LTAS Massive Open Online Courses (MOOCs): London Business School. How to Finance your start-up without VC

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1 LTAS Massive Open Online Courses (MOOCs): London Business School How to Finance your start-up without VC Purpose Members of the Learning, Teaching and Assessment Sub-committee (LTAS) are invited to note the report from a panel event held in the time period 1 7 February 2016 to consider the MOOC: How to Finance your start-up without VC. Background The MOOC How to Finance your start-up without VC is the third MOOC developed by the University of London in collaboration with London Business School. Recommended Action Following the Panel s recommendation to support the launch of the MOOC, Chair s Action was taken on 1 st March 2016 to permit the MOOC to launch on 12 th April Members of the Learning, Teaching and Assessment Sub-committee are invited to note the approval panel report and course team s response Quality, Standards and Governance University of London International Academy March 2016

2 LEARNING, TEACHING AND ASSESSMENT SUB-COMMITTEE Report of a panel convened on behalf of the Learning, Teaching and Assessment Subcommittee to consider the approval of the Massive Open Online Courses (MOOC): How to finance and grow your startup without VC 1 Module 1: Why taking venture capital is a bad idea Module 2: Matchmaker modules Date: The Panel considered the MOOC in the time period 1 7 February PART A: THE APPROVAL PROCESS AND FORMAT OF THE EVENT Introduction and Background 1. MOOCs allow participants to undertake free, bitesize units of learning. The University of London International Academy became a partner with Coursera 2 in September 2012 and is the chosen platform for the International Programmes MOOCs. To date, the University of London has launched three phases of MOOCs totalling 18 courses, including the first UK MOOC specialisation (a multi-mooc sequence completed by a capstone project). Phase three will conclude in Spring 2016 and will bring the total number of MOOCs developed by the University of London to 25. Coursera remains the largest MOOC platform in the world with over 17 million users. 2. The MOOC How to finance and grow your startup without VC, in collaboration with the London Business School (LBS), will be launched in late March/April Structure 3. The course is going to be offered through the OnDemand platform, which means learners can study at their own pace. However, the course provides an indicative seven-week structure which students can follow if they wish. The MOOC contains an introduction and seven modules with two/three hours of learner content per module. 4. The primary method of delivery for the course is by video lecture with further optional reading should participants wish to explore topics in more detail. Assessment 5. Six of the seven modules are assessed by a peer assessment which learners need to complete and pass in order to be eligible for the course certificate. Each peer assessment contains an exercise relating to the respective module s content to practically engage the learner and to help them network with other entrepreneurs. There is guidance to help students mark each other s work. Certificates 6. In order to obtain a course certificate a learner must sign up and verify their assessment attempts through recording their unique typing pattern and by submitting photo identification, via a webcam. The learner will receive a certificate if they have passed the course and have paid the requisite fee ($49). 1 Venture capital 2 2

3 7. Learners can sign up at any time for the Course Certificate but would need to redo any assignments they have not verified. Content 8. The course will introduce learners to, and help them put to use, the five modules through which customers can fund their business. The modules have been time-tested by entrepreneurial superstars, such as Michael Dell, Bill Gates and Richard Branson. 9. The course is primarily designed for entrepreneurs at any stage of their journey including aspiring ones who need money to start or grow their business. Although the course is an introduction to the five modules, it will be useful to those more experienced entrepreneurs who may not be familiar with all of these (customer-funded) models and also how they complement each other/can be used together. 10. The five models will be brought to life by real-world stories of an inspiring collection of incredibly creative entrepreneurs from around the world. 11. At the end of the course learners should understand that starting or growing a customer-funded business may be a better option for their business than taking VC apply one or more of the five customer-funded models to a business or business idea of their choosing determine where the pitfalls of starting a customer-funded business are likely to lie and prepare for them. International Programmes Approval 12. The University of London International Academy has procedures in place to ensure that University of London International Programmes MOOCs are informed by good practice and provide a coherent learning experience. A Panel is convened on behalf of the Learning, Teaching and Assessment Sub-committee (LTAS) to review each proposed MOOC. 13. A panel was convened to consider Modules 1 and 2 of the MOOC: How to finance and grow your startup without VC Module 1: Why taking venture capital is a bad idea Module 2: Matchmaker modules Modules 3 to 7 are still in development. 14. Members of the Panel were invited to consider the coherency of the curriculum, the appropriateness of the teaching, learning and assessment activities, and the overall experience of the MOOC participants. The terms of reference are attached at Appendix The MOOC review process was conducted online, with discussion carried out via . Panel members were provided with a pro-forma to help focus their considerations. The Panel Chair maintained oversight of the Panel s comments and confirmed the outcomes of the review. 3

4 Panel Constitution 16. Membership of the MOOC Review Panel was as follows: Dr Roger Mills (Chair) Professor Richard Harrison Mr Sandy Pillay Ms Sarah Sherman Mrs Sharon Simpson (Secretary) Member of the Learning, Teaching and Assessment Sub- Committee Distance Education Consultant Peer Reviewer Chair in Entrepreneurship and Innovation Business School University of Edinburgh. Student member of the University of London Systems and Technologies Sub-Committee Member with experience of distance technology enhanced learning E-Learning Manager, Bloomsbury Learning Environment Member of the Systems and Technologies Sub-Committee Quality Manager University of London International Programmes PART B: CONSIDERATION OF THE MOOC Introduction 17. Panel members were provided with access to Coursera s Ondemand platform (learner view) where the materials to be considered were available. The Panel considered two of the MOOC modules. 18. Materials for consideration by the Panel included: Videos/video lectures Peer assessments Overview information provided to participants Summary of Observations Made by the Panel 19. A synopsis of Panel members observations concerning the MOOCs is provided in the following paragraphs. The Appropriateness of the Title of the MOOC in Relation to its Content 20. The Panel observed that by using the acronym VC in the title (and in the Module 1 introductory text) rather than Venture Capital, prospective students who are not already familiar with this terminology may be put off for fear of not already being in the know. It would be useful to have a glossary of terms. 21. It was felt that the title was slightly misleading in that it suggests that it is about not using VC whereas the content indicates that VC and Angel funding may be appropriate once a venture is up and running and already has a track record. Alternative titles were therefore suggested, for example: How to finance and grow your business without initial VC or How to finance and grow your startup. 4

5 Coherency and Relevance of the Curriculum 22. The course structure was judged to be very clear and all modules are described in a dedicated module. The MOOC was considered to be informative and coherent with a good balance and range of materials. The course is topped and tailed with an introduction and a wrap up that ties everything together well. 23. The central theme of modules 1 and 2 allows achievement of the learning outcomes and the tasks and assessments are well-structured. 24. It was commented that the Silicon Valley emphasis may need to be diluted as this is in many ways a unique ecosystem and may not be applicable/replicable in other parts of the world. 25. The videos were well-shot and learners are encouraged to reflect and use discussion forums. However, the course appears to be very video-heavy which could be daunting for more kinaesthetic learners who prefer practical work. It was suggested that section breaks could therefore be added, such as the break between the introduction and the first module. 26. In noting that the structure is already relayed in the videos, it was put forward that the Optional Readings at the end of the modules could appear below the Reflection activity. The accuracy of information provided to prospective participants 27. The panel noted that the information provided was very clear, demonstrating clearly who the course is meant for, what it is, why it is relevant, how to use the learning and advising that a certificate can be obtained at the end. 28. However, it was thought that the Course instructor s title and role where his name currently appears on the Home page, would be a helpful addition that would reinforce that he is an LBS academic. The panel had been provided with the Course instructor s bio (in the review briefing note) and felt that its inclusion on the Home and Course Content pages would add kudos to the course. Teaching, Learning and Assessment Methods 29. The structure of the MOOC and the development through the modules was deemed to be excellent, with stimulating, interesting and systematic teaching. However, as referred to at para 25 above, notwithstanding that the videos are very well-produced, the course is very video-heavy. 30. The panel would have been interested to see how the use of discussion forums is managed and encouraged and also suggested that some MCQ quizzes might have enriched the learning. 31. Assessment instructions seemed to be appropriate and the relevance to the module purpose was clear. With regard to Module 1 (and relevant to the Introduction), probably only 1-2% of startups are viable candidates for VC/Angel investment, therefore, if candidates select 5 entrepreneurs from the 98% for the assessment, they may struggle to find much in the way of meaningful answers. 5

6 The suitability of the assessment activities to test the learning outcomes described in the MOOC outline 32. The use of real-life activities for learners to meet the learning outcomes to use in their business or future business was welcomed. 33. The module wrap-up videos, which also serve to introduce the assessments were commended. The course could be enhanced by referring to this in the video title so that learners know that it is there, for example: Module 1: Wrap-up, assessment introduction, lessons learned, and look ahead: John Mullins. 34. The question was raised as to where the piece of reflective test would end up, whether learners would be able to review what they have submitted at a later date and who else would be able to view it. It would be helpful if this could be explained within the course. 35. A further enhancement to the assessment activities would be a glossary of terms for the course, particularly as a working definition of angel may be required. 36. Subject to the comment on the assessment activity in para 31 above, the central theme of modules 1 and 2 allow achievement of the learning outcomes. The tasks and assessments are well-structured. The viability of the technical delivery of the MOOC 37. The panel found the site easy to navigate and the technical delivery of the MOOC to be smooth although there were some slight flaws: The picture of the presenter comes up on the video before the introductory jingle There were some odd camera angles, for example, concentrating on the Course instructor s hands and occasionally showing a profile view of him speaking; it was assumed that this was to provide variety, but it was not clear what this contributes Video 1.13: The Course instructor refers to a URL which is not visible End of lesson 2.8: Lesson for matchmakers interview with Ivan Nikkhoo - there are some repeats of the last sentence Although the subtitles were helpful, there were some errors in the conversation of speech, for example, What from Chaff rather than wheat ; Subtitles therefore need to be checked against the spoken word On one occasion the presenter says Fantastic to have you with us this morning ; this morning is redundant in an on demand platform. 38. Two further suggestions to improve the technical delivery were: The Welcome in Module 1 and the assignments in Modules 1 and 2 are excluded from the navigable list of the content of the lesson on the sidebar of the page where the video plays. Whilst understanding that these are located in separate lessons and this is a function of Coursera, there was concern that learners may miss the assignments once they have completed the content of the main lesson The pdf file in 2.10 is the same as the one in the Welcome (the preface) and would benefit from being in either Chapter 4 (as the text refers) or it should not be there at all There is some slight under-lighting in some of the interviews which could be improved. 6

7 The overall participant experience of the MOOC 39. As outlined in paras 20 and 35, it would be helpful for participants for VC to be expanded and to have a definition of angels. The lack of definition assumes some understanding of business language which learners are required to have in order to undertake the MOOC. 40. The panel cited further examples where definitions would be helpful at the outset, as follows: Video 1.4 label refers to bootstrapping (explained in 1.13 which is too late) Video 1.9 refers to unicorns Video 2.5 refers to pivoting. This could be addressed by re-working the video titles of 1.4 and 1.9 and, as proposed in paras 20, 35 & 39, a glossary of terms could be added to the Introduction area. Suggested titles for the videos were: Sramans Mitra on bootstrapping; on why many great companies are not VC backable; on how to go to VCs as kings, not as beggars; and more and A venture capitalist s perspective Interview with Bruce Golden on why capital efficiency matters; on controlling your destiny; on unicorns; and more. 41. The videos were commended for being well-shot, with slick editing and engaging animation. The Course instructor made the videos interactive (e.g. 1.1) by asking learners to pause the video, make a list and then continue and by suggesting that learners use the discussion forums. Future MOOCs could learn from this. 42. It was queried whether the videos that ended abruptly with a question from the Course instructor and a caption to explain that it would be continued in the next part, (which was then repeated at the start of the next part) was because there was a time-limit for a Coursera video. An explanation would have been helpful (and for future MOOCs). 43. The way some interviews are displayed as a web-call was inspired and the face-toface interviews (for example, in 2.5) were appreciated. The interviews were natural and engaging to watch. This could have been enhanced by adding some text information above the video links containing interviewee biographies, with links to further information such as their blogs and/or websites. 44. The introduction of what will be coming up in subsequent modules, with another reminder about the forum was regarded as being a prudent technique to help retain students and their engagement. 45. The introductory (SurveyMonkey) survey helps to prepare and engage students and should provide a resource for the Course director (and the International Programmes) to capture management information. 46. The panel asserted that the overall experience of the MOOC was very satisfactory. The MOOC is very interesting and clear, even to someone not engaging in starting a business. The material is insightful and the segmenting of the interviews improves accessibility. The alignment of the MOOC with the University of London s brand and associated reputation 47. This MOOC is clearly associated with the University of London s brand and associated reputation; there are very clear links between LBS and the University of London which 7

8 will lead to very positive perceptions of the University. Furthermore, the focus of the MOOC on highly useful applied bonus is a valuable brand enhancement. 48. If possible, there would be benefit from including the Course Instructor s full title, job title and the bio that reviewers received with the briefing note (see para 28 above). Suggested enhancements for the MOOC under review 49. The panel suggested the following enhancements to the MOOC: (a) Consider whether all the examples are going to be online services rather than, for example, about manufacturing (other than the mention of Dell). (b) It would have been interesting to hear an explanation from Ivan Nikkhoon why he thinks that uberisation is good for everyone except unions and governments. (c) In Optional Reading, 2.10, the sentence I ve sourced a great article or two from the business press does not read well. This could be re-written as I ve sourced this great article and a second regarding the business press. (d) Amend the title of the module wrap-up video to refer to the introduction of assessments (see para 32) (e) Provide a glossary of terms (paras 20, 35 & 39). (f) With reference to the web-based interviews (see para 43 above), it might be helpful to have some guidelines for interviewees, for example, turning off phones, closing down PC applications (see video 2.5). (g) The interviews could be enhanced by adding text information above the video links with links to blogs and websites (para 43). PART C: CONCLUSIONS Outcome 50. The Panel gives its support to the introduction of the MOOC How to finance and grow your startup without VC o Module 1: Why taking venture capital is a bad idea o Module 2: Matchmaker modules Commendations 51. The panel commended the development team on the following: a. The well-produced and edited videos with engaging animation. b. The way in which the Course instructor made the videos interactive (see para 41). Future MOOCS could learn from the strategies used. c. The clear structure of the MOOC and the development through the modules together with the stimulating, interesting and systematic teaching. d. The use of real in-life activities for learners to meet the learning outcomes to use in their business or future business. e. The clarity and accuracy of the information provided to prospective participants. Panel recommendations 52. The panel made the following recommendations: a. Review the title of the MOOC, considering the following observations by the panel: Expand VC to Venture Capital for clarity to all potential students (para 20) 8

9 Refer to Angel funding as this may be appropriate once a venture is up and running (para 21). b. Review the Silicon Valley emphasis in light of its application/replication in other parts of the world (para 24). c. Add section breaks to the videos to accommodate kinaesthetic learners (para 25). d. Consider placing the Optional Readings below the Reflection activity (para 26). e. Include the Course Instructor s bio on the Home and Course Content pages, together with his title and role (paras 28 & 48). f. Consider the inclusion of MCQ quizzes to enrich the learning (para 30). g. Review the assessment in Module 1 in light of the reviewer s comment at para The Panel requested that the recommendations in this report be: 1) considered and, where practicable, incorporated before the launch or; 2) considered and, where practicable, incorporated in other modules within the MOOC Response from the MOOC development team 54. The Panel requested a response from the MOOCs development team on the recommendations made (paragraph 53, a-g). 55. The Panel has also requested a response from the MOOCs Development Team to the issues listed in Appendix 3. 9

10 Appendix 1 Terms of Reference for the MOOC Review Panel 1. To ensure appropriate scrutiny of the content of the MOOC against its proposed title; 2. To consider the MOOC outline (curriculum, teaching, learning and assessment specification) and pedagogy to establish: (a) the coherency and relevance of the intended curriculum; (b) the accuracy of the information to be publicly provided to prospective participants about the nature of the MOOC (including the status of the Verified Certificate) so as to inform participant expectations; 3. To determine that the MOOC aligns with the University of London International Programmes brand and associated reputation; 4. To consider whether the assessment activities test the learning outcomes in an appropriate manner; 5. To consider the overall participant experience, particularly in the context of mass open learning; 6. To provide suggestions for the enhancement of future MOOC developments and to identify good practice for wider dissemination; 7. To recommend the following outcomes for each MOOC: approval improvements and enhancements rejection 10

11 Appendix 2 Response to the report of a panel convened on behalf of the Learning, Teaching and Assessment Sub-committee to consider the approval of the Massive Open Online Courses (MOOCs): How to finance and grow your startup without VC Module 1: Why taking venture capital is a bad idea Module 2: Matchmaker modules Response provided by John Mullins (MOOC Instructor), Carly Norris (Project Manager), Recommendations (a-h) (a) The MOOC Team has considered carefully the title of the MOOC and has also requested feedback from Coursera on what title would be most appropriate in terms of Google search analytics and Search Engine Optimisation (SEO). Feedback from Coursera did not highlight learners being unfamiliar with the term VC ; and perhaps surprisingly, the Google analytics data showed that VC is a much more widely searched term than venture capital. The team is keen therefore to keep to the proposed title, although we will include further explanation of what VC means in the course information page. The MOOC team also acknowledge that whilst angel funding may be appropriate for some ventures once they are established, a key message of the MOOC is to stress that this type of funding should not automatically be considered first; as often alternate (and unexplored funding models) as described in the MOOC may be more appropriate. (b) The MOOC Team feel that the Silicon Valley examples will be useful as illustrations to learners, however to help bring in further examples, the MOOC Team will look at asking learners to contribute other examples and case-studies in the Discussion Forums, to provide alternate illustrations. We also note that the MOOC includes interviews and case examples from companies around the world, including Latin America and India. (c) Research on MOOCs suggests that learners respond best to short videos which are under 10 minutes and this has been implemented through the editing process. To help kinaesthetic learners though, we will emphasise in the Module Introduction that students may wish to digest some of the video concepts and ask questions about the video content in the Discussion Forums as they progress through the module and not just at the end of the module. (d) The Reflective exercise at the end of the Module brings together ideas from across the Module. Although the Optional Reading is not compulsory, occasionally some of the reflective questions may reference the readings and this is why the team have selected to put the Reflection section at the end of the module tasks. (e) The biography of the Course Instructor has been recently added to the Home page. This provides information on the Instructor s entrepreneurial background and experience and also refers to his role at the London Business School. Unfortunately due to the design of the Coursera platform, it is not possible to add the Instructor s biography to the Home page, however in the initial instructor s message to students, we can include a sign off and the Instructor s title at London Business School. (f) The MOOC team considered using MCQ but felt that learners would respond better to more interactive exercises such as the Peer Reviewed Assessments. The Team will however be monitoring learner feedback on this course and if there is a demand for exercises of this type, then the MOOC Team will consider introducing these at a later date. (g) The Team acknowledge the comments in paragraph 31, however they believe that this exercise will help learners to explore and understand in more detail which startups are most viable for VC/angel funding and why others are not. To make this more explicit, the Team will add a further question to the assignment asking learners to consider which types of ventures work best with this model. 11

12 Appendix 3 Course team response to issues listed in Appendix 3 A summary of the Course Team response to issues identified by the Panel is provided below. The detailed list of issues is available on request: Panel comments/suggestions Teaching Learning and Assessment Methods The panel would be interested to see how the use of discussion forums is managed and encouraged (Para 30). The suitability of the assessment activities to test the learning outcomes described in the MOOC outline Where will the piece of reflective test end up? Will learners be able to review what they have submitted at a later date and who else will be able to view this? Would it be possible to explain this in the course? (Para 34). The viability of the technical delivery of the MOOC The panel noted some slight flaws: The panel found the site easy to navigate and the technical delivery of the MOOC to be smooth although there were some slight flaws: The picture of the presenter comes up on the video before the introductory jingle There were some odd camera angles, for example, concentrating on the Course instructor s hands and occasionally showing a profile view of him speaking; it was assumed that this was to provide variety, but it was not clear what this contributes Video 1.13: The Course instructor refers to a URL which is not visible End of lesson 2.8: Lesson for matchmakers interview with Ivan Nikkhoo - there are some repeats of the last sentence Although the subtitles were helpful, there were some errors in the conversation of speech, for example, What from Chaff 12 Course Team response/action The Instructor message at the start of the MOOC and at the beginning of each Module will make reference to the discussion forums and will encourage learners to use the forums to exchange comments, ask questions and explore the central ideas of the Module. In addition, some initial starter threads (as well as the reflective threads) will be inserted into the Discussion Forums to help stimulate early discussions. The Discussion Forums are monitored by Community Mentors who are recruited and managed by Coursera. These Community Mentors will help learners with basic navigational queries and will also contribute to threads to help encourage discussion. The reflective text is automatically posted in the Discussion Forums under the relevant reflection thread. We can add further explanation in the activity explaining this in more detail so students are aware that their answers will appear in the Forum and can be viewed by other learners. This exercise is optional and is therefore not compulsory for learners who may not wish to publicly post their thoughts. The Course Team are pleased that the Panel found the overall technical delivery of the course to be smooth and would like to thank the Panel for highlighting a number of minor technical flaws. The following errors will be corrected before launch: Start of the videos: we will liaise with Coursera over why the image of the author appears before the jingle. This appears to be an internal error but should be easily amended. Video 1.13: Information on the URL will be provided. Subtitles are automatically generated by the Coursera platform and so we will work with the Operations team to get these corrected. Video 2.8: This will be reviewed and the repeating sentence removed.

13 Panel comments/suggestions rather than wheat ; Subtitles therefore need to be checked against the spoken word On one occasion the presenter says Fantastic to have you with us this morning ; this morning is redundant in an on demand platform (para 37) Two further suggestions to improve the technical delivery were: The Welcome in Module 1 and the assignments in Modules 1 and 2 are excluded from the navigable list of the content of the lesson on the sidebar of the page where the video plays. Whilst understanding that these are located in separate lessons and this is a function of Coursera, there was concern that learners may miss the assignments once they have completed the content of the main lesson The pdf file in 2.10 is the same as the one in the Welcome (the preface) and would benefit from being in either Chapter 4 (as the text refers) or it should not be there at all There is some slight under-lighting in some of the interviews which could be improved. The overall participant experience of the MOOC The panel cited further examples where definitions would be helpful at the outset, as follows: Video 1.4 label refers to bootstrapping (explained in 1.13 which is too late) Video 1.9 refers to unicorns Video 2.5 refers to pivoting. This could be addressed by re-working the video titles of 1.4 and 1.9 and, as proposed in para 35, a glossary of terms could be added to the Introduction area. Suggested titles for the videos were: Sramans Mitra on bootstrapping; on why many great companies are not VC backable; on how to go to VCs as kings, not as beggars; and more and A venture capitalist s perspective Interview with Bruce Golden on why capital efficiency matters; on controlling your destiny; on unicorns; and more (para 40). Para 42 refers: It was queried whether the videos that ended abruptly with a question from the Course instructor and a caption to explain that it would be continued in the next part, (which was then repeated at the start of the next part) was because there was a time-limit for a Coursera video. An explanation would have been helpful (and for future MOOCs). Course Team response/action In terms of the suggestions to make the navigation list clearer, we have now corrected the list so the Module 1 assignment is now listed. The Course outcomes also lists the number of assessments and students will also automatically receive a reminder when an assignment is due (according to their provisional schedule, created when they register for the course). Unfortunately, because of the Coursera platform, we are unable to add the Introduction as a separate tab on the navigation list, although we will raise this with Coursera and see if this would be possible as a future development. Having reviewed 2.10, we can modify the text so it tells students to refer back to the text (the preface) in the Welcome to avoid duplication. The MOOC Team would like to thank the Panel for suggesting some video title modifications and will look at reviewing the video titles to make new terms/concepts easier for learners to understand. In addition, we will look to develop a glossary of the top 10 unusual or unfamiliar words/terminology and will also ask learners to add to this list through the Discussion Forums. Research on MOOCs suggests that learners respond better to short videos (under 10 minutes). This is partly because many learners are watching MOOC videos whilst on-the-go and also to help maintain learner focus. We have therefore cut several of our videos in half to fit this model. Where we have done so, we ve indicated that the interview will continue in Part x, and we ve titled the segments as Part 1, Part 2, and so on. Thus learners should be aware that the ideas discussed in the video flow into the subsequent video. 13