Former General Electric Co. chief executive Jack Welch has endorsed online education by lending his name and investing his money in Cleveland based Chancellor University. The university is naming its MBA program the Jack Welch Management Institute.

There had been concerns about academic quality voiced by some traditionalists in online education. By lending his name Jack Welsh is giving credibility to online eduction .

According to EduVentures, an industry research organization, online higher education is expected to generate $11.5 billion in revenue this year.

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