Jeff Shelstad, Founder and CEO of FlatWorld Knowledge spoke first.
Jeff provided some stats on higher education:
- 19.1 million students in 2010 in college
- $850 avg spent on textbook
- so, it’s about a 10billion industry
- Cengage, Pearson, McGraw-Hill are the big 3 publishers along with many other small ones
Problem is that the industry has outworn their value proposition and is not willing to pay for the product the industry is offering. Affordability is a huge problem.
36% of community college student in a study said that the cost of textbooks had caused them to leave/dropout Continue reading