Virtual internships, Forage, Multiverse, and Riipen are addressing the needs of a more digital working world by providing internship and work experience opportunities for young people from all backgrounds to participate in the globalized economy.
For graduates looking for work, work experience has been the most important factor. However, out of 260 million students in higher education worldwide, less than 80 million internships are completed. As a result, many students believe that their universities did not provide them with adequate career support. Another issue is that many top internships are inaccessible due to geography and time differences.
However, edtechs are filling this gap. For example, Virtual Internships solves all of these barriers and more by giving all students around the world access to global, structured internships that can be done anytime and anywhere. It also allows employers to create global talent pipelines, and universities or governments can support specific audiences, ensuring enhanced employability outcomes and better ROI.
Virtual Internships have worked with over 12,000 companies from 100 countries to assist university students worldwide. The company recently announced a $14.3 million Series A round led by Hambro Perks, with other investors participating.
Virtual Internships, for example, work by matching students with internships in companies ranging from startups to blue chips and guarantee a match within one month. Its host companies include AWS, Carrefour, Dentons, GAM Investments, Asian Development Bank, and Bio Pharm Dongsung.
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At least 70% of interns will have the opportunity to work directly with a founder or C-suite executive, according to the platform. Before and during internships, the platform also offers students an employability course called CareerBridge. Students will have access to weekly check-ins, group discussions, webinars, and coaching calls in the middle and end of their internships. Approximately 25% of students who complete their internship through the platform are invited to continue working with their matched company. 70% of them were hired full-time within three months of starting their internship.
About Virtual Internship
Ed Holroyd Pearce founded CRCC Asia in 2006 to help students find internships in Asia, eventually growing the company to over 10,000 students. He eventually partnered with Daniel Nivern to found Virtual Internships in 2018.
According to Ed, “We recognized that there was a whole desirable skill set that candidates can learn through a remote or virtual internship and that this also reduces traditional barriers to internships, such as logistics, cost, family or study commitments, for a number of candidates”.
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They realized there was a much larger market of students who wanted to do international internships in 2018, so they created Virtual Internships to help them find positions no matter where they were.
The platform distinguishes itself by collaborating with universities and governments to provide guaranteed internships with a high likelihood of leading to employment.
Since its inception, Virtual Internships has grown its revenue from $100,000 in fiscal year 2019/2020 to $4.1 million in fiscal year 2021/2022, with a target of $10 million by 2023.
Universities that have incorporated virtual internships into their curricula account for the majority of its revenue. Additionally, it collaborates with university pathway programs and governmental organizations.
Other Edtech platforms
- Multiverse is a tech startup on a mission to build an outstanding alternative to university and corporate training. The apprenticeship programs offered by Multiverse is an alternative to the established college and university system. Multiverse focuses on three main areas: measuring potential beyond academics and work experience to recruit apprentices, providing top-notch job-focused training through applied learning programs, and assisting diverse groups of people in creating strong social capital and professional networks through a thriving community both online and off.
- Other competitors which offer five- to six-hour virtual work experience programs include venture-backed businesses like Forage.
- Another is Riipen, which arranges company competitions and assignments for students to complete with the assistance of faculty.
