Certainly, you are aware of the saying “knowledge is power.” No time that this sentiment is relevant that in this decade. As the world moves to a knowledge-based economy, people and organizations are seeking learning opportunities. Everyone is finding a chance to access real-time information on emerging technologies and trends in their area.
However, attending physical classes is becoming a challenge. People have fixed work schedules that hinder them from accessing physical classes. Fortunately, you can now learn virtually and in your own time. Here is where the online educational business model comes to play. What does it involve and the benefits of using the model? Keep reading to learn more.
What is the Online Educational Business Model?
An online educational business model is an approach that involves the virtual sharing of knowledge. It is a form of business that focuses on offering online courses and training to people seeking to enhance knowledge in a particular field. Organizations using this model focus on ensuring that employees and stakeholders can access the accumulated knowledge wealth. To make this possible, they introduce online learning opportunities in return for revenue.
Also, the organization using this model seeks to offer a transformation from the traditional learning approaches by moving education to the virtual space. This aspect allows individual to learn at their pace, unlike in the normal schools where one need to be at par with fellow students.
How Does It Work?
The goal of online education businesses is to liberalize learning. Unlike in the olden days, people no longer need to attend physical classes. This organization helps people to access learning materials using their devices. This model has three components. The first component is the educational provider. This provider can be an individual, school, or institution. They develop and determine the content to offer, deliver it, and charge or make it accessible.
The next component is the platform. This is the medium for delivering the course or training. It is where people access knowledge and learning materials. This medium is an online platform that allows a potential learner to log in to access educational content from the provider. The platform supports different types of content.
For instance, the learning materials can be lecture notes, videos, and presentations. These courses are in the form of models and units. Also, they have a set completion duration and tests for assessing whether the students got the concept.
The last part of this model is the user or learner. This is the person looking to enhance knowledge in a particular field. Learners are the content consumers and target audience of the trainer or educator. They become students by creating an account on the platform and subscribe to its terms and conditions.
As such, the online educational model aims at helping people advance or gain knowledge virtually. It brings together a learner and trainer without them having to meet physically.
Examples of Online Educational Business Model
With the desire to shift from the traditional learning approach, the world is witnessing a popup of online educational businesses. Also, different learning institution is operating a virtual branch. However, there are several examples of companies that use this model as their operational approach.
Khan Academy is an excellent example of these businesses. This online school allows students to learn at their own pace. It offers instructional materials and practice exercises on different subjects such as mathematics, biology, chemistry, physics, computer programming, history, and others. Students can utilize these resources while in class or outside. The goal of this academy is to help students master different areas without any limitations.
Coursera is another business using this approach. This online education platform offers multiple courses at various universities and tech companies. Learners have a chance to enroll in free or paid courses. Also, one can pursue a certificate, diploma, or degree from various universities. Coursera aim is to help people gain job-relevant knowledge in an affordable and flexible manner.
Others include Udemy, Edx, Skillshare, and LinkedIn Learning.
Pros and Cons of the Online Educational Business Model
No doubt, the online educational business model is a new transformation in the learning industry. The approach is changing the sharing of knowledge and information. Businesses using this model are helping individuals advance their knowledge of a particular area at their pace. However, it also has its merits and downfalls. Here they are:
Pros
Enhanced reach and accessibility
In a knowledge-driven world, everyone is in search of a learning opportunity. Engineers what to know about the new NASA developments. Managers are seeking knowledge of current business strategies that they need to introduce in their businesses.
With this aspect, learning opportunities are in high demand. By adopting the online educational model, your business can enhance its reach. Also, it will make your accumulated knowledge easily accessible to your staff and stakeholders. Hence, the model is a perfect idea for educational institutions and businesses seeking to enhance knowledge accessibility and reach their target audience.
Liberalization of learning
Initially, learning took place in brick and mortar classes. You had to attend a session on a particular day and time. Also, if you needed some learning materials, you could only access them in school or libraries. This aspect hinders many people from advancing their knowledge due to limited time. This model came to alter that aspect.
Organizations using the online education model allow individuals to learn at their pace and access any materials regardless of their location. This liberalization of learning is enhancing and promoting equity in skills development.
Cons
No social interactions and costly
With online education, there is no physical interaction. Social interactions play a central role in the education arena. The approach offers face-to-face interaction between students and lecturers. Also, it enhances networking and strengthens student relationships. These aspects are not available in the online option, which can hurt learning. Also, it is costly to establish. The concept requires huge investment in terms of virtual and physical infrastructure.
Conclusion
In a word, knowledge is an essential component of this era. The online educational business model works as a perfect way to enhance this objective. Organizations using this model benefit from the broad reach and enhanced accessibility. However, implementing this model can be costly as it requires huge capital.
