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Now, with $16 million in venture capital funding from Kleiner Perkins Caufield & Byers (KPCB) and New Enterprise Associates (NEA), the two professors officially launched Coursera, their new online education company that includes partnerships with Princeton University, Stanford University, the University of Michigan and the University of Pennsylvania to offer web-based classes on the Coursera platform for free. A total of 37 undergraduate and graduate-level courses across a broad range of disciplines will launch this spring.

"Princeton, Penn and Michigan will join Stanford University and the University of California at Berkeley as partners of Coursera, a company founded earlier this year by the Stanford engineering professors Daphne Koller and Andrew Ng. Using Coursera's platform, the universities will produce free, online versions of their courses that anyone can take."

I did it! I made it all the way through a MOOC, submitting the final assignment in Coursera's Computer Science 101 this afternoon.

The majority of students in the Udacity and Coursera courses analyzed were professionals in the software industry - hardly the target audience for those seeking a change in how we educate postsecondary students. The current MOOCs provide a nice proof-of-concept, but hardly solve significant educational problems.

Coursera's leaders say they are actively pursuing only two of the moneymaking ideas on the list: charging students who pass the courses a small fee for a certificate, and serving as a matchmaker between students looking for jobs and companies seeking qualified employees.