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Israel-based MasterSchool, a startup working to address the global shortage of tech talent, announced today that it has raised $ 100 million in a seed round of funding led by Group 11.
As IT leaders continue to embrace emerging technologies – Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA), there is a growing demand for qualified technologies, among other things. Organizations need skilled people to implement and execute their digital transformation initiatives – and they’re willing to pay handsomely.
But, as it turned out, there are not enough skilled people to take the jobs.
Between 2016 and 2019, about 1 million unified IT jobs remained unfinished in the U.S. due to a lack of talent. And, by 2030, the figure could rise to 85 million globally, which would translate into unrealistic annual revenue of about $ 8.5 trillion. The situation is so dire that IT executives surveyed by Gartner have identified talent shortages as the most significant adoption barrier for 64% of emerging technologies.
Gartner Research VP Yinuo Gang said the ongoing pressure towards remote work and the acceleration of the hiring plan in 2021 has only exacerbated the shortage of IT talent, especially for cloud and edge sourcing skills enabling automation and continuous delivery. “As an example, of all the IT automation technologies outlined in the survey, only 20% of them have moved into the adoption cycle since 2020. The issue of talent is responsible here.”
MasterSchool brings in industry experts for help
Founded in 2019, MasterSchool strives to meet this challenge with a network of specialist-run schools specializing in various technology areas.
The company offers a platform where tech creators, accredited industry leaders or tech companies can start their own online school. The platform allows them to train and mentor students with a curriculum that prepares them for careers in the most demanding technology roles.
Although many other companies offer online programs to improve tech skills, the general model of work offers specific courses (such as becoming a data analyst) from an institution / university. With MasterSchool, multiple specialists can sign up to teach the same specialty. They can enroll a batch and then start sharing their business tactics and associated professional and technical skills. The rest is managed by the master school, which includes the resources and technology needed to run the school successfully.
“We are providing our school leaders with an infrastructure that includes a dynamic syllabus system, school support and instructors as well as a variety of tools to visualize student progress,” Otney Levy, co-founder and co-CEO of the company, told VentureBeat.
“The program is 100% online. Typical weekends include 25-40 hours of live lectures, assignments, one-on-one sessions, recorded lectures, reviews, class meetups, networking, and self-learning. Schedules are provided in advance and are presented as compulsory lectures and self-study and optional sessions, ”he added.
Currently, 11 specialists, including Facebook, Taboola, AT&T and MIT, teach data analysis at MasterSchool, six are training for web development and two are focusing on cyber analytics.
In addition to hands-on training from industry leaders, MasterSchool also provides one-stop and follow-up support to help learners in their dream job. The company uses a data-driven approach to regularly update its curriculum to reflect industry trends and needs, and also accelerates 12-week careers with CV crafting workshops, interview simulations, 1: 1 career coaching and active opportunity sourcing for learners.
It charges $ 15,000 as tuition fees, although the payment is deferred until the learner is offered a job with an annual salary of $ 30,000 or more. MasterSchool calls it the ‘mutual success’ model.
With the latest round of funding, which saw the participation of Target Global, Pitango Ventures, Dynamic Loop Capital, Sir Ronald Cohen and others, MasterSchool will work to expand its school network and expand to more countries. Levy said they plan to have 100 schools by the end of the year, covering a variety of tech domains for thousands of learners.
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