EdTech and MOOC Will Change College Degree
Technology has changed a global education with a MOOC (Massive Open Online Course). As the name suggests, it creates massive change in education around the world through an online course. It made a disruption in traditional college credential and created a new gold-class industry sector called EdTech, or Educational Technology.
Since 2012, a wave of MOOC providers have been entering the market with a strong financial backup.Forbes that in the first half of 2015, private investors have poured $2.5 billion into EdTech companies. Bill and Melinda Gates Foundation is also noted as one of the source of fund for EdTech companies. Along with financial backup, some of EdTech companies are also associated themselves with top universities. Some activities included are expanding distance learning and integrating technology into higher education.
Some other EdTech companies choose different business model. They work beyond university system and offer self-paced learning. These companies do not offer credential through traditional collegiate system but based on job market. Companies such as Udemy, openHPI and ALISON offer their own credential backed up by experts in certain fields.
This model of credential is proven to be the right choice for today's changing job market. As TechCrunch that in the year 2020, traditional college degree will have to made room to a new array of modern credential. It is because college degree, as a traditional credential are now facing a wrenching technological and cultural change. Although TechCrunch predicted, college degree is still relevant but it will not be so exclusive. MOOC has begun to build the new credential since 2012, which is dubbed as "the year of MOOC" because of the massive emergence of EdTech companies in that year.
One of the countries that gain huge benefit from MOOC is India. According to India Today, MOOC has shown a huge benefits for students in India. Based on the survey published by Times of India, the students of India have done significantly better than other countries in taking advantage from online courses within four years. Students in India have 82% benefit in career advancement, compare to 72% average of students in other countries. They also achieve more benefit in educational advancement from global average.
Nowadays, EdTech creates a wave of change in traditional education with MOOC. Traditional college degree will not become solely exclusive credential in the job market in the near future. EdTech has become a new source of credential with the changing job market, and many EdTech companies gain benefit from such change.