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COVID’s impact on higher education

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Good morning. 

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NYU tech guru Scott Galloway wins the prize for getting the first book to market on the post-Corona economic system. He rapidly and appropriately zeroed in on what makes this financial disaster so distinct from these of the previous: it was an accelerant, not a retardant. “A virus one four-hundredth the width of a human hair grabbed a sphere weighing 13 billion trillion tons and set it spinning ten occasions sooner.”

Galloway accomplished his manuscript in August, and whereas a few of his predictions appear apparent—large tech is a giant winner; do business from home is right here to remain; money is king—others could show untimely. Like Andrew Cuomo, he might need been prudent to let the disaster play out earlier than penning a ebook.

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However I used to be taken by his chapter on increased schooling. The virus, he factors out, “has been particularly laborious on industries whose clients eat the product sitting shoulder to shoulder, like sports activities, airways, eating places, occasions—and…universities.” Within the case of upper ed, it’s hitting a sector already overripe for disruption. Faculty tuition has elevated 1,400% within the final 4 a long time, demographics is about to ship a physique blow to demand, on-line increased schooling is lastly maturing, and the very best corporations—as I’ve stated right here earlier than—are working laborious to retool their hiring programs to focus extra on expertise, much less on faculty credentials. A pandemic that shuts down campuses might—and doubtless ought to—create an ideal storm.

By the way in which, in a separate chapter, Galloway refers back to the “founder-worship period” within the enterprise capital enterprise. That was the subject of a brilliant piece by Charles Duhigg in final week’s New Yorker, specializing in the spectacular collapse of WeWork. The basic downside, says Duhigg, shouldn’t be the emergence of a charismatic cult chief like Adam Neumann—it’s the VC tradition that enabled and inspired Neumann to do his factor, with no constraints. This week’s must-read.

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Extra information under. And an early warning: Fortune publicizes its Businessperson of the Yr on Wednesday. Who ought to win? Ship in your predictions. 

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Alan Murray
@alansmurray

[email protected]

A correction, courtesy of Heidrick & Struggles, which told us last week that solely 3% of latest CEOs appointed between March 11 and June 30 within the U.S. this 12 months have been ladies. In actual fact, they missed one. The quantity was truly 6%, in comparison with 12% within the 5 months earlier than the pandemic.

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