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Coursera co-founder Andrew Ng on how the organization is able to offer classes from top universities online for free.
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I don't have tell anybody that has a kid in college right now higher education is getting very pricing the average cost to attend public university alone is skyrocketing jumping.
84%.
Over the past thirteen years.
But educational -- heard -- seen this crisis as an opportunity -- -- -- want to do particularly through online education with us now a hands on educational entrepreneurs.
And -- the founder of course -- this is an on line.
Education provider and -- great to see I love I love how entrepreneurs always -- crisis is opportunity clearly.
That's what you're doing how does -- share our work quickly.
So called -- -- as the top schools such as unfit consent cal tech Colombia -- and then the other does.
To take causes from -- preschools and put them online before -- to take.
So if you wake up tomorrow morning and you -- like taking calls from Brown University or Johns Hopkins a whenever you can now do so and -- three.
Well hold on second free you say free but I I understand your course here is backed by Kleiner Perkins Kleiner Perkins.
They like nonprofit operations but they also should expect to get a return on their capital some -- How do you expect -- to monetize is to make money office.
You know as a social entrepreneurship comfy when much what did you -- in those -- -- -- -- making money.
But we do have to bring in money to keep -- -- sustainable so.
We're building held town something called signature track where for a modest fee beyond verify this to the certificates -- senses identity.
And to issue verify certificate so that if you take to heart you don't include in your resonate.
Employee has can be confident that you -- -- one does submit to the works in the staffing costs and use that potentially to how often union job.
Okay now core businesses in its fight -- take -- university but you probably won't get credit for a lot of the courses and lets you very careful.
Make sure it's an accredited course and -- the universe is except the credit.
So far universities have been very reluctant to accept any credit from online universities are you changing that.
You know I think because it -- -- offering -- buy what 62 of the top universities around the world.
-- -- universities have already started you know of their own design did.
By themselves we had nothing to do this to offer academic credit -- -- causes.
On the fact about a month ago so ECB the American council for accreditation recommended five -- -- courses for credit what that means is that -- will be left.
Take some of -- closes and actually get them transferred -- Academic credits into a large number of universities around the world so.
You know right now just five -- -- crosses the hope the more over time.
Will be potentially -- for academic credit could to a some degree well but.
But here you have competition coming a picture because these.
These colleges and universities are charging enormous psalm 60000 dollars a year Boston college's name one that I -- -- well.
And and you're offering the a similar thing for free and if you can get credit Ford for free.
Frankly a lot of parents out there may make the switch.
Not enough initially -- affected them the value -- the price of the private college but eventually may cut in on their territory.
You know we published a top schools around the world and some also spent a professor in additions -- quote co-founder of course Sarah.
And -- if you have a son or daughter does admitted to -- and that they're debating.
They -- home taking free online center -- nurses attending university and present.
-- the goodness -- had them attending university imprisoned.
I think the real value of attending a -- school isn't just the contents which is what we call center provides.
I think the reasons Susan's go to -- that.
This interactions with a professes -- rations of other equally priced Susan's.
-- -- laboratory atmosphere that -- laboratory atmosphere I'm sure you would agree is is very god by no Yahoo! would agree on -- they just demand that their employees.
Come back to work those in home people working at home they want that laboratory feel so who then is your customer base I know -- -- -- you're not charging for this but.
Assume that you have a customer base who is it that -- looking do it appeal to buy what you do.
You know it turns out -- people from all walks of life anything from those sixteen Euro high school student taking these costs is to improve their -- application.
To the 89 year old retired grandmother that just won't want to learn something new but most of justices are in their twenties and thirties and sometimes -- -- I think he old model of education when you go to school for four years and the next forty years -- so what he had learned.
That -- -- just doesn't make sense in today's rapidly changing world some -- what we're doing the supreme adults.
Back into the education system so that it coupon you know getting -- -- of knowledge which all of us need in into these -- And finally under while you're not charging I'm sure a lot of nation companies out there are thinking about charging for this on line.
College courses is are you setting a trend here that will carry over.
-- of the for profit community.
You know when I -- my first -- my first we online cost I she got -- -- from a lawlessness saying.
Why did you do this the creation of tossed five dollars is like costs of a latte cost of -- cup of coffee anyone can afford -- and be very lucrative.
But it was a cup of coffee to you and me until Portland Africa -- -- ten year.
Not only do they not have a credit card -- I -- -- five dollars is completely unthinkable to the neediest people in -- society.
And so if we on serving the neediest people in -- society.
As an educator as a professor.
Frankly I'm just not allowing just in.
Well you may not be but I'm sure there a lot entrepreneurs out there that are Andrew -- of course Sarah co-founder Andrew thank you very much for coming in fascinating project appreciated.
Thanks very much -- already.
