"Any new institution, regardless of merit, would face the same challenge"

This! It's proving to be a LOT harder to build reputation in this world than it is for most startups. Higher Ed brands are societally entrenched in a way that some people define their entire social hierarchy around it (which we don't feel is particularly progressive of a worldview). This is partly why there's been limited pressure to innovate in higher ed, in order to build a new school you first need a lot of capital, then work to get accredited, then build a strong reputation. Some of the strongest barriers to entry of any industry.