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  "docId": "019dd923-622c-750b-8b98-75b90dee081f",
  "docSlug": "664272f4012c",
  "documentTitle": "2U, Inc. (TWOU)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-07-19 00:00:00",
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  "pageNumber": 29,
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  "notes": "The slide uses a 'villain' framing (2U) vs 'disruptor' (Noodle) to undermine the incumbent's steady-state narrative.",
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      "kind": "callout",
      "text": "This financing partnership allows Noodle to compete directly with 2U in the case where universities still prefer a \"revenue share\" model and not invest upfront capital",
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      "kind": "callout",
      "text": "Two of three executive hires made at the end of 2017 were direct hires from 2U. As former 2U employees leave to go to the disruptors, we think the street should take note",
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      "kind": "list",
      "text": "Recent College Wins: Boston College, Tulane, Wake Forest, Claremont Graduate University, Mills College",
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      "kind": "paragraph",
      "text": "Noodle is winning a lot of brand name universities. Furthermore, it secured a $100m strategic financing that allows it to go head-to-head with 2U's revenue share model. In addition, Noodle has been hiring ex-2U employees.",
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      "kind": "source-note",
      "text": "Source: Noodle's Recent Hires, Recent Strategic Financing, Recent College Wins",
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      "kind": "title",
      "text": "The Fallacy of Steady State Revenues: Disruptors Are Making Significant Progress (Cont'd)",
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