Evaluating only Make School’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Regulation.
Key Events Timeline
FOUNDING
Founded in San Francisco; alternative CS education with ISAs
PRODUCT LAUNCH
Launched iOS app development curriculum; strong job placement rates
PRODUCT LAUNCH
Merged with Dominican University to gain accreditation
REGULATORY ACTION
ISA model faces regulatory scrutiny as potential predatory debt
SHUTDOWN
Shut down as separate entity; absorbed into Dominican University
Full Analysis
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Documented cause
Make School was a San Francisco-based alternative higher education institution offering a two-year applied computer science program with income share agreements (ISAs) instead of upfront tuition — students paid only after getting a job paying $60K+. It raised $13.5 million and built a model of experiential, industry-focused tech education. The model was regulatory-forward: in 2020, Make School merged with Dominican University of California to offer accredited bachelor's degrees. The merger, intended to solve the accreditation problem, instead created mission conflicts. In 2022, Make School shut down as a separate entity, absorbed into Dominican. The ISA model faced regulatory scrutiny as regulators classified ISAs as predatory debt instruments.
Lesson
“In US higher education, the credential is the product. Make School built a better education than most universities but couldn't grant the credential employers required. Merging with an accredited institution to get the credential was the only option — and it ended Make School.”