Rick is the CEO and founder of Skills Fund, which provides students with funding to attend accelerated learning programs that have been rigorously vetted on the quality of their student outcomes. Previously, Rick founded and worked in multiple education technology companies, including the Acton Foundation, College Portfolio, and Fullbridge. Rick also spent time in the public sector, leading the Colorado Department of Higher Education. Rick talks about the challenges that we face in reforming higher ed, the history and future of accelerated learning programs, and the unsettled debate about whether loans or ISAs are better for students.
On Episode 15 of the Skill Podcast, Micah shares a conversation with Rick O'Donnell, Founder and CEO of Skills Fund, a company that provides students with loans to attend vetted, quality skill academies such as Galvanize, Hack Reactor, and Thinkful.
Rick and Micah discuss how Skills Fund is trying to solve a part of the puzzle traditional accreditors are failing to address: school quality. They also discuss the tight link between school quality and student performance in the job market after graduation. Finally, they imagine a world in the near future where students have multiple funding options to attend accelerated learning programs at Universities, bootcamps, and skill academies across the country.
Throughout this conversation, Rick and Micah cover the following topics:
- Their mutual affinity for the word "skill"
- Rick's early career as a public servant and policymaker in Colorado
- The numerous challenges facing higher education
- Would a new type of degree solve any of these challenges?
- Rick's entrepreneurial career after his time in Government
- The genesis behind Skills Fund
- The misaligned incentives in higher ed, and the role accreditors play
- It's not "accreditation", it's "quality assurance"
- The innovations in quality assurance that Skills Fund has introduced to the market
- The greatest moral travesty in higher ed
- The Return On Education (ROE) concept
- Accelerated learning: 0 to 40,000 students over the last 8 years
- The opportunities for skill academy entrepreneurs today
- The Council on Integrity in Results Reporting (CIRR)
- The relationship between Skills Fund and CIRR
- Are Universities and Colleges becoming more concerned about outcomes?
- The barriers that Congress has put in front of higher education reform
- How the Federal Government could help spur change in higher ed
- The unresolved debate regarding Income Share Agreements vs. Student Loans
- The future for Skills Fund
- Are bootcamps competing with colleges or with graduate schools?
- Are skill academy graduates being accepted by employers?
- Why aren't more bootcamps funded by the Department of Labor vs. the Department of Education?
You can connect with Micah at micah "at" meritmark.co OR on Twitter @MicahMerrick
Thanks for listening!
What is Skill?
Skill is a podcast exploring the future of work, education, and technology in the United States.
Each week, Micah Merrick, author of "Rethink the MBA", interviews guests from education startups & skill academies; non-profits & Fortune 500 companies, to understand how the worlds of work and education are changing because of technology.
One the one hand, Micah is the product of the traditional higher education system, with a Bachelor's degree from Penn State and an MBA from the Wharton School. On the other hand, Micah is deeply skeptical that higher education is keeping pace with technological changes that require students to obtain skills, rather than branded credentials. Ultimately, he believes that the future of work and education will focus on skills, not degrees.
Micah brings to bear over 15 years of experience in startups and venture capital, from Silicon Valley to Boston, and guides you through the problems at hand.
If you are trying to understand how work and education are changing, outside of the traditional higher education system, this podcast is for you.