Everyone expects schools at all levels -- from pre-school to post-graduate universities -- to change fundamentally as software turbocharges both students and teachers, enables new business models, and brings scale to an industry that often prides itself on its cottage-industry status (think about the debate over classroom sizes). So in this a16z hallway conversation, consumer team partners D'Arcy Coolican and Li Jin chat with deal and research team operating partner Frank Chen about the future of education. How long will it take for a traditional 4-year undergraduate program to not be the main path for students? What should we make of Income Share Agreements (ISAs), where the school owns some of the risk if their curriculum and instructors don't generate employable graduates? Given how hard it is to find a reputable, caring pre-school, what can we do to open up more qualified pre-schools? Beyond STEM courses, what other areas will are well suited for disruptive education? *** The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.