By Tasha Seitz and Elizabeth Coston
As active impact investors, we’ve had the privilege of meeting hundreds of entrepreneurs doing incredible work across each of our four areas of focus: education, health, economic empowerment and resource efficiency. We’ve learned a lot about what opportunities exist to leverage technology for good and how various companies are solving these problems. As we approach our five year anniversary, we thought it would be valuable to share some of our observations with the broader impact investing field. This overview of what we’ve seen in economic empowerment is the first of what will be a four-part monthly series where we will cover each of our focus areas in turn.
We have identified five broad themes in economic empowerment.
Access to Jobs
One of the biggest issues we’ve noticed is a gap in the middle skills labor market, which requires education beyond high school but not a four-year degree. Candidates are being left behind, while some companies struggle to fill positions due to a mismatch of need and talent. Millions of Americans struggle to find jobs that meet their skill sets and only 25% of high school graduates feel they have the skills needed in the workplace. 98% of CEOs identify the skills gap as an urgent concern to business. In a market where $72B is spent on recruiting, $55B is spent on continuing education, $475B is spent on higher education, and $164B is funneled into corporate training, there is a huge opportunity for startups to address the skills gap.
We’ve seen many startups using technology to identify core competencies for job roles, to test candidates, and to provide learning modules […]