1- What is your route to market when you sell to a new university, do you sell directly to the instructors, or sell to some kind of central function with the university ("learning technology department")? The issue here is that the centralised functions are much more risk averse to paying for new LMS once they invest in supporting one.

2- Also, do you notice a difference between geography/type of universities and how much they are willing to pay? For example from our previous investments, usually it is easier to monotise European business schools (where departments have more autonomy over budget), but selling to large top-tier public universities is much more difficult.