The rapid construction of supervised text classification models is becoming a pervasive need across many modern applications. To reduce human-labeling bottlenecks, many new statistical paradigms (e.g., active, semi-supervised, transfer and multi-task learning) have been vigorously pursued in recent literature with varying degrees of empirical success. Concurrently, the emergence of Web 2.0 platforms in the last decade has enabled a world-wide, collaborative human effort to construct a massive ontology of concepts with very rich, detailed and accurate descriptions. In this paper we propose a new framework to extract supervisory information from such ontologies and complement it with a shift in human effort from direct labeling of examples in the domain of interest to the much more efficient identification of concept-class associations. Through empirical studies on text categorization problems using the Wikipedia ontology, we show that this shift allows very high-quality models to be immediately induced at virtually no cost.