Launched in 2003, LinkedIn quickly became the world's first professional social media network by offering an easy way to make professional connections. At about the same time, And Combinator and other accelerators appeared as a largely analog medium for entrepreneurs willing to spend 3-6 months of time training company members, connecting with mentors, peers, and sponsors.
While LinkedIn e And Combinator are still the reference, a new generation of companies is looking for occupy the space between these two approaches through structured online experiences that provide a combination of training and connections to help people achieve their career goals. The ease with which like-minded professionals can be trained, coached and participate in communities, largely thanks to enhanced and scalable digital offerings, is a key part of the new offering that is emerging.
These startups and their offerings are part of a broader trend of democratizing career development, sparked in part by increased awareness and recognition of the mismatch between what traditional education is delivering to young people and what business is demanding. In fact, the OECD estimate in 2019 showed that at least 80 million workers in Europe do not match in terms of their training and what the company is looking for in a wide range of sectors.
It is positive, then, that this separation process represented by the offer of LinkedIn e And Combinator is improving access to high-quality education and professional development. Lower prices, shorter courses, and content more closely related to careers make it easier for people to retrain and upskill when needed.
Gone are the days when the only way to get a fantastic business education, for example, was through a $50,000 to $250,000 MBA, and where the only route to highly skilled careers was through a $20,000 to $300,000 college course. XNUMX. Similarly, within this increasingly democratized system, access to coaching and mentoring at the individual and group level is improving.
New approaches range from companies like The Power MBA, which offers an alternative with an MBA from $800 to $1,000, to Be On Deck, which offers professional development courses and communities for approximately $3,000, and Join Dorm, which sells support and mentor networks to entrepreneurs for $150 a month.
What these approaches generally have in common is that they are digital, not accredited by traditional academic institutions, and are shorter, more focused, and more closely tied to careers and outcomes compared to traditional education courses. Many vendors communicate and market on the "exclusivity" and focus of their communities. Also, there is usually some content associated with the courses. The amount of this content depends on the purpose of the course and the offering (ie the content is shared, but not the core offerings of most accelerators, incubators and mentor providers).
The main ways of differentiation for this new trend of companies are:
- Price. Depending on the amount of customization available and the pricing model of each.
- Duration. Short, intensive, style bootcamp or with an annual recurring subscription.
- Delivery method. Asynchronous, successive and live using online tools.
- Content Focus. The training process is content driven or focused on relationships and mentoring.
- Degree of accreditation. Degree of formality around certification and accreditation.
- Provider Role. Whether it's more into specific roles or broad issues.
Taking these differentiation pivots into account, Brighteye ventures has created a market map classifying organizations according to the model of supporting people to promote their professional learning, with a particular focus on business education and innovation. It is not exhaustive, but highlights the wide range of groups operating in this new space. The total funding received in each block is included.
