The fast-growing AI economy is displacing young, entry-level workers. Impact investors see an opportunity to use the same technology to help young professionals’ identify transferable skills, build new ones, and connect to higher-skilled, in-demand roles in sectors like healthcare, manufacturing, and the digital economy.
“We want to harness AI to solve problems for people,” said Ryan Craig of Achieve Partners, an impact-oriented private equity firm that invests in workforce development and education tech solutions to drive economic mobility (view Achieve’s profile on ImpactAlpha Edge).
The New York-based firm has invested in FutureFit AI, which is partnering with Fortune 500 companies, governments and workforce development organizations to build a “Career GPS” that help workers navigate career transitions. The GPS uses labor market data and assesses workers’ skills, experience and goals to recommend personalized career paths.
“We believe that the labor market is already uneven, particularly for young workers, and is going to become, perhaps, upended,” Craig told ImpactAlpha. “Everyone is going to need, essentially, a career GPS.”
High-demand jobs
Through a partnership with the state of Connecticut, New York-based FutureFit says it has created a Career GPS for nearly 50,000 workers. About 7,000 of those workers received training for high-demand jobs. Future says it has an 85% job placement rate.
“The same technology that is causing so much anxiety around job losses and layoffs also has tremendous potential to help unlock economic mobility for people and close critical talent gaps for industries of the future,” said FutureFit’s Hamoon Ekhtiari.
Achieve made the investment through its $167 million edtech fund focused on young learners and workers.
