In January, 2U (NASDAQ: TWOU) announced a strategic partnership with WeWork that takes advantage of the strengths of both companies. Online graduate and short-course provider 2U knows that getting a degree or taking classes while working full time is difficult.
However, pairing up with WeWork -- the $20 billion leader in shared workspaces with properties all over the globe -- should make it just a little bit easier.
The deal's components
The "multiyear, global, exclusive partnership" between WeWork and 2U basically allows their customers to have access to both company's products and services. There are four components:
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WeWork will provide 2U's current graduate students a Global Access Membership that allows entry to its over 200 physical shared work locations around the globe.
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2U will make $5 million in scholarships available to WeWork's clients for the company's growing list of programs over the next three years.
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2U will have access to the Flatiron School online learning platform via a licensing agreement with WeWork.
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The companies will work together to open a Future of Learning and Work center in 2019.
Each company's customers can enjoy the new benefits at no additional cost. For 2U's prospective students who might be concerned about where they will study for an online program, this might be the push that makes them comfortable enough to go with a virtual classroom experience.
Image source: Getty images.
A physical "classroom" for a virtual student
WeWork provides its members with workspaces and caters to remote workers, freelancers, and small companies up to 500 people. The entry-level plan is a "hot desk" at $220 per month that provides all the amenities a remote employee would need to work: power, high speed internet access, private phone rooms, access to office supplies, printers, coffee, and even "craft [beer] on draft". More expensive plans range from a dedicated desk or private office to a custom build-out.
While the Global Access Membership being provided to 2U's students was not defined, I imagine it will be a limited-access membership to cater to the virtual student. Even though I'm not taking classes, as a freelance writer, I often find myself looking for a place to work when I'm away from home. With limited hours for libraries and Starbucks' constant flow of customers and limited seating, there really aren't great options for an extended working session. WeWork locations would be an effective alternative for those occasions during the semester when students need a quiet place outside the home to focus on their studies.