NEWS: Rithm School is shutting down - the doom and gloom is real - and it pains me to say so 😢. An update on bootcamp closures as of July 2024.

I agree with all of this about the industry and appreciate your transparency here! Thanks for sharing. Number 2 is the biggest problem with the whole bootcamp industry. Codesmith's a good example of becoming desperate because their entire reputation is about six figure outcomes. They loudly published 53 offers accepted in April-May 2024 and even added that stat to their official curriculum docs... That number is already far under pace from their recent CIRR outcomes but June-July 2024 is looking to be half that! If they don't give us an updated June July numbers, and leave up that cherry picked sample set - which is already worse than previous numbers, it's graping at straws and extremely misleading that will push away students who know better. TLDR: if you bet the house on outcomes and the market is against you, you give up control over your destiny. Number 3 is a hard one for programs that scaled too much. I've seen this like too many back-office people and too high of a CAC. But another problem is if the founder steps back from day to day and early employees fill out executive and managerial ranks. You get kind of stuck because as you scale back, it's hard to let go of those people or ask them to take a pay cut, and you need them to return to more on the ground roles as their teams under them are scaled back and they have the most context and loyalty to help the company. But without lowering their salaries to down scale, you end up where you were 4 years ago with a 2X payroll and still can't make it. TLDR: I think founder led programs where the founder/CEO takes on a lot of work (and contractors do teaching and TAing) and takes a personal salary hit if needed, have an advantage in this market.