Press Releases

Charter Oak State College Partners with Akademos to Reduce Student Textbook Costs

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The Akademos Online Bookstore Service Provides a Natural Fit for the 100% Online Public College

Norwalk, CT—Akademos, Inc., a leading provider of integrated online bookstores and marketplaces for educational institutions, announced today that Charter Oak State College (www.CharterOak.edu), Connecticut’s public online college, has joined its list of partner schools. Charter Oak’s new Online Bookstore will launch in Summer 2014.

“Partnering with Akademos is a natural fit for us,” said Ed Klonoski, president of Charter Oak. “At Charter Oak we’re dedicated to helping working adults earn the degrees they need.  We offer accelerated courses and great value, all in a convenient online format.  Akademos is a leader in online bookstores, providing Charter Oak with an advanced platform to serve our widely dispersed faculty and student community. Most importantly, Akademos meets our institutional values by delivering the low-cost materials our students need to succeed.”

Charter Oak and Akademos will develop a seamless student shopping experience. The new Online Bookstore will provide students with quick and ready access to everything they need.  This Akademos technology provides students a simple way to select the new, used, rental, or eBook of their choice at significant discounts, while utilizing their financial aid funds for purchase.

“As an online-only institution, Charter Oak’s mission is to provide students with a more affordable education. This aligns perfectly with the values of Akademos,” said John Squires, chief executive officer of Akademos. “We are pleased that a leading online educational institution has recognized that our online bookstore is a perfect match for its needs. We look forward to working together in an effort to further decrease textbook costs and improve student outcomes for Charter Oak students in Connecticut and around the world.”

To learn more about online bookstore service offerings for educational institutions, visit the Akademos website or sign up for the Akademos newsletter.

 

About Charter Oak State College

Founded in 1973, Charter Oak State College (www.CharterOak.edu) is Connecticut’s only public online college, offering associate and bachelor’s degree completion programs in high-demand fields including Health Information Management, Health Care Administration, Business, Public Safety and Information Systems. Charter Oak students complete degrees through online courses and alternative approaches to earning credit. Charter Oak is accredited by the New England Association of Schools and Colleges and governed by Connecticut’s Board of Regents for Higher Education. The College was recently ranked #1 in Connecticut for affordability among accredited colleges in-state offering online degree programs by AffordableCollegesOnline.org.

 

About Akademos

Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover, and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

Akademos Names Robert Breunig Chief Financial Officer

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Financial executive with strong direct marketing experience to join growing team

Norwalk, CT — Today Akademos appointed Robert Breunig as Chief Financial Officer, strengthening its executive team and providing for the rapid expansion of its virtual bookstore business.

“Bob’s twenty-five years of experience, the last fifteen of which were spent as a financial executive within the Time Inc. organization, brings us expert financial oversight and operational support during a period of unprecedented growth,” said John Squires, Akademos CEO. “The addition of Bob to our management team will help us serve larger institutions like Davenport University and the City Colleges of Chicago. In addition, we’re eager to utilize his direct marketing expertise to help guide our customer outreach and product development plans.”

Breunig previously served as the executive vice president and CFO of the Synapse Group, Inc., a division of Time Inc. He worked for Synapse for over fifteen years, where he helped transform the business from a start-up to a strong middle-market company that is the largest provider of subscription marketing services to the magazine industry.

“This is a great opportunity for me to help Akademos make a difference in the cost of educating hundreds of thousands of students nationwide,” said Breunig. “I’m excited by the passion and strength of the Akademos team and I’m looking forward to bringing my experience to the company.”

Bob received his degree in business administration from Bucknell University in 1988 and is a Certified Public Accountant. He resides with his family in Shelton, Connecticut.

 

About Akademos
Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover, and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

New Survey Suggests Having a Textbook Affordability Program Lowers Textbook Costs and Increases Student and Faculty Satisfaction

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Akademos releases results of college president, provost, and chief academic officer survey on textbook affordability

Norwalk, CT — The latest survey from Akademos, a leading provider of integrated online bookstores and marketplaces for educational institutions, shows that having a textbook affordability program can help lower textbook costs and increase both student and faculty satisfaction with textbook prices. However, only 16% of respondents to the College President, Provost, and Chief Academic Officer Survey on Textbook Delivery and Bookstore Services stated they had a formal program in place to help faculty select high-quality, low-cost texts.

College administrators were in agreement that textbook prices do impact retention and persistence. Student and faculty satisfaction with textbook prices were reported as extremely low, with 81% of students and 44% of faculty estimated as dissatisfied. Survey respondents reported that one-third of students are shopping outside the school bookstore for textbooks.

Key findings

  •     Obstacles to reducing textbook prices included the following: publisher price increases, no one person or department being accountable, and faculty not considering price in selecting course materials. In further exploring faculty’s role in textbook affordability, respondents were split as to whether “academic freedom” poses a challenge to advising faculty on selecting high-quality, low-cost texts.
  •     Tactics that schools reported using to lower textbook costs included: creating a textbook affordability program or committee, consulting with students about textbook affordability, and moving or discussing moving the bookstore exclusively online.
  •     The survey recommends that those colleges and universities looking to improve the affordability of textbooks as well as customer satisfaction with the bookstore formalize a textbook affordability program. A best-practices audit on how to create a textbook affordability program is included in the white paper of the survey findings.
  •     Survey respondents also reported that, on average, 73% of faculty submit textbook adoptions on time. Timely submission of book lists to the bookstore is a key strategy for improving textbook affordability as students who shop earlier for course materials typically find better prices.
  •     The survey also asked presidents, provosts, and chief academic officers when they think digital texts or eBooks would reach mass adoption by students. A majority of respondents (64%) stated that eTextbooks would surpass a 50% adoption rate by students within five years.

“With the rising emphasis on college affordability and student debt, we’re pleased to see that those institutions that take up the question of textbook affordability are having a positive impact on both faculty and students,” said John Squires, CEO of Akademos. “We think that every college should be considering how to help faculty select high-quality, lower-cost teaching materials and look into the most efficient means to deliver those products to their students. Establishing a textbook affordability committee is a valuable first step in this commitment.”

To view a copy of the 2013 College President, Provost, and Chief Academic Officer Survey on Textbook Delivery and Bookstore Services, visit the Akademos resources page.

Akademos believes every student should have access to high-quality, low-cost textbooks. To learn more about online bookstore service offerings for educational institutions, visit the Akademos website.

 

About Akademos
Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover, and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

City Colleges of Chicago Takes an Innovative Step to Reduce Textbook Costs

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Largest Illinois Community College System chooses online bookstore provider Akademos to increase access to quality, low-cost textbooks and improve academic preparedness.

Norwalk, CT- City Colleges of Chicago (CCC), one of the largest community college systems in the U.S. and the largest in Illinois, has chosen Akademos as its online bookstore partner, launching Summer 2014 across seven Chicago campuses. Akademos, a 13-year-old integrated online bookstore services provider, is the leader in helping colleges and universities improve student access to high-quality, low-cost course materials via their TextbookX marketplace platform.

“Textbook prices have exploded during the last thirty years, rising faster than tuition and healthcare rates,”(1) CCC Chancellor Cheryl Hyman said. “With this new contract, we will bring significant relief to students in the form of new and more affordable textbook options and ensure [that] City Colleges continues to offer one of the best educational values in the region.”

With research showing that up to one in three U.S. college-level students are opting not to purchase required textbooks at all(2), colleges are seeking innovative ways to connect students to high-quality academic materials at affordable prices. Access to affordable course materials is particularly important to helping cost-conscious community college students complete their education. Additionally, with student debt skyrocketing, lowering the amount of financial aid applied toward textbooks helps reduce long-term student debt.

“We are pleased to welcome City Colleges of Chicago to the Akademos network of schools,” said John Squires, CEO of Akademos. “Colleges and universities responsible for educating a large number of enrolled students are increasingly seeing the need to reduce textbook costs in order to increase academic preparedness and completion rates. We applaud CCC’s decision and feel they are a great fit for Akademos.”

City Colleges of Chicago will utilize Akademos’ TextbookX platform. An integration with CCC’s course registration and financial aid systems will produce a customized, easy-to-use bookstore experience for students.

Akademos believes every student has the right to affordable, high-quality educational materials. Akademos’ full-service, online solution delivers cost savings on textbooks while providing administrators and faculty critical control over the textbook delivery process. To learn more about online bookstore services for educational institutions, visit the Akademos website.

About City Colleges of Chicago 
The City Colleges of Chicago (CCC) is the largest community college system in Illinois and one of the largest in the nation, with 5,500 faculty and staff serving 115,000 students annually at seven colleges and six satellite sites city-wide. CCC is in the midst of a Reinvention, a collaborative effort to review and revise programs and practices to ensure students leave CCC college- and career-ready. Its internationally-renowned College to Careers initiative partners with industry-leading companies to prepare Chicagoans for careers in growing fields.

The City Colleges of Chicago includes seven colleges: Richard J. Daley College, Kennedy-King College, Malcolm X College, Olive-Harvey College, Harry S Truman College, Harold Washington College, and Wilbur Wright College. The system also oversees the Washburne Culinary Institute, the French Pastry School, two restaurants, two cafes, a banquet facility, five Child Development Centers, the Center for Distance Learning, the Workforce Academy, the public broadcast station WYCC-TV Channel 20, and radio station WKKC-FM 89.3. For more information about City Colleges of Chicago, call (773) COLLEGE or visit http://www.ccc.edu.

About Akademos 
Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students are able to choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover, and adopt new texts using the Akademos Textbook Adoption Tool athttp://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

(1)- http://www.huffingtonpost.com/2013/01/04/college-textbook-prices-increase_n_2409153.html
(2)- National Survey on Student Engagement, November 2012

College Students Win Textbook Scholarships for Bringing Attention to Textbook Affordability

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Akademos / TextbookX awards 10 textbook scholarships in Facebook photo contest.

Norwalk, CT – Akademos, an education technology company offering bookstore services, has recognized ten students at colleges across the country for their creativity in this year’s Akademos / TextbookX Textbook Scholarship Contest. The first place winner, three runner up winners, and six honorable mention winners all received a textbook scholarship to apply towards course materials for Fall 2013.

Students were asked to upload a photo reflecting what textbook affordability means to them. They made it clear that more affordable textbooks will lower student debt, make an education more affordable, give them the opportunity to start a career, and provide them with more money to do the things they are passionate about. Winners were chosen based on the individuality and thought behind the words and the creativity of the photo.

The scholarship contest winners were announced to coincide with Textbook Affordability Week, a period of time TextbookX predicts is the best time to find low-cost textbooks. After most college Spring terms end and right before Fall term starts, the market is flooded with used books that students have sold back into circulation as part of textbook buy-back initiatives, increasing inventory and decreasing costs. College students who buy earlier in the summer are more likely to find a good deal on their textbooks. Textbook Affordability Week was designed to educate students about the benefits of shopping for textbooks early.

Akademos / TextbookX Textbook Scholarship winners are listed below:

  •     1st Place ($1000 Textbook Scholarship) – Jeannette Herrera, California State University – Channel Islands
  •     Runner Up ($250 Textbook Scholarship) – Matthew Cottam, Wake Forest University
  •     Runner Up ($250 Textbook Scholarship) – Sara Marker, Phillips Graduate Institute
  •     Runner Up ($250 Textbook Scholarship) – Brandi Dority, Denver Seminary

Our honorable mention winners, awarded with a $10 textbook scholarship, were:

  •     Honorable Mention – Paige Anna, University of Kansas
  •     Honorable Mention – Max Neale, Denver Seminary
  •     Honorable Mention – Emily Ware, Mississippi State University
  •     Honorable Mention – Adan Ortiz, Idaho State University
  •     Honorable Mention – Blair Dupre, Community Christian School
  •     Honorable Mention – Ferdinand Feola, Valley Forge Christian College Graduate School

All of the winners’ entries can be viewed here: http://textbookx.com/scholarship.

Akademos / TextbookX would like to thank all students for entering their Fall 2013 Textbook Scholarship Photo Contest. To stay updated on TextbookX Scholarships, like TextbookX on Facebook at https://www.facebook.com/textbookxdotcom.

 

About TextbookX
TextbookX is an educational e-commerce site dedicated to finding students the lowest price for their books. TextbookX offers new, used, eBook and rental options to customers nationwide from a variety of sellers on the TextbookX Marketplace. The average savings on marketplace books is 60% off list price. TextbookX also offers students a year-round buyback program where they earn up to two times more than standard buyback prices. Shop or sell books back today at http://textbookx.com.

About Akademos
Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

Avidbank Provides $1,750,000 Working Capital Line of Credit to Akademos

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PALO ALTO, Calif.–(BUSINESS WIRE)–August 06, 2013–Avidbank Corporate Finance, a Division of Avidbank that specializes in technology and asset-based funding, has provided Akademos a $1,750,000 working capital line of credit.

Akademos, an education technology company founded in 1999 and located in Norwalk, Connecticut, is a full-service online bookstore and marketplace serving students and faculty at hundreds of educational institutions across the country. Their direct-to-student business, TextbookX.com, is an e-commerce bookstore, selling textbooks, bestsellers, and merchandise. They also partner with colleges, universities and private high schools to provide custom virtual bookstore services and eLearning solutions. Their offerings include an innovative textbook marketplace with access to third-party sellers where students can choose from new or used books, textbook rentals, eBooks and other digital materials to make their education more affordable. Schools are offered new choices in textbooks and media, and a better distribution system to ensure their students have the course materials they need for successful learning.

“I am delighted we were able to put this facility in place for Akademos, “said Avidbank Corporate Finance Executive Vice President, Mike Hansen. “They have built a quality team with extensive experience and insight into this business, and have grown at an impressive rate. We appreciate the opportunity to contribute to their continued success.”

“We are pleased to be working with Avidbank. They took the time to understand the nuances of our business and space to create financing that works for us,” stated John Squires, CEO and President of Akademos. “We are looking forward to a long-term relationship with them.”

About Avidbank

Avidbank Holdings, Inc. (OTCBB: AVBH), headquartered in Palo Alto, California, offers innovative financial solutions and services. We specialize in the following markets: commercial & industrial, corporate finance, asset-based lending, real estate construction and commercial real estate lending, and real estate bridge financing. Avidbank advances the success of our clients by providing them with financial opportunities and serving them as we wish to be served — with mutual effort, ingenuity and trust — creating long-term banking relationships.

 

 

 

Gov Malloy: Norwalk’s Akademos Will Expand, Create Jobs

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Hartford, CT– Governor Dannel P. Malloy today announced $400,000 in grants and loans to Norwalk-based Akademos, Inc. The funding, through the Department of Economic and Community Development (DECD), will help the online book seller expand its operations and hire seven additional employees.

“Supporting companies like Akademos is an important part of our overall strategy to grow jobs and accelerate our economy,” said Governor Malloy. “Small businesses make up well over 90 percent of Connecticut employers, so ensuring they are able to compete in a global marketplace is critical. Partnerships between state government and the private sector allow businesses and industry to grow, and most importantly, hire more staff.”

Akademos, an online retailer, offers services to students and faculty at hundreds of educational institutions across the country. DECD will provide a $100,000 grant and 10-year $300,000 loan at two percent interest to support the company’s Norwalk expansion and its plans to build new software services that lower the costs of textbooks and other educational material.

“Over the past two and half years, with programs like Small Business Express and the Manufacturing Assistance Act, we’ve assisted more than 800 small businesses,” said DECD Commissioner Catherine Smith.  “This kind of support is essential because helping small and midsized businesses grow will be the key to turning around the state’s decades-long lackluster performance in job creation.”

Akademos created the Textbook Adoption Tool, a free portal that helps faculty select the right textbooks based on quality, affordability, and faculty reviews. They also launched TextbookX, an e-commerce site that helps students find the lowest priced textbooks.

“This funding will allow us to expand faculty awareness and student access to lower-cost educational materials as well as enable us to continue to develop and introduce new textbook delivery options,” said John Squires, CEO of Akademos.

“Innovators like Steve Jobs have praised the synthesis of liberal arts and technology for its potential to open doors and transform people’s lives,” said Senator Bob Duff (D-Norwalk). “By using the internet to bring educational texts to universities and their students, Akademos embodies this idea. We are proud to have this kind of company in Norwalk, and I thank Governor Malloy for helping them to grow and add new employees.”

“I applaud the Governor and DECD for supporting small businesses like Akademos,” said State Representative Chris Perone (D-Norwalk), House Chair of the Commerce Committee. “Businesses that are helping children and schools alike should be receiving these types of grants, because we will see the results of this investment with better educated children and a stronger local economy.”

“I’m pleased that Akademos will be receiving a grant from the Manufacturing Assistance Program,” said State Representative Terrie Wood (R-Norwalk). “They have proven themselves to be an innovator in the industry of college textbooks and services and this will further support their growth.”

 

About Akademos

Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency.

Davenport University Plans Launch of New Virtual Bookstore with Improved Selection of Quality, Low-Cost Textbooks

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Davenport partners with Akademos to integrate student information systems with the TextbookX bookstore platform for on-campus and online students

Norwalk, CT—Akademos, Inc., a leading provider of integrated online bookstores and marketplaces for educational institutions, announced that Davenport University, a private, non-profit university with campuses across Michigan and online courses serving an enrollment of more than 11,000 students, has joined its list of partner schools.

“Akademos is helping Davenport University fulfill key initiatives to lower instructional material costs and improve services for our students,” said Jaye Lynn Bergers, Director of Bookstore Operations at Davenport University. “The cost of textbooks is an important consideration in student satisfaction, so a move to Akademos’ online bookstore model will help us offer more value to our students. Through the Akademos Marketplace, we are also able to offer many options to meet student preferences, such as new or used textbooks, textbook rentals and eBooks.”

In addition to providing Davenport students a broad selection of lower cost course materials, Davenport University and Akademos will launch a textbook ordering system that seamlessly integrates with Banner, Davenport’s student information system.

“Davenport’s bookstore services support online and in-seat students in a wide range of academic studies. We want to provide the most efficient and cost-effective model whether the student resides next door or across the world,” said Bruce Rentz, Executive Director of Procurement & Auxiliary Services at Davenport University. “In Akademos, we found a partner that can integrate with our existing systems to develop a custom solution for Davenport’s course registration, book ordering and financial aid processing needs.”

Institutions that have advanced technological ecosystems, such as Davenport, are increasingly looking to integrate key academic student functions for a more seamless customer experience. Students will be able to log in to Davenport’s virtual bookstore and view an automatically-generated list of textbooks associated specifically with their registered courses. Real-time financial aid balances will be integrated into the bookstore check-out process. Additionally, kiosks placed throughout Davenport’s campuses will provide on-site service. By improving the delivery of the right course materials at the right prices, Davenport hopes to impact student achievement.

“Larger institutions like Davenport University are recognizing Akademos can help improve student satisfaction and completion through our advanced educational eCommerce platform,” said John Squires, CEO of Akademos. “Our virtual bookstore and integrated marketplace are a good fit for schools with higher enrollments and a growing community of online students.”

Akademos believes that every student has a right to affordable educational materials, and that schools—in order to meet their educational mission and accommodate their students’ preferences—should have new choices in delivering those materials. As such, Akademos’ full-service, online solution delivers tremendous savings on textbooks and other course materials while providing administrators and faculty with critical control over the process.

To learn more about online bookstore service offerings for educational institutions, visit the Akademos website.

 

About Davenport University

Founded in 1866, Davenport is a private, non-profit university with campuses across Michigan and online courses serving an enrollment of more than 11,000 students. With tuition among the lowest of all private universities in the state, Davenport provides high academic quality, small class sizes, conveniently located campuses, faculty with real-world experience and nearly 50 dynamic undergraduate and graduate programs addressing in-demand careers. More information is available at http://www.davenport.edu.

 

About Akademos

Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

College CFO’s Confirm Students are Shopping Outside the College Bookstore Looking for More Competitive Textbook Pricing

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Akademos Releases Results from College CFO Survey on Textbook and Bookstore Services

Norwalk, CT– A majority of college CFOs (89%) confirm that students are increasingly turning away from campus-based bookstores in favor of online, third-party providers that offer textbooks at lower prices, according to a new survey from Akademos, Inc., a leading provider of integrated online bookstores and marketplaces for educational institutions.

Respondents to the 2012-2013 CFO Survey on Textbook Delivery and Bookstore Services, consisting primarily of college CFOs and VPs of Finance, shared information about their current bookstore practices as well as intentions for the future. The topics included online vs. brick-and-mortar bookstores, college bookstore revenue trends, and predictions for the future of textbook sales as part of the college store business model. The survey was open to all executive-level business officers at colleges or universities in the United States and responses were received from approximately 8% of that population.

The business officers surveyed indicated that price is the dominant reason why students bypass the college bookstore (78%), with the belief that students are more inclined to purchase online a distant second (12%). On average, textbooks account for 68% of bookstore sales at the schools that responded. Of those textbook sales, approximately half were new books and one-third were used books, while rentals comprised 14% and eBooks 4%. Survey respondents indicated that more than half (56%) of textbook sales are transacted with financial aid.

Eighty-eight percent of business officers reported that they believe textbook costs impact retention and persistence. Providing students with access to high-quality, low-cost textbooks was ranked by respondents as the most important service institutions can provide regarding the sale of textbooks, followed by ensuring that all students get required textbooks in a timely manner, and providing choices in textbook formats (such as digital, rental, used, etc.).

How are college bookstore textbook sales trending given the tumultuous performance of the general book industry in recent years, including the closings of brick-and-mortar stores and sales declines? Eighty-two percent of respondents indicated textbook sales have been flat or down over the past three years. When asked to make predictions for the future of textbooks as a component of the college bookstore business model, 18% stated they believe textbooks will be sold exclusively in their school’s online bookstore, and 80% believe their school will utilize both an online and brick-and-mortar store.

“Frankly, we’re surprised that only 18% of respondents predict their textbooks will be provided exclusively in an online bookstore in the future. We believe this percentage will increase in the coming years as administrators realize the cost of providing textbooks through brick-and-mortar stores is not sustainable without passing increased financial burdens onto students,” said John Squires, CEO of Akademos. “College CFOs are increasingly understanding that they must focus on both the quality and the value of the services their bookstores provide—especially given that textbook costs have a significant impact on student performance.”

To view a copy of the 2012-2013 College CFO Survey on Textbook Delivery and Bookstore Services, visit the Akademos resources page.

Akademos believes every student should have access to high-quality, low-cost textbooks. To learn more about online bookstore service offerings for educational institutions, visit the Akademos website.

 

About Akademos

Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

Exclusive Report: Akademos Ranks Textbook Affordability for 1,500 Colleges and Universities

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Leading provider of online bookstores releases Textbook Affordability Index (AI)SM by college to help educators and students evaluate the impact of course material costs on higher education

Norwalk, CT—For the first time ever, 1,500 U.S. colleges and universities have been rated by the affordability of their textbooks. Akademos, Inc., a leading provider of integrated online bookstores and marketplaces for educational institutions, has created a Textbook Affordability Index that ranks institutions according to the affordability of their course materials by subject matter and among peer schools.

The Textbook AI by college is a new feature of the Akademos Textbook Adoption Tool released last year that provides faculty key metrics to compare the quality and cost of textbooks across 3,600 subject areas. The Textbook AI not only features an overall ranking of colleges and universities according to the affordability of their textbooks, it also compares peer schools such as Ivy Leagues, popular NCAA conferences, and business, medical, nursing and law schools. Institutions that graduate students with the most debt were also ranked in comparison to one another.

“We know quality must come first in a professor’s decision to adopt a textbook,” said John Squires, Akademos CEO, “but there are many high-quality, low-cost texts as yet undiscovered by faculty. We hope these college rankings will bring greater attention to the textbook selection process. And with resources like the Akademos Textbook Adoption Tool, it’s easier for instructors to discover and evaluate new textbooks that meet their instructional standards at a lower cost to students.”

The best-ranked school among 1,500 colleges measured was Essex County College, a two-year public institution with an enrollment of approximately 12,500 students in Newark, NJ.

When compared among popular peers, the following schools received top ranking for the affordability of their course materials:

  • Largest Colleges – The University of Florida
  • Largest Community Colleges – Pasadena City College
  • Ivy Leagues – Dartmouth College
  • Little Ivies – Vassar College
  • Nursing Schools – Yale University
  • Medical Schools, Primary Care – University of Wisconsin-Madison
  • Law Schools – University of Chicago
  • Historically Black Colleges & Universities – Morehouse College
  • Christian Colleges – Calvin College

“Our textbook affordability rankings complement the U.S. Department of Education’s College Affordability and Transparency initiative highlighted in the President’s most recent State of the Union address,” said Ingrid Ramos Nakamura, vice president of marketing for Akademos. “Several stakeholders including students, parents, colleges and organizations serving them agree there is a critical need to bring clarity to measuring college affordability. Schools and their faculty want resources that can help them make better decisions about the textbooks they adopt so that they can deliver on the value of higher education.”

The Textbook Affordability Index by college is a feature within the Akademos Textbook Adoption Tool that ranks schools by the affordability of their course materials. Institutions with enough data on their courses and corresponding textbooks were ranked according to a propriety algorithm that weighs affordability on a scale of 0 to 5, with 5 representing the most affordable materials. Scores take into account median prices and purchase patterns of new, used, rental and digital course materials, and the scores are used to rank schools in order of the affordability of their adopted texts. It is the only adoption tool that includes texts from commercial publishers and well as Open Educational Resource providers. Faculty can search, discover, compare and adopt textbooks and ancillary materials, as well as sort by affordability, number of adoptions, and instructor ratings. The tool also collects instructor reviews and helps schools maintain HEOA compliance.

To see the complete list of best-rated institutions for textbook affordability, including peer group comparisons, visit the Textbook AI by college page of the Akademos Textbook Adoption Tool.

Akademos believes every student should have access to high quality, low-cost textbooks. To learn more about our online bookstore service offerings for educational institutions, visit the Akademos website or sign up for the Akademos newsletter.

 

About Akademos

Akademos offers virtual bookstore services, eLearning solutions, and an innovative textbook marketplace to schools. Its comprehensive supply-chain solution and commitment to responsive personal service make Akademos a leader in providing affordable textbooks and digital learning tools for schools. Students can choose from new, used, rental, and eBook options while schools can reduce costs and increase operating efficiency. Faculty can search, discover and adopt new texts using the Akademos Textbook Adoption Tool at http://www.adoption.akademos.com. Akademos delivers the right course materials, at affordable prices, on time. Learn more about Akademos’ direct-to-students ecommerce platform at http://www.textbookx.com and its offerings to partner schools at http://www.akademos.com.

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