One of the most exciting areas where the impact of technology and the Internet will be felt is in education. In a world where many students will leverage the Web for content consumption, where textbooks will become rich interactive experiences, and where the iPad or Kindle will become a standard part of the learning platform, education will begin its inevitable march from being an imprecise art optimized for the “averages” to a highly measured science designed for the individual. Concepts such as “Assessment for Learning” are advancing the notion of regular feedback as a critical element of curriculum for both teachers and students. There is no better platform than the Web to transform the student experience. And many would suggest it couldn’t come at a better time.
Today, on the heels of that notion, I am excited to announce our investment in Knewton. On the surface, Knewton is the leading online provider of test preparation services such as the GMAT, SAT, and LSAT. Underneath the hood, the Company’s service is powered by a groundbreaking adaptive learning engine that takes the myriad of data a Web-based platform generates and optimizes curricula down to the concept level for an individual. It allows the Company to make performance improvement guarantees no one else is willing to offer, and leads to its customers giving as high a net promoter score as respected brands such as Apple and Google receive.
To accomplish their ambition is very technically complex, which is why the team at Knewton includes some of the foremost researchers and creators of computer adaptive testing. Knewton has taken this engine powering their own direct to consumer service and is now opening it up for third parties to instantly bring adaptivity to their content. “Just add Knewton”. Over the coming twelve months, Knewton will begin partnering with leading content providers in the market to supercharge their offerings.
While test prep alone is a multi-billion market, education is a multi-trillion dollar market. At FirstMark Capital, we look for ideas that can transform large marketplaces and there are few as gigantic and meaningful as this. NYC is the home of the largest school system in the US and the base of the education industry’s leading content providers. As we have seen across other vertical industries being disrupted, it’s no surprise that this startup was born here. We are delighted to partner with the founder, visionary, and CEO Jose Ferreira and the rest of the NYC-based Knewton team as they seek to change the world!