You’re spot on. Bootstrapping a reputation is really hard (and expensive), and the very painful accreditation process makes it much harder (need students to get accredited, can’t offer degree to students without accreditation).
Two good colleges who’ve overcome the challenges recently are Olin (engineering school in Boston) and Minerva (globally distributed college).
Two good colleges who’ve overcome the challenges recently are Olin (engineering school in Boston) and Minerva (globally distributed college).