Ottawa's NoNotes.com has set out to redefine the learning process in university classrooms worldwide. The transcription service start-up lets students (or teachers) record their class, upload the audio file and have a full transcript of the class emailed back to them. The obvious benefit for students is that you can concentrate on lecture material and gets your notes afterwards without having to suck up to the geek with the neat handwriting.
Since there are obvious hard costs in having audio files transcribed, NoNotes.com is a pay service. The starting rate of $8 per hour (of class time) seems pretty reasonable considering that only the loneliest (or most competitive) students wouldn't look to sharing the cost with multiple classmates. I can imagine that plenty of professors and teachers may be interested in NoNotes.com as well as having a transcript of your lecture has definite benefits.
To date NoNotes.com has opened accounts in Canada, United States and the UK and is growing by several new accounts per day. NoNotes.com users must use some form of voice reorder (cell phone, MP3 players, etc.), however they recommend a higher end voice recorder with microphone to obtain the best results.
NoNotes.com was founded by Matt Whitteker - a Carleton University graduate and product of the OCRI summer company program for young entrepreneurs.