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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    1. Anatoly Karp‏ @akarp Jul 3

      Deferred tuition coding bootcamp model should be a textbook example of moral hazard/adverse selection.

      2 replies 0 retweets 4 likes
      Show this thread
    2. Joshua Engelman‏ @jaengelman Jul 3
      Replying to @akarp

      disagree, given the burden of tuition which kicks in whenever you hit 6 figures or whatever the ISA number is, you have an incentive to take a FAANG job and get it out of the way before inflation ratchets it up

      1 reply 0 retweets 0 likes
    3. Anatoly Karp‏ @akarp Jul 3
      Replying to @jaengelman

      I highly doubt that any of the coding boot camps can make a difference in whether someone gets hired by FAANG.

      1 reply 0 retweets 0 likes
    4. Joshua Engelman‏ @jaengelman Jul 3
      Replying to @akarp

      I agree that's true of most bootcamps, but the ones that give people enough technical skills to think they have a better shot at a startup than a big company might. Interested in @AustenAllred 's thoughts on this, given you're addressing his business model.

      2 replies 0 retweets 0 likes
    5. Austen Allred‏Verified account @AustenAllred Jul 3
      Replying to @jaengelman @akarp

      First there’s a misunderstanding of how the deferred tuition works (at least at Lambda School). Students agree to pay a percentage of adjusted gross income according to tax returns, so we’re fine if they start a company. Agreement lasts up to 5 yrs, you make payments for up to 2

      2 replies 0 retweets 1 like
    6. Anatoly Karp‏ @akarp Jul 3
      Replying to @AustenAllred @jaengelman

      Well, their company has overwhelming chances of failing, unfortunately. But given the agreement they’ve entered, they now have an extra incentive to pursue that route.

      1 reply 0 retweets 0 likes
    7. Austen Allred‏Verified account @AustenAllred Jul 3
      Replying to @akarp @jaengelman

      I think you completely misunderstand the financial tradeoffs most people in that situation are making. Our average student has never made more than $35k/yr. They’re not looking to be cute and arbitrage away tuition. They want a fucking job.

      1 reply 0 retweets 2 likes
      Austen Allred‏Verified account @AustenAllred Jul 3
      Replying to @AustenAllred @akarp @jaengelman

      If you’re in my financial position, or yours? Sure, we’d be hesitant to trade away a percentage of salary for two years (capped at $30k total) once you’re making $50k+. In our students’? They don’t have that luxury.

      11:17 PM - 3 Jul 2018
      2 replies 0 retweets 0 likes
        1. New conversation
        2. Anatoly Karp‏ @akarp Jul 3
          Replying to @AustenAllred @jaengelman

          They do want a job but not as hard as someone who has paid actual cash to get the skills and gets to keep all of their future pay.

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Jul 3
          Replying to @akarp @jaengelman

          You’re assuming they come from equivalent economic circumstances

          2 replies 0 retweets 0 likes
        4. Austen Allred‏Verified account @AustenAllred Jul 3
          Replying to @AustenAllred @akarp @jaengelman

          You have two students of equivalent skill. One has been working in an Amazon warehouse making $11/hr. The other working in SAAS sales making $90k/yr. Former on deferred tuition, latter pays cash. A jr eng role comes along for $80k/yr. Who is more likely to take it?

          2 replies 0 retweets 0 likes
        5. Anatoly Karp‏ @akarp Jul 3
          Replying to @AustenAllred @jaengelman

          I don’t see exactly the point of this example. I think the right perspective is to focus on an arbitrary (but fixed) profile and consider how one’s incentives are affected by a given set of terms.

          1 reply 0 retweets 0 likes
        6. Austen Allred‏Verified account @AustenAllred Jul 3
          Replying to @akarp @jaengelman

          Ok, look at it from the perspective of a brilliant student who is making $11/hr. You want to go to school to become a software engineer. Pay upfront? Impossible. Loans? Too risky (risk 100% of annual salary?) Income share agreement? Doable

          0 replies 0 retweets 0 likes
        7. End of conversation
        1. Austen Allred‏Verified account @AustenAllred Jul 3
          Replying to @AustenAllred @akarp @jaengelman

          As a data point, the average Lambda School student increases his or her income by more than $50k/yr as a result of Lambda School. What they pay us is capped at $30k total. Extrapolate that over 40 working years, and you’re looking at a multi-million dollar swing for <=$30k

          0 replies 0 retweets 0 likes
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