A Virtual Charter School Company Says Covid-19 Is the ‘Tailwind’ It’s Been Waiting For
Critics say online learning is failing low-income students. But some for-profit companies are pushing to make it the new normal.
When schools nationwide began closing their doors this spring as the result of Covid-19, many students, parents and teachers felt stress and uncertainty. Online education companies saw an opportunity.
On its most recent quarterly earnings call, Timothy Medina, chief financial executive for virtual charter school operator K12 Inc., said, “We believe the effects of Covid-19 will be a lasting tailwind to online education.”
The company was founded in 2000 by former Wall Street investment banker and McKinsey & Co. consultant Ron Packard, and Education Secretary Betsy DeVos was among the early investors. Since then, K12 has grown into one of the largest for-profit education companies in the world, with revenue topping $1 billion last year.
Now, amid uncertainty about the future of in-person education, the company sees an opportunity to extend its reach even further. K12 has been involved in targeted lobbying campaigns through the American Legislative Exchange Council for nearly two decades, and company executives suggested during the earnings call that they have been working with state legislators and school districts to expand the market for online learning this fall. They’ve also worked with the Heritage Foundation, a conservative think tank, to draft policy recommendations on Covid-19 recovery efforts.
K12 operates more than 70 online schools, the majority of them tuition-free and CONTINUE READING: A Virtual Charter School Company Says Covid-19 Is the ‘Tailwind’ It’s Been Waiting For - In These Times
