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A fourth option: how #microschools will save our children

9 août, par Jason Calacanis[ —]

It became clear to me during July, when coronavirus cases spiked at precisely the time they told us it would take a break, that school would not start in September. 

Realizing this, I started floating the idea of creating a “microschool,” a concept that sits between two of the most polarizing points on the education spectrum: private school and homeschooling.

Many consider the flight of the rich to private school, combined with the recently uncovered hacking and corruption at elite colleges, as a fundamental breakdown of the fellowship of the American public education system. 

[Click to Tweet (can edit before sending): https://ctt.ac/daT56 ]

Every conversation I’ve ever witnessed about homeschooling went to the same place: with people marginalizing it as a wacky, hippie-dippie pursuit that created smart but socially weird kids. 

A “microschool” sits between these two options, because in the model — as defined by me — you have a teacher at your home with multiple students. 

A microschool, by my definition, achieves the following:

  1. You remove the social isolation concern of homeschooling.
  2. You drop the class size dramatically, from the standard 20-30 students down to four to 10.
  3. During a pandemic like coronavirus, I would guess that every logical person of science would state that smaller is safer (you can research this yourself online).
  4. You drop the cost of a private school from $30-50k a year to $5-10k.

As an investor in highly disruptive companies, that last point is the one that got me in hot water with the hysterical Twitter mob this past week. 

In my blunt, capitalist fashion, I tweeted that I was looking for the best teacher for my microschool. I would beat their current compensation and give anyone who referred me this person a $2,000 gift card to UberEats.

As an early investor in Uber, this last part was considered extra elitist to the salty, radical left on Twitter. That contingent doesn’t give anyone the benefit of the doubt, instead, immediately they make everything about class, wealth, politics, identity politics, and generally dunking on anyone who is easy to hate (which, I’m self-aware enough to know, I am). 

So, I wound up on TMZ, the New Republic, and the DailyMail, which is something I never expected in this lifetime, as well as talking with an ABC news reporter. 

Dr. Phil’s producer has asked me to come on (debating that one), and essentially I went viral for 48 hours.

It was a level of attention, for what is a super pragmatic idea, that I didn’t expect, but in reality this flareup feels akin to about 20 minutes and 20 seconds in the life of Kanye West and Trump, respectively. 

The punch line of all of this is that the concerns folks had, that I was “stealing” a teacher from other students, and that this was another example of the growing chasm between the rich and poor, flies in the face of, well, math!

First, 95% of the people applying for the position were out of work. Making this $60-70k position with benefits a net new job created in the world. 

Second, we elected to give 50%+ of the slots in the school to folks who wouldn’t be able to afford private school.

Third, we are currently in public school. Everyone just assumed because I had some success in the second half of my life that I was an elitist in some $50,000 private school — wrong! 

Fourth, and most stunningly, microschools are the opposite of elitist — they are socialist and capitalist at the same time. 

Basic Math:

  1. Ten students
  2. $50,000-$75,000 teacher (all-in cost with benefits, based on the average salary — do some Google searches, teachers are underpaid)
  3. That’s $5,000 to $7,500 per student, which over 40 weeks (200 days) of school is $25 to $37.50 per student, per day

This model assumes the 10 parents manage the teacher, live in a reasonable distance of the school, and at least one of the 10 families has a backyard or extra space for the students. Even if you add $12-$24,000 to the total cost, say if you wanted to rent a space, you are still at 10% to 20% the cost of a private school.

So, today parents have three options:

  1. free public school
  2. homeschooling
  3. $35,000 to $50,000 a year private school 

This changes the competitive landscape for education into four options:

  1. free public school
  2. homeschooling
  3. $5,000 to $7,500 for a microschool
  4. $35,000 to $50,000 a year private school 

Does anyone believe that inserting a 4th option to schooling options is a bad thing?

Only one group seems to think this is a horrible idea, and it’s not parents or students, it’s the teacher’s unions and the administrators at public schools. 

Consider the big picture: 

  1. U.S. outspends every other country in the world on education.
  2. U.S. trails countries that spend less than us.
  3. The average American gets paid ~$25 an hour. 
  4. Based on our average hourly wage in America, sending a child to private school is ~2,000 hours of work.  In this model, sending one child to a private school would eat up a parent’s entire salary.
  5. In the microschool model, a parent would have to work — paradoxically — one hour for every day their child went to school (on average). If you made $10 an hour, obviously you would need to work about three hours.

I’m not an expert on education, but I am an expert at identifying and investing in disruptive models — and microschools feel really, really disruptive in the best of ways.

We all want what is best for all of our kids, and we all know that school ain’t starting in September. 

Given these universal truths, I suggest we all start thinking creatively and share our learnings while ignoring the crazy, vocal minority of virtue-signaling communists who hate innovation and want their lives run by our dysfunctional government … you know, the same government that has us spending more and getting less from education today, and which is performing in last place when it comes to dealing with the crisis. 

Our politicians and institutions are failing us right now, so while we slowly work to fix our broken system my best advice is to be as radically self-reliant as you can — and that’s what #microschools are.

Best, Jason 

PS – There is a pandemic pod hack that drops these numbers down even further, which I will write about tomorrow. 

For now, if you could hit reply (or comment) and give me your most deeply considered feedback on:

  1. How to make a microschool more available to more students. 
  2. How to run a microschool better. 
  3. How you are addressing the 2020/2021 educational year. 

I started a Slack room called #microschools in my podcast’s Slack, which you can join at:

http://thisweekinstartups.com/slack

The post A fourth option: how #microschools will save our children appeared first on Jason Calacanis.


Microschools are the future–how do we start one?

10 juillet, par Jason Calacanis[ —]
vacant white painted classroom with chairs, tables , and map on the wall

It’s becoming very clear to me that school isn’t going to be the starting, or be the same, this September, as many of us hoped it would.

As nimble as educators were to move to remote education, something is lost when we put our kids in front of a webcam as opposed to a group of their peers.

Given this, our family has decided to start a microschool in the Bay Area starting this fall. We expect somewhere between one to five students, and we are starting the search for an teacher who wants to be apart of the microschool revolution/evolution.

If you’re teachers with five years of experience or more and you want to come on this adventure, we set up a quick application form.

The post Microschools are the future–how do we start one? appeared first on Jason Calacanis.


Now is the best time to be an angel investor (let me show you how)

27 mars, par Jason Calacanis[ —]

I’ve been getting a lot of questions about the impact the coronavirus will have on startups and angel investors, so I thought I would tackle the issue head-on in this essay. 

[ Click to Tweet (can edit before sending): https://ctt.ac/NBz9K ]

Giant disclaimer up top that (obviously) everyone’s safety and well-being is the most important thing right now. Full stop. However, everyone knows that the second and third-order effects of this pandemic will be the economy.

The economy means people’s jobs, and people’s jobs are how they provide food, shelter, medicine, education, and safety for their families. 

We lose jobs and some people will lose their safety, be it in the form of housing, food or medicine — let alone the mental health crisis that can come from being unable to provide for yourself and family.

With that disclaimer out of the way, I want to talk about investing in startups, which is what drives the economy through job creation. I’m sure some snowflakes out there will try and cancel me for talking about investing in startups right now, but those same snowflakes will attempt to cancel me on their iPhone while on Twitter and getting their food delivered from DoorDash (aka startups backed by angel investors).  

In this quick essay, I want to explain why I believe that NOW is the best time to start angel investing. I encourage you to do so intelligently, slowly and with a strategy, which I will also talk about here. 

Background: The most important thing I’ve learned about investing in startups over the past decade is that your results will vary radically depending on when you started investing. I was very lucky to have started angel investing in 2008 during the Great Recession as a Scout for Sequoia Capital. 

At that time the valuations for startups like Uber and Thumbtack were $10m — combined! 

For the past couple of years, startups run by founders who aren’t qualified enough to make a cup of coffee for Travis and Marco were demanding $15m valuations for copycat ideas with anemic performance. 

A hot market filled with easy money makes everyone think they should start a company — which is completely reasonable. 

I believe that we’re headed back to 2008-2010 valuations this year and it’s going to be fantastic for angel investors who are brave enough to place bets. 

Nothing is guaranteed, and you can insert a bunch of financial disclaimers here, but candidly I’m planning on being more active in the next 12 months than I have been in my 10-year history as an angel investor. 

If you’re rich and bored, or maybe even retired and regretting it, I would like to make the case for you to become a half-time or full-time angel investor. 

Now, I don’t think you should invest 100% of your capital in startups this year.

However, I think rich people (aka accredited investors who have capital available) who become full-time angel investors this year should build an intelligent plan to deploy a fraction (1-10%) of their net worth. 

Essentially, the amount they can afford to lose. 

In my book ANGEL I explain a way to do this intelligently that goes like this: 

  1. You want to make 30+ investments so you have a chance at an outlier. 
  2. You want to only invest in startups that have products in market and revenue already — and there are thousands of them. 
  3. You want to make very small bets when you start and then go 2-10x on the winners. 
  4. You want to make those 30+ investments over a three-year period. 

Here’s some basic math on the plan I recommend.

  1. You have a net worth of $10m. 
  2. You allocate $450,000 for angel investing. 
  3. You invest $10,000 into each of the 30 startups ($300,000). 
  4. You invest the final $150,000 into your top five startups ($30,000 each).

In this model, $200,000 of your $450,000 invested will go into the top five startups. 

You can assume in this hypothetical model that you will get $0 from the 25 you didn’t follow on with, and then if one of the other five pays off 25x on the initial investment ($10,000 * 25x = $250,000) and 10x on the second investment ($30,000 * 10 = $300,000) you are in the black already. 

This is not guaranteed, obviously, but if you talk to folks in Silicon Valley with over 30 angel investments you hear stories of outlier investments and power laws often.

In this example, if you lose it all, you lost 4.5% of your net worth, which is not fun but is survivable (heck, if you’re in the markets right now you’ve probably experienced “losing” 20% of your net worth in a week or two). 

You can strategize various scenarios for angel investing based on your time frame, goals, chip stack, age, dedication level and risk profile.  We discuss all of this in the Angel.University course. 

Just two examples from our investments:

  1. Calm is valued at 153x for us.
  2. Uber, an outlier of all outliers, is 2,000 to 4,000x+ (depending on when/if you sold).

If you want to learn how to become an angel investor, come to a virtual edition of Angel.University which we will host on April 7th. 

We have 100 slots for accredited investors, apply here: http://angel.university 

We are asking for a suggested donation of $100 per person for Angel.University: 100% of which will be donated to coronavirus-related causes like https://feedingamerica.org and https://covid19responsefund.org 

In short, based on my experience, the next six to 12 months could be the best time to start angel investing since the Great Recession. 

I could be wrong, this crisis could last a couple of years or as short as three months, but I know that angel investing is an amazing vocation if you’re passionate about entrepreneurship, technology, and innovation. 

Early-stage startups will be on sale as capital markets constrict and funding sources slow their pace of investing and lower their slug sizes.

Fortunes are made in the down market and collected in the upmarket. Let’s get to work. 

All the best, Jason

The post Now is the best time to be an angel investor (let me show you how) appeared first on Jason Calacanis.











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