How Maven Builds Product, and Whether You Should Take a Maven PM Course with Maven CEO Gagan Biyani
Oct 12, 2024
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Gagan Biyani, co-founder and CEO of Maven, shares his journey from Udemy to leading a new wave of cohort-based learning. He discusses why many online courses struggle and how Maven’s approach offers a unique solution. Gagan dives into the exciting dynamics of product management, emphasizing the importance of hiring the right talent and continuous learning. He also reflects on Udemy's branding challenges and the strategies Maven uses to grow and engage instructors. Tune in for insights on building successful products in today's education landscape.
Cohort-based courses require specialization and efficiency for long-term success, moving from celebrity instructors to committed industry experts.
Maven emphasizes instructor success through favorable revenue sharing, leading to better engagement and higher overall course sales.
The transition to cohort-based learning enhances accountability, promoting peer interaction and fostering higher engagement than traditional asynchronous courses.
Establishing clear cultural values and promoting direct feedback within companies can significantly enhance employee satisfaction and operational success.
Deep dives
The Evolution of Cohort-Based Courses
Cohort-based courses initially emerged with a focus on creating bespoke, high-quality learning experiences, attracting significant investment and enrollment. However, this model began to show limitations as the operational costs became unsustainable for many providers, resulting in some programs winding down. While earlier players in the market, like Rite of Passage or Alt-MBA, captured initial interest, it has become clear that specialization and efficiency are needed for long-term success. The shift toward platforms that allow instructors to focus on content while the platform handles operations is becoming more prevalent, signaling a needed evolution in the cohort-based learning landscape.
Instructor and Revenue Growth
The growth strategy at Maven emphasizes instructor success as the foundation for platform success, with a reported impressive NRR (Net Revenue Retention) of over 130%. By allowing instructors to retain 80-90% of course revenue, the platform incentivizes engagement and quality course creation. This approach has led to a significant increase in both instructor earnings and overall course sales, illustrating the benefits of aligning platform business models with the goals of course creators. Ultimately, as instructors thrive financially, the platform itself performs better, creating a mutually beneficial cycle.
Shifts in Customer Expectations and Course Quality
The contrast between traditional asynchronous online courses and the newer cohort-based model highlights a critical evolution in educational delivery. Asynchronous courses often suffer from low engagement and completion rates, whereas cohort-based courses facilitate accountability among peers. This structure promotes direct interaction, feedback, and real-time learning, bolstering student motivation and engagement. By redefining the learning experience in this way, cohort-based courses are demonstrating a more effective pathway for deeper learning outcomes.
The Importance of Instructor Expertise
Maven's strategic pivot involved shifting focus from popular content creators to industry experts who are more committed to the course creation process. This transition addresses the challenges of high operational costs associated with serving creators who may not be intellectually invested in building courses. Experts approach course creation as a serious business opportunity, providing a better user experience and leading to improved retention rates. Ultimately, fostering a teaching community that leads with expertise rather than celebrity is proving essential for creating valuable and sustainable courses.
Cultural Values and Leadership
Establishing clear cultural values within a company can significantly influence its operational success and employee satisfaction. Emphasizing direct feedback and ownership of decisions creates a healthy culture where employees feel empowered and understood. The concept of 'Founder Mode' reflects the need for leaders to take ownership of both vision and culture, guiding teams while also allowing room for collaboration and innovation. This balance ensures a thriving environment conducive to growth and success, as leaders become accountable for their team's development.
Navigating Job Searches in a Competitive Landscape
Effective job searching in today's climate requires a proactive approach that goes beyond traditional applications and identifies valuable opportunities. Job seekers should prepare for a lengthy search process, ideally maintaining financial flexibility to withstand potential delays in employment. Focusing on niche job markets and leveraging feedback from networks can help applicants fine-tune their approach, improving their chances of securing a role. Additionally, diversifying efforts to include skill development and networking will enhance prospects, making job seekers not just survivors but proactive agents of their own career paths.
Operational Strategies for Effective Communication
Effective communication channels are essential for fostering collaboration and responsiveness in any organization. Leveraging support mechanisms, such as employing executive assistants to manage correspondence, allows leaders to maintain engagement while mitigating the overwhelming nature of constant messaging. Keeping open and responsive lines of communication boosts accountability and ensures everyone's voice is heard, contributing to a positive team environment. This strategic approach to communication can significantly enhance team cohesion and operational effectiveness.
Why do some cohort-based courses succeed while others fail?
Gagan Biyani believes the secret lies not in more capital, but in smarter, scalable models; having experienced both the sides.
In today’s episode, we explore the future of cohort-based learning and how Maven is helping instructors succeed with less overhead."
Gagan is the co-founder and CEO of Maven. In the past, He’s also been a co-founder at Udemy and CEO at Sprig. Today, he shares his journey across Maven and Udemy, with some valuable insights.
