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  "documentTitle": "2U, Inc. (TWOU)",
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  "notes": "Uses a FOIA email as primary evidence to validate competitive disruption.",
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      "kind": "callout",
      "text": "Coursera recently raised capital at an $800M valuation and has a deep bench of advisors including Yale University’s former President",
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      "text": "Total enrollments for a competitive MBA degree by Coursera grew by 274% y/y for their Fall ’17 Cohort. This implies an even more impressive “new start” growth if you consider that 50% of the 264 students enrolled in Fall ’16 graduated. This is demonstrating that a lower cost (not lower quality) MBA is gaining market share and that 2U’s competition can ramp a program very quickly even when they are garnering lower tuition take-rates",
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      "text": "This is demonstrating that a lower cost (not lower quality) MBA is gaining market share and that 2U's competition can ramp a program very quickly even when they are garnering lower tuition take-rates",
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      "text": "Email from John C. Hart regarding FOIA 18-375",
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      "text": "We obtained the University of Illinois MBA Contract with Coursera (a rising 2U Competitor) that was signed in 2017. Coursera’s take-rate is 40%. This illustrates a successful competitor disrupting 2U in its traditional MBA space.",
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      "text": "The iMBA's enrollments are 264 and 787 for the Fall 16 and Fall 17 enrollments respectively.",
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      "text": "Source: University of Illinois FOIA request",
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      "text": "The Fallacy of Steady State Revenues – University of Illinois MBA Enrollment Grew By 274% Y/Y",
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