????出售公司、迅速變現(xiàn)和功成身退可以說(shuō)是現(xiàn)如今許多初創(chuàng)企業(yè)創(chuàng)始人的夢(mèng)想。目前市場(chǎng)動(dòng)蕩，誰(shuí)又能譴責(zé)這種做法呢？

????然而，總部位于紐約的Knewton公司卻沒(méi)有動(dòng)搖，堅(jiān)持做自己的業(yè)務(wù)。這家在線(xiàn)教育公司于周二宣布，將與出版商培生（Pearson）攜手，將其自適應(yīng)學(xué)習(xí)技術(shù)融入到培生的在線(xiàn)課程之中，該合作將從大學(xué)程度課程開(kāi)始逐步推進(jìn)。

????Knewton非但沒(méi)有賣(mài)掉公司，反而與原本可能是公司潛在收購(gòu)者的教育行業(yè)巨擘達(dá)成了合作協(xié)議。隨著新型教育技術(shù)市場(chǎng)日趨升溫，這宗交易只不過(guò)是初創(chuàng)企業(yè)開(kāi)始與業(yè)內(nèi)重量級(jí)企業(yè)平等對(duì)話(huà)的最新例證。

????Knewton所使用的算法能夠跟蹤學(xué)生的學(xué)習(xí)方式，根據(jù)學(xué)生個(gè)人的優(yōu)缺點(diǎn)提供不斷增大難度的定制化課程。該系統(tǒng)旨在隨著學(xué)生用戶(hù)人數(shù)不斷增加而提升智能化程度，與谷歌（Google）的搜索結(jié)果頗為類(lèi)似。

????培生的近900萬(wàn)大學(xué)適齡在線(xiàn)學(xué)生將在Knewton系統(tǒng)內(nèi)進(jìn)行學(xué)習(xí)，從而創(chuàng)建一個(gè)有關(guān)學(xué)生在線(xiàn)學(xué)習(xí)方式的龐大而寶貴的數(shù)據(jù)庫(kù)。培生則將獲得Knewton自適應(yīng)學(xué)習(xí)技術(shù)的部分專(zhuān)有權(quán)。而對(duì)于在最近由培生和風(fēng)險(xiǎn)投資公司Founders Fund領(lǐng)投的風(fēng)險(xiǎn)投資中獲得3,300萬(wàn)美元融資的Knewton而言，它將基于培生（PSO）的在線(xiàn)學(xué)生數(shù)量，享受利潤(rùn)分成。Knewton創(chuàng)始人兼首席執(zhí)行官喬斯?費(fèi)拉雷稱(chēng)：“培生具有強(qiáng)大的網(wǎng)絡(luò)效應(yīng)?！?/p>

????市場(chǎng)對(duì)在線(xiàn)教育的需求正呈現(xiàn)爆炸式增長(zhǎng)。研究機(jī)構(gòu)Ambient Insight的報(bào)告顯示，到2015年，預(yù)計(jì)全球的學(xué)校和企業(yè)在線(xiàn)學(xué)習(xí)市場(chǎng)將由2010年的321億美元增長(zhǎng)至約500億美元。并非只有培生這一家公司希望從這種增長(zhǎng)中分得一杯羹。新聞集團(tuán)（News Corp）于去年11月斥資3.6億美元收購(gòu)了總部位于布魯克林的教育技術(shù)供應(yīng)商Wireless Generation 90%股權(quán)。高等教育項(xiàng)目供應(yīng)商阿波羅集團(tuán)（Apollo Group）于今年8月斥資7,500萬(wàn)美元收購(gòu)了自適應(yīng)學(xué)習(xí)公司Carnegie Learning Technology。此外，NBC環(huán)球（NBCUniversal）、甚至迪斯尼（Disney）等公司也開(kāi)始涉足在線(xiàn)學(xué)習(xí)領(lǐng)域。

????培生在收購(gòu)方面無(wú)疑已經(jīng)是老手。據(jù)投資銀行Berkery Noyes透露，培生今年迄今為止已完成了六宗收購(gòu)。該出版商于今年9月剛剛以4億美元現(xiàn)金收購(gòu)了總部位于巴爾的摩的網(wǎng)絡(luò)虛擬學(xué)校運(yùn)營(yíng)商Connections Education。1月份，培生還以1.27億美元收購(gòu)了總部位于印度班加羅爾的在線(xiàn)學(xué)習(xí)初創(chuàng)企業(yè)TutorVista 76%的股權(quán)。

????據(jù)Berkery Noyes表示，今年迄今為止，教育行業(yè)并購(gòu)活動(dòng)合計(jì)規(guī)模達(dá)到78億美元，較2010年全年的63億美元有所上升?！皹I(yè)內(nèi)正出現(xiàn)某種程度的圈地運(yùn)動(dòng)，”塔克說(shuō)道，“培生等公司目睹傳統(tǒng)業(yè)務(wù)正在縮水，所以正紛紛買(mǎi)入并投資于視線(xiàn)所及的一切目標(biāo)?！?/p>

????過(guò)去的情況并非如此。教育行業(yè)與新聞和音樂(lè)等行業(yè)不同，作為媒體世界一部分，這個(gè)行業(yè)在某種程度上遏制了數(shù)字技術(shù)的顛覆性影響。該行業(yè)的主要業(yè)務(wù)合作伙伴是學(xué)校體系和大學(xué)，也就是所謂的正規(guī)市場(chǎng)，而這個(gè)市場(chǎng)的變革速度之慢令人發(fā)指。該市場(chǎng)與主要出版公司之間根深蒂固的業(yè)務(wù)關(guān)系亦絲毫未受電子技術(shù)的影響。

????小型公司通常很難在這個(gè)市場(chǎng)有所作為。費(fèi)拉雷指出：“初創(chuàng)企業(yè)過(guò)去甚至從未曾試圖涉足正規(guī)市場(chǎng)。與整個(gè)學(xué)區(qū)建立合作的可能性很小。這種情況確實(shí)限制了小公司的發(fā)展壯大?！?/p>

????但是，隨著平板電腦逐步進(jìn)入課堂和大學(xué)校園，以及傳統(tǒng)課本出版以外的網(wǎng)絡(luò)教育資源日益普及，一切都已開(kāi)始改變?，F(xiàn)在，該行業(yè)中的頂尖企業(yè)正在積極行動(dòng)，為未來(lái)早做籌謀，即便這意味著必須與一家在過(guò)去可能會(huì)全盤(pán)收購(gòu)的初創(chuàng)企業(yè)展開(kāi)合作?！斑@看來(lái)就像他們（培生）所說(shuō)的那樣，‘既然我們面臨這被顛覆的命運(yùn)，不如讓我們自我顛覆吧’”，總部位于華盛頓特區(qū)的教育智庫(kù)Education Sector的董事總經(jīng)理比爾?塔克這樣說(shuō)道。

????那么培生為何不自己開(kāi)發(fā)一個(gè)類(lèi)似產(chǎn)品呢？畢竟，2010年自由現(xiàn)金流總額達(dá)到14億美元的培生早已在其被廣泛使用的MyLab和Mastering軟件中推出了類(lèi)似特點(diǎn)?！笆袌?chǎng)上已經(jīng)存在Knewton這樣的公司，它專(zhuān)注于一點(diǎn)，并且表現(xiàn)出色。在這種情況下，培生很難復(fù)制它的成功，”培生教育出版集團(tuán)（Pearson Education）高等教育數(shù)學(xué)部門(mén)總裁格雷格?托賓說(shuō)?！拔覀兛梢宰鐾瑯拥氖虑椋@必然將花費(fèi)我們更長(zhǎng)的時(shí)間?！?/p>

????這樣一來(lái)，Knewton這樣的公司在討價(jià)還價(jià)中就處于很有利的地位。有了重大支持和一流合作伙伴作為后盾，現(xiàn)在剩下的問(wèn)題是，Knewton是否能以足夠快的速度行動(dòng)起來(lái)，滿(mǎn)足市場(chǎng)的需求?！拔覀冇悬c(diǎn)受寵若驚”，喬斯?費(fèi)拉雷承認(rèn)?！拔覀?cè)局皇且粋€(gè)70人的團(tuán)隊(duì)，但到明年底可能將擴(kuò)大至150人，甚至200人?！?/p>

????如果Knewton能夠成功達(dá)成目標(biāo)，它將成為教育行業(yè)大浪淘沙后幸存的公司之一?！爸挥猩贁?shù)公司能夠成功完成這種過(guò)渡，”Education Sector的比爾?塔克稱(chēng)?！按蟛糠止疽磿?huì)被淘汰出局，要么功虧一簣?！?/p>

????Selling out, cashing in and calling it a day seems to be many startup founders' dream these days. And in a shaky market, who can really blame them?

????New York-based Knewton is hanging tough. The online learning company announced on Tuesday that it is pairing up with Pearson to add its adaptive learning technology to all of the publisher's online courses, starting with its college-level programs.

????Instead of selling itself, Knewton has entered into an agreement with the industry giant, which might otherwise have been an acquirer. The deal is just the latest sign that some startups are holding their own with the industry's heavyweights as the market for new educational technology heats up.

????Knewton uses an algorithm to track how students learn, tailoring courses incrementally based on a student's individual strengths and weaknesses. The system is intended to grow more intelligent as more students use it, much like Google's (GOOG) search results.

????Pearson's close to 9 million college-age digital students will work within Knewton's system, creating a massive amount of coveted data on how student learn online. Pearson will get semi-exclusive access to Knewton's adaptive learning technology. And Knewton, which recently raised $33 million in venture capital funding in a round led by Pearson and Founders Fund, will get a share of proceeds based on the number of Pearson's (PSO) online students. "Pearson is a network effect wrapped up in a bow," says Jose Ferreira, Knewton's founder and CEO.

????Demand for online education is exploding. The global market for online learning at schools and businesses is expected to grow from $32.1 billion in 2010 to approximately $50 billion by 2015, according to research firm Ambient Insight. And Pearson is far from the only player that's fighting for a piece of that growth. News Corp (NWS) purchased a 90% stake in Brooklyn-based Wireless Generation for $360 million last November. Apollo Group (APOL) purchased Carnegie Learning Technology, an adaptive learning company, in a $75 million deal this past August. And companies like NBCUniversal and even Disney (DIS) have begun to dip their toes into the online learning business.

????Pearson is certainly no stranger to buying the competition. It has completed six acquisitions this year so far, according to investment banking firm Berkery Noyes. The publisher acquired Baltimore-based virtual school provider Connections Education in a $400 million cash deal in September. And in January, the company acquired a $127 million 76% stake in TutorVista, an online learning startup based in Bangalore, India.

????According to Berkery Noyes, there has been a total of $7.8 billion worth of mergers and acquisitions activity in the education industry so far this year, up from $6.3 billion for 2010. "There's a bit of a land grab going on," says Tucker. "Folks like Pearson are buying and investing in everything in sight because they are seeing legacy businesses disappear."

????It wasn't always like this. Unlike journalism and music for example, education has been the one part of the media world that has, more or less, kept digital disruption at bay. The industry's primary business partners -- school systems and universities, the so-called formal market - are notoriously slow to change. Deeply entrenched business ties with the major publishing companies don't hurt either.

????Smaller firms have traditionally had a hard time making much impact. "Startups have historically not even tried to take on the formal market. It's not that likely you are going to get a school district to work with you. It really limits growth," Ferreira says.

????That has begun to change as tablet computers make their way to classrooms and college campuses and as web-based education resources outside traditional textbook publishing become increasingly available. Now, the industry's top firms are rushing to secure their future -- even if it means partnering with a startup that it would have acquired outright in the past. "It seems like they [Pearson] are saying, 'if we are going to get disrupted, let's disrupt ourselves,'" says Bill Tucker, managing director at Washington, D.C.-based think tank Education Sector.

????Why not create a similar product in-house? After all, Peason, which reported a total of $1.4 billion in free cash flow in 2010, already offers similar features in its widely used MyLab and Mastering software. "When you have a group like Knewton, focused on doing one thing and one thing well, it's hard for Pearson to replicate," says Greg Tobin, president of the higher education math division at Pearson Education. "You could say that we could do the same thing, but it sure as heck would take us a lot longer."

????That puts firms like Knewton in a good position to bargain. With major backing and a first tier partner, the question is whether Knewton can mobilize quickly enough to meet demand. "We are overwhelmed," admits Knewton's Ferreira. "We're 70 people now and I think we'll grow to 150, maybe 200 by the end of next year."

????If they can pull it off, they will be among very select company within the education industry. "Few companies make that transition," says Education Sector's Bill Tucker. "They either get taken out or they don't make it."