According to a report in technology media site Pando Daily, Macmillan has created a $100 million (or more) fund to invest in educational technology start-ups.
The fund will be run by Troy Williams, who had been CEO of Questia Media, an online e-book library that was eventually sold to Cengage.
Following the model outlined by Clayton Christensen in his bestselling business books, The Innovator’s Dilemma and The Innovator’s Solution, Macmillan will be allowing the firms it acquires to function separately from the core Macmillan business with a mission to disrupt the traditional textbook industry in which Macmillan operates.
Williams told Pando Daily that it should take about seven-to-ten years for the disruption to be complete and that he doesn’t honestly know how the executives within Macmillan feel about funding the demise of the company’s current business model.
Read more at Pando Daily.