
In other words, while there’s a small group of gifted-and-talented students who can watch a one-hour lecture and absorb every factoid and nuance, the majority of students need engagement, interaction and motivation to understand a topic, he argues. It’s the reason why MOOCs, or massive open online course providers, only have a 2-3% completion rate on their courses, he argues.
At its core, Campuswire has evolved from a platform trying to compete with Zoom to a platform that is trying to compete with these MOOCS through engaging content taught by experienced professors. Its main differentiation from MOOCs is that it’s live and has teacher assistants.
There are a number of startups that are trying to create engaging, celebrity professor-taught classes through hybrid plays. MasterClass, which just raised $100 million a few months ago, sells entertainment and education in one go, offering cooking classes from Gordon Ramsay and tennis lessons from Serena Williams. While you can’t interact with Ramsay or Williams, you can chat with fellow classmates.
BookClub connects readers to the authors they are reading, giving bookworms an opportunity to ask about cliffhangers and character development. The upstart is still in its early stages, but founder David Blake says that readers could talk directly to authors down the road. There’s also Teachable, which got acquired by Hotmart earlier this year. Teachable helps any expert who wants to create a business around their expertise do so with a virtual course. Arlan Hamilton, a seed-stage investor, has a course on the platform.
Today’s pivot signals the founder’s mindset that, in order to grow to the billion-dollar business mark in edtech, you need to sell more than software that Google and Microsoft will always give away for free.
“Online learning can be 100 times bigger than it is today,” Oyerinde said. “Once you actually support synchronicity, you actually support people getting to actually interact with UCLA/Princeton/Cornell professors, not just watching them on pre-recorded videos.”
Booming edtech M&A activity brings consolidation to a fragmented sector
Comment