Edison’s Chris Whittle.

Chris Whittle’s original plan for Edison was to create private schools funded with government vouchers. Result: Failure.

Whittle then came up with the idea of managing charter schools. Result: Failure.

Now, Whittle has a new plan.

The EdisonLearning Institute will be responsible for developing research-based, customizable school designs that focus on improving quality of instruction and creation of high achievement cultures. The EdisonLearning Institute will deploy an open innovation strategy for identifying and vetting new concepts with educators, researchers, foundations and governments, both in the U.S. and globally.

Translation: Whittle’s new business model will be to produce education software. Anyone want to invest? You’ll probably do better in Florida real estate.