Across the World, higher education has become big business and a major contributor to the economic prosperity of many nations. For example, it has been estimated that in the UK alone, universities generate £95 billion for the country’s economy and support more than 940,000 jobs. However, an increasing number of experts believe that rather than expanding further, the university sector in many countries will actually contract due to the changing environment for learning. Indeed, one of the world’s leading experts on innovation has suggested that a significant number of universities in the USA will fail over the next decade. In examining how the education sector may be disrupted over the next few years, Professor Clayton Christensen of Harvard Business School believes that due to innovations such as online learning, 50 percent of the 4,000 colleges and universities in the USA could be closed within the next fifteen years. Whether this will turn to be the case (and whether UK...
Entrepreneurship, innovation and the economy