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How Harvard Business School (HBS Online) went from $0 to $100 Million in Revenue in 7 Years

If you want to build an online course or education business that reaches six or seven figures in annual revenue, HBS Online proves it is possible in just seven years, even with intense competition. The platform scaled from zero to over $100 million in revenue by implementing three core levers: a flagship hero program (CORe), a premium pricing model, and a global community strategy that turned learners into repeat buyers and advocates.

In this article, you will reverse-engineer HBS Online's exact path to $100M and learn which specific tactics you can apply to your own course, academy, or education startup, regardless of whether you have a Harvard brand behind you or not.

A note on perspective: The insights below are grounded in personal completion of multiple HBS Online programs and direct application of these same frameworks to education businesses that have grown from zero to $250K, $750K, and $1M+ in revenue without institutional backing.

Video summary of the article:

There are many factors that contribute to HBS Online's success, but some of the most important ones are:

The Three Revenue Levers Behind HBS Online’s $100M Growth

Before diving into the detailed factors, it is helpful to see HBS Online’s growth as the result of three interconnected levers:

  1. Flagship offer clarity – CORe became the obvious starting point for new learners.

  2. Premium pricing and perceived value – surveys show 94% of learners found the programs more impactful than other online business courses.

  3. Platform expansion – partnerships with platforms like edX and 2U multiplied reach without building everything from scratch.

If you run an online education business, you can use the same three levers as a quick diagnostic. Most course businesses are stuck because one of these is unclear: either the main offer is fuzzy, the value isn’t communicated strongly enough to justify pricing, or distribution is too limited.

If you want a faster way to see where you are stuck, you can request a brief growth blueprint review of your course or learning business. In a short call, we map your current offer, pricing, and reach against this HBS Online-inspired framework and identify the single most important move to unlock your next revenue milestone.

HBS Online is an online education platform that empowers learners to master essential business skills from world-class Harvard Business School faculty. Here is a glimpse of its journey:

  • HBS Online emerged as HBX in 2014 with the vision of amplifying the School’s influence and expanding its reach, while honoring the HBS mission: to educate leaders who make a difference in the world.
  • The platform leverages a learning model that is active, social, and case-based, meaning that learners dive into real-world challenges facing seasoned business leaders and exchange ideas and insights with peers from around the world.
  • The first two programs offered by HBS Online were CORe (Credential of Readiness) and Disruptive Strategy (with Clayton Christensen). CORe became the program HBS offers to incoming students to equip them for the MBA classroom in 2015.
  • In 2016, HBS Online hosted its first-ever Connext conference, bringing participants to the HBS campus for a day of networking, learning, and inspiration. In 2018, it launched Community, a network of regional chapters that enable online learners to connect offline.
  • In 2019, HBX rebranded to Harvard Business School Online and celebrated its 5th anniversary. In 2020, it reached 100,000 learners from more than 175 countries and generated more than $100 million in revenue .
  • Today, HBS Online offers courses and programs on topics such as entrepreneurship, finance, leadership, strategy, and more. It also provides learning tracks that allow learners to earn a Certificate of Specialization in a specific subject area.

HBS Online, being an extension of Harvard Business School, measures its impact and effectiveness by using various methods, such as:

  • Conducting surveys of past participants to assess their satisfaction, learning outcomes, and career advancement. In a recent survey of past participants, conducted by City Square Associates, 94 percent of learners said HBS Online is more impactful than other online business programs, while three out of four said HBS Online is worth the investment.
  • Tracking key metrics such as enrollment, revenue, completion rates, and learner demographics. HBS Online has enrolled more than 250,000 learners from over 190 countries since its launch in 2014 and has generated more than $100 million in revenue. The average completion rate for HBS Online courses is 85 percent, well above the industry average.
  • Evaluating the quality and relevance of the course content and pedagogy. HBS Online uses a learning model that is active, social, and case-based, meaning that learners immerse themselves in real-world challenges facing seasoned business leaders and discuss and debate solutions with peers from around the world. HBS Online also updates its courses regularly to reflect the latest research and best practices from HBS faculty and practitioners.

HBS has reached many successes and milestones over it's short life span. There are many factors that contribute to HBS Online's success, but some of the most important ones are:

  • Innovative pedagogy: HBS Online uses a learning model that is active, social, and case-based, meaning that learners immerse themselves in real-world challenges facing seasoned business leaders and discuss and debate solutions with peers from around the world. This creates a highly engaging and interactive learning experience that mimics the Harvard Business School classroom.
  • High-quality content: HBS Online courses are designed and taught by renowned HBS faculty who are experts in their fields and have access to cutting-edge research and best practices. The courses cover topics that are relevant and applicable to today's business environment and help learners develop skills and knowledge that can advance their careers.
  • Global reach: HBS Online has enrolled more than 250,000 learners from over 190 countries since its launch in 2014. This creates a diverse and vibrant community of learners who can network, collaborate, and learn from each other across industries, cultures, and backgrounds.
  • Platform strategy: HBS Online leverages a platform strategy that allows it to scale its offerings and reach new markets. By partnering with other organizations such as edX, Coursera, Emeritus, and 2U, HBS Online can offer its courses to a wider audience and benefit from the network effects of these platforms.
With all success, there also comes challenges. Some of the possible challenges for HBS Online in the future are:

  • Increasing competition: HBS Online faces competition from other online education providers, such as Coursera, edX, Udemy, and Khan Academy, as well as other business schools that offer online courses or programs. These competitors may offer lower prices, more variety, or better quality than HBS Online. HBS Online revenues declined $2 million to $74 million in fiscal 2022 from $76 million in the prior year, primarily reflecting higher customer acquisition costs amid increased competition in the educational technology market. Total enrollment grew to 40,667 participants, 5 percent higher than the prior year.
  • Maintaining quality and reputation: HBS Online relies on the reputation and brand of Harvard Business School, which is known for its high-quality education and rigorous standards. However, maintaining this quality and reputation online may be challenging, especially as the platform scales and reaches new markets. HBS Online may need to ensure that its courses are updated, relevant, and consistent with the HBS values and mission.
  • Adapting to changing customer needs: HBS Online serves a diverse and global customer base, which may have different needs, preferences, and expectations for online learning. HBS Online may need to adapt its offerings and delivery methods to meet these changing customer needs and provide a personalized and engaging learning experience. For example, HBS Online may need to consider offering more courses in different languages, formats, or topics.

Why This Breakdown Matters Beyond Harvard

This isn’t just an academic exercise. The same strategic levers HBS Online used—flagship offer clarity, premium positioning, and platform partnerships—are being used by much smaller education businesses to grow from a few thousand dollars a year to six and seven figures in revenue. The difference is that those who grow intentionally measure their completion rates, perceived value, and learner outcomes, then adjust their offers accordingly instead of guessing.

Summary & Next Step

A powerful brand can open doors, but it is the underlying growth levers, clear flagship offers, high perceived value, and smart distribution that determine whether an education business reaches its full potential. HBS Online’s journey to $100M in seven years shows what is possible when those levers are aligned.

If you run a course, academy, or education startup, the simplest next step is to map your own business against these same levers. Identify where you are strong and where you are guessing.

If you would like help doing that quickly, you can request a short growth blueprint review. Share a few details about your audience, offer, and current revenue, and you will receive a focused set of recommendations inspired by the HBS Online playbook that you can implement over the next 90 days.