Sebastian Thrun says Udacity's layoffs were not from financial struggle but from a strategic change that made a good chunk of the full-time staff unnecessary.
He founded Udacity, a for-profit MOOC, in 2011, where he serves as executive chairman and interim CEO. Udacity has raised $163 million from VCs who valued it at $1 billion back in 2015, the last time it raised money. Its former CEO, Vishal Makhijani, left in October, at which point Thrun took over as interim CEO.laying off 20% of its workforce
"The reason for the layoffs was that we took certain bets and it just didn't work out, and we wound up a little over-hired," he said, But the site is also known for teaching people to code, to become data scientists, or to become AI and cloud computing engineers, among other skills. It calls its programs"nanodegrees," and characterizes them as a supplement to traditional education, not a replacement.
But, instead of hiring more teachers full-time and putting them on the payroll, it is now hiring mentors as contractors, mostly from the ranks of its own graduates, Thrun says. Udacity then pairs them with on-payroll teaching experts.
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