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The Bill & Melinda Gates Foundation is stepping up its investment in innovative delivery models in higher education, announcing $9-million in grants today to support a range of new approaches. Among the awards is the foundation's first contribution to so-called MOOC's, or Massive Open Online Courses, where professors let anyone online take their courses, sometimes attracting tens of thousands of learners. Specifically, the Gates Foundation is giving $1-million to the Massachusetts Institute of Technology for its MITx project, which offers such open courses.

The 11-year-old online program accounts for just over a quarter of the enrollment at UMass's Isenberg School of Management, yet revenues from the program cover about 40 percent of the school's $25-million annual budget. And that's after UMass Online, the in-house marketing agency, as well as a few other arms of the university have taken their cuts. The business school's experience helps to illustrate the economics of distance education and the way one college with a marketable offering is using online education to help its bottom line.