Notice: Function wp_register_style was called incorrectly. Scripts and styles should not be registered or enqueued until the wp_enqueue_scripts, admin_enqueue_scripts, or login_enqueue_scripts hooks. This notice was triggered by the wplbstyle handle. Please see Debugging in WordPress for more information. (This message was added in version 3.3.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Notice: Function is_feed was called incorrectly. Conditional query tags do not work before the query is run. Before then, they always return false. Please see Debugging in WordPress for more information. (This message was added in version 3.1.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Notice: Function wp_enqueue_style was called incorrectly. Scripts and styles should not be registered or enqueued until the wp_enqueue_scripts, admin_enqueue_scripts, or login_enqueue_scripts hooks. This notice was triggered by the wplbstyle handle. Please see Debugging in WordPress for more information. (This message was added in version 3.3.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the oxygen domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the oxygen domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the oxygen domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php on line 6114 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/functions.php:6114) in /hermes/bosnacweb01/bosnacweb01ab/b1510/ipg.imbaonline/wp-includes/feed-rss2.php on line 8 International Association for Business Education (IASBE) https://iasbe.org Start with quality, destination will be excellence. Mon, 19 Jun 2023 08:45:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 The IASBE Standards https://iasbe.org/?p=317 Thu, 01 Jun 2023 12:36:28 +0000 http://iasbe.org/?p=317

The IASBE Standards

The Standard explores practices and outcomes within an organisation under three performance headings: leading, supporting and improving. Under each heading, we have identified three key indicators.

    • Leading

      Creating purpose in a fast changing environment whilst motivating through change have become essential skills for many roles. Outperforming organisations foster leadership skills at every level of the organisation to deliver outstanding results.

        1. Leading and inspiring people

          Leaders make the organisation’s objectives clear. They inspire and motivate people to deliver against these objectives and are trusted by people in the organisation.

        1. Living the organisation’s values

          People and leaders act in line with the organisation’s values at all times. They have the courage and support to challenge inconsistent behaviours.

      1. Empowering and involving people

        There is a culture of trust and ownership in the organisation where people feel empowered to make decisions and act on them.

    • Supporting

      For many, constant change is now normal. Successful organisations are moving towards flatter structures to enable faster decision-making, customer focus and agility. Reduced overheads, better service for customers and more successful organisations are the benefits of this approach.

        1. Managing performance

          Objectives within the organisation are fully aligned, performance is measured and feedback is used.

        1. Recognising and rewarding high performance

          Recognition and reward is clear and appropriate, creating a culture of appreciation where people are motivated to perform at their best.

      1. Structuring work

        The organisation is structured to deliver the organisation’s ambition.  Roles are designed to deliver organisational objectives and create interesting work for people, whilst encouraging collaborative ways of working.

  • Improving

    The best organisations are always looking for opportunities to improve by seeking every marginal gain.  They know that every small change adds together to enable them to constantly outperform.

      1. Building capability

        People’s capabilities are actively managed and developed.  This allows people to realise their full potential and ensures that the organisation has the right people at the right time for the right roles.

      1. Delivering continuous improvement

        There is a focus on continuous improvement. People use internal and external sources to come up with new ideas and approaches, supported by a culture that encourages innovation.

    1. Creating sustainable success

      The organisation has a focus on the future and is responsive to change. Leaders have a clear understanding of the external environment and the impact this has on the organisation.

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EUROPE CONFERENCE FOR BUSINESS SCHOOLS DEANS II https://iasbe.org/?p=280 Thu, 25 May 2023 13:42:02 +0000 http://iasbe.org/?p=280

There’s a key element of success to your job: balance. And it doesn’t come easy. Whether you’re an associate or assistant dean, department chair, in charge of program management and curriculum, or responsible for internal b-school operations (academic affairs, faculty development etc.), there are best practices and strategies to ensure you can achieve your goals as effectively as you can.

This conference is perfect for those looking to:

  • Thrive while handling the unique challenges of your position.
  • Identify ways to more effectively work with your dean, faculty, staff, and other stakeholders.
  • Drive the achievement of your school’s mission and strategic goals.
  • Advance your professional growth and develop new skills.
  • Network with experienced professionals in similar roles.

This is the perfect opportunity to take a moment away from your hectic schedule and reflect on the key purpose of your position. Find new ways integrate current management trends, and learn best practices from your professional peers. Together, you can find solutions to challenges specific to your position, and come away with a revitalized approach to your daily responsibilities.


Who Should Attend

Aspiring, new, or experienced associate and assistant deans, deans with responsibility for internal business school operations, program directors, department chairs, faculty, curriculum, and business school teams.


Additional Learning Opportunities: Lessons for Aspiring Deans Seminar
Date: TBA

In this unique and interactive seminar, you will learn from people (not a PowerPoint presentation) the most effective interviewing tips and tricks, including five questions you should be able to answer when interviewing for a deanship.

Seminar for New Associate Deans
Date: TBA

Taking on and mastering the role and responsibilities of an associate dean can pose significant challenges, and depending on the circumstance, the position can be overwhelming. Designed to ease your transition into this new function, the Seminar for New Associate Deans provides you with an understanding of your new role.

Contact us for more info.

]]> Universities must prepare for a technology-enabled future https://iasbe.org/?p=347 Mon, 03 Apr 2023 10:06:26 +0000 https://iasbe.org/?p=347 Automation and artificial intelligence technologies are transforming manufacturing, corporate work and the retail business, providing new opportunities for companies to explore and posing major threats to those that don’t adapt to the times. Equally daunting challenges confront colleges and universities, but they’ve been slower to acknowledge them.

At present, colleges and universities are most worried about competition from schools or training systems using online learning technology. But that is just one aspect of the technological changes already under way. For example, some companies are moving toward requiring workers have specific skills trainings and certifications – as opposed to college degrees.

As a professor who researches artificial intelligence and offers distance learning courses, I can say that online education is a disruptive challenge for which colleges are ill-prepared. Lack of student demand is already closing 800 out of roughly 10,000 engineering colleges in India. And online learning has put as many as half the colleges and universities in the U.S. at risk of shutting down in the next couple decades as remote students get comparable educations over the internet – without living on campus or taking classes in person. Unless universities move quickly to transform themselves into educational institutions for a technology-assisted future, they risk becoming obsolete.

Existing alternatives to traditional higher ed
Enormous amounts of information are now available online for free, ready for watching, listening or reading at any time, by anyone who’s connected. For more than a decade, private companies, nonprofits and universities alike have been experimenting with online courses, often offered for free or at low cost to large numbers of students around the world. Research has shown that it’s as effective for students to use a combination of online courses and traditional in-classroom instruction as it is to just have classes in person.

Is this the future of a college education? PR Image Factory/Shutterstock.com
Providers of massive open online courses (often called “MOOCs”) are refining ways for people who complete the classes to present their accomplishments in ways employers can understand easily. For example, students in certain classes from major MOOC provider edX can get an official Arizona State University transcript listing their courses and grades. An employer would never know the person studied online. (There’s another threat to universities’ business model, too: Students can take the classes and get their grades for free; they only need to pay if they are happy with their grades, and if they want official college credit.)

This is a period of rapid change unlike what universities have dealt with for centuries.

The evolution of the university
Medieval European universities trained would-be clergy members in canonical law, theological discussion and religious administration. These institutions amassed huge repositories of knowledge, storing and indexing them in libraries, which became the focal point of the campus.

As European countries explored the world and established overseas colonies starting in the 15th and 16th centuries, universities evolved to train officers to manage those territories, study navigation across the oceans and look after colonists’ health. After the Industrial Revolution, colleges changed again, teaching workers how to use new scientific and technological methods and tools.

In the 21st century, the workplace is transforming once more; what businesses, governments and society need from education is shifting, and technology has made the brick-and-mortar library obsolete. It used to be that users of a technology needed to know how it works. In the early days of driving, for instance, it was important for a driver to be able to fix a car that broke down on the side of the road, perhaps far from any expert mechanic.

But in the current post-industrial economy, that has changed: Even a car mechanic uses a computer to connect to car systems to identify what is not working properly. Very few people need to know how these internal computer systems work; they just need to be able to interpret sensor readings and error messages.

A changing job market
Now, the number of jobs mostly involving routine skills – both physical and cognitive – is shrinking over time. Increasing automation at factories is rapidly replacing workers at factories, even in low-wage countries like China. Artificial intelligence technologies like machine learning and computer vision are permanently eliminating high-skill jobs in offices, too. Many world economies – including in the U.S. – are turning from manufacturing to service, in which most new jobs do not require advanced education.

The remaining jobs will involve fewer routine tasks. The people doing that work will still need some education beyond high school. But they may not have as much need to attend classes at, or even live on, a physical university campus. Colleges that are outside the very top tier of quality and name recognition – and those that have taken on large amounts of debt to build physical facilities – will suffer as demand for their services lessens.

Competition between colleges
Another factor challenging universities’ existence is the rapidly rising cost of a traditional college education. So far, in the U.S. demand for degrees from residential colleges has remained high because government-backed loans are easy to get. But student loan debt in the U.S. has reached US$1.45 trillion – and as many as 20 percent of borrowers may not be earning enough to pay them back.

Universities might highlight intangible values of in-person learning, like personal contact and nonverbal communication, but the costs are becoming a larger factor. Parents and students in the U.S. are increasingly asking whether it’s worth spending around $30,000 – or even more than $60,000 – for less than 240 days of school in an elite private residential college – more than $250 a night.

Private colleges’ main competition at the moment comes from public universities. Their prices are two-thirds lower, but studying still involves taking many courses that are just as easily taught online.

Soon students will want to take a variety of courses from different universities, choosing each class and school for its particular merits and benefits. That will stiffen competition between institutions, lowering students’ costs – and universities’ revenues.

Courses will become shared experiences for online learning communities. Some colleges might seek to charge students for special in-person learning experiences, but these will be extras for those who can afford them, not the higher education norm they are today.

Finding a new way to teach
Some universities – those at the top, with the most money and expertise – are responding to the coming changes to higher education. Some are forming partnerships with international universities and online teaching companies, or building remote-learning programs on their own. Some of these, like the Harvard Extension School, are high-tech adaptations of correspondence courses people used to take by mail.

Harvard Extension School enrolls nearly 2,000 degree candidates and over 13,000 non-degree students, who take classes online, on campus or a mix of both. Students can earn a Bachelor of Liberal Arts degree in extension studies. At an estimated cost of $49,500, a four-year degree is cheaper than a single year on campus at Harvard.

But the vast majority of people who take its classes never get a degree at all. They’re just looking for one particular course, or maybe a few, customizing their own education.

Employers will soon take advantage of options like this, too: Universities will find themselves asked to build specific programs for particular companies. And universities will find themselves needing to explore other ways artificial intelligence technologies can help reduce the cost of education.

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CLAMP’s Moodle ‘Liberal Arts Edition’ 3.5 Makes Critical Thinking An LMS Cornerstone https://iasbe.org/?p=334 Mon, 03 Apr 2023 07:56:02 +0000 http://iasbe.org/?p=334 Expert Liberal Arts Moodler Charles Fulton is announcing the release of Moodle LAE3.5. Releases for previous versions 3.1, 3.3 and 3.4 are also available. The set of updates is the main product of the Collaborative Liberal Arts Moodle Project. CLAMPrepresents the work of over 30 Liberal Arts colleges across the US. It seeks to optimize a Moodle experience for context of Liberal Arts education.

Moodle LAE releases often follow the official schedule at Moodle HQ. For the major releases, like Moodle 3.5 this time, CLAMP members hold a “Hack/Doc Fest.” Each summer and winter, they try the latest major release together and discuss ways to improve the experience, both in liberal arts and in general use.

Moodle LAE offers a few key distinctions, but CLAMP’s philosophy is to offer support to the Moodle core first. They help identify and address issues on the Moodle Tracker. This ensures anyone, not only Liberal Arts members, enjoys their work. But Moodle LAE does offer a few default choices that Moodle core does not. Some of the key differences are students’ ability to post on the Forum activity anonymously, “grace periods” before and after courses are “in progress,” and the ability to limit resource availability exclusive to courses. It also ships a few plugins that in the Moodle core would take extra installation steps. CLAMP’s policy is to be highly selective in the added functionality not available at the core. They only choose “Best-of-breed” solutions that have a wide use among members.

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IASBE ASIA ANNUAL CONFERENCE II https://iasbe.org/?p=277 Tue, 28 Mar 2023 13:40:15 +0000 http://iasbe.org/?p=277

IASBE ASIA ANNUAL CONFERENCE II

How will Asia’s transformation shape business education?

Nations in Europe represent a vibrant and diverse mix—each with their own attitudes about, and methods toward, business and business education. Even within each country, there is a vast amount of diversity. Although the business of business schools is incredibly complex, there is steady growth in opportunities for the region. IASBE strives to bring together experts who can uncover the innovative strategies and b-school models that can create impact in a specific region, as well as around the world.

The IASBE ANNUAL CONFERENCE returns this year to explore management education trends and the primary challenges shaping business and business schools in the region. Unite with top schools in the region to reveal best practices to advance your school.

This conference is an exceptional opportunity to join your peers to review your own strategies and techniques, enhance your competitive edge, and expand your network toward productive collaboration.


Who Should Attend:

Deans, associate deans, department chairs, and faculty at business schools in Europe, those with interest in learning more about the management education landscape in Europe , as well as professionals from business schools worldwide working or seeking to work with schools in Europe.


Additional Learning Opportunities:

Date: September 16-18
Time: 10:00-17:00
This seminar examines your school’s strategic management efforts based on a year-by-year overview of the continuous improvement review process, and demonstrates how the feedback you received from your continuous improvement review visit can prepare your business school for future visits.

For more info contact us

 

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College, Accreditation, and You https://iasbe.org/?p=312 Sun, 19 Feb 2023 12:14:26 +0000 http://iasbe.org/?p=312 As you explore opportunities for online education, you have probably heard the advice to make sure the university and the program of interest are accredited. What does this mean?

If you were seeking medical treatment or legal help, you would certainly seek out a licensed doctor or lawyer who has academic credentials as well as experience that match the expected standards for such positions. The same holds true for education. “’Accreditation’ is [a] review of the quality of higher education institutions and programs. In the World, accreditation is a major way that students, families, government officials, and the press know that an institution or program provides a quality education.”

Colleges and universities are accredited by one of 19 recognized institutional accrediting organizations. Programs are accredited by one of approximately 60 recognized programmatic accrediting organizations. Recognized accrediting organizations have been reviewed for quality by the IASBE or the Department of Education .” Therefore, students should make sure that both the institution and the accrediting organization have been recognized.

Types of Accreditation

Keep in mind that seeking accreditation is voluntary: No college or university is required to pursue accreditation. For schools that do decide on accreditation, they have the option of seeking regional or national recognition.

Regional organizations developed historically along geographical lines when groups of post-secondary institutions in an area came together to set agreed upon standards. These independent agencies are organized by location, so you should look for accreditation by the location of the university and its respective accrediting agency:

  • Middle States
  • New England
  • North Central
  • Northwest
  • Southern
  • Western Association

Keep in mind that each regional association recognizes the accreditation status of the others; in other words, if the North Central Association accredits your school, the other five associations will recognize it, too. In a sense, regional accreditation is a sort of “default” national accreditation.

National organizations developed historically when institutions across the United States with a similar focus or outlook came together to set agreed upon standards. For example, as an online student, you should check for national accreditation by the Distance Education and Training Council which focuses on accrediting distance education programs.

Furthermore, as you look into accreditation, you should be aware that as the Higher Learning Commission explains in its Overview Booklet, there are two main types of accreditation: institutional and specialized, or program accreditation.

What Accreditation Means

Institutional accreditation means “an institutional accrediting agency evaluates an entire educational institution in terms of its mission and the agency’s standards or criteria. It accredits the institution as a whole.” In their evaluation, the accrediting associations consider the following:

  • Governance and administration. How well managed is the institution?
  • Financial stability. How well does the institution handle its money?
  • Admissions. Does the institution maintain ethical and appropriate admission standards while providing readily available information to potential students?
  • Student services. Are solid academic, financial aid, and other advisors available and qualified to assist students?
  • Institutional resources. Is the institution in compliance with ADA and other health regulations in regard to its campus and buildings?
  • Student learning. Are clear statements of what students should learn in each course/program available and regularly assessed?
  • Institutional effectiveness. Can the university document a history of success?
  • Relationships with internal and external constituencies. Does the university maintain healthy and open relationships with outside organizations?

Each accrediting organization has continual requirements of institutions and programs for them to keep their accredited status. For example, they must demonstrate that they are maintaining standards and submit to regular reviews by the accrediting organization. You can also contact schools and programs directly to ask for information on their accreditation status. Employers in your planned field of study may also be able to provide information on what accreditation you should look for in a program/school. You may also want to search the websites or contact professional organizations in your desired field to see if they list any recommended accreditation, programs, and/or schools.

Online students should, therefore, check for both institutional and specialized/program accreditation before considering a school or program. You can check for specialized accrediting at the Council for Higher Education Accreditation’s website. In addition, the IASBE’s short handout, “Twelve Important Questions about External Quality Review,” provides a useful guide for you to investigate a potential institution and/or program’s accreditation.

You should also ask around. Find out which schools and programs your friends, family members, coworkers, etc. have attended and what their experiences were like. Chances are good that if they had a positive experience with a school/program and if they were able to find gainful employment after completing their degrees, you could succeed in that same institution and program, too.

The intent of accreditation is to help ensure a quality educational program and experience for students, and often this is true. There may be some negative effects if you pursue or obtain a degree from a school or program that lacks proper accreditation:

  • You may not be able to transfer coursework to another institution if you decide to change; the course credits, in other words, may be worthless.
  • You may find out that other universities may not accept a degree earned at a non-accredited institution or program if you decide to continue your education or obtained an advanced degree
  • You may find out that employers do not recognize the degree or institution as credible if it is not accredited.
  • You may not qualify for various types of financial aid.
  • You may find that student services, resources, facilities, etc. are lacking.
  • You may find that your education is of lesser quality.
  • You may find that the online courses are not ADA compliant if you have documented accommodations, leaving you unable to successfully complete your course(s).
  • You may find that the institution suddenly closes, leaving you stranded without any recourse to obtaining a refund or your credits.

In short, you could waste your time, energy, and money. You should keep in mind, however, that accreditation does not guarantee quality.

Accreditation should be one of your first considerations as a prospective university student. Don’t hesitate to research programs and institutions; don’t be afraid to ask questions. Legitimate, accredited institutions will quickly and happily respond to your concerns. This careful planning is one way to help ensure a positive, beneficial educational experience.

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World Business Education Standards https://iasbe.org/?p=190 https://iasbe.org/?p=190#respond Fri, 03 Feb 2023 08:42:12 +0000 http://iasbe.org/?p=190 World Business Education Standards

World Standards for Business Education
In classrooms nationwide, business educators play a prominent role in preparing students to become responsible citizens, capable of making the astute economic decisions that will benefit their personal and professional lives. Using the concepts described in these standards, business teachers introduce students to the basics of personal finance, the decision-making techniques needed to be wise consumers, the economic principles of an increasingly international marketplace, and the processes by which businesses operate. In addition, these standards provide a solid educational foundation for students who want to successfully complete college programs in various business disciplines.

This collection of world standards is a forward-looking synthesis of what students should know and be able to do in business.

The standards are based on a vision and a set of competencies designed to prepare students to become knowledgeable and ethical decision makers as they fulfill their roles as consumers, workers, and citizens.

World Standards for Business Education are based on the conviction that business education competencies are essential for all students.

  • Because all students will participate in the economic system, all students need to be literate in business and economics.
  • Because all students will encounter a business environment that is characterized by diversity—both domestic and international—all students need to practice the interpersonal, teamwork, and leadership skills that will help them function successfully in that environment.
  • Because all students will use technology as a tool for managing information, all students need to hone the lifelong learning skills that foster flexible career paths and confidence in adapting to a workplace that demands constant retooling.
  • Technology has accelerated the pace and frequency of change not only in business but also in life. Today, life and work activities tend to overlap. This trend is likely to continue and will require more sophisticated decision-making in all spheres.
    The business education concepts as described in these national standards can contribute to the development of this “renaissance” worker. An education for and about business offers students the opportunity to master the fundamental knowledge and skills needed to succeed in business—and more importantly, an equal opportunity to succeed in life.

The curriculum as a whole focuses on continuous quality education. Students master the knowledge, applications, and attitudes that will reinforce workplace competencies. This concept is illustrated in the World Standards for Business Education Curriculum Model. Assessment is both a measure of competence and a teaching strategy; what is not mastered at one level becomes the focus of successive learning experiences.

As the nature of work continues to change, business education becomes increasingly important for all students. IASBE and its members believe that if young people are to take their rightful place in society as productive and responsible citizens, they should have the chance to study the principles of business as they relate to their personal and professional lives.

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IASBE ANNUAL CONFERENCE https://iasbe.org/?p=266 Wed, 11 Jan 2023 14:03:50 +0000 http://iasbe.org/?p=266

IASBE ANNUAL CONFERENCE

How will Asia’s transformation shape business education?

Nations in Europe represent a vibrant and diverse mix—each with their own attitudes about, and methods toward, business and business education. Even within each country, there is a vast amount of diversity. Although the business of business schools is incredibly complex, there is steady growth in opportunities for the region. IASBE strives to bring together experts who can uncover the innovative strategies and b-school models that can create impact in a specific region, as well as around the world.

The IASBE ANNUAL CONFERENCE returns this year to explore management education trends and the primary challenges shaping business and business schools in the region. Unite with top schools in the region to reveal best practices to advance your school.

This conference is an exceptional opportunity to join your peers to review your own strategies and techniques, enhance your competitive edge, and expand your network toward productive collaboration.


Who Should Attend:

Deans, associate deans, department chairs, and faculty at business schools in Europe, those with interest in learning more about the management education landscape in Europe , as well as professionals from business schools worldwide working or seeking to work with schools in Europe.


Additional Learning Opportunities:

Date: TBA
This seminar examines your school’s strategic management efforts based on a year-by-year overview of the continuous improvement review process, and demonstrates how the feedback you received from your continuous improvement review visit can prepare your business school for future visits.

For more info please contact us.

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To stay in the game universities need to work with tech companies https://iasbe.org/?p=343 Tue, 03 Jan 2023 10:00:29 +0000 https://iasbe.org/?p=343 The world of higher and professional education is changing rapidly. Digitally-enabled learning, in all its forms, is here to stay. Over the last five years, massive open online courses have enabled universities to share their expertise with millions across the world. This shows how rapidly developing digital technologies can make learning accessible.

These new technologies are shaking up traditional classrooms, too. And as the nature of work changes professionals are turning to high level, online courses to keep pace with new demands.

But much of this new technology is the preserve of private sector companies. This means that universities have to work with them. Yet partnerships with for-profit companies still don’t feel right for many in the higher education sphere. Knowledge has long been seen as a public good, and education as a basic right. Many of today’s universities were shaped by the principles of public funding.

This world was changing well before the disruptive impact of digital technologies, with tuition fees rising above the rate of inflation and the emergence of private universities as part of the higher education landscape. But there’s still unease about technology and its role. The reality, though, is that higher education institutions will have to get over their queasiness if they’re to survive in this brave new world.

Universities may not have the know how or the money to match the innovations coming onto the market through private tech companies. The decision by Nasdaq-listed technology education company 2U to acquire Cape Town based startup GetSmarter for $103million is the largest price tag yet for a South African company working in digital education.

This is an indication of what it would cost a university to set up a full online division. Few institutions will have this money, or the ability to raise it. The alternative is to reconsider the advantages of public-private partnerships, taking care to retain authority over quality. For many universities this could be the only way of keeping pace with the changing world of education.

The story of a start up

The story of how GetSmarter got off the ground is a text book case of how a simple idea, combined with guts and luck, can reap huge rewards.

GetSmarter was launched in 2008 with a tiny budget and offered just one online course, in wine evaluation. By 2016 its annual revenues had grown to about R227 million. The foundation for this expansion has been a wide range of courses developed and offered in partnership with the University of Cape Town and, more recently, the University of the Witwatersrand and Stellenbosch University.

GetSmarter’s key breakthrough into the international realm came with professional programmes in association with the Massachusetts Institute of Technology (MIT) and Cambridge University. GetSmarter’s first course with Harward will soon be presented.

After its acquisition was announced I talked to the company’s CEO, Sam Paddock, co-founded with brother Rob. We discussed the lessons for other small digital companies – and for universities that are mulling the value of digital learning.

The Paddock brothers leveraged the cash flow from their father’s niche law firm to launch their first online course. They then used upfront payments for that course and the courses that followed to keep financing their next offerings. In the nine years that followed, edtech has become a crowded and complex field.

GetSmarter’s purchase price has garnered a lot of media attention: it’s high, in US dollar terms, and is a vote of confidence in the company. The price represents a valuation of a company’s assets, intellectual property and know-how, and strategic positioning for the future.

But what does it say about the kinds of investments and partnerships that conventional universities will have to make as they adapt to the full disruption from new digital technologies? The key aspect of GetSmarter’s success is how its partnership with universities has played out. As Paddock points out:

We are starting to realise the potential of public-private partnerships, where the credibility and resources of great universities can be combined with the skills of nimble private operators.

Good news for the digital economy

This acquisition is also good news for South Africa’s digital economy. Paddock says GetSmarter will employ more South African graduates and give them international experience and expertise.

And, he says, ecosystems often develop from one significant investment in an individual company. “This was how Silicon Valley started, as well as London’s ”silicon roundabout“. Cape Town, GetSmarter’s home city, has been trumpeted as South Africa’s own Silicon Valley: ”Silicon Cape“.

The opportunity to lead in digital innovation and application has been widely recognised, for example through the work of Accelerate Cape Town. The CiTi has a range of initiatives underway, including a three year partnership with Telecom intended to build the digital workforce.

Last year, cellphone giant Vodacom announced an investment of R600m to assist in developing South Africa’s digital skills.

GetSmarter’s big win is good news and proof – if universities needed it – that such initiatives can bolster higher education’s offering in a rapidly changing world. Universities in Africa know that they need to keep up with the relentless march of digitally enabled learning. GetSmarter’s journey from bootstrapped startup to a billion rand enterprise is a case study, worthy of attention.

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We are leaders https://iasbe.org/?p=288 Thu, 01 Sep 2022 13:58:57 +0000 http://iasbe.org/?p=288 The IASBE is the leader in mission-driven and outcomes-based programmatic accreditation in business, and it exists for the purposes of advancing academic quality and excellence in business education throughout the world. It is the philosophy of the IASBE that academic quality and excellence in business education should be measured in terms of the overall level of performance of an academic business unit (department, division, school, college of business, etc.) relative to its mission. This emphasis on mission-related performance is integral and fundamental to the entire quality assurance process of the IASBE

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