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>> Ernie's got it right.
That's Dartmouth's business model in a trim 22 words.
Some might say it's the only thing trim about Dartmouth.
But inefficiency is partly what makes a school like Dartmouth so good.
You want efficient?
Put 100 kids in a lecture hall with a professor -- scratch that --
with a graduate teaching assistant.
That's much more efficient than 10 kids in a room
with a mentor who's written the textbook they're reading.
If your goal is to save money, take door number one,
and get there early if you want a good seat.
If your goal is higher than that, say, the kind of education that will equip young men and women
to help lead us in a troubled world, then your choice is clear: You focus on value.
If you look solely at cost, you wouldn't have kids, would you?
Talk about pricing and inefficient.
You wouldn't serve on your local school board, give blood,
or donate a dime to your house of worship or art museum.
Why do you do those things?
Because you measure their worth in something more valuable than dollars.
So here's Ernie, a venture capital guy, who stands up at a Dartmouth meeting
and delivers the quote at the opening of this film.
"You've got a wacky business model," he says.
But it's not so wacky once you understand it.
Once you stop comparing it to the way Wall Street and Main Street do business.
Says Ernie, "Explain your business model."
So here goes: Dartmouth create a world-class product;
discounts the price 54 percent;
gives an additional discount for certain buyers; then begs for money.
Think of the Dartmouth experience.
Think of your Dartmouth experience.
That's what the college's business model is founded on.
Is it wacky?
Sure it is.
But there are those who love it.