How We’re Applying the Sharing Economy to Education
By Andrew Grauer
A sustainable economy requires that both the supply and demand sides benefit from a transaction. In education, we see so many inefficiencies between those supplying the knowledge and those consuming it. Teachers feel like they’re being underpaid and students feel like they are overpaying for the education they are receiving. This system is broken, presenting an opportunity to recalibrate and bring better equilibrium to the market. We’ve already seen the collaborative consumption business model transform industries from hospitality (Airbnb) to transportation (Lyft), and we believe that education is ripe for a similar disruption.
I founded the online education company Course Hero when I was a student at Cornell. I was frustrated that so much knowledge was bottled up in private hard drives and individual brains without a convenient, accessible forum to share and distribute this knowledge. At the same time, the student lifestyle—balancing homework, jobs and extracurricular activities—wasn’t necessarily conducive to accessing professors, tutors or other help they may need during designated office hours. I saw an opportunity to connect this bottled up knowledge with the students who needed it and create a better learning experience—one that benefits both the expert and the learner.
Digital services are ready for a business model change, which is why Course Hero is working to build an online “knowledge marketplace” where experts can make money sharing their expertise, and learners can consume that content when and where they need it. By incentivizing experts of all forms to interact with Course Hero’s existing user base of learners, the knowledge marketplace is able to scale while providing consistent, quality content that meets the demands of learners. Like the retired miner who signed up with Lyft to earn extra cash shuttling city-dwellers around San Francisco, Course Hero is empowering a new class of microentrepreneurs who are financially rewarded for sharing their knowledge on their own time in the form of courseware, documents and tutoring advice.
A knowledge marketplace can provide a powerful supplement to the traditional learning experience. For example, since professors, TAs and tutors have limited availability, we developed Course Hero’s online tutoring platform that invites students to ask questions, and experts to get paid for answering as many or as few student questions as they want. Office hours can be impossible to make, however an open tutoring platform ensures that an expert will be able to assist a student even at 2:00 am the night before a final — often when the student needs it most.