Transcript for Minerva: The College You'll Want to Get Your Kids Into
Hello and welcome to -- -- I'm Rebecca Jarvis here in New York City and here's what's on our radar from bankrupt a business woman how a single -- turned her kids complaining in to a thirteen million dollar company. She's just one of ink magazines 500 fastest growing small businesses in America and -- editor in chief is here to reveal the list and tell us what they all -- comment. But first a start -- whose business model might give Harvard. A run for its new student talent want to get right to it there is no mistaking it America is in the midst of a major education crisis. College costs are skyrocketing. A year -- instate tuition averages 23000. Dollars. Meantime graduates are drowning in debt plus many students aren't even getting the education. That they are now over paying for. It is an industry that is ripe for disruption and certain the same guy -- transform the way that we share photos. The former CEO snap fish is at it again and this time he is taking on America's IDB's. And Boeing is his business -- different than anything else that is out there we want to welcome Ben Nelson he is founder chairman and CEO. Of -- -- -- project it's so nice to have you with us thank you so much for -- America. Your company I have to say fascinates me. And that it I want to understand what you're really trying to do here because -- so much out there in terms of learning already on the Internet you could take a class on the Internet I can take a class. There's millions of that. -- -- -- -- -- -- -- -- -- -- Trying to do is create the university -- should be universities evolve over a long period of time. In that evolution. Some vestiges of the past remain something's changed. But they have been built optimal leaf for today's world. So what. What are we getting right in the university structure is at the end of what are we getting -- so we think that the residential component is important bring students together giving them. The experience to live in the real world. We think that it's actually even better to get them -- of -- campus environment in into the most vibrant cities in the world. So our students for example -- in seven different countries over the four years together in our residence halls it's like a nomadic education. Yeah because you want to learn from the world around you not just what's happening in the classroom but that when you look at the classroom. We're we're doing a lot of things that don't make sense to educate students were disseminating information and big lectures and they're not effective. And so all of our classes or seminars are capped at nineteen students and we don't do. Lectures at all and if you wanna just learned basic information while you can take a free course online or you can read the text book -- work or primary source material. But when it comes to the real intellectual development of the students you want to get them together in a small group. With the professor that'll guide them through it. So how much what component of this man is occurring on the Internet verses or on line vs. What is occurring in an actual physical location that is a classroom. So we look at the educational system in two methods one is the curriculum that area that where we have to develop intellectual development of the student. Piece by piece and that we do in these online seminars nineteen students maxim with the professor -- it's all lives. And the reason we do -- online is because -- want to connect one class to the other surfaced in the struggling with the concept and one subject. A professor can take this any concept -- to a different subject and hope to enlighten her right later on we need that data. Which is why we do -- classes online at the same time the co curriculars. Integrate students into the world around them and that's completely offline. That actually gets students out in doubt. Meeting with the most important. Change makers in the particular society where they live looking at the great cultural values really getting to know how the world operate. You are still relatively new. But you are getting some very strong positive reviews. From. -- business world from the media world people who are understanding your course work. Where are the majority of your students coming from well. That's actually I think the beauty of of the manner of a model we. We don't discriminate on any basis even the works ordinarily selectively only had a two point 8% acceptance rate which. Lower at Harvard and -- -- our guys. But we don't wait in favor of one kind of student -- and others say you will not find a lot of rich students at minera -- -- book overwhelmingly middle class. You're saying there's no quotas there's no -- we need to. At kids from Vermont and we need one from New Jersey who plays lacrosse you're not looking at it that's exactly right with so is -- a very international student body that. -- 80% international. So when you don't believe it to any particular kind of -- you wind up getting -- most diverse student body in higher education. And in terms of cost we were just talking about this -- you're allowing people to come in as sort of a trial period I'm assuming here the first year is free. Yes and then that bit second third and fourth years -- asking people to pay 101000 dollars. 101000 dollars plus of course the -- room and board if live and -- Which we can't do much much about but that that -- half of what and we just described what the instate tuition 23000. Dollars -- for most. Average students in America they're going to that state school. You're -- charging half of that yeah. And a quarter of what the -- -- charges over the incoming class it'll come next year. They just pay that 101000 dollar tuition -- plus room and board across all four years so compared to a traditional private. Ivy League university they'll -- something like a 140000. Dollars over four years. Because we don't have the wheels of the campus weaves the city is the campus and -- in because of that we can deliver higher touch education. Which is more connected from class to class at a much lower cost. Big picture and I know this is not had a question you cancer at thirty seconds they're gonna have to -- -- from big picture what is the single most important objective of -- -- single most import. The objective is to show universities that they can change they way they do education and we succeed. If we actually are followed and copied by other great universities around the world. Which will hopefully mean the cost of education becomes more affordable for more students. And more education will help people get better jobs -- and the more fulfilling lifestyle and the quality will increase at the same time. And Alison minor thank you so much for joining us really is --
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