MasterSchool raises $100M to address tech talent shortage
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Israel-based MasterSchool, a startup working to address the global technological talent shortage, announced today that it has raised $ 100 million in an initial round of funding, led by Group 11.
As IT leaders continue to increase the adoption of emerging technologies: artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), among other things, the demand for skilled technicians in all functions is increasing. Organizations need skilled people to implement and drive their digital transformation initiatives, and they are even willing to pay a lot.
But it turns out there aren’t enough skilled people to fill the jobs.
Between 2016 and 2019, nearly one million unified IT jobs were not filled in the U.S. due to the shortage of talent. And by 2030, that figure could rise to 85 million worldwide, which would translate into nearly $ 8.5 trillion in unrealized annual revenue. The situation is so dire that IT executives surveyed by Gartner have cited talent shortages as the biggest barrier to adoption for 64% of emerging technologies.
“The continued push for remote work and the acceleration of recruitment plans in 2021 has only exacerbated the shortage of IT talent, especially for the acquisition of cloud and edge skills, automation and continuous delivery, “said Yinuo Geng, vice president of research at Gartner. “As an example, of all the computer automation technologies outlined in the survey, only 20% of them have advanced in the adoption cycle since 2020. The issue of talent is to blame here.”
MasterSchool offers industry experts to help you
Founded in 2019, MasterSchool strives to meet this challenge with a network of expert-driven schools, specializing in different technology areas.
The company offers a platform where technology creators, recognized industry leaders or technology companies can launch their own online school. The platform allows them to train and guide students with a curriculum that prepares them for careers in the most sought-after technological roles.
While many other companies offer online programs to improve technology skills, the usual working model is to offer a specific course (such as becoming a data analyst) from an institute / university. With MasterSchool, multiple experts can sign up to teach the same specialization. They can sign up for a lot and then start sharing their craft tricks and associated professional and technical skills. The rest is managed by MasterSchool, including the resources and technology needed to run the school successfully.
“We offer our school leaders an infrastructure that includes a dynamic curriculum system, school support and instructors, as well as different tools that give visibility to student progress,” Otni Levi, co-founder and co-CEO of the company, told VentureBeat. .
“The program is 100% online. A typical week includes 25 to 40 hours of live lectures, assignments, individual sessions, recorded lectures, reviews, class meetings, networking, and self-learning. The timetable is provided in advance and is presented as master classes and self-study and optional sessions, “he added.
Currently, up to 11 experts, including Facebook, Taboola, AT&T, and MIT, teach data analytics to MasterSchool, six provide web development training, and two focus on cyber analytics.
Along with hands-on training for industry leaders, MasterSchool also offers simultaneous and follow-up support to help students achieve their dream job. The company uses a data-driven approach to regularly update its resume to reflect industry trends and needs and also manages a 12-week career accelerator with resume writing workshops, interview simulations, professional training 1: 1 and active opportunities for students.
He charges $ 15,000 as a tuition fee, although payment is deferred until the student is employed with an annual salary of $ 30,000 or more. MasterSchool calls it the “mutual success” model.
With the latest round of funding, featuring Target Global, Pitango Ventures, Dynamic Loop Capital, Sir Ronald Cohen and others, MasterSchool will work to expand its network of schools and expand into more countries. Levi said he plans to have 100 schools by the end of the year, covering different technology domains for thousands of students.
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