Michael Feldstein analyzes Jim Farmer's study. "OK. So. Blackboard pays a quarter of a million for a new customer. That's adds up to be more than 30% of the total amount of money that they bring in. How, exactly, do they stay in business? How do they grow?... Blackboard needs to acquire 185 new customers every year to hold steady, 371 to get 5% growth, and so on, up to 742 new customers needed to grow at 15%. How many new customers a year has Blackboard been getting? 152. Less than they need to break even."
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