YC
Jeremy Rossmann of Make School on Income Share Agreements and the Future of College
@ Y Combinator
06/20/19
Takeaways
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Make School is a college in San Francisco offering a bachelor's degree in applied computer science, where students only pay tuition after securing a job.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The curriculum at Make School is entirely project-based, with faculty coming from industry backgrounds and partnerships with companies where students aspire to work.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Students at Make School can graduate with a four-year bachelor's degree in just two years by following an intensive track that mimics a work week structure.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Make School students differentiate themselves from traditional computer science graduates by building portfolios that showcase their practical skills and projects from the start of their education.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Parents of prospective students often question how Make School can operate without upfront tuition, and they appreciate that the school takes on the financial risk by only charging students after they secure jobs.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Make School has been running an income share agreement program since 2014, with data showing that students have successfully landed jobs at major companies like Facebook, Google, and Tesla.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The majority of Make School's student body comes from low to mid-income families, contrasting with elite institutions where many students come from the top income brackets.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Make School integrates liberal arts education with technical training to ensure students are well-rounded and competitive in the job market, addressing both theoretical and practical skills.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
To foster independence and self-learning in students, Make School emphasizes a robust theoretical computer science curriculum and teaches concepts in various contexts to ensure adaptability across different technologies.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Jeremy Rossmann reflects on his own experience, noting that he struggled to teach himself programming and emphasizes the importance of mentorship and structured learning for aspiring software engineers.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Project-based learning is the best way to activate people's passion for computer science, as it allows them to learn in order to bring their ideas to life.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
At Make School, faculty members act as live tutors and mentors, focusing on unblocking students rather than just transmitting information, which accelerates the learning process.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The message to potential students at Make School is heartfelt: it's the college that Jeremy Rossmann wished existed when he was learning to program, reflecting a desire for a more engaging educational experience.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
There's a significant shift in parents' attitudes towards education, with many now questioning the traditional college path and seeking alternatives that ensure their children are set up for long-term success.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Parents are increasingly aware of the student debt crisis and the challenges of ROI in higher education, leading to more inquiries about how to advocate for their children’s education choices.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
In 18 years, the education landscape will likely see increased pressure on traditional colleges to align their incentives with student success, as more students realize that the default path to success is not guaranteed.
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Jeremy Rossmann
06/20/19
@ Y Combinator
Make School is one of the first colleges to be created under new accreditation rules, offering a real accredited bachelor's degree and potentially paving the way for a new wave of innovative colleges.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The financial structure of college is expected to change, as students become more aware of the misalignment of incentives between themselves and traditional institutions like MIT.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
While some companies are dropping college degree requirements, top schools still serve as major hiring funnels, and university recruiters primarily focus on degree-granting programs.
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Jeremy Rossmann
06/20/19
@ Y Combinator
Despite anecdotes of students without degrees landing jobs at major tech companies, there remains a significant equity problem in accessing high-paying software engineering jobs for low-income Americans. I want schools like Make School to educate lower to mid-income students so that wealth creation from future IPOs benefits people from all backgrounds, not just the privileged few.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The perception that dropping out of elite schools guarantees success is misleading; in reality, very few successful founders are young college dropouts.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The relevance of degrees is declining, and many students are seeking alternative education routes, which could lead to a significant shake-up in higher education.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Income Share Agreements (ISAs) can align incentives between colleges and students, ensuring that students only pay if they are successful after graduation.
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Jeremy Rossmann
06/20/19
@ Y Combinator
Some institutions misuse ISAs by reducing scholarships, which ultimately increases the cost of education for students instead of expanding access.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The most effective ISAs are those where schools take a significant risk by not charging upfront fees, ensuring their success is tied to the success of their students.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Many students express a desire to become entrepreneurs, but they often lack the real-world experience necessary to identify and solve significant problems.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Students at Make School are encouraged to view software as a creative tool to solve real-world problems, preparing them for entrepreneurial success.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
The advice I would give to new YC founders is to focus on making something people want and avoid distractions that don't impact your bottom line.
JR
Jeremy Rossmann
06/20/19
@ Y Combinator
Understanding whether you are 'default dead' or 'default alive' is crucial for startup founders to ensure their company remains viable.