TABLE OF CONTENT
What is MOOCs?
MOOCs, or massive open online courses, have revolutionized the way we think about education. These online classes are made possible by the combination of social networking, access to expert instructors, and the ability to reach thousands of registered students. But how do MOOCs make money?
The Principle of MOOCs
The principle of MOOCs (Massive Open Online Courses) is to provide open access to high-quality educational content for anyone, anywhere, at any time. This means that the courses are typically free and open to anyone who wishes to participate, regardless of their location or background. The goal of MOOCs is to increase access to education and promote lifelong learning by making it possible for anyone to take courses from top universities and institutions around the world. MOOCs are designed to be flexible and self-paced, allowing learners to start and finish courses at their own pace, and on their own schedule. MOOCs also promote interactive and collaborative learning, allowing students to engage with each other and with the material in ways that are not possible in traditional classroom settings.
Ways MOOCs Make Money
One of the most popular methods is through the sale of verified certificates. Many MOOCs offer a certificate of completion for a nominal fee, which allows students to demonstrate their knowledge and skills to potential employers. This is particularly useful for students who are looking to advance their careers, as many employers recognize these certificates as being equivalent to traditional degrees.
Micro-programs, which provide a deep understanding of a specific subject or career field, are sold by MOOCs to make money. These shorter, focused courses are highly relevant to the job market and are often offered at a lower cost than traditional degrees. MOOCs also earn revenue through partnerships with universities and other organizations. Top universities often provide funding to support the development and operation of courses offered in partnership with MOOCs. Moreover, companies sponsor some MOOCs to invest in the education and development of their employees.
The Shortcomings of MOOCs:
Despite the accessibility and flexibility of these classes, MOOCs often fail to deliver on their promise of student transformation.
MOOCs have low completion rates:
MOOCs offer a flexible schedule and allow students to learn at their own pace. As a result, it lead to low completion rates and high dropout rates. A study by MIT found that online courses had a 96% dropout rate over 5 years. As a result, most students never returning after the first year.
MOOCs lack higher-order skills:
MOOCs convey “knowledge transfer,” but not necessarily higher-order skills. Since MOOC content is pre-recorded, it’s one-directional, meaning there’s no opportunity to ask questions in real time. This hinders the format from teaching anything that requires more feedback, discussion, or hands-on practice.
Thus, MOOCs are great for subjects that are primarily “knowledge transfer,” such as how to sort data in Excel or other such skills. But they’re not great for higher-order skills—those that require analysis, evaluation, synthesis, judgment, and creativity.
Revolutionizing Education: A Look at the Business Model and Strategies of MOOCs
MOOCs offer affordable education through certificates, micro-programs, and partnerships. However, it’s important to consider the pros and cons of online learning before committing. Despite the challenges of lack of human contact, MOOCs provide a valuable alternative for those looking to advance their education and career prospects. The future of education is online, and technology advancements and virtual classrooms have made education more accessible and inclusive.
Credit Source: MicroBachelors | edX
