Education tech company OpenLearning (ASX: OLL) is set to shake up the Australian education sector through the creation of OpenCreds, an online platform where Australians can complete registered shortcourses for formal qualifications.
OpenCreds, in reference to the courses offered being micro-credentials, will offer courses ranging from 2.5 hours to 150 hours which will be stackable and contribute towards formal qualifications recognised by industries.
Partnering with Open Universities Australia (OUA) which offers more than 400 degrees from 21 Australian universities, OpenCreds will be promoted on the OUA marketplace where OpenCreds credits may be applicable to OUA degrees in the future.
Highlighting their investment in the micro-credentials sector, OUA will partner with OpenLearning to establish the Open Microcredential Development Grant (OMDG) to support the creation of 30 OpenCreds courses from Australian universities.
“We are thrilled to be able to extend this opportunity by working with OpenLearning to help bring micro-credentials to our already established marketplace,” said Open Universities CEO, Stuart Elmslie.
“Microcredentials will be a strong complement to the 2,000 individual units of study we already provide access to today, and the design of the Open Microcredential Development Grant will support Australian universities to develop and distribute them nationally.”
Additionally, OpenLearning will launch the OpenCreds Investment Fund (OIF) enabling training providers to apply for grants to develop microcredentials. Initially, the OIF will fund the creation of 35 OpenCreds which represents a $350k investment.
“Today’s announcements are transformative for OpenLearning. We’re excited to work with OUA to provide a delivery platform for micro-credentials and to support Australian universities through the jointly funded Open Microcredential Development Grant,” said OpenLearning CEO, Adam Brimo.
“These initiatives are likely to expand our reach across Australian universities and increase adoption of OpenCreds, which we aim to become the industry standard for micro-credentials in Australia.”
As part of the OpenCreds launch, DeakinCo, part of Deakin University, has signed on as a platform partner to be one of the first Universities that will develop a range of micro-credentials.
“Never before has lifelong learning been so critical to thriving in today’s workplace. We see OpenCreds as an important foundation for the future of online learning and we are delighted to be offering our programs through the OpenLearning platform,” said DeakinCo CEO, Glenn Campbell.
In commercial terms, OpenLearning will secure registration fees from students for commencing a course on OpenCreds or a percentage of the enrollment fee for courses developed under agreements.
As per their annual report for the period ending 31 December 2019, OpenLearning had $7.7m cash on hand with funds primarily secured from their IPO in November 2019.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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