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  "documentTitle": "2U, Inc. (TWOU)",
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  "notes": "Includes a quote from Noodle Partners to reinforce the argument that traditional OPMs are desperate to maintain their high-margin contracts.",
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      "text": "The OPM Market worked ten years ago when the stigma of online education had a perception of risk. This is no longer the case.",
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      "text": "Why The OPM Market Used To Make Sense: The OPM industry gained traction by providing upfront capital (upwards of $10m) and end-to-end services in exchange for 60%-70% of tuition and 10-15 year contracts.",
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      "text": "Why The OPM Market is Becoming Obsolete In Many Ways: Reduced stigma and lower risk mean universities no longer want to surrender 60-70% of tuition or IP. New fee-for-service disruptors offer unbundled, lower-cost, flexible alternatives.",
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      "text": "Smart Provosts and CFOs are already rejecting OPM contracts... We are fast approaching the moment at which the permanent revenue share model will disappear. - Noodle Partners",
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      "text": "\"Smart Provosts and CFOs are already rejecting OPM contracts as inconsistent with the long-term goals of the university... We are fast approaching the moment at which the permanent revenue share model will disappear. And so some of the traditional OPMs now offer schools as much as $2 million as a signing bonus. They're not doing it out of a humanitarian impulse; they're doing it to prop themselves up, knowing that their profit on your students will be ten or twenty times that.\" — Noodle Partners",
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