KnowledgeWorks announced today it will spinout California-based New Tech Network (NTN) to become an independent non-profit organization, in order to advance NTN to the next stage of the innovative school network’s growth.
The spin-off is being led by long time NTN supporter and KnowledgeWorks board member Barry Schuler. The Schuler Family Fund has agreed to seed an initial $10 million grant and KnowledgeWorks is committing an additional $1.5 million. Schuler is spearheading additional development and matching efforts. The new financial support for NTN will fund ongoing operations and new program initiatives.
The first NTN School opened in 1996 in Napa, Ca. NTN began to replicate the successful school model in 2001 and was acquired by KnowledgeWorks in 2009, allowing NTN to further expand its reach. With KnowledgeWorks’ financial and infrastructure support, NTN has expanded from 42 schools to over 160 schools in 27 states.
“The New Tech Network of schools has grown significantly within the KnowledgeWorks portfolio. We know how to enable districts to re-imagine schools so that students graduate from high school equipped with the skills and knowledge essential to thrive in today’s ever-changing global economy,” said Schuler. “We now have the data to support our promise to every type of community. It is time to hit the accelerator so we can impact more students.”
KnowledgeWorks has signed a letter of intent to spinout NTN as an independent entity by the Fall of 2014. Until the transition is finalized, KnowledgeWorks President and CEO Judy Peppler will continue to oversee NTN operations.
“KnowledgeWorks is committed to innovations in education and personalized learning for students,” said Peppler. “We are very proud of the impact New Tech Network has had in transforming the learning environments of 160 schools through an innovative model with proven, measurable success for students from diverse backgrounds, in rural, urban and suburban schools across the U.S.”
Schuler announced that Lydia Dobyns will lead the independent NTN after the spinout is finalized. Dobyns served as NTN President from 2010 until December 2013, and has an extensive career in education and tech innovation. Tim Presiado, who has served as the interim NTN President for the past seven months, will become Chief Operating Officer, at the transfer close