Social Entrepreneurship in Education by Sandler Michael R.;

Author:Sandler, Michael R.;
Language: eng
Format: epub
Publisher: R&L Education
Published: 2010-08-15T00:00:00+00:00

A TIPPING POINT FOR THE WORLD, AND AN INDUSTRY

On September 11, 2001, everything changed. That catastrophic event not only traumatized America and the world, but also became the tipping point for EduVentures.com and the education industry. The decline of employment and business activity in the boom of education market finally caught up with the larger slowing economy, and things slowed to a standstill.

At the time, the company used a free newsletter called Education Economy (with about 10,000 subscribers) to comment on major world issues and their impact on education and to assure the market and the community that in the end, education is always the best route to broaden knowledge and deepen understanding. In many ways this effort, though not a direct revenue driver, was an example of using private ventures to create public good.

For EduVentures.com, fiscal reality started to creep in. The company had ample cash reserves, but the dramatic downturn in business was not forecasted and the company needed to adjust budget and cash flow projections. Tom Dretler rose to the occasion with the assistance of the board. But there were no other sources of capital. The issue was not only finding a way to keep the lights on, but to also reassure employees and clients that we were financially sound. The company had to maintain momentum and provide continuity while sustaining the business during this challenging time.

The post-9/11 slow down brought the lessons from the dot-com bust to the forefront. The generational divide within the company (most of our employees were under thirty) became a driver for how we would work through the weeks ahead. The dot-com bust and new economic circumstances enabled those of us with many years in business to demonstrate that constructive things would come from those life experiences, as there is no substitute for experience.

Despite the turbulence, it seemed likely that EduVentures.com would become a successful business and that the company had more purpose than simply championing the size of our industry and its enormous potential. The burden of having outside shareholders superseded the prestige of being able to tell others that EduVentures.com was going to become a huge company. Having a small and profitable business was more important.

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