Inside Axim’s $800 Million EdX Sale: Strategic Investments and Future Plans – EdSurge News

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How Is Axim Collaborative Spending $800 Million From the Sale of EdX? - EdSurge News

Axim Collaborative: A Slow Start with Big Potential in Online Education

The Emergence of Axim Collaborative

For over a year, Axim Collaborative, one of the nation’s wealthiest nonprofits dedicated to online education, has been quietly disbursing grants. However, the pace of their efforts has been deemed slow, drawing criticism from those in the digital learning space.

Quiet Presence in Digital Learning

“There has been little buzz about them in digital learning circles,” observes Russ Poulin, executive director of WCET, a nonprofit focused on advancing digital learning in higher education. Although Axim is not entirely absent from discussions, its name seldom comes up.

A Stark Critique

An article by Dhawal Shah, published on Class Central, underscored growing frustration with Axim, describing the nonprofit’s promises as “hollow.” Shah referenced Axim’s 2023 tax return, revealing that the organization holds $735 million, with only $9 million in expenses against $15 million in investment revenue. “Instead of being an innovator, Axim Collaborative seems to be a non-entity in the edtech space,” Shah critiqued.

Background: The Genesis of Axim

Axim Collaborative emerged from the sale of Harvard and MIT’s edX online platform to for-profit company 2U for approximately $800 million in 2021. The transition drew criticism from industry leaders, concerned about the loss of edX’s nonprofit status. The sale did not fulfill expectations for 2U, which ultimately filed for bankruptcy this past summer.

Axim’s Commitment and Future Plans

To understand Axim’s approach and future initiatives, EdSurge reached out to CEO Stephanie Khurana.

A Pushback on Perceptions

Khurana contested the notion that Axim is inactive. “We’ve launched 18 partnerships over the past year,” she stated, emphasizing that many grants were awarded after the tax return was filed. “It’s a start, and it’s seeding a lot of innovations — and that is very powerful.”

Notable Projects: HBCUv

One of Axim’s notable projects is its collaboration with HBCUv, involving several historically Black colleges. This initiative aims to develop a shared technology platform for online course sharing. While financial backing is part of the project, Khurana highlighted the importance of creating a course-sharing framework.

Focus on Student Support

Khurana mentioned plans to incorporate student success metrics into the platform, enabling better support for students through tailored advising and resources.

Listening to Community Needs

During a previous conversation with Khurana, she stressed the importance of listening to the online learning community. She discovered firsthand the significant barriers students face in completing their programs and securing employment that aligns with their skills.

The Scope of Grant Distribution

Axim’s grants range from about $500,000 for demonstration projects to as much as $3 million for more extensive initiatives.

Exploring AI in Education

Artificial intelligence has become a focal point for Axim, albeit approached with caution. “We are analyzing how and where AI can be beneficial and identifying potential pitfalls for underserved learners,” Khurana stated.

AI Initiatives: Improving Student Advising

One key AI initiative involves a partnership between Axim, Campus Evolve, the University of Central Florida, and Indiana Tech. Together, they are developing an AI tool aimed at enhancing student understanding of academic and career resources.

Maintaining Open edX

Another critical function of Axim is managing the Open edX platform, which hosts edX courses and can be utilized by any institution with the necessary technical capabilities. This platform has gained traction among various colleges and organizations globally.

A Community-Driven Approach

Anant Agarwal, a co-founder of edX now affiliated with 2U, emphasizes that Axim’s management model for Open edX mirrors the collaborative nature of the Linux open-source operating system.

A Pragmatic Model: The Way Forward

Poulin believes it’s premature to evaluate Axim’s effectiveness: “While their profile and impact may not be great to this point, I am willing to give startups some runway to determine if they will take off.”

Embracing the Unknown

For Khurana, the goal is not merely to solve problems but to navigate the complex landscape of higher education challenges with humility and practicality. “I think it’s just hard to come by a silver bullet,” she concludes.

Q&A

1. What is Axim Collaborative?
A nonprofit organization focused on enhancing online education through grants and partnerships, Axim Collaborative emerged from the profits of the sale of the edX platform.
2. How much money does Axim currently have?
According to their recent tax filings, Axim holds approximately $735 million, with $9 million in expenses and $15 million in investment revenue for the year 2023.
3. What are some of Axim’s key projects?
One notable project is HBCUv, a collaboration between several historically Black colleges to create a shared technology platform for online courses.
4. How does Axim plan to use AI in education?
Axim is exploring AI applications carefully, particularly through initiatives aimed at improving student advising and resource access for underserved learners.
5. What is the significance of the Open edX platform in Axim’s strategy?
The Open edX platform serves as an essential tool for hosting online courses and is utilized by various educational institutions. Axim’s management of this platform is pivotal to its mission of supporting online education.

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