Coursekit Raises $5 M. from Joel Spolsky, David Tisch, IA Ventures | Betabeat — News, gossip and intel from Silicon Alley 2.0.

by Scott Smith

The startup, founded by Wharton dropout Jospeh Cohen, hopes to take on the billion dollar incumbent, Blackboard, by selling direct to professors and bypassing the red tape and slow sales cycle of academic IT departments. Blackboard rakes in $400 million of the $500 million spent on this type of software per year, Mr. Cohen said, but Coursekit isn’t interested in that money. “Our business model is not to compete with Blackboard by selling software,” Mr. Cohen told Betabeat. “It’s to create large audiences of students and teachers that we can then leverage for all sorts of things.

Joel’s an Angel now. Wow.