Massive Online Open Courses (MOOCs) are now part of the online learning offer at not only most major universities, but also smaller ones. While universities are still producing new MOOCs, the economic model (or business model) is adapting to the market. At first, free registration was a hallmark of the MOOC, justifying the “Open” in the name. However, after Coursera and Udacity entered the arena, large companies (Microsoft, Google) started offering MOOCs with low fees, which changed the intrinsic value (free) of the MOOC. Moreover, whereas MOOCs formerly targeted very large audiences (“Massive”) and for brief periods (from 6 to 10 weeks), many universities are now offering MOOCs that span the year (Online Course Report, 2016) as well as smaller versions called SPOCs (Small Private Online Courses) (Fox, 2015). Considering the costs and the implications for MOOC development, smaller universities must reflect carefully before broadening their offer, and even more so in this changing landscape. However, leaving the field to major institutions may create gaps in online learning opportunities (Online Course Report, 2016). The objective of this study was to examine, using a two-year experimental design, the implications, for both the university and learners, of a MOOC initiative delivered by a small university. The overall aim is to improve the service offer, better meet learners’ needs, and stimulate reflection for future development. Two MOOCs were offered each year (2014 and 2015). Over 15,000 students enrolled in “Initiation to Finance” and 11,000 students in “Play to Learn.” For each iteration, two questionnaires were sent to the students, one in the first course week and one in the last week. The questionnaires were sent by email and took about 15 minutes to complete. Group discussions with various contributors (IT staff, professors, administrators, communication services, etc.) provided useful insight after each iteration. The questionnaires assessed students’ motivation and learning strategies (Pintrich et al. 1993), motives to enroll, perceptions, and sociodemographic status. We also collected data on MOOC diffusion (media presentation) and the impacts on university subscription. Overall, the university reported positive impacts. However, no difference was observed in university enrollment, implying that no direct income was associated with the MOOCs. Learners expressed positive perceptions and appeared to be strongly motivated to complete the MOOCs (overall 30% completion for the first year, about 15% for the second year). The cost/return effectiveness is discussed as well as the impacts on contributors and students.

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