Quantic has the overarching mission to innovate in education, and in that spirit we recently launched a free online MBA degree. From time to time, people ask us: “Why are you starting with an ‘elite’ degree? Why be selective when you could open up the opportunity to those who have difficulty accessing education?” We do strongly believe in democratizing education, and this is a question we’ve thought about deeply.
We just can’t help but borrow a page from Elon Musk and Tesla here. Musk spelled out the playbook of starting with the powerful Roadster sports car to show the world that electric cars could actually rival high-end gasoline cars, and then scaling the business, working his way down the marginal cost curve and building more and more affordable cars.
We were inspired by the idea of proving a disruptive approach at the top and working step-by-step to spread the benefits to everyone. We want to prove to the world that education can be effective and successful when free and online. In that spirit, the MBA is our flagship program to demonstrate the power of Smartly to rival some of the best educational institutions in the world. We restricted the first cohort of our MBA program to students similar to those one would find at top brick & mortar programs to show parity in student outcomes. Keep in mind that we are doing this while offering the MBA for free! We are proving the disruptive power of Smartly at the top, all the while adding programs for more and more audiences, including programs that are open as well as free.
While our pedagogical plan is to branch deeper and deeper into additional degrees, certifications, and courses, we’re also going to continue innovating how education is funded. We are soon launching a hiring engine that pushes the cost of education to the companies hiring newly-skilled graduates. Beginning with our MBA students, companies can browse and hire top business talent, and the recruiting fees these companies pay fund the MBA program. Our interests are aligned with those of our graduates: we are only paid when they are achieving successful outcomes, and not with an upfront tuition. This benefits all parties: the student, the employers, and the government guaranteeing these loans (just maybe not the banks). As we add additional programs, we will continue to innovate different models of funding education with the belief that it can be free, open, and online. Smartly is not just another online university, but a whole new approach to education.