Flat World Knowledge Receives $8 Million Investment and Accelerates the Next Disruptive Shift in Content Markets
Major Milestone Surpassed in Its Quest to Transform the College Textbook Market
“This is an exciting investment,” said Hooks Johnston, General Partner at Valhalla Partners. “Like MP3′s blew up the delivery model for recorded music, the blogosphere and online news sources blew up the newspaper business, Flat World Knowledge is poised to blow up the college textbook market. We’re backing the perfect team to make it happen.”
Traditional textbook publishers have seen their distribution channels disrupted by the Internet, leading to a rise in the sale of used books, global gray markets, and online piracy. Publishers have responded defensively, raising prices sharply to preserve revenue as unit sales fall. As a result, the average U.S. student now spends over
Flat World Knowledge, founded by former textbook industry executives, offers a value proposition that is a win for students, their families, faculty, and colleges. Flat World’s textbooks are written by world-class authors. The company makes its books available as free web-hosted textbooks. It earns revenue and pays its authors royalties by providing students with options to purchase print-on-demand soft cover textbooks, audio textbooks, and self-print individual chapters at a fraction of the cost of traditional textbooks. The company enhances the learning experience by offering low-cost digital study aids like MP3 study guides, interactive web quizzes, and digital flashcards. Faculty prefer the open-source approach employed by Flat World because it gives them more control over the classroom experience by enabling them to customize books to better suit their teaching style.
“The Flat World Knowledge model embodies the future of education publishing,” said
Flat World Knowledge recently conducted two successful rounds of in-class testing at over 40 colleges and universities. The company has 22 business and economics textbooks in the pipeline and is releasing 10 titles for faculty review this spring. The company will put the new funding to work to grow its list of textbooks, with a specific objective of expanding into the general education curriculum.
“I’m sensitive to the cost issue for my students,” said
About Flat World Knowledge
Founded in 2007 by textbook publishing industry veterans
Media Contact: Bryan Ferraro or Joeline Boulware Dovetail Public Relations 408.395.3600 email@example.com
SOURCE Flat World Knowledge