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In our everyday quest for knowledge and advancement, the world of educational technology emerges as a pivotal player, shaping how we learn and grow. Join us in an engaging conversation with David Meek, a trailblazer whose journey from financial advisor to the forefront of EdTech innovation offers invaluable lessons for us all.
As schools navigate budget constraints, changing student demographics, and technological shifts, the role of information technology becomes increasingly important. Enter Student First —an EdTech David co-founded and where he currently serves as CEO— where seasoned higher education and tech experts strive to deliver a future-ready student information system through constant updates and a lean but complete feature set.
David's story mirrors a collective journey of exploration and innovation, illuminating the path towards tangible educational solutions, so get ready to dive deep into this conversation as we uncover the practical wisdom and real-world experiences driving change in EdTech, offering a roadmap for those looking to make their mark in this exciting field.
In terms of how I entered the EdTech space, it was through the investment world. Early in my career, I was involved in investment advisory services. Along the way, one thing that consistently excited me was the potential of computer software.
I recall the early days of the PC, and what intrigued me was the concept that after investing money, time, and effort into building a software solution, you could sell it repeatedly without incurring additional costs per unit. I saw this as a sign of the future—a significant opportunity. I just needed to identify a solution to build and an industry in need of it. And it turned out to be a big deal, but only after a considerable amount of time and hard work.
During this period, one of my clients was a higher education institution. Whenever I visited such clients, I made it a habit to inquire extensively about their industry, including specific solutions in use. One CFO, whom I greatly admire and am still friends with today, told me about the lack of a focused solution for student records management and financial management in education.
This piqued my interest, and I began researching the topic, discovering a potential niche market in higher education. That's how I started down this path, and it's been an intriguing journey to where we are today. This was a time when the internet was not yet mainstream; everything was on premises, and networks were predominantly local. The internet was in its infancy and far from being as ubiquitous as it is today.
Certainly, the higher education space has been evolving. Over the years, many people have told me that higher education moves very, very slowly, evolving like a glacier. That was certainly true in the early years. However, it picked up pace in the 90s and early 2000s. I believe the biggest impact technology has had on higher education, driving change, was during the pandemic. Institutions were forced to embrace technology to keep their doors open.
They had to adopt tools like Zoom and Microsoft Teams, enabling students to attend virtual classes or work from various locations. Witnessing this shift, I became deeply interested in the developments during that two-and-a-half-year period. It significantly propelled higher education forward, accelerating change faster than ever before. I've observed an overall increase in higher education's focus on using technology to deliver what today's students, who are digital natives, expect and how they expect it.
The expectation is entirely different now. Institutions are more focused on market awareness, understanding what today's students demand because students have become much more savvy consumers. Many factors are at play, with information being one of them.
Sure. In late 1988, I founded a company called Campus Management Corporation. Our goal was to deliver student information systems to various schools in higher education. It took three to four years to build a product that appealed to a broad subsection of the overall higher education marketplace.
I found that many schools, particularly non-traditional ones, needed help from a technology perspective. Students were saying, "I don't want to spend four, five, or six years and $150,000 to $200,000 to get a bachelor's degree. I want a trade. I want a vocation. I want to be employable." These schools were very progressive in their thinking, but no one was focused on delivering a student lifecycle system that allowed them to manage their workflows and comply with federal and state regulations. So, I decided to target those schools as our market.
Our first release was probably in 1991 or 1992. From then through the early 2000s, we grew rapidly. Public companies began to enter the market, acquiring various brands and assimilating them into large corporations. I developed relationships with most of these corporate groups, which gave us a boost in overall success. We grew from less than 100 schools to around 700 schools using our systems over a 10-year period, which was rapid growth.
Technology was changing rapidly during that time. I entered the business before Windows was even a thing. I'm not kidding.
I eventually exited the business after about 20 years, serving as founder and CEO of Campus Management Corporation. In 2008, I decided to take a break and sold the business to a well-known private equity investor. The company has since grown tremendously and is now one of the largest players globally in the higher education EdTech space, with revenues around $2 billion. It's a great success story, and I spent quite a bit of time focusing on my next venture, which is what led me to where I am today.
Over the years, I've found that the technology field is filled with very smart people. While they're intelligent, what I've made a foundational principle is being a very good listener.
We don't go into institutions or schools just promoting what we know. Instead, we listen a lot. We find out what people are lacking, what they need, what's missing. Then, we try to be the solution to those gaps. We dedicate a lot of time and effort to our customers. A trusting relationship is everything in what we do. Without it, we would just be another tool.
I believe it's about being inquisitive, wanting to know more, always seeking to learn and understand. I've tried to instill this quality in the people I work with. There's always more to learn, always more to understand. You shouldn't go in with a preset notion that your solution is necessarily the right one. Instead, investigate, research, and analyze before offering advice or consulting. This approach applies to building products as well. I've learned over the years just how important this is. Despite the huge success of my first company, I look back at the major decisions we made and see areas where we could have done better, perhaps if we had listened more. So, it's ingrained in me to approach every opportunity with an open ear.
After leaving my first company and exploring other ventures, I remained closely connected to higher education, monitoring the progress of my former company as it continued to expand. Around 2017 or 2018, I was taken aback to see that the established market leaders, whom I refer to as legacy vendors, were still offering the same products year after year, while raising prices. I found it intriguing how they hiked prices without investing in new technology, despite the rapid evolution of technology from 2010 to 2020. There were significant changes happening, yet no new products were being introduced. Although they updated the user interface, they failed to leverage the new technologies that could revolutionize higher education. As each year passed, I grew increasingly concerned that no one was addressing the need to modernize the market and utilize technology to enhance the student experience and streamline administrative tasks for staff and faculty. So, I started discussing these issues with like-minded individuals in the higher education sector.
It became apparent that there was a gap in the market for a new solution tailored to the requirements of everyday institutions, rather than just catering to large universities. We began brainstorming what such a solution should entail. Drawing from our collective experience, we envisioned a solution that would be more impactful, cost-effective, and user-friendly for institutions. Instead of acquiring existing systems and adding layers on top, we decided to start from scratch, building what we believed to be the future of student information systems in higher education.
Once again, you have a lot of intelligent individuals designing these systems, but sometimes they lose sight of the end users. When developing extensive database systems like these, it's crucial to consider the daily users. The more intricate and complex the systems become, the harder it is to onboard customers, and the longer the process takes.
Another issue that has arisen over the years is the increasing complexity of these systems due to continuous additions, rather than starting afresh. This results in a plethora of features that users often don't fully utilize. In fact, I would estimate that the average institution uses less than 50% of the functionality offered by their SIS.
It's not lost on me that most of the legacy solutions we compete with today require 18 months to two years, at a minimum, to deploy their solution, even at a small school. That's simply too long. So, as part of our design process, before we even began coding, we thought about how to build code in a way that would allow for more efficient deployment overall. We spent the first year perfecting that model, adding to it, and learning from everything we did to determine what works best.
We've managed to shorten the implementation cycle from 18 to 24 months to just 9 to 12 months. This is crucial because the individuals we're serving, the everyday users at these institutions, get excited about the new system. However, if it takes more than 12 or 18 months to deliver, they lose that enthusiasm, leading to negative sentiments. It's important for us to deliver quickly. We've changed the order of operations. We start with data, but while we're migrating data, which is a critical step, we're also configuring their system to ensure synchronization. This means that when the data is ready, typically within the first 60 to 90 days, we have a lot of data up and running, allowing us to start training them on their actual data—not demo data. They're training on real students they know, which has a more significant impact. Getting the institution up and running and deriving value from their investment as quickly as possible is crucial.
In my experience, it's often similar across institutions. Building a trusting relationship quickly is key, as much success hinges on this mutual trust.
I'm a big believer in teamwork, much like in sports. Winning teams consistently field the best players who work together cohesively. Passion is another crucial factor. In the technology world, success requires a deep passion for what you do. If you lack it, you won't succeed in my team. I look for highly intelligent and passionate individuals, often seeking those who are even smarter than myself to join my team. I don't need to be the smartest person in the room, but I do want the smartest people on my team.
I relish each day, eagerly tackling whatever challenges arise. The camaraderie within my team is especially fulfilling, as is interacting with our customers. Unlike other CEOs, my contact information is readily available, reflecting my commitment to staying connected. I often remind new team members that my dedication to our business means they might receive an email or text from me at any time. Maintaining close relationships with our customers is crucial in our complex industry. I'm also proud of our motto, "the future-ready SIS," as it reflects our commitment to leveraging cutting-edge technologies to deliver lasting solutions. When schools invest in our product, they're making a decision that will benefit them for years, perhaps even generations, to come.
That's a thought-provoking question, indeed. I would say one of the most crucial lessons is to learn how to listen. By listening and learning more, you can provide greater benefits to those you serve.
I might ruffle some feathers here, but in my experience, the individuals who own these companies aren't always the best suited for the job. Many of the legacy vendors in the market are owned by private equity firms, which excel at generating returns for their investors but often have short-term perspectives. From the moment a private equity firm acquires a technology company, they're already thinking about their exit strategy, typically within three to five years. However, in such a short time frame, it's challenging to establish a truly valuable and lasting relationship with an institution.
