The 70:20:10 model is a learning and development framework that suggests 70% of learning occurs through experiential means, 20% through social interaction, and 10% through formal education. Developed in the 1980s by researchers from the Center for Creative Leadership, the model emphasizes the importance of hands-on experience and social learning in acquiring knowledge. However, it faces criticism for lacking supporting data and not evolving with technological advancements in learning.