K12 ran public schools that students attended from their kitchen tables. It built an online curriculum and ran virtual charter schools for states and districts. Students took a full course load from a computer at home, with certified teachers on the other end. When K12 went public in December 2007, online learning was still unfamiliar to most parents. The idea of a public company running schools drew sharp debate.

A Banker and Bill Bennett

Ron Packard, a former banker and McKinsey consultant, founded K12 in 2000 with backing from Knowledge Universe. Former Education Secretary William Bennett was its first chairman. The bet was that families wanted more choice in schooling, and that a strong online curriculum could serve students anywhere. K12 earned most of its revenue from public funds that followed students to its schools.

The Pandemic Enrollment Surge

K12 priced its IPO at $18 a share in December 2007 on the New York Stock Exchange. Enrollment grew for years, and so did criticism of student results at some of its schools. In 2020 the company renamed itself Stride, and the pandemic sent enrollment sharply higher. Its business now spans online public schools, private online schools and career training. It still trades under its original ticker, LRN.

Cover: Boy Reading, François Bonvin. Art Institute of Chicago, public domain. Chosen for a boy reading (learning at home).