If you haven’t heard of Prisma (my podcast with the CEO), I’m very pleased to introduce you to them.
Prisma is more than just a virtual school for 4th through 8th graders.
Prisma is a connected learning network that looks at preparing students for their adult lives. Instead of trying to meet state-mandated metrics and teaching aged-out content, they use relevant and engaging learning cycles to instill a love of learning.
The company was started in 2020 by husband and wife power startup duo, Victoria Ransom and Alain Chuard, who were young parents looking for something better for their kids. After studying the current education system, interviewing lots of parents, and doing copious amounts of research, they decided on a concept to build action-oriented problem-solvers for the 21st-century.
There would be no grades.
Courses would be self-paced and 100% virtual.
Students would feel empowered.
Material would be both challenging and enjoyable.
As far as educational systems, this thinking is radical. More education via podcasts, articles, and user outreach will be needed for parents to understand why this mode of learning will prepare their kids tenfold for the long run in comparison to traditional schools.
However, thanks to COVID-10, the gates are now open for online schools. The concept of online learning is no longer taboo. It’s funny what happens when you’re forced to adapt — and how fast it happens. In addition, more technology is being created to improve the experience and process than ever before.
People are ready for change, it’s just a matter of time before the whole education space looks different.
The good news for Prisma is that the intensity of rivalry is low right now.
For parents who can afford to pay the $8,898 it costs for 6 5-week cycles (one school year) and can keep their children at home or somewhere that will watch them, this is a no-brainer.
The only other programs that are running the same direction, each on their own, slightly different paths are Sora Schools and Synthesis. Sora Schools is a virtual high school that encourages hands-on learning and small-group projects. Synthesis, co-founded by Chrisman Frank and Josh Dahn (created Ad Astra for Elon Musk), started with one-hour weekly programs and is currently exploring a full curriculum program that would replace traditional education institutions.
As far as the general education space, the intensity of the rivalry is high.
There are 20,528,072 10 to 14-year-olds in the USA.
Of those students, there’s at least one guardian who is responsible for their health and wellbeing. That caretaker has to earn money somehow to support the student. Sometimes that’s in-person, other times, it’s remote.
Also, whether people want to admit it or not, school serves as a form of childcare. Learning is the primary objective, but it’s also 8 hours a day other people are responsible for your children while you work. For the 2017-2018 school year, there was a combined total of 98,469 total public elementary and secondary schools in the USA — all free. That’s hard to beat.
The median household income in 2020 was $67,521. Of that sixty-seven thousand, mouths have to be fed, lights have to be kept on, and clothes have to be bought before the additional expense is considered for education.
For Prisma to succeed long-term on a mass global scale for all students, it will need to be affordable for most people (currently less than the average private school tuition, which sits at $11,779 per year) and find ways to ease the burden for parents who are in need of the childcare.
This is part of my series for myMBA!