The Equation Series
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Topic

The business of education technology

9 articles drawn from The Learning Equation, its 23 industry studies and 100 companies profiles.

Comparison

B2C vs B2B EdTech: Which Business Model Works Better?

B2C edtech sells to learners and parents; B2B sells to schools, universities and employers. Compare acquisition, retention, margins, risks and exits with real cases.

7 min read

Case study

How Does Duolingo Make Money? Inside Its Freemium Model

Duolingo earned $1.04 billion in 2025 from a free app. How its subscriptions, ads and English test work, why near-zero acquisition cost matters, and what AI changes.

7 min read

Guide

How to Evaluate EdTech Efficacy Claims and ESSA Evidence Tiers

A step-by-step guide to judging whether an edtech product works: the four ESSA evidence tiers, effect sizes, study design, sample size and the usage-study trap.

9 min read

Guide

How to Sell EdTech to School Districts: A K-12 Sales Guide

A practical guide to K-12 edtech sales: who buys inside a district, the budget calendar, Title I funding, RFPs and co-ops, and how to run pilots that convert.

9 min read

Explainer

The AI Tutoring Business Model: Costs, Evidence and Moats

Can AI tutoring make money? Inference costs per student, what schools pay, what the 2024–26 evidence shows, and what makes an AI education business defensible.

8 min read

Case study

What Happened to Chegg? How Free AI Broke Homework Help

Chegg's revenue fell from $776 million in 2021 to $377 million in 2025 after ChatGPT and Google AI Overviews hit both its answers and its traffic. Here is why.

7 min read

Explainer

What Is an Online Program Manager (OPM)? The Model Explained

An online program manager runs a university's online degree for a tuition share or a fee. How OPM contracts work, why revenue share broke, and what replaced it.

7 min read

Case study

Why Did 2U Fail? The Rise and Fall of the OPM Giant

2U built online degrees for USC, Georgetown and Yale, reached a $5–6 billion value, then filed Chapter 11 in 2024. Here is why the revenue-share model broke.

8 min read