Empowering Entrepreneurs: Oneday Secures €5.7M Funding for Innovative MBA Program in Response to AI Evolution
May 16, 2023
In a groundbreaking move for the world of education, Oneday, an EdTech platform, has secured €5.7 million in Series A funding, bringing its total investment to date to a substantial €9.3 million. This influx of capital will propel the launch of its accredited MBA program, marking the first formal education system tailored for entrepreneurship.
The platform's unique approach offers students an 18-month program that combines hands-on experience with one-on-one guidance from a seven-figure entrepreneur mentor. This mentorship is designed to assist students in launching their own revenue-generating businesses while concurrently earning a fully-accredited MBA degree. Notably, the MBA program is overseen by Stephen Kosslyn, the former Dean of Harvard.
Oneday, founded in 2019 by Ranbir Arora and Taras Polik, has already seen success, with 2,000 students building their businesses through the platform. Arora emphasizes that the new MBA program is just the beginning of creating a broader education system centered around entrepreneurship. The aim is to provide practical, real-world experience that equips entrepreneurs with the essential skills needed to navigate the complexities of the modern business world.
This announcement comes at a pivotal time, coinciding with the rapidly evolving business landscape, often characterized as the next industrial revolution driven by Artificial Intelligence (AI). Oneday's recent research indicates that over 26% of Brits believe their jobs will be impacted by AI technology within the next five to ten years. With estimates suggesting AI could replace 300 million jobs, the need for innovative educational approaches becomes increasingly apparent.
Oneday anticipates that this fundamental shift driven by AI will lead to a surge in entrepreneurship. As AI streamlines critical business functions, reduces startup costs, and democratizes access to resources, starting a business becomes more economically viable. A survey conducted by Oneday reinforces this notion, revealing that 42% of respondents believe AI would make it easier to start a business by cutting administrative time, and 38% see it as a tool to develop their ideas or products.
The survey also shed light on the challenges faced by those considering entrepreneurship, with 34% citing a lack of confidence and not knowing where to start, and 54% identifying funding as a significant hindrance. Oneday's focus on practical, real-world experience aims to address these challenges and prepare aspiring entrepreneurs for the dynamic and competitive modern business landscape.
Benoit Wirz, Founding Partner of Brighteye Ventures, one of the investors in Oneday's Series A round, emphasises the need for practical education, stating, "Formal education is too often theoretical, detached from the real world. Oneday breaks that mold by offering the first-ever practical degree in entrepreneurship." Wirz sees Oneday's approach as fostering a mindset of innovation and resilience, moving beyond traditional textbook learning.
Johannes Weber, General Partner at Ananda Impact Ventures, another investor in the funding round, highlights the transformative potential of accessible, practically-oriented entrepreneurial education. Weber believes that such education is key to unlocking individual financial independence, driving economic growth, and fostering innovation.
In conclusion, Oneday's recent funding success and the launch of its MBA program underscore a shift towards practical, real-world education tailored for the evolving needs of aspiring entrepreneurs. As AI reshapes industries and job landscapes, innovative platforms like Oneday play a crucial role in preparing individuals to navigate and thrive in the modern business world.