Artificial intelligence is rapidly eroding the entry-level jobs college graduates have long relied on to start their careers. Internships, an earlier entry point, are becoming an operational burden for businesses in the US.
“Nearly all young Americans will require an apprenticeship or, at a minimum, an in-field, paid internship to successfully launch careers,” said Ryan Craig of Achieve Partners, which invests in workforce development and education solutions to drive economic mobility (see Achieve’s profile on ImpactAlpha Edge).
Achieve is backing Charleston, SC-based Alchemy to handle recruiting, matching, supervision, payroll and compliance for internships so employers don’t have to.
“We need intermediaries to do the heavy lifting of setting up and running these programs for employers,” Craig said. “Alchemy is the first company to crack the internship code for businesses, and we’re excited to help build the internship infrastructure America desperately needs.”
Good jobs
Alchemy is among the early companies in Achieve’s $450 million second fund, backed by Cambridge Associates, JPMorgan Asset Management, Prudential, Ingka Investments and Zoma Capital. The fund, which closed in April, targets workforce disruptions driven by AI.
“While AI will cause immense disruption, it will also reward companies that can effectively deploy talent to succeed in a technology-enabled environment,” said Achieve’s Daniel Pianko. “This is about helping companies develop AI-enabled workforces at scale — and in the process, putting thousands of Americans on new pathways to economic mobility.”
