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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

[00:00:00] Hi, everyone. Welcome to the Daily Dose podcast. This is the podcast where we pick out things that we spotted in the news and social media that’s interesting to us as entrepreneurs and as real mostly lives, semi functioning human beings. I’m James and I’m joined by my co-host, Marseillais Miserly, when it kicks off with the first topic I made. [00:00:19][19.5]

[00:00:20] Thanks for the intro. Yeah, sure. So begin from Twitter on other media outlets. So Harvard is going to charge a full tuition of 50 K for doing classes remotely from next year. [00:00:30][10.5]

[00:00:31] I mean, my first reaction will be this is nonsense, but we can talk about economics on what’s going on with the education system, especially in the US, but partly in the Western countries. So we see it even worth going to university or what can you do, like start your business, be an entrepreneur like us? Let’s try to look at this from a nonbiased point of view. So I’m strongly biased, so I will try. Well, it’s. The thing is, Will. [00:01:11][39.4]

[00:01:13] Forget some respect to Harvard. We’ll need to know more specifics on how they plan to build up that content or if it’s for all courses. [00:01:23][10.0]

[00:01:25] So what will be the value that they try to deliver on that board? Certainly looks like pretty steep. And yeah, as many people are taking that to get to that 50 K as well. So which will make it worse. So this is a huge burden. I mean, one of the reasons we started networkers was to tackle these problems specifically on how universities in general are not or are struggling to catch up with technological progress. And they’re not really preparing people for the jobs of they’re not not the present leave a. Let alone the future. So, look, I’ve been through university. I’m not the classic dropout entrepreneur. I started online businesses, very, very young age. Are you and trading online at twelve on first businesses at seventeen. But but then I went through all university post graduate and. Yeah. Well my personal impression was that what took like five, six years could have been done in one to have two broadly sided international business. Probably. It’s not like I’m like a science career that you can shrink or or go to a point. But certainly the incentives are not aligned on on. Yeah. What people are expecting when they get out of university. I mean, it is still an industrial age education system. You need to go to class or take certain modules which build up over modules and then you call a lot of fluff there. So I would think definitely not value for money or you should at least break it down, make it more modular. [00:03:25][119.9]

[00:03:27] Yeah. [00:03:27][0.0]

[00:03:28] And I’m not so sure how they will be able to justify this over time. I’m sure still many people would like to go to Harvard. This by inertia. It will be difficult to change behaviour of the masses. And also these universities, and especially if they do it remotely, they can. They have a huge audience. I mean, worldwide. Whereas before students need to get visas on this and that if it’s globally, broadly there, they can cut her out. What a wider audience. And they’re just trying to take advantage of that, basically. So. So it’s not they want to make as much money as possible rather than yet deliver transformational change, which is much needed. I mean, they should be leading innovation and discoveries. And I’ve not seen that many groundbreaking discoveries coming from universities for quite a while. I mean. Yeah, compared to last century for some. [00:04:39][70.9]

[00:04:40] Yeah, for sure. I think what it does do is it it I think it really shines a very strong light on the reasons for people attending those particularly Ivy League universities, because essentially, you know, a university is ostensibly a place to learn and that the the top you know, the Ivy Leagues and the Oxford views of the world are the best places to learn because they have the best teachers and the best coursework and the best research opportunities and all this kind of stuff. But in essence, what many people actually use their Ivy League education for is a golden ticket to the job market. And that’s what Harvard and the rest of universities are getting away with, is not. Is the value proposition of that is not so much the quality of the education, but the fact that it’s highly selective in order to get into it and that you get given at the end of it, a golden ticket to go out into the market and sort of have your pick of the best plum jobs. And so now this is really the case of that. It’s got to be very hard for them to argue. For Harvard to argue, hey, look, you know, you’re getting a load of other intangible benefits by attending Harvard. Now it’s purely down to, you know, either you’re going to go out into the job market with a Harvard degree or you aren’t. And how much is that worth? It is. You know, if they’re charging 50 grand a year for tuition, then, you know, are you willing to spend two hundred grand on the golden ticket to go out into the market? You know, how much extra money can you earn in the market with a Harvard degree versus not having a Harvard degree and putting the opportunity cost of four years of education? You know, you could put towards something else. And I think it’s especially interesting and and sort of highlights some of the issues that are there because. For example, M.I.T. for years have had a thing called Open Courseware, which is basically any M.I.T. lecture. You can go online and register for free on the M.I.T. platform and view all of the lectures on any of the topics, you know, that M.I.T. teaches. So you can get an entire MASC education without actually having to spend the money. You don’t get an M.I.T. degree at the end of it, but you can take all of the education portion of that and you can do that online for free anyway. So essentially what Harvard are offering here is the equivalent of what you can already get for free from M.I.T., but. With a, you know, a Harvard degree at the end of it. And so I think a lot of people are saying, right, well. Why? You know, even if you do want to go through with a Harvard degree, why? Why do it this year? There’s no point. You may as well take a gap year or whatever these sort of international equivalent to that is. And, you know, try and learn different things, do different things, like have a stab at something entrepreneurial in that year and then go back go to Harvard next year when hopefully, you know, if things improve, then people will be upset. Go back to in-person education. But you’ll go with a whole New Year’s worth of extra sort of skill set there. I’ve seen a lot of people on Twitter, a lot of entrepreneurs actually sort of, you know, science people like don’t bother going to Harvard, come work for me in turn for me. Like, learn a skill, do a thing. And it’s a very you know, it’s it’s quite compelling. Why would you drop that kind of money? [00:08:10][209.8]

[00:08:11] You know, like, I agree. Hundred percent. But that’s bias because we are entrepreneurs. So many people, they just don’t think. Like that, just people, they are taking one year off or they’re just following instructions on it through the system since they were like like a kid. So then it’s not even an option for them to challenge that. So it’s very rare that people would challenge that. The young people that drop out. Many of them have problems on many of them, like they couldn’t get into universities who wanted to study what they wanted or maybe found promised help or whatever economic problems. I mean, there are so many. So they need to start working earlier. So they do go cheque other experiences before getting to university. But for these selective, let’s say, Ivy League or higher class or whatever, people can afford that. Definitely. Especially Natia like huge crowds on that. So, yeah, they they just they go through the system and they don’t even think about they don’t bother other cash. Many of them, then they don’t think about options. I also think it’s important. Leaving aside which university you go on, how much it will cost you and also leave it. Leaving aside the fact that when you go to university, that network effect is important from the people you meet, there are build companies with university classmates. So I have that personal example. But many companies started as well from university dropouts or colleagues or whatever. So. So you have that colonisation. So but which online you want or you are less likely to bond and explore ideas in depth or go to bars. So, so is less value for sure. So it’s about our. I’ll be careful. Not only which university you pick, but most importantly, which areas are you planning to educate yourself on. So that’s critical. I mean, what used to be and then cheque on what’s a good paint job, well-paid job or or cost good prospects because it may say so. So you really need to do research on that whilst you are doing your research. Also, consider the option that is never told to you about being an entrepreneur. So or being a business owner or what? What does that mean? So this is actually. More straightforward to start a business on. You think especially nowadays, you have plenty of resources. So, yeah, certainly I would recommend that at least to start something. Even if you start a business or a book or something else that is not straight. Go to university and. Yeah, to what you thought three years ago, because also you are kind of funnelled into what you will end up end up staying at college. Earlier on two, three years ahead at least. So, yes, I would challenge that for sure. Living the economics aside is more about you on on what do you think it will be great to do and add value and then think about the other way around from the bottom up. Okay, so this looks interesting or that it has prospects or it looks interesting to me because of this and that. So then what. What? How can I educate myself on that and then think if it works, it makes sense for you. On which university are or the options, as you say, some great resources out there from top universities as well. So our take that approach. [00:12:21][250.2]

[00:12:23] Absolutely. Yeah. So my bias has definitely been. I enjoyed my time at university from a social perspective. I don’t think I’ve ever used in anger any of the knowledge that I gained from university. But, yeah, I did enjoy myself. And it wasn’t so expensive when back in the day when when when I went into investee. So it would definitely cause me to pause and think Fishell. [00:12:23][0.0]

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