The War on Higher Ed: How VCs Betrayed Traditional Colleges
In the cutthroat world of venture capital, companies like Campus, an unaccredited online community college, think they can just waltz in and disrupt the entire system with their tech-enabled learning experiences. But don’t worry, founders like Tade Oyerinde are counting on naive venture capitalists to swoop in and pump them up with millions in cash.
Oyerinde claims to have won over big shot investors like OpenAI’s Sam Altman and Discord’s Jason Citron, despite the challenges. But how did he manage that? By using his charisma, of course! He touted himself as the ultimate disruptor of the legacy higher ed industry, flaunting his tech-enabled campus solution as a game-changer for modern learners.
And then he had the nerve to say, quote, "Traditional community colleges… probably won’t adapt quickly enough" to meet the changing needs of learners. Talk about a slap in the face to dedicated educators! Our system isn’t broken just because the VC-encouraged edtech boondoggle failed.
Needless to say, Oyerinde’s Campus has managed to secure more than $55 million in funding from its venture backers. But is anyone really surprised? The edtech startup bubble, which inflated ridiculously during the pandemic, has predictably burst. VCs are simply looking to back winners like Oyerinde, even as the education sector hemorrhages cash and loses credibility.
Funding Drought, Funding Fix
According to Crunchbase, globally, edtech startups raised more than $38 billion in 2020 and 2021. But what happened after? Dry spell? That’s why Oyerinde can easily crow about his startup’s fundraising haul, even as the sector languishes. Meanwhile, giants like Byju’s watch their valuation plummet to tiny fractions of their former glory. That’s the way the cookie crumbles, folks!
Despite everything, Oyerinde’s relentless optimism convinces us of his moonshot ambitions: Changing the face of education, with Silicon Valley’s blessing and their cash infusion. But how could anyone really believe such far-fetched nonsense? Viva la disruption anyone?
