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Knowledge Challenge

A friend thinks you can answer this question about Flywheel Effect

Your ed-tech startup has identified a potential flywheel: Great content โ†’ More students โ†’ Student reviews/data โ†’ Better recommendations โ†’ Higher completion rates โ†’ Word-of-mouth โ†’ More students. However, after 12 months you notice that despite growing from 1,000 to 10,000 students, completion rates have actually DECLINED from 65% to 48%. What's happening?